Encouraging Enterprise - Regional Enterprise Development Frameworks in Australia

Abstract

Australia is rapidly becoming a divided nation in which regional and rural communities slip further behind their counterparts in the major cities. Government policy is struggling to find a balance between the increasing economic and social marginalisation of the regional and rural areas, and the demands for greater urban concentration in a global market place. This paper examines the opportunities for bringing life back to Australia's regions through the creation of enterprise initiatives. Of importance is the need to create an enterprise culture in which nascent entrepreneurs can be encouraged to launch new business ventures. Regional enterprise development initiatives should consider four key frameworks: 1) the economic environment, 2) the regulatory environment, 3) the support environment and 4) the specific business environment. Each of these environments must be considered together in terms of their collective impact on the establishment and growth of small to medium enterprise. Enterprise initiatives often fail because they are too narrowly focused. Recommendations for future action are given.

Keywords: enterprise development, Entrepreneurship, regional development