Entrepreneurship: A driving force in the local economy
Entrepreneurs play a vital role in economic development as key contributors to technological innovation and new job growth. Entrepreneurs also help build local communities in ways such as providing jobs, conducting business locally, creating and participating in entrepreneurial networks, investing in community projects, and giving to local charities. Realizing both the economic and social impact of entrepreneurship, many states and local communities have implemented aggressive strategies aimed at cultivating and nurturing entrepreneurs.
In 2000, approximately 4,000 full-time entrepreneurs and 4,000 part-time entrepreneurs worked in Boone County. The annual average income of full-time entrepreneurs was $34,200, and the average for part-time entrepreneurs was $53,000.
The educational background of full-time entrepreneurs in this region included a high school diploma (29 percent), some college with no degree (24 percent) or a bachelor’s degree (18 percent). The most common educational background of part-time entrepreneurs was some college (25 percent), a bachelor’s degree (23 percent) or a high school diploma (22 percent).
The largest concentrations of full-time entrepreneurs were in the construction, health care and social assistance industries. Part-time entrepreneurs were concentrated in health care and social assistance, management of companies, and professional and technical services
Source: Missouri Economic Research & Information Center