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Whenever we discuss entrepreneurship, there is a natural tendency to think of outstanding businesspeople such as Richard Branson, Anita Roddick, or Steve Jobs, who disrupted whole industries through their talent, drive, and sheer determination.
However, such enterprising behaviour is not limited to individuals. Over the last few years, there has been renewed interest in community-based entrepreneurship, with new ventures being established to promote economic and social renewal in communities all over the world.
In contrast to commercial entrepreneurship, where societal wealth is seen as a consequence of private and economic goals, community entrepreneurship views societal wealth creation as the main goal, with economic values used as a means to develop collective values.
Through individual and collective action, community entrepreneurs pursue opportunities to generate an entrepreneurial environment, redeploy local resources, create social change, and create employment and income for community members, among other benefits.
Community-based entrepreneurship plays a pivotal role in driving local economic development, and such ventures primarily focus on employing local residents, directly fostering job creation. Moreover, the money generated by these businesses tends to be spent and reinvested within the community, leading to a multiplier effect, further bolstering local economies.
A defining trait of community-based entrepreneurs is their deep connection to their locality, which not only helps in building businesses that enhance the local identity but also strengthens community ties. Such ventures often empower the community by allowing them to take control of local resources and make decisions that cater to the broader good. Furthermore, their deep-rooted commitment to the community often drives them to adopt sustainable business practices that are environmentally friendly, by promoting local products and services.
One excellent example of how entrepreneurship is being used as a vehicle to revitalise a community in Wales can be found in my hometown of Pwllheli on the Llyn Peninsula. With a population of around 4,000 people, Pwllheli has a rich history and a close-knit community. It grew around the shipbuilding, fishing industries and quarrying industries, offering stunning coastlines, picturesque landscapes, and a vibrant local culture.
One of the most prominent buildings in the town is Y Twr (the Tower Hotel). Built in 1875, it boasts a central location on the high street and once hosted many social events as a bustling hotel with a restaurant, bar, and function room. Unfortunately, as with many such hostelries in small towns across Wales, Y Twr has shut its doors in the last few years, losing a vital amenity for the town and leaving an iconic building vacant in the heart of the community.
However, in the last year, a community campaign (Menter Y Twr) has been initiated to buy, redevelop, and reopen the building as a hotel, pub, restaurant, and functional hub for all kinds of community services and activities. Those behind this community enterprise believe that Y Twr could once again become a vibrant community hub that would breathe new life into the town and help to restore the high street. They are encouraging people to become part of the venture by investing and buying shares that will enable the group to purchase and renovate the building.
Acquiring a share entitles an individual to membership and provides them an influence in its management, with every member accorded a single vote, irrespective of the number of shares they buy. As a result, those investing in Menter Y Twr are not just securing a stake in the venture itself but are actively contributing to the prospective growth and prosperity of the entire town and its community.
In my view, Menter Y Twr exemplifies how community-based entrepreneurship can revitalise and rejuvenate local towns that are at risk of losing their historical and cultural landmarks. The initiative is grounded in the principles of community entrepreneurship that involve driving local economic development, fostering job creation, enhancing local identity, strengthening community ties, and addressing local needs.
Community-based ventures, like Menter Y Twr, encapsulate the essence of entrepreneurship — innovation, risk-taking, and the pursuit of opportunity — whilst prioritising societal wealth and collective values. The initiative to restore and repurpose Y Twr stands as a testament to the community’s commitment to preserving its historical landmarks, a move that reinforces community pride and resilience. It also emphasizes sustainability by repurposing an existing structure, safeguarding Pwllheli’s cultural heritage.
This not only has significant economic implications, creating jobs and attracting tourists but also transforms Y Twr into a central community hub, championing democratic ownership and ensuring alignment with the community’s aspirations. More importantly, Y Twr could serve as an example to others across Wales, showing them how, through community entrepreneurship, assets within their towns can be maximized for the benefit of their residents.
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