Understanding the needs of small businesses within a community is crucial to the overall health of the local economy. Approaching the small business community in the context of a "stage" framework helps cities understand the challenges facing businesses as they grow and helps identify policies that would best serve their needs.
Key Take Aways for Local Leaders
- While small businesses as a whole look incredibly diverse, research suggests entrepreneurs and businesses move through stages of development that reflect a high level of uniformity of management, technical, financial and other challenges.
- As they grow, entrepreneurs face new challenges and will likely need different resources and relationships to support them.
- Understanding small business development stages are important for local governments because it allows them to better understand the challenges facing entrepreneurs and provide policies to support them.
Download the Understanding Small Business Section