Entrepreneurship Is Big Business in Pine Bluff

Some people have a dream of becoming an entrepreneur but do not have the resources or knowledge needed to start a company. Others may own a company but do not know the steps to move it to the next level. The question for communities and business leaders becomes: How do you capture the entrepreneurial spirit and, in turn, grow businesses and communities?

In Pine Bluff, Ark., this question is of particular importance to the overall economy. According to alt.Consulting, a local nonprofit consulting firm, small businesses and the self-employed account for 44 percent of all locallly created jobs.

To further explore this topic, the Little Rock Branch of the Federal Reserve Bank of St. Louis on June 1 brought together nearly 50 representatives from government, financial institutions, nonprofit groups, businesses and the general public to discuss the needs of entrepreneurs and small business owners in Pine Bluff. Arkansas Capital Corp. moderated the discussion.

Creating a strong support network for small business owners is critical to their success. Without appropriate resources and backing, the business will fail, said Jay Wisener of Arkansas Capital. To help increase the number of small businesses in Pine Bluff, Mayor Carl A. Redus Jr. has requested assistance from the Federal Reserve to help address how to make the city a more desirable place to start a business.

Realizing the importance of community support, many participants agreed to begin working with a local entrepreneurship collaborative. The collaborative will position Pine Bluff as an “Entrepreneur Friendly City.” Among its many goals, the collaborative will develop creative financing tools for businesses, raise awareness about entrepreneurship and promote youth entrepreneurship. The latter point particularly resonated with participants. Dr. Omar Atiq, a local physician, pointed out that high school students should be a part of the discussion since they represent the future. If the students have the necessary knowledge before starting a business, he said, then they will know about the available resources, education and training.

The roundtable discussion also addressed some key obstacles facing local entrepreneurs. One of those obstacles is health insurance. Miriam Karanja from Southern Good Faith Fund let the audience know that small businesses have options for health insurance. According to Karanja, businesses that provide health coverage to their employees help boost the economy. The employees stay healthier because they have the resources available to see their doctor and, thus, do not have to miss as much work due to illness.