Entrepreneurship in Marginalised Communities: Catalysts for Positive Change

Let's dive into a topic close to my heart – the transformative power of entrepreneurship in marginalised communities, especially here in the South Wales Valleys.

Imagine a world where everyone, regardless of their background or circumstances, has the chance to thrive. That’s the magic of entrepreneurship.

What Do We Mean by Marginalised Communities?

First, let’s unpack what we mean by "marginalised communities." These are groups of people who, due to various socio-economic factors, face significant barriers to accessing opportunities. This could be due to geographical isolation, economic disadvantages, lack of educational resources, or historical and systemic inequalities. In Wales, this often includes areas affected by the decline of traditional industries, rural communities with limited access to services, and urban areas facing socio-economic challenges.

Breaking the Cycle of Poverty

One of the most profound impacts of entrepreneurship is its ability to break the cycle of poverty. Envision communities where traditional jobs are scarce or don’t pay enough to make ends meet. By supporting local entrepreneurs, we can spark new industries and markets tailored to the community's unique strengths. This not only boosts individual incomes but also breathes life into the local economy.

Think of it this way: when someone starts a business, they’re not just earning for themselves. They’re creating jobs, supporting other local businesses, and reinvesting in their community. It's a ripple effect of positive change.

Empowering Individuals and Building Confidence

Starting a business can be a game-changer. For many in marginalised communities, entrepreneurship offers a pathway to control their economic destiny. This isn’t just about making money – it’s about building confidence and self-worth. Entrepreneurs learn skills like problem-solving, leadership, and resilience. These skills don’t just stay in the business world; they spill over into personal lives, creating a sense of empowerment and possibility.

Visualise a young person in a small Welsh town, once feeling trapped by limited options, now running a successful store. They’ve not only changed their own life but also become a role model in their community.

Creating Jobs and Economic Stability

Small businesses are the lifeblood of local economies. When we nurture entrepreneurship in marginalised communities, we create jobs that are tailor-made for the community’s unique needs. These jobs provide much-needed economic stability and reduce reliance on external aid. Plus, when people have stable jobs, they spend more locally, creating a virtuous cycle of economic growth.

Picture walking down a street lined with thriving local businesses, each one employing local people and contributing to a vibrant, resilient economy.

Real-Life Challenges and the Need for Change

Let’s talk about the real challenges faced by communities like mine in the South Wales Valleys. The closure of coal mines left many workers with limited opportunities, creating a vacuum in local economies. Fast forward to today, and we’re seeing similar issues.

Earlier this year, Everest Glazing went into administration, following the closure of UK Windows and Doors factories in the same area in October 2023. That’s two factories in the same industrial park closing within seven months of each other. The impact has been devastating for families, some of whom have lost not just one income, but two, with both husband and wife or father and son working for the same employer. This highlights how severe the situation is in the Upper Rhondda Valley. Seventeen years ago, we all remember the Burberry factory closing its doors, causing similar hardship.

The Upper Rhondda has been hit hard, and the effects are widespread, impacting even those not directly employed by these factories. To add to this, the TATA Steelworks closure is already affecting Neath Port Talbot and surrounding communities, with steelworkers from the Upper Rhondda, including my neighbour, feeling the brunt.

The loss of these jobs is more than just a financial hit; it affects the very fabric of our communities. Skills are being forced to leave, creating a brain drain that makes recovery even harder. What are we replacing these jobs with? I believe that fostering entrepreneurial skills and mindsets is a crucial part of the answer. It can help our communities rebuild and thrive in new and innovative ways.

Fostering Innovation and Cultural Preservation

Entrepreneurship isn’t just about making money; it’s about innovation and preserving culture. In many marginalised communities, local entrepreneurs are developing unique products and services that reflect their cultural heritage. This not only preserves local traditions but also attracts interest and investment from outside the community. Plus, these innovative solutions often address specific local challenges, further driving positive change.

Think of traditional Welsh crafts being revitalised and sold to a global market, blending cultural heritage with modern business practices.

Building Stronger, More Resilient Communities

When local businesses thrive, so do communities. Entrepreneurship fosters a sense of solidarity and mutual support. Local businesses often give back to their communities by sponsoring events, supporting local causes, and investing in community projects. This builds stronger, more resilient communities that can better withstand economic and social challenges.

Consider a community event, bustling with energy, sponsored by local businesses that care deeply about their neighbours’ well-being.

The Role of Organisations like Welsh ICE

Now, let’s talk about the unsung heroes supporting these entrepreneurs. Organisations like ours – Welsh ICE (Innovation Centre for Enterprise) – are pivotal. They provide resources, mentorship, and networking opportunities, helping turn ideas into thriving businesses. Welsh ICE’s commitment to fostering an inclusive entrepreneurial ecosystem is a beacon of hope for many aspiring entrepreneurs.

We empower individuals within marginalised communities to not only start and grow businesses but to become drivers of positive transformation. We do this by encouraging collaborative mindsets and urging budding entrepreneurs to take their role as local role models seriously. We also plant seeds to encourage new business owners to develop a social arm to their business, now or in the future, making a deeper impact in their communities. As a result, 53% of our entrepreneurs have a socially focused aspect to their businesses.

Through our vibrant and diverse community of entrepreneurs, we create an environment where innovation thrives, support is felt, and milestones are celebrated. Starting a business can be lonely and isolating, which is a direct factor in why 60% of businesses fail within their first three years. However, 77% of our businesses survive three years and beyond.

Essentially, we offer space, community, training, and events, and we are eager to work with more partners in any of these capacities in areas that need it most. So if you have a space that needs a community, we want to work with you! If you have a community that needs an entrepreneurial mindset shift, we want to work with you!

Imagine a bustling hub in your town, filled with budding entrepreneurs, experienced mentors, and the exciting buzz of new ideas coming to life.

Conclusion: A Call to Action

Entrepreneurship in marginalised communities is more than just an economic strategy; it’s a pathway to dignity, empowerment, and sustainable development. By supporting and celebrating these entrepreneurs, we contribute to a brighter, more inclusive future. If you align to our vision, please reach out to work with us and help to create an environment where everyone has the opportunity to succeed. This is a mission much bigger than any single organisation.

Let’s keep the conversation going! Share your thoughts with the hashtag #WelshICE, and let’s inspire more people to embark on an entrepreneurial journey.

Thanks for reading, and let’s continue to support and uplift our local entrepreneurs. Together, we can make a difference!