Economic development training teaches communities about finance, business operations, and resources to increase economic opportunity. Historical experiences and geographic features are taken into account when creating a viable economic development plan. Training can also focus on increasing financial literacy and preventing scams. The goal is to increase entrepreneurial knowledge and move the community towards a prosperous future.
Economic development training typically involves teaching key people in a community the concepts, strategies, and methods that will increase economic opportunity. Increasing economic vitality in a local or regional area often begins with helping community members understand what economic development really comprises. Workers can train residents in an area on how to get finance, how to start and operate a business, or where to find resources to use to launch a business. Some economic development initiatives involve regional actors and may include investors and entrepreneurs. There is often a political aspect to economic development training, as zoning and land use laws sometimes influence economic development activities.
Some people may not readily understand what drives successful development. Community leaders who understand the region’s history and economic base often have a key role to play. They can disseminate knowledge within their spheres of influence, as well as receive training on how to apply innovative techniques to stimulate an area’s economy. When the historical experiences of local leaders are tapped, economic development training can proceed without the delays that often result when a community’s sacred cows are ignored.
Often, much of a community’s economy is linked to historical experiences and geographic features, such as rivers or mountain passes, for example. As a result, elected officials and business leaders may already have a significant understanding of what types of economic development will thrive in this area. For example, if fishing has historically been a major economic contributor in a coastal community, these collective skills involved in fishing would likely be taken into account before constructing a viable economic development training plan. If political and business leaders are not aware of the ways in which local businesses can weave themselves into the community, efforts to launch new development may fail due to lack of community support.
Another aspect of training that often encourages business growth is offering instruction to aspiring entrepreneurs and existing business owners. This instruction usually focuses on avoiding common pitfalls that can cause business ventures to fail. A common form of economic development training involves helping people in the community increase their financial literacy. Economic development training can also consist of teaching key individuals in a community to start a microfinance loan program.
Sometimes companies come together for mutual benefit, and economic development training can be geared towards helping to launch business development coalitions or organizations. At the individual level, economic development training can focus on increasing financial literacy as well as issuing warnings that can prevent people from succumbing to scammers or con artists. The general concept of economic development is to train enough people in the community so that the level of entrepreneurial knowledge increases and moves the community forward towards a more prosperous future.
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