Entrepreneurship is Most Important

Economic developers don't spend enough time on entrepreneurship. Some do, but most don't.

As I size up the future--let's say the next ten years--entrepreneurship is going to be the only sure fire way for both growing and declining local economies to spark new growth that matters. What type of growth matters? It's growth that is innovation and new idea-based, its globally competitive, it fits with local community values, it acknowledges human potential in a larger sense, and it provides something that is good and useful to society.

Most local economies need to reinvent themselves in the context of the global economy. Most need to grow new roots that will anchor them in the industries and jobs of the future. Entrepreneurship is an effective way to do that, if you do it right.

We're in trouble in economic development, and many economic developers and their leaders don't know it. They think everything is going to be ok, but it won't unless they build entrepreneurial economies that have global reach. Yes, it is hard work growing new businesses, and more will die than survive, which means you have to plant a thousand seeds and hope a handful will survive.

Do yourself and your community a favor. Hug three entrepreneurs in your community today, then get on the phone and call three entrepreneurs in another city and tell them how much you appreciate what they do. I promise you something magical will happen. Let me know how it goes.