Guest feature: Community-centered entrepreneurship drives economic growth

Great River Energy invited several of its community partners to submit features to its newsletter that highlight the work they do to bolster Minnesota’s economic vitality. This edition’s guest feature comes from the Entrepreneur Fund.

Entrepreneurs do not operate in a vacuum. Outside factors, such as where they live and their community, can affect their success — or lack of it. In rural areas, where resources and support for innovation can be scarce, entrepreneurs can find it even more difficult to build their businesses.

The rural community’s role in the entrepreneurship process is vital. It can provide a supportive environment for entrepreneurs or inadvertently create an environment lacking the right combination of resources and support. 

Rural entrepreneurs are dependent on the community to access capital, support, expertise, and partners. Communities are dependent on entrepreneurs to provide quality jobs, grow the regional economy and increase vibrancy. 

When the interdependency between entrepreneurs and communities is understood — even embraced — and they can see a shared vision, they are able to come together to create an entrepreneurial ecosystem that gives rural communities a bright future. 

People make all the difference
“Alone, we can do so little; together, we can do so much.” – Helen Keller

At the Entrepreneur Fund, we believe entrepreneurs and small businesses have the profound power to shape thriving and inclusive communities across our region. We’ve seen it with our own eyes in communities across the 17 counties we serve.

A group of entrepreneurs coming together with a vision to revitalize a desolate area of town and turn into a craft district that now is a destination in Duluth, Minnesota. A successful business owner who generously mentors growing businesses through advice and resource sharing in Eveleth, Minnesota. A community leader who speaks up at community meetings to challenge previous ways of doing things that work against building businesses locally in Hibbing, Minnesota. It’s hard to overstate the impact that entrepreneurs and community members can have when they work together toward a shared vision. 

In these ecosystems, people are connected to each other. They welcome new people. They feel comfortable asking for help. They jump in to support one another and fill in resource faps. Community members take ownership over their collective success. There is an energy of possibility, optimism, and self-sufficiency. 

Lifting barriers to get things done
On a cultural level, there is a gap between our aspirations for the future of rural communities and the technical work being done to support entrepreneurship. Rural entrepreneurs can feel disconnected from critical resources needed to start and grow a business. These barriers can be lifted through a strong network of partners, expertise and capital. 

Local economic development organizations share responsibility for ensuring rural economies thrive by being connected to each other. They need to be experts in navigating and referring resources. It’s important for entrepreneurs to know all their options when it comes to financing and accessing technical expertise. 

For example, the Entrepreneur Fund facilitated a community meeting in Tower, Minnesota, alongside partners to share resources with business owners who could benefit from the Mainstreet Grant program. The event brought 50-plus business owners into one room and giving them time and space to connect with resources and ask questions to participate in a shared vision of bringing vibrancy to their downtown. 

Connection is key 
The coordination of all these elements, the people, partners, and resources alongside a community’s ability to be open to new things, are necessary to cultivate a vibrant entrepreneurial community. Rural entrepreneurs will have more success and impact when they live in places where residents see and treat local businesses as part of the community. 

Written by Carly Viegut, communications manager, Entrepreneur Fund. No matter the stage of your business, the Entrepreneur Fund can help you move forward by offering quality advice, flexible loans and connection with community resources. Visit efund.org to learn more.