Entrepreneurial Factors: Infrastructure
The infrastructure requirements for a new venture or an emerging company are similar to that of a mature enterprise. This includes a need for airports, roads, adequate water supply, sufficient electrical power, telecommunications, health services, bridges, schools, housing, and commercial real estate. There are many more factors which we could add to the list. Essentially, these are the things needed to enable commerce, both locally and globally.
One can also argue that professional services are part of the infrastructure; these services could include law firms, accounting firms, insurance agencies, consultants, and others. All provide the necessary support for an entrepreneur. While many of these professional services can be obtained virtually, it is clear that a thriving entrepreneurial region benefits from local face-to-face professional services.
Additionally, competition can be described as an infrastructure requirement. While many entrepreneurs prefer the domain of niche marketing (i.e. a market that is overlooked or underserved), competition provides many benefits including a general awareness about the generic product or service offered, along with a possible source of future employees for the competing new venture.
In regards to infrastructure, Orange County was well positioned in the study peer group. Yet, being a part of the state of California does present financial hurdles for a young enterprise. See the video interviews of entrepreneurs Ron Stein and Michael Sawitz for more information about the realities of being an entrepreneur in Orange County, California.