As Michigan’s economy continues to make strides towards growth in many of the nation’s biggest business sectors, it seems that the entrepreneur is leading the way to success. In a recent scorecard issued by the Small Business Association of Michigan (SBAM), spokesperson and CEO, Rob Fowler, stated that the scorecard “is a strong indicator of healthier conditions for future business and entrepreneurial activity” and that Michigan is as a state “has made some real progress”.
Michigan now ranks 11th nationally in terms of new business activity, as compared to 45th in 2010’s worst hit of the great recession. The unemployment rate has also dropped from over 10 percent to a low 8.8 percent, according to a recent report from the Michigan Department of Labor. That’s significant considering Michigan was hit very hard in the first few years of the economic downturn, with millions of workers let go from their jobs in a matter of months.
Out of the ashes of this turmoil, there is great hope for Michigan, as many have turned their thoughts to building their own dreams as America recovers.
Signs of new businesses abound as many take advantage of programs and funding offered through the Michigan Economic Development Corporation (MEDC) and Michgan Business ONE Stop, which both offer training and resources to help entrepreneurs get a good start. Many first time business owners look to these sources for business planning, start-up capital, and peer support as they create jobs for themselves and others. The fact is, over 60 percent of jobs in this country are created by small business owners.
Some of the things that all entrepreneurs should do, in order to be successful in this new growth period include:
1. Get professional training and education to build a stable business.
2. Start with a plan that includes raising capital, marketing, and being economically responsible.
3. Join networks of other business owners to get referrals and support.
4. Set short-term and long-term growth goals to transition into each phase of your business.
Fortunately, Dale Carnegie, a leading entrepreneur in his day and still inspiring millions with his teachings, has principles that still apply to the successful development and growth of any business. We urge you to check out the online and local classes and resources that are offered at Dale Carnegie Institute, and start building your dreams.