The Impact of Entrepreneurs on Florida Economic Development

Tue, Jun 08, 2021 at 2:00PM

The Impact of Entrepreneurs on Florida Economic Development

Entrepreneurship is more than a cornerstone of our American identity – the idea of the everyman pulling himself or herself up by their bootstraps to become someone remarkable – it’s also a staple of Florida economic development. Apart from offering upward mobility and promise of wealth to anyone, entrepreneurship also plays a key role in fueling economic growth in Volusia County. Read on to learn more about the significant part that entrepreneurs play in our state’s economic welfare.

Filling Unmet Needs

Those who start businesses to meet unfulfilled needs in the market are referred to as opportunity entrepreneurs. These entrepreneurs provide access to goods and services that enable populations to become even more productive, which is a key stimulant in regional economic development. These opportunity entrepreneurs serve to fill unique niches that may otherwise be vacant in the current market.

Provide New Employment Opportunities

Every start-up business needs to hire employees. As those businesses thrive, they will need to take on more staff just to keep up. By bringing their new businesses to Florida, entrepreneurs create jobs which in turn uplift and support communities through increasing the quality of life and overall standard of living.

Innovation Through Integration

Traditionally, innovation has been defined by the invention of new products and generation of high-tech jobs. However, it has recently taken on additional meaning to include the development of new services, business models, and routes to market. With new advancements in technology, it is easier than ever for entrepreneurial businesses to expand into regional and global markets. When start-up businesses export goods and services, they are making a direct contribution to their region’s earnings.

Spearheading Environmental Challenges

Pioneering environmental solutions does more than prolong the welfare of our planet – it also increases productivity and enhances economic development. Water is necessary for life, energy is necessary for power, and so on. Entrepreneurs are able to lead the charge towards environmental sustainability, which also increases economic growth.

Creativity Fosters New Technologies

Economic growth is driven by the creative applications of new technologies and entrepreneurs are constantly bringing new products and services to market. Rapid innovation often accompanies rapid economic growth. Communities with effective institutes of learning yield educated populations, which in turn create innovative products and further economic growth.

In order for entrepreneurs to succeed, they need access to a highly-skilled workforce and a level playing field to compete with other businesses. Both of these things are easily accessible in Southeast Volusia County! Within our communities of New Smyrna Beach, Edgewater, and Oak Hill, entrepreneurs are at the forefront of Florida economic development because we create the conditions in which those businesses can be nurtured and allowed to grow. Contact the Southeast Volusia Manufacturing and Technology Coalition today to learn more about starting your business in our favorable location.

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