RESOURCES FOR ENTREPRENEURS
SOCIAL + INTELLECTUAL + FINANCIAL CAPITAL
Entrepreneurs require a variety of resources in order to give their businesses the best possible chance at success. These resources fall under the categories of Social, Intellectual, and Financial capital. In order to have the best chance at success, entrepreneurs need to maximize their access to all three.
Social Capital is defined as the social relationships one holds and the access to resources (material, intellectual, or professional resources) that they have through these relationships (OECD, 2019).
Intellectual Capital is defined as the amount of knowledge one has on a given subject (Growth Engineering, 2017).Financial Capital is the total amount of currency one has access to in order to provide their product or service that their business is centered on (Higher Rock Education, 2018).
SOCIAL CAPITAL RESOURCES
In order to increase one’s social capital, more social relationships need to be created. This can be done by participating in co-working spaces and entrepreneurial incubators. Co-working spaces are locations that one can go to for fee (monthly or yearly) in order to work on their business at any time of day, alongside other members of the co-working space. These spaces have great potential for networking opportunities and many hold networking events specifically for this purpose. Indianapolis has many different co-working spaces such as the Speak Easy, Launch Indy, Launch Fishers, The Bureau, and Switchboard. These are just a few of many co-working spaces available to entrepreneurs in Indianapolis. Another method for developing social capital are entrepreneurial incubators within Indianapolis, which are programs that are designed to teach and assist entrepreneurs, but also to equip them with connections that could possibly be beneficial to their business ventures. Incubators such as the Flagship Enterprise Center, On-Ramp, and Purdue at Westgate all have a stated goal of helping entrepreneurs make social connections that can assist their business.
INTELLECTUAL CAPITAL RESOURCES
Achieving intellectual capital requires one to increase the amount of information they have on a given topic. For entrepreneurs, entrepreneurial incubators provide an excellent access to more information. Along with all the previously mentioned incubators, others such as the Platform, the Hammond Innovation Center, the Edna Martin Entrepreneurial Incubator, the Central Indiana Small Business Development Center, and Pitchfeast are all incubators in Indianapolis that are designed to equip entrepreneurs with more information and training to help their business succeed. Another option for achieving more intellectual capital is through the various educational programs offered within Indianapolis. Programs are offered through Marian University (concentration), University of Indianapolis (minor), and Ivy Tech offers certifications in Entrepreneurship. There are other sources of information available for entrepreneurs as well, such as: the Indiana Innovation and Entrepreneurship Initiative, the Kauffman Foundation, and the Sagamore Institute.
FINANCIAL CAPITAL RESOURCES
When it comes to increasing one’s financial capital, entrepreneurs in Indianapolis have many different sources of revenue. There are options at the Federal Level, such as the Economic Development Association Revolving Loan Fund which is a federal program designed to delegate funds to small businesses and entrepreneurs with the remaining funds they need to get their business started. There are also state and local level options as well, such as the Business Ownership Initiative, which range from $1,000 to $50,000, is available to start up and existing businesses, as well as immigrants. Another local option is the Small Business Administration, which provides a variety of different funding options for small business owners. Lastly, Kiva (LISC) provides another local financial capital opportunity. Kiva is an organization that looks to help fund underserved entrepreneurs and businesses through crowdfunding, displaying a promising opportunity for entrepreneurs and small businesses in the Indianapolis area.