Entrepreneurship on small towns: opportunities and challenges

Authors

  • María Luisa Palacios Medina
  • Raymundo Aldape Garfias
  • Bertha Lizeth Carballo Tellez

DOI:

https://doi.org/10.46932/sfjdv4n3-001

Keywords:

Small towns, entrepreneurship, rural development, local economy, small business

Abstract

Entrepreneurship in small towns presents both opportunities and challenges that are unique to rural areas. Small towns have their own character and offer a distinct market that can be leveraged for business ventures. The benefits of entrepreneurship in small towns include the potential for job creation, increased economic activity, and enhanced local identity. However, the challenges of entrepreneurship in small towns can be significant, including limited access to resources, a small customer base, and a lack of infrastructure and networking opportunities. One significant challenge for entrepreneurs in small towns is access to resources, such as financing, business services, and skilled labor. Many small towns have limited access to capital, and entrepreneurs may need to rely on personal savings or creative funding sources to launch and grow their businesses. Another challenge is the limited customer base, which may require creative marketing strategies to reach a wider audience. Infrastructure challenges, such as limited access to high-speed internet, can also pose barriers to entrepreneurship. Despite these challenges, entrepreneurship in small towns can be successful with the right support and strategies. Government support, including tax incentives and funding for small business development, can help entrepreneurs overcome some of the challenges of operating in rural areas. Building social capital through networking and community involvement can also help entrepreneurs access resources and gain support. Finally, a focus on innovation and adapting to changing markets can help entrepreneurs capitalize on new opportunities and sustain growth in small towns.

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Published

2023-05-22

How to Cite

Medina, M. L. P., Garfias, R. A., & Tellez, B. L. C. (2023). Entrepreneurship on small towns: opportunities and challenges. South Florida Journal of Development, 4(3), 1032–1047. https://doi.org/10.46932/sfjdv4n3-001