DEFINING URBAN ENTREPRENEURSHIP

By C. Sunny Martin

Also, the term “Urban Entrepreneur” has two principal connotations: someone who starts a business with little resources and builds a company or brand into a success; and someone who uses the perfect blend of book and street smarts to run their business very well.

You’ll find many definitions for “urban entrepreneurship” but here are some common factors of the urban entrepreneurship movement.

Solving Community Problems –local entrepreneurs are stepping up and creating businesses with products and services based on community needs and/or neglects.

Economic Empowerment – the businesses created aim to be scalable solutions and to leave a positive, lasting impact on the local community and the clients they serve. Creating Jobs and Businesses – the resources are focused on the entrepreneur as a pioneer and role model that becomes the catalyst who inspires others to create commerce in their local neighborhood or community.

Urban Entrepreneurs are loaded with creative ideas and concepts for products and services, and even great ideas, but generally they have little startup capital to work with. In some cases, limited resources can be a gateway to entrepreneurship as was the case with me. Consider the story of Michael Kittredge who wanted to give his mother a heartfelt Christmas gift but couldn’t afford anything fancy. Because of his dilemma, he created the greatest thing to ever come from crayon wax and a piece of rope. Ever heard of the Yankee Candle Company?

In 1998, Kittredge sold Yankee Candle to a private-equity firm for $500 million - dollars, having along the way inspired many other entrepreneurs who have created entrepreneur magic with little or no resources.

use of the skills and street smarts to help them build sustainable businesses. One obvious example is Jay-Z, who lifted himself from a rough upbringing in Brooklyn’s Marcy Houses and turned himself into a global business icon and brand. Having an aptitude for filling marketplace voids is one thing urban entrepreneurs tend to have in common.

What research has shown is that most urban entrepreneurs place a high priority on giving back to their community – that stems from knowing the feeling of having a great idea and needing just a little and intuitive will-power to help get over the hurdle to become a successful entrepreneur.

Urban entrepreneurs admire the business moguls who have made

Entrepreneurship is not commonly taught in middle or high schools or local school systems throughout America. Most of our children believe the primarily pathway to great economic success and prosperity is only through professional athletic or entertainment achievement. However, small business ownership is the principal backbone for economic success and WEALTH CREATION in America. Small businesses provide meaningful employment to the vast majority of Americans!