Many young people all over the world have skills, ideas, expertise and/or experience they could use for self employment or increase their income and assets. Entire young people across borders often have valuable assets that could attract businesses. For example, creativity can be an asset that attracts graphics designers or enables youths to open their own outfits. Moreover, many individuals across the borders have skills, ideas, creativity and experience, or some other asset that they could use to increase their income and assets if employed in a business. Official data sources seldom shed much light on the requirements for an enterprise’s survival, mainly because a “small business” can be a one-person operation generating minuscule revenues. But they do reveal why small business development is of growing interest.
In 2005, Census data showed that 80 percent of inner city jobs were held with small businesses. Many were minority-owned. Successfully managing a growing business requires a special set of skills that can be uncommon among the residents of a particular community. The businesses created in these communities may have a hard time reaching mainstream markets but will definitely get there and the best time to start is NOW.
Motivation to pursue a small business start-up may increase as viable alternatives decline. In one of the best-known examples, Kentucky Highlands Development Corp. turned to small business development because it was in a rural, depressed area with no significant employers. There was no way to connect to mainstream employment. If Kentucky Highlands wanted to help residents get jobs, it had to help create them. Even though business development faces many hurdles, there is a growing body of experience about what works—and what doesn’t—in supporting the creation and growth of small business. There are three core practices that are key to successful small business development.
to be discussed in the next edition of small business development strategies.
