Entrepreneurship Training and Local Economic Development

The place of Entrepreneurship in local economic development is discussed elsewhere on this site, but here our focus is on the training needs of entrepreneurs. Fulfilling those training needs is another aspect of the use of training in the development of a local economy.

Michael Gerber,in his book "The E-Myth (the Entrepreneurial Myth) speaks of how he struggled to find some way to train shoe-string entrepreneurs who formed a steady stream of failures in almost all sectors of the economy. He notes that many of these people know what needs to be done, but are not pre-disposed to doing it, even when (or especially when) their corporate survival depends on it (Gerber, 1986).

The need for both theoretical and practical guidance in this sector is high. If fledgling businesses can be helped to survive the various start-up troubles, the whole region benefits economically. Money, which would otherwise pass out of the region to outside suppliers of goods and services, has that much more chance to recirculate within the local economy, creating the "multiplier" factor in the economy.

As well, losses of savings through bankruptcy depletes the "wealth" level of a region.

Consulting services like Gerber's ingenious on-line service, can work together with other initiatives to stem the tide of business failure.

The Business Development Bank of Canada has a Consulting program to support the development of small businesses.

Junior Achievement of Canada works with school age children to introduce them to many of the realities of business life as an entrepreneur.

As well, organizations like The Canadian Federation of Independent Business have "virtual Business Universities" to assist in the training of entrepreneurs.

Then, of course, there's the National Business Incubation Association with their amazing workshops and services to support the development of "business Incubators" for budding entrepreneurs.

USA Initiatives

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