Friday, June 21, 2024

Anderson: Let’s build businesses and communities together in north Louisiana

by BIZ Magazine

There are so many exciting reasons to become an entrepreneur and start your own business.  Some of the most common reasons you hear about why people start a business are that you get to be your own boss, determine how many hours you will work, and decide your own pay.  Those are all valid reasons to be interested in beginning your journey as a CEO of a new venture, but they are all about you and your goals.  Another thing to consider is the impact you can make on the community.  By starting a business here in Northwest Louisiana, you will be creating employment opportunities for individuals in Northwest Louisiana and supporting economic growth in the area.  You also introduce innovative new products and services that increase consumer choice and engagement in the community.  In addition to any social impact you wish to have, you also increase the tax revenue and knowledge transfer of the local area, creating a positive feedback loop for the community at large.  Let’s dive into each of these reasons and see how starting a business in North Louisiana benefits not only yourself, but also the local community you have chosen to make your home.

Some businesses start out as solo, founder-led ventures that have one person handling all the operating, sales, and service aspects of their business.  Often, though, you will need a team around you to help support the growth and reach of your business.  When more people are employed, they have income to spend on goods and services. This increased consumer spending can boost demand for products and services, leading to higher sales for other local businesses, and subsequently, growth in the local area. Hiring people to work in your business also gives them the means to support themselves and their families just as they help support your business.  This affords them the transportation to ensure their kids can be dropped off at school and receive an education, the ability to provide a nutritious dinner for those kids, and a safe and secure place for those kids to sleep at night.  By becoming an employer, you make a positive impact not only on the local economy at large, but on an individual level as well. 

Another great thing about starting a business locally is it brings new solutions, activities, and improvements to needs in the area.  Entrepreneurs, driven by their vision and creativity, continually identify unmet needs and market gaps, leading to the development of fresh, groundbreaking offerings. These new solutions not only broaden the range of options available to consumers but also foster healthy competition, which in turn compels existing businesses to innovate and improve. This dynamic cycle of innovation not only benefits consumers by providing them with more diverse and tailored options but also fuels economic growth, generates job opportunities, and ultimately strengthens the bonds of the local community as it thrives through increased entrepreneurship and customer engagement.

Lastly, starting a local business can have a profound social impact, and lots of these ventures often serve as community anchors, offering a sense of identity and pride while promoting a stronger social fabric. These businesses significantly contribute to local tax revenue, allowing for investment in essential services like education and healthcare, and reduce the need for dependence on social services, enhancing the area’s overall well-being. Moreover, they facilitate knowledge transfer among community members, leading to a more educated and skilled workforce, which in turn improves employability and quality of life. This positive feedback loop, driven by local entrepreneurship, strengthens community bonds and is a testament to the lasting impact of entrepreneurial endeavors.

Starting a business in Northwest Louisiana represents more than just a commercial endeavor; it’s a catalyst for holistic community development. By providing employment opportunities, your business becomes a cornerstone of economic growth in the region, fostering prosperity and self-reliance. Simultaneously, your innovative products and services expand consumer choices and engagement. As you contribute to local tax revenue and knowledge transfer, you are actively shaping the future of the region. Your entrepreneurial journey in Northwest Louisiana is evidence of the transformative power of local businesses, driving progress on multiple fronts and leaving a lasting impact on the community at large.

William Anderson is a financial analyst with the Entrepreneurial Accelerator Program (EAP)

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