“The ultimate resource in economic development is people. It is people, not capital or raw materials that develop an economy.”Peter Drucker, Author of Managing Oneself (Harvard Business Review Classic)
Just like a company grows if its employees are efficient and hardworking. In the same way, a community thrives if its people are well-informed, collaborative and productive. This is how societies prosper, as more and more people contribute to the growth of their local economy – a cornerstone to national economic strength.
Defining Economic Development
Economic growth is directly proportional to the output a country produces, the jobs it produces, and the capital it stands on, to name a few factors. Whereas, economic development comes with economic growth and improved quality of life for the people and communities of the country.
Economic development is an extensive and complex phenomenon that spreads its wings to economic, political, social, and cultural factors to ascertain its presence in any economy. Let us analyze a few of these factors.
- Availability of natural resources. The more the country can produce and trade, the better it is for the economy.
- Physical Capital. The more the investment in factories, machinery, and roads to increase output and reduce human labor, the better it is for economic growth.
- Population. The more the population, the higher the chances of unemployment. For an economy to flourish, it is essential to have a controlled population that can bring equal opportunities for everyone.
- Human Capital. Education is a crucial factor in analyzing the economic development of a country. An educated and employed citizen adds to the growth of a country’s economy.
While there are endless factors that contribute to development in an economy, it would suffice to say, “economic development comes with economic growth, smart-paying jobs and improved quality of life”.
Why is Economic Development Important?
Economic development promotes economic growth, creates high-paying jobs, improves the quality of life of its people. Let us see some of the reasons why having a developed economy is important for a country.
- Equal-paying jobs. In a developed economy, companies have the capital to create new jobs and can pay handsomely to their employees.
- Protection from downturns. A developed economy protects its people from economic downturns by fuelling itself with the capital it stands on.
- Industry exposure. A developed country not only helps the tourism sector but also aids in the growth of healthcare, defense, manufacturing, business services, technology, etc.
Achieving Economic Development in Under-Served Communities With Council for Supply Diversity
With the factors contributing to economic development in a country, it becomes viable that it is majorly the people of a country that aid in its economic development.
However, the under-served communities in the US continue to face inequalities with respect to income, employment, education, health services, etc. The people in under-served communities suffer in finding jobs, opportunities to expand their business, exercise their right to quality education, etc. Development of these communities and their people is an integral part of growth and development of the US economy. Hence, providing these communities with quality education, respectful jobs, and equal pay aids in reducing poverty and unemployment that boosts the nations’ wealth and integrates American society.
Some of the diverse business owners that face inequalities are
- Women-owned businesses
- Minority-owned businesses
- Veteran-owned businesses
- Black-owned businesses
“At its core, the role of the council is to create enhanced access and opportunity for the many qualified diverse business enterprises in our region.”Scott Drury, President, SDG&E/Sempra
We help diverse business enterprises with certification, verification, outreach and supplier development support. With our economic empowerment initiative, we help large corporations find outstanding suppliers and help diverse business enterprises to grow and succeed by directly working with these large corporations.
We bring equal opportunities to people in economically weak communities. This helps them to come out of poverty, improve their quality of life and impact economic development. Our economic empowerment initiative leverages the economic fuel generated from business transactions between corporate organizations and other diverse business communities. This economic fuel boosts diverse suppliers to take direct action despite relying on potential passive outcomes and improve economic outcomes.
Our Supplier Diversity initiatives work as an engine in boosting economic development in economically under-served communities. We are dedicated to expanding business opportunities for women, minority, service-disabled veteran business, black-owned business and other diverse business enterprises.
Our current economic empowerment zones in San Diego County are:
- El Cajon
- National City/Imperial Beach
- Escondido/San Marcos
- Lemon Grove/SE San Diego
We also bring certain programs to help diverse business owners leverage the most out of our economic empowerment initiative.
- Young Entrepreneur Academy. The youth is the future and hope of a country. It’s the young people that help in economic growth of the US. But from what we have seen, the youth in under-served communities have little/no exposure to the business opportunities. The main motive of Young Entrepreneur Academy is to help young men and women explore business opportunities and identify, plan and start their own business. The program aims at teaching them key fundamental structures, business development, industry knowledge and systems models that will give them a jump start to thrive as a diverse business owner. This is a 10-week program where the young men and women are given hands-on training with successful diverse business owners. Learn more about the program HERE.
- Call Service and Training Centers. Under this program, we provide diverse suppliers with call center services. It helps in the creation of new jobs for the under-served communities in our EEZ regions. The participants will learn about leadership, communication, customer support, etc. We also organize the council events under which the participants can meet several diverse business owners and our corporate partners. We also refer the graduates from this program to work with our supplier members, corporate members and other businesses. Under this program, we leverage state, county and local city agency programs to help out workforce in business development. Learn more about this program HERE.
- Community Meetings. Our bi-monthly meetings help diverse suppliers get exposure to diverse business owners and our corporate partners within each EEZ region. The main motive behind these meetings is to create an ecosystem of diverse business owners and diverse suppliers to boost their business and deliver a positive economic outcome. Learn more about the program HERE.
- Micro-enterprise Training. A 5-week workshop and coaching session teaching diverse business owners and suppliers on how to write an effective business plan. Participants are taught strategies in business, marketing, and finance. This gives the diverse business owners and suppliers the fuel they need to quick-start their business. It helps them to thrive in the business world and boost economic development in the US.
Register as a Diverse Business Enterprise
Register with the Council for Supplier Diversity and give your business the fuel it needs to grow while also benefiting the community. Everyone wins. Registration is only $200/year and gives you access to all services the Council has to offer. Contact us to learn more.