Understanding Small Business Development
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.
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