A road trip across the country will reveal the staggering differences between economically thriving communities and poor ones. Some towns are prospering and have high standards of living. Others are struggling with disinvestment, abandonment, and even identity loss.
These discrepancies are so significant that two neighboring cities seem to be from two different countries in some cases. In one, people have already embraced innovative financial technologies like Zeta Finance and electronic payments. On the other hand, poorer communities are suffocated by inflation or unemployment and forsaken by their younger generations.
It’s obvious that the latter is doing something wrong. Also, it’s worth noting that they can peek across the fence and see what the prospering communities are doing right. So, what are the top opportunities small communities should take to grow out of poverty? Let’s find out!
Be Aware of Local Entrepreneurs
One of the primary reasons for struggling communities is seeing their younger generations leaving for greener pastures. Many people leave their hometowns if they cannot grow or sustain a family there. And, most of them cannot even open a successful business showcasing their skills or degrees.
Small communities could get out of a slump by being more protective of their local entrepreneurs. For instance, they can reduce taxes and provide financial and legal support to help them develop their businesses. In return, this will keep many from moving to other cities. Also, it will help reduce unemployment and give the town a more unique identity.
Encourage Entrepreneurship in Local Schools
Entrepreneurs do not appear out of thin air. They need proper education, support, and role models. Small communities can work closely with local schools and colleges to encourage youngsters up the entrepreneurship path. This way, they can create a new generation of business-orientated locals every year. This should provide the community with more economic stability in the long run.
Train Young People to Develop In-Demand Skills
Not every child in a small community will become a successful entrepreneur. However, the community should still support those who don’t choose this path. For instance, they can give them access to training programs to learn skills that major employers demand. This way, they can find jobs easier and not increase the unemployment numbers.
Attract Major Employers to Invest Locally
A growing community cannot rely on local entrepreneurs alone to thrive. At one point, it has to create the necessary environment for a major employer to invest locally. For instance, a factory or a supermarket chain can create thousands of new jobs every year. Fortunately, if the community has followed the steps above, it can supply the employer with an adequately skilled workforce. Furthermore, it also provides local entrepreneurs with partnerships and commercial collaborations.
Recognize the Importance of Local Identity
Every small community grows on more than just work and business. It also needs culture, sports, and other leisure activities that bring people together under one flag. For instance, a small community should support the local sports teams, develop museums, and encourage local artists. This way, it creates a unique identity with limitless potential.