Did you know that from 1992-2008 in Douglas County
- Employment grew by 8281 positions (excluding Government).
- Non-locally owned business added 1081 positions (all sizes of business).
- All locally owned businesses employing over 10 people added 1921 positions
- Locally owned businesses, employing less than 10 people added 5279 positions. That is far more than the larger businesses and non-locally owned businesses combined!
If you look, in all 3 recessionary periods during that time, the stability and help in employment from small business tremendously outpaced larger and non-resident owned businesses combined.
These statistics and much more can be found at the following two websites:
While investing in small business does come with greater risk, I believe there are things that can be done to significantly reduce the likely hood of small business failure. My observation has been that many of the entrepreneurs in our area are trying to start a business with a lack of business experience or training, and capital. If we were to tie capital incentives to training, it could have a profound effect on the survival rate. I’m not suggesting that all new businesses receive growth capital, but having access to an attorney and a CPA are something that would be of benefit, and probably not require a significant investment by an economic development entity.
A relationship between the training programs and the capital source could go a long way toward making sure any monetary investments are directed toward the businesses most likely to succeed. Business performance requirements would be a method of making sure the investment remains a beneficial one. I feel these sorts of investments could be self sustaining at some point, provided they are structured correctly.
The public revenue implications are significant when comparing small business to the non-locally owned. Its times like these when Americans are known to dig in and make things happen. Changes are happening all around us, let’s make sure we’re thinking about and doing what we can to steer them in a direction that will have a lasting benefit to the community.
Vice President – Think Local Umpqua
Owner – Roseburg Rental