The Decline of Small Town America
For decades, rural towns across America have been watching their populations dwindle as their young people leave in search of better economic opportunities in the cities. This has resulted in economic stagnation, dwindling tax bases, and the gradual collapse of the local economies of small towns across the country. But there is hope for small towns – and it lies in rural entrepreneurship.
What is Rural Entrepreneurship?
Rural entrepreneurship is the practice of starting and growing a business in a small town or rural area. Entrepreneurs are individuals who identify opportunities, take risks, and create value for their customers and communities. Rural entrepreneurs face distinct challenges in starting and growing their businesses compared to entrepreneurs in urban areas. These challenges include access to capital, limited infrastructure, and a smaller customer base.
The Benefits of Rural Entrepreneurship
Rural entrepreneurship offers several benefits to small towns across America. Firstly, it creates new jobs and economic opportunities in regions that suffer from high levels of unemployment and poverty. Secondly, it helps to revitalize downtown areas by bringing in new businesses and customers. Thirdly, it fosters a culture of innovation and creativity, encouraging young people to stay in their hometowns and contribute to the local economy.
Keys to Successful Rural Entrepreneurship
Successful rural entrepreneurship depends on a combination of factors, including access to capital, support networks, and business mentorship. Here are five keys to successful rural entrepreneurship:
1. Access to Capital
Access to capital is a major challenge for rural entrepreneurs. Traditional sources of financing, such as banks and investment firms, are often reluctant to invest in rural areas due to perceived risk factors. To overcome this challenge, rural entrepreneurs need to be creative in their search for capital. Crowdfunding, angel investors, and grants from government agencies and non-profit organizations are all potential sources of funding.
2. Community Support Networks
Community support networks are essential for the success of rural entrepreneurs. Tight-knit rural communities often have strong social networks and a culture of mutual support. Rural entrepreneurs should seek out local business associations, networking events, and mentorship programs to build their professional networks and gain access to resources and advice.
3. Embrace Technology
Rural entrepreneurs need to embrace technology as a tool for overcoming geographic barriers and reaching a wider customer base. Online marketing, social media, and e-commerce platforms can help rural entrepreneurs compete with businesses in larger urban areas.
4. Cultivate Soft Skills
Soft skills – such as communication, problem-solving, and emotional intelligence – are critical for the success of rural entrepreneurs. These skills are particularly important when dealing with customers, suppliers, and employees in a small town environment. Rural entrepreneurs need to hone their soft skills to build relationships and create a positive reputation in their communities.
5. Seek Out Mentorship
Mentorship from experienced entrepreneurs and community leaders is invaluable for rural entrepreneurs. Mentors can provide guidance, support, and access to networks and resources that help rural entrepreneurs grow their businesses. Rural entrepreneurs should seek out mentorship opportunities through local business associations, economic development agencies, and community leaders.
Examples of Successful Rural Entrepreneurship
Several examples of successful rural entrepreneurship can serve as inspiration and models for small town communities across America. Here are three:
1. The Vermont Sail Freight Project
The Vermont Sail Freight Project is a venture that transports locally sourced food products by sailboat along the waterways of the Northeast. The project was started by Erik Andrus, a farmer and boat builder who wanted to bring attention to the benefits of local and sustainable food systems. The Vermont Sail Freight Project has become a model for sustainable transportation and local food systems across the country.
2. JDW Cotillion
JDW Cotillion is a clothing brand that creates high-quality, ethically sourced clothing for women. The brand was founded by J’Amy Woolridge, who was inspired by the textile heritage and craft traditions of her hometown in southwest Virginia. JDW Cotillion has become a popular brand among millennials who prioritize sustainability and ethical production.
3. KIGT Inc.
KIGT Inc. is a start-up that is revolutionizing the field of water treatment in rural areas. The company was founded by Michelle and Bill Gutsch, who saw a need for sustainable and efficient water treatment systems in underserved communities around the world. KIGT Inc. has developed a portable, solar-powered water treatment system that is affordable and easy to use.
Conclusion
Rural entrepreneurship is the key to reviving small towns across America. By creating new economic opportunities, revitalizing downtown areas, and fostering a culture of innovation, rural entrepreneurship can help bring young people back to their hometowns and spur economic growth in previously stagnant areas. Successful rural entrepreneurship requires access to capital, support networks, and mentorship. By following these keys to success, rural entrepreneurs can create businesses that contribute to their communities and pave the way for a brighter future for small towns across America.