Entrepreneurship development : strategies for the White River Planning and Development District

Industrial recruitment has failed to bring economic security to rural areas. Small towns and rural communities are vulnerable to branch plant closures. Rural areas also generally have less to offer industry in terms of incentives. Entrepreneurship provides a new paradigm in economic development – to grow indigenous companies. However, entrepreneurship is a difficult to define. Entrepreneurs are defined in this thesis as simply an individual who starts a businesses, excluding farmers and several professional occupations. Among the strategies currently used across the country include entrepreneurship education and business skills training, financial assistance, business incubators, one-stop permitting and information centers, and enterprise zones. The White River Planning and Development District (WRPDD) is a rural area in north central Arkansas which could benefit from entrepreneurship development. The WRPDD has been designated by the United States Department of Commerce as a long-term economically depressed area. Entrepreneurship development strategies can address many of the barriers to business formation in such rural areas. As a practical application thesis, several strategies are recommended for the WRPDD.