Ed Morrison writes a weekly roundup of stories and commentary. Three items came together for me today. I’ll try to tie them together to share with you.
What does your small town need to grow?
- Entrepreneurs need mentors and networks of support.
- Education is economic development, especially early education.
- Tourism is a traded business just as much as manufacturing.
Here are quotes from those three stories in Ed’s latest weekly roundup:
During the course of the discussion, several participants commented on the importance of mentoring in order to train new entrepreneurs in the skills they need to build a business.
Economic development professionals often get this calculation wrong. They see the absence of startups in their region, and they think that the real problem is an absence of venture capital. While many regions can benefit from strengthening the networks of informal investors, early-stage capital follows good ideas. It does not create them.
In a brainpower economy, education is economic development
Education, especially early education plays a critical role in generating future prosperity. A new policy brief from the Brookings Institution, explores how to quantify the impact of early education. Over the last 40 years, the report notes that education accounts for anywhere between 13% and 30% of the total increase in productivity that our economy has generated.
The report goes on to explore how investments in early effective preschool education can have dramatic economic growth effects.
In the past, economic development professionals tended to look down on tourism development. Now, however, the lines separating economic development, community development, tourism development, and workforce development are all blurring.
Innovative regional leaders are getting back to basics. Any business that attracts money from outside the region tends to improve prosperity within the region. These traded businesses include tourism. So, for example, tourism is big business in Appalachian Ohio.
small biz rural entrepreneurship tourism education economic development
- Rural tourism trends say small towns are still cool - March 27, 2023
- Move Your Money and Bank Local - March 22, 2023
- Using a building as a warehouse or storage in a small town? Put up a sign - March 13, 2023
- How to get customers in the door of small town and rural retail stores - February 19, 2023
- Check your small business website for outdated pandemic changes, missing info - January 31, 2023
- Rural Tourism Trend: electric vehicle chargers can drive visitors - January 15, 2023
- 2023 trends for rural and small town businesses - December 26, 2022
- Local reviews on Google Maps drive enduring value - December 17, 2022
- Extra agritourism revenue from camping, cabins and RVs with HipCamp - December 12, 2022
- Harvest Hosts attract vanlifers and RV tourists, Boondockers Welcome - December 2, 2022
Andrew Mooers says
New revenue, any thing that creates new dollars to add to the local circulation of currency is a good thing. Tourism can be something a small town native thinks why would someone want to come see this, this or this when the unique community flavor is attraction enough. You forget how nice a small town lifestyle is living there. You know it is good, but can forget how really great it is!
Becky McCray says
Andrew, that’s a great point: we don’t notice our best things because we’re simply too used to them.