BRIDGING THE GAP IN SMALL BUSINESS SUPPORT
Why One-Size-Fits-All Support is Failing Small Business Owners
Learn how the HUUB Entrepreneur Assessment empowers economic developers like you with data-driven insights to enhance small business support, optimize business retention strategies, and drive more impact.
A Smarter Way to Support Your Small Business Community and Strengthen Your Local Economy
Small businesses are the backbone of local economies, but too often, the support they receive isn’t tailored to their actual needs. Economic development organizations, accelerators, and small business support programs pour resources into entrepreneurs—yet without a clear way to match businesses to the right support, these efforts can be inefficient and ineffective.
The Challenge: Mismatched Resources & Missed Opportunities
In 2024, the US Bureau of Labor Statistics reported that about 20% of small businesses fail within their first two years of being open, 45% during the first five years, and 65% during the first 10 years, often due to inadequate financial literacy, lack of funding access, and operational inefficiencies. Similarly, the National Women’s Business Council (NWBC) recently reported that women-owned businesses continued to struggle in finding needed support, resources, and opportunities, despite an increase in available support programs.
Economic developers and business support organizations know that entrepreneurs need help, but how do you ensure that the right resources reach the right people? Many programs offer a one-size-fits-all approach. However, research suggests that targeted, data-driven interventions lead to higher business success rates and economic growth. Without a structured way to assess and segment entrepreneurs, valuable economic development tools risk being underutilized or misallocated.
HUUB Entrepreneur Assessment: A Smarter, Data-Driven Solution
The HUUB Entrepreneur Assessment is designed to provide a structured, data-driven way to understand and support entrepreneurs. This tool evaluates key aspects of a business, including:
- Business Stage whether an entrepreneur is in the startup, growth, or scaling phase.
- Financial Acumen using the 5Cs of Credit (Character, Capacity, Capital, Collateral, and Conditions).
- Operational Capacity based on how effectively a business is managed and scaled.
- Behavioral Traits that analyze leadership styles and decision-making patterns that impact long-term success.
With this insight, economic developers and business support organizations can move beyond guesswork and offer personalized, actionable small business support.
Matching Entrepreneurs to the Right Resources
Once entrepreneurs complete the assessment, they are segmented to profiles that enables economic developers to:
- Provide Customized Guidance with strategic recommendations tailored to identified challenges and opportunities.
- Facilitate Access to Capital through identifying funding readiness and connecting them with the right lending programs.
- Strengthen Mentorship & Training by aligning entrepreneurs with the right resources, workshops, and advocacy programs.
Driving Local Economic Growth
When entrepreneurs receive tailored small business development resources, their chances of success dramatically increase. This results in:
- Higher business survival rates
- Increased job creation
- Stronger local economies and business communities
The HUUB Entrepreneur Assessment ensures that economic developers can make data-backed matching and optimize economic growth platform for real, measurable impact.
How It Works
- Assess each entrepreneur with a quick and comprehensive evaluation of their business and funding readiness.
- Empower them with personalized insights, including growth strategies tailored to their profile.
- Connect them with the right resources, e.g. funding, mentorship, and technical assistance that align with their business needs.
Why Economic Developers Should Act Now
Economic development programs can no longer afford to take a generalized approach to small business support. With tools like the HUUB Entrepreneur Assessment, organizations can make informed, strategic decisions that drive sustainable business retention strategies.
By leveraging data-driven insights, economic developers ensure that every entrepreneur gets the right level of support, at the right time, with the right partners—leading to stronger businesses and thriving community impact initiatives.
Ready for tailored solutions for your community? Book a call with our team!
DOWNLOADABLE CONTENT
A Guide to Marketing Small Business Support
Is your small business support program reaching your entrepreneur community? If you need a little more boost to drive more engagement and impact, download our exclusive guide now and learn how to best position your resources and communicate impactful value.
SMALL BUSINESS SUPPORT MADE SIMPLE
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