Why did you become an Entrepreneur? Among the top responses to this question, is, “to create a better quality of life”. According to research from SCORE, 80% of rural U.S. entrepreneurs are reporting a better quality of life when compared to their urban counterparts.
Many factors may explain this finding. Data shows that rural businesses tend to operate at a higher profitability margin than urban businesses, and they typically earn comparable revenue to urban businesses,” said SCORE Acting CEO Bridget Weston. “What this means is that rural entrepreneurs have the advantage of keeping more of their business revenue, which makes it possible for them to provide a higher quality of life for themselves and their families.”
While rural small businesses earn comparable revenue to urban business, rural entrepreneurs continue to struggle with:
- Accessing capital. (71% relied on personal savings with less than 10% being funded by outside investors.)
- Finding employees with the right skills and experience.
- Access to reliable technology. (56% did not have reliable access to digital technology and 20.6% do not have high-speed broadband.) Despite these obstacles and an overall nationwide drop in self-employment over the past 30 years, entrepreneurship remains strong in rural areas.
The opportunity to “grow your own” business continues to be a driving force within the rural community. Communities that nature creative and innovative citizens – give the community the confidence to develop and attract entrepreneurs. This true for both rural and urban communities – the difference is where would you rather live? A congested city or in an open setting.
Efforts such as Danville, Virginia’s the Launch Place which traces its roots to a group of concerned business leaders came together in 2004, to improve the economic outlook of the Southern region of Virginia, has created a unique capacity for entrepreneurial success. Innovation & Entrepreneurship have a better chance of growing to greatness if they are in a supportive environment. TempO’s REED program works with companies and regions throughout the Commonwealth of Virginia and the world to help communities enhance critical elements that support business creation and growth.