So, You Want to be in Economic Development

Welcome to the boondoggle of Economic Development. It will frustrate you, empower you, challenge you, mock you, consume you and all before you’ve had your second cup of coffee. Are you sure you’re cut out for it? We asked a few economic developers to come up with a list of questions you should ask yourself before you determine whether this is the right job for you.

Are you willing and able to bear a great deal of responsibility on your shoulders? In economic development the good times and, particularly the bad times, rest on your shoulders. Have you created an environment for your community to grow? Did you do everything you could to attract the company that ended up locating in your competitor’s community? And, just for the heck of it, when are you going to turn this economy around?

Are you willing to sacrifice your lifestyle for potentially many years? This is especially true for communities just starting economic development. You will be called upon to attend every meeting and every event. You can be busy from 6 am to midnight, seven days a week. You will need to learn how to say no and how to ensure you are at the right meetings/events and not just wasting time.

Do you like all aspects of running a business? Because that’s pretty much what you will be doing as an economic developer. You will manage, you will budget, you will promote, you will sell, you will hire, you will fire. Depending on the size of your community, you will be the receptionist, the data entry clerk, the decision maker, the administrator, the finance guru and the HR specialist.

Are you comfortable throwing the playbook out the window? There are too many times when an economic developer has to make a decision quickly and efficiently. The “rules” don’t apply and you need to make sure you’re ready for any fall out that may happen. Your day is going to have very little structure and you will be making decisions with limited or no guidance whatsoever. You better make sure it’s always the right decision.

How persuasive and well-spoken are you? Many aspects of economic development relies on selling – your community, your businesses, your stakeholders. You will continually be called upon to sell your community’s vision and mission. You will need to get people to believe in your vision as much as you do. Your presentation skills will need to be polished. You will be in the public eye and many times you will be the face of the community.

Still willing to become an economic developer? Well, then, hold on – it’s going to be a bumpy ride.