The Role of Entrepreneurship in Low-Income Communities

"Majora Carter. Photos: Getty Images Entrepreneurship's role in building community has always fascinated me. It seems almost paradoxical, given the myth of the solitary startup - with the lone, driven figure working at the kitchen table on countless late nights and early mornings. In some cases, that community is composed primarily of entrepreneurs and their advocates. That support network provides vital nourishment for the startup journey."

"I saw that first-hand in June when thousands of entrepreneurs and their advocates gathered in Indianapolis from all over the world for the Global Entrepreneurship Congress. It was truly heartening to witness so many people across the globe come together for that shared purpose. In other cases, the community is served by the entrepreneur, whose work attracts, galvanizes, and energizes local economic potential."

"Carter's insights into urban revitalization are fueled by more than two decades of work in the South Bronx. She makes the fascinating point that in low-income communities, nonprofits provide only the services that philanthropy is willing to fund, while chain-store businesses typically sell their goods without encouraging residents to linger any longer than necessary. Both approaches are inherently limited-and limiting. Entrepreneurship has the power to bring people together, to expand a shared sense of community."

Entrepreneurship plays a crucial role in building community by creating networks that nourish startups and by attracting and energizing local economic potential. Support networks of entrepreneurs and advocates provide vital resources, as evidenced by global gatherings that foster shared purpose. In low-income communities, traditional nonprofits are limited to philanthropy-funded services while chain stores prioritize quick transactions over community engagement. Long-term urban revitalization work, exemplified by a developer rooted in the South Bronx, demonstrates that entrepreneurship can foster lingering, community-centered commerce. Entrepreneurship therefore offers potential to generate community wealth and expand a shared sense of belonging without requiring residents to leave their neighborhoods.

Read at Inc