The Small Business Association of Michigan released its annual scorecard recently, and Michigan is slaying some entrepreneurial dragons! Since small businesses are literally the lifeblood of our economy, this is great news for our state, and for our Paychecks! Let’s take a look at the details.
Here are Five Fast Facts on entrepreneurship in Michigan:
- 📝 The Scorecard - Every year, the SBA reviews a bunch of entrepreneurship metrics and compares them to other states to see how things are looking. That way we know if we should panic or not.
- 📈 The Trend - From summer of 2020 through last year, there have been a record number of new businesses started. And, the 5-year survival rate for small businesses is getting better, too - almost 10% higher than 2019! Take that, upcoming recession!
- 💰 The Dollars - Not only are there more small businesses here, but they’re making more money, too. Overall revenue for small businesses has gone up over 24% since 2020! That’s triple the national average of 8%. Thus our Paychecks are happy (and so are we)!
- 🏫 The Prep - Michigan is #4 in bachelor’s degrees and certificates in tech fields. This is helping to create a local base of highly qualified workers to lead the state forward. We love nerds, bring ‘em on!
- 😣 The Challenges - We’re not without challenges, unfortunately. Inflation is still a killer, with over 40% of small businesses saying it caused big price increases last year. Also, we are still tens of thousands of workers short in the state, and that’s gotta change if we’re going to fix things long term. Wait…are we back to panic now??
🔥Bottom line: No! This report is good news. There are challenges, yes, but overall this is a really great sign for the state’s current and future economic health. We say keep it rollin’!
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