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Starting a business in any city can be exciting, and yet at the same time, challenging. However, pursuing an entrepreneurial venture in a small city can offer unique benefits and challenges.
For instance, in small cities, many business decisions are governed by pre-existing relationships, which can be both an asset and a liability. If the entrepreneur has established social capital in the city by building trust-based relationships. Having close connections with city officials, business leaders, and others gives the entrepreneur an advantage of being in the "in-group" and better understanding how decisions are made in the city. Of course, becoming part of this integrated network can be difficult, and even more challenging for individuals not from the local area.
Dr. Josh Daspit, assistant professor of management at Mississippi State University, shares his expert opinion about starting a business in a small city on WalletHub.com. Get the full story here: