A compelling argument for placing entrepreneurship at the heart of economic development provides a guidebook for how this can be done efficiently, effectively, and equitably.
Thanks to globalization, outsourcing, and increased domestic competition, the economic underpinnings of many communities have crumbled. What can save the day? Not holding out hope that Toyota will build a new plant just outside town but, rather, working to improve the climate for small, nimble, highly innovative entrepreneurial companies.
Investing in Entrepreneurs: A Strategic Approach for Strengthening Your Regional and Community Economy offers a compelling argument for making the support of entrepreneurship the centerpiece of local and regional economic development—and provides a plan to make it happen. The book is organized around a tool, developed by the authors, that permits a community to strategically map and manage its business assets in a way that can transform its economy.
Investing in Entrepreneurs begins with a reflection on the importance of entrepreneurship, a discussion of its diminished place in economic development, and a call for its rise back to prominence. The importance of managing entrepreneurial assets is discussed, followed by a thorough articulation of the author's tool for accomplishing this in a holistic and strategic manner. Examples drawn from the authors' fieldwork illustrate the many ways in which the tool can be utilized to guide economic development efforts. A final chapter discusses possible resistance to this innovation and how that resistance can be successfully addressed.
Features
• A unique tool for mapping and managing entrepreneurial activity in a community or region to permit the identification of the strengths and weaknesses of its economic portfolio
• 50 examples from the field showing the development of entrepreneurial skills, the movement of businesses through lifecycles, and interventions to increase and improve entrepreneurial activity
• Illustrations that explain the concepts graphically
• Appendices with templates, plans, and more
• A comprehensive bibliography of important reference sources in the enterprise development field
Highlights
• Offers a new, systematic way of thinking about economic development that puts entrepreneurs and their enterprises at the center
• Shows how a community's portfolio of business assets can be strategically managed like a financial portfolio
• Introduces the concept of the pipeline of entrepreneurs and enterprises, giving economic developers a way to segment the "market" of entrepreneurs and allow for a truly strategic approach to economic development
• Offers a clear and understandable discussion of entrepreneurs' skill sets: what they are, how they can be differentiated, and how they can be developed
Gregg A. Lichtenstein, PhD, is president of Collaborative Strategies, LLC, a consulting firm that specializes in working with entrepreneurs, intrapreneurs, and in strategic alliances. Dr. Lichtenstein is the coauthor, with Dr. Lyons, of Incubating New Enterprises: A Guide to Successful Practice (Tools for Practice).
Thomas S. Lyons, PhD, is the Lawrence N. Field Family Chair in Entrepreneurship and professor of management in the Zicklin School of Business at Baruch College of the City University of New York. Dr. Lyons coauthored Creating an Economic Development Action Plan: A Guide for Development Professionals and Financing Small Business in America: Debt Capital in a Global Economy.
Endorsements
"Based on extensive research and action in the field, Lichtenstein and Lyons have developed an approach to development via entrepreneurship that is hugely thought-provoking. Given the desperate waste that has followed manifold attempts to nurture entrepreneurship in past decades, their methodology heralds a refreshingly more successful route. This approach lends itself to using pilot projects that can be tailored to the unique needs of specific regions."—Ian C. MacMillan, Dhirubhai Ambani Professor of Innovation and Entrepreneurship, The Wharton School, University of Pennsylvania
"This is a thought-provoking treatment of entrepreneurship that seeks no less than to transform the practice of economic development. The authors provide valid criticism of current local economic developers' understanding of the role of entrepreneurs. Their 'Pipeline of Entrepreneurs' concept can help both economic developers and entrepreneurs develop successful strategies for realizing the true potential of entrepreneurship so critically needed in today's local economy."—Nancey Green Leigh, Georgia Institute of Technology Professor and co-author of Planning Local Economic Development
"Most regional economies are the result of actions taken by the entrepreneurs of twenty, fifty, even a hundred years ago. Investing in Entrepreneurs teaches us how to harness the energy of the next generation of entrepreneurs to redefine and supercharge our regional economies. It is an immensely valuable contribution to modern economic development."—Jim Clinton, CEO, Cenla Advantage Partnership
"Investing in Entrepreneurs is instructional, insightful and highly rational, taking a common-sense approach to what has been an oxymoronic topic--the training of entrepreneurs. Lichtenstein and Lyons' concept of assessing skill levels in entrepreneurs, and then 'pitching' the appropriate battery of services to them is elementary, yet groundbreaking. My new goal in life is to make the Major League before I retire!"—Jeffrey A. Miller, Entrepreneur, CEO of Partyspace.com and JAM Catering
"Lichtenstein and Lyons use their substantial experiences in working directly with entrepreneurs to re-conceptualize the process of local economic development. Using a case studies approach complemented with their entrepreneurial league system, the authors explain failures and successes of efforts to encourage business growth. This book will help economic development decision-makers better allocate their energy and financial resources."—Scott Loveridge, Ph.D., Professor of Regional Development, Dept. Agricultural, Food and Resource Economics, Michigan State University
