Entrepreneur Friendly Cities

Entrepreneur Friendly Cities

Held in Savannah, The Georgia Municipal Association’s Annual Convention brought together over 2,600 people to discuss strategies on improving the operations of cities and enhancing lives of Georgia citizens. Georgia Power was the presenting sponsor, and its economic development department was invited to present in the training class, “Entrepreneur Friendly Cities.”

Vanessa Wagner and Scott Purvis from Georgia Power Economic Development were joined by community development partners, Amanda Glover, Bainbridge; Billy Pepper, Canton; Taylor Smith, Thomaston, and Qaijuan Willis, Americus. The colleagues shared information with participants on the economic impact of small business, entrepreneur ecosystems and resources, and best practices in supporting small business.

Building Resilience Through Entrepreneurship

Supporting small businesses isn't just the right thing to do; it's a smart economic strategy. While valuable for communities of all sizes, small business is the lifeblood of many of Georgia’s rural regions (population of 50,000 or fewer). In these rural zones, the infrastructure or workforce may not yet be available for industrial recruitment. Launching small business programs encourages growth from within and can prepare the region for new business and workforce attraction.

Economic Impacts of Small and Micro Business

"We know in our hearts that helping small business is the right things to do, but there's also a strong economic impact that justifies communities investing in their small businesses and entrepreneurs," shared Vanessa during her presentation.

Small businesses are job creators, wealth builders, and placemakers. They bring a unique vibrancy to communities, making them attractive places to live and visit.

The research team at Georgia Power Economic Development found that micro-businesses contribute significantly to household income in their communities, far beyond just employing the entrepreneurs themselves. Below are a few of the findings shared during the program.

• -11%, adding 1,000 new microbusiness entrepreneurs in a county is associated with a drop of 0.11 percentage points in the unemployment rate (GoDaddy & UCLA Anderson Forecast).
• +7 jobs, At the county level, every micro-business entrepreneur is correlated with seven additional jobs by hiring directly, indirectly or creating more demand and spending in their communities (BLS.gov).
• +40%, Communities with greater micro-business density had stronger economic recoveries from the 2011 recession based on an index of economic indicators build by EIG (Index of Economic Indicators).
• +$489, Each additional micro-business per 100 people in a county increases household median income by $489/year (American Community Survey).

When communities have a diverse mix of businesses, they are better equipped to manage unexpected economic shocks. Small businesses are often deeply rooted in their communities, providing stability and continuity even during challenging times.

Conclusion

Supporting entrepreneurship is not just about economic growth; it's about building resilient, vibrant communities that can weather any storm. By fostering a strong entrepreneurial ecosystem, we can create opportunities for everyone and ensure a prosperous future for our cities and towns.

Ready to make a difference in your community? Learn more about how you can support small businesses and entrepreneurs by connecting with local programs and resources. Georgia Power Economic Development helps small businesses and programming through GrowGeorgia.com and CREATE.

• GrowGeorgia.com, a website that lists resources for entrepreneurs across Georgia, with a focus on resources that understand the unique challenges of minority-owned businesses.
• CREATE, Cultivating Rural Entrepreneurship and Transforming Economies, is designed to train community leaders and champions on development strategies that support small business growth.

Together, we can build a resilient and thriving Georgia. Contact our team to get the conversation started.

This text has been generated by an AI model, but the ideas and underlying research are original and generated by a human author, Vanessa Wagner. The organization, grammar, and presentation may have been enhanced by the use of AI.