Monday, April 15, 2024

Small Business Filings Up Nationally: Escanaba as an Example of Growth Opportunity

U.S. Small business filings are up significantly and that could have an impact on the overall success of communities as well as the long term innovative health of the national economy. For example, towns like Escanaba Michigan are swinging upward in investment, infrastructure and growth. That could be furthered by drawing in entrepreneurs and investment. As an example, Escanaba's downtown could benefit by using the upswing in small business to further local growth.

Keep in mind that our country does need to encourage new wealth generation among the middle class and working class. Concentration of wealth can be dispersed in a capitalistic society by helping entrepreneurs and hard working individuals maximize their opportunities and outcomes. It creates a win-win for social mobility and long term national economic health. 

Build Your Sand Castle Escanaba MI.
In Wooded Pathway Gallery
Sometimes reaching out to people with a certain amount to invest, i.e. 100K, finding them a reasonably priced building downtown, and providing some grants, low interest loan access, can go a long way in spurring economic revival. Of course all of that would come with a few guarantees they maintain their business and develop it locally. 

One of the essential issues is finding mechanisms to reach out to these entrepreneurs using social media, targeted advertising, investment outlets, government agencies, etc. The same could apply to any small town with similar attributes similar to Escanaba's. See Delta County Chamber of Commerce and Escanaba

Some General Small Business Stuff: Small business improves innovation. It appears small business owners are optimistic.

-Small business index is steady with some optimism. Concerns over inflation. Index Remains Steady As Views of Economy Drift Upwards

-Small business owners are feeling more optimistic in 2024. As long as we’re in a vibe economy, at least small businesses are feeling more optimistic in 2024

 -Good ideas can come from anywhere and encouraging more inclusiveness and new ideas from diverse socio-cognitive levels leads to drawing in unique ways of looking at problems and solutions. Inclusive Innovation for U.S. Economic Growth and Resiliency

-Small business can help in creating innovation and stronger national defense. The Small Businesses Leading In Defense Innovation

-If you have a small business idea and would like to submit for funding consider National Science Foundation Seed Funding

U.S. Small Business Filings are Up: Upward trending filings should lead to further innovation and growth in about 3 years as such businesses gain footing and clients. It take some time to move from start-up to profit, to maximization. See Research on The 5 Stages of Small Business Growth

You can read some interesting Business Formation Stats to obtain additional details.

-Monthly average new business filings is 440,000

-Business filings are 90% higher than pre Pandemic levels. 

-Substantial growth among women, Latinos and Black business owners. 

-Agriculture down. Retail trade, management of companies and utilities up. 

Census Gov. has lots of information that includes inventory, trade, manufacturing, etc. so one can gain an understanding of the key points. Of particular interest in the overall economic indicators HERE. (You should really check this stuff out because you can get a snap shot of the economy.)

I have been talking a little about the platform change that may have occurred during COVID. New technology and shifts in infrastructure often spur economic renaissance in history. I'm making a mental note of the change in business applications and how that might impact future innovation in the mid and and long run. You can check new applications by state HERE.



Source: Harvard 5 Stages of Business

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