New Businesses Are Important To Recovery
Entrepreneur David Miller is our future, and it's time we start supporting him.
Miller, along with three other partners, are set to open their own sandwich shop, Sammy Scott's Sandwiches & More, in Creve Coeur this month.
Why is he our future? Because businesses like Miller's will be the ones pulling us out of the recession and employing some of the 10% seeking work. Miller expects $1 million in revenue his first year and then to increase the original store to 5-8 more in the area.
Layoffs and restructurings are continuing at blue-chip companies: Time, Inc., Johnson & Johnson and Microsoft recently announced workforce reductions. We shouldn't expect job growth to come from the Fortune 500.
According to a new study from Kauffman Foundation, companies less than five years old created nearly two thirds of the net new jobs in 2007. Growth will come from entrepreneurs like Miller and his partners.
It's time we, as a society, start embracing these entrepreneurs. Politicians, both state and local, and lenders need to start looking at folks like Miller a little differently. If the area's economy is to recover, it will be because of people like Miller and his partners.
--Ron Ameln, SBM