Development of Entrepreneurship Based on Local Wisdom as an Effort to Improve the Community Economy

ABSTRACT: This study explores the development of entrepreneurship based on local wisdom as a strategy to enhance community economies. As communities seek sustainable development, integrating indigenous knowledge and cultural practices into entrepreneurial ventures offers a viable path for economic growth, environmental sustainability, and social empowerment. The research highlights how local wisdom-driven businesses can create economic opportunities that are deeply rooted in cultural heritage, fostering resilience and inclusivity within marginalized communities. By examining previous studies, the paper emphasizes that businesses grounded in local traditions not only cater to local needs but also open avenues for global markets, where authenticity and sustainability are increasingly valued. However, challenges such as the commodification of cultural practices, limited access to resources, and scaling difficulties must be addressed to ensure the success and sustainability of such enterprises. The study concludes that for local wisdom-based entrepreneurship to thrive, targeted support from governments, private sectors, and communities is essential. Recommendations include policy development that supports cultural preservation alongside economic growth, and fostering partnerships that enable knowledge exchange and resource access. Ultimately, integrating local wisdom into entrepreneurship can provide a pathway for community empowerment, contributing to the sustainable development of both local and global economies.