Many counties in Northeast Power's service area may never see major industrial development, but can see significant improvements in their economies through the adoption of various other economic development strategies. Two of those are entrepreneur development and visitor attraction.
The Entrepreneur Development program creates resources that will improve the chances of survival for new businesses. Northeast Power's program has multiple elements including: identifying potential entrepreneurs, developing support networks, providing ongoing training and counseling through various partners, help in finding financing and development of mentoring networks.
In Northeast Power's service area, an entrepreneur development strategy shows the most promise for significantly improving the area's economies over the long term. Existing residents who start businesses are more likely to keep their businesses in the area after they grow.
SmallBizU (SBU) is a free, online resource that can help build the core skills that entrepreneurs and small business owners need: the three "M's" of money, management and marketing.
SBU consists of 24 core courses, including Creating a Loan Package, Attracting Investors, Promotions and Marketing 101, and Buying a Business. SBU's features include:
- More than 4,000 animated slides with voice-over narration;
- PowerPoint presentations;
- Worksheets and toolsets;
- A comprehensive knowledgebase.