| To address the challenges associated with a local economy encumbered by the aftershocks of the Great Recession, this research study was designed to analyze the roles of stakeholders, resources, and economic development strategies in promoting a healthy regional economy to set the stage for developing a methodology for conducting primary research. To establish clarity, the author initially conducted a review of the supporting academic literature to assess how stakeholder perceptions influence entrepreneurism in St. Petersburg, Florida. The author relied on qualitative research methods that incorporated a purposive proportional quota sample of business owners and managers in the City of St. Petersburg, Florida, and used one-to-one interviews and a focus group. After synthesizing primary and secondary research findings, a subsequent analysis demonstrated the importance of: (a) connections and alliances; (b) knowledge spillovers; (c) grass roots support; (d) avoiding public policy contradictions; (e) properly aligned business assistance programs; (f) university support in the formation of human capital; (g) adequate supply of highly specialized human capital; (h) maintaining sufficient financial reserves; (i) establishing a niche in the local marketplace ; and (j) an inclusive approach to economic development planning. |
