New business starts dropped (duh) – Maybe quality will compensate for quantity

The Wall Street Journal reported yesterday in ‘Business Formation Tumbles 10% in Wealthiest Countries‘ that “(t)he number of entrepreneurs starting new businesses dropped 10% in the wealthiest nations last year and fell 24% in the U.S., according to a report released Wednesday.” However, the article also reported that as many as a quarter of the new entrepreneurs in the wealthy countries believed “the global slowdown had created more opportunities for their business, not less.” The report also identified the new entrepreneurs to be “more likely to be young, well-educated and expect to create a lot of jobs for others.”

Are we, as communities desperately desiring economic development, working to be receptive and nurturing to younger, well-educated entrepreneurs?

About Daryl Phillips, CEcD

I am a professional economic developer. I presently work for communities and companies in developing and implementing workforce and economic development solutions as CEO of Phillips Economic Development Solutions (Phi EDS). Prior to September 2017, I was the economic development professional who served a community team of elected officials, business people, community leaders and dedicated stakeholders for economic development in Cheatham County, Tennessee (pop. 39,880) and its four towns. During my five-year tenure, I served the team as Cheatham County grew over 1,700 jobs, turned around population declines at the start of this decade into healthy population growth, increased tourism expenditures 20.3% and local tax revenue from tourism 25.4%, grew sales tax revenue 36%, focused on developing the local workforce and was recognized by SmartAsset as having the 9th highest Incoming Investment Index of all the 95 counties in Tennessee. I am a member of International Economic Development Council, Southern Economic Development Council, Tennessee Economic Development Council and International Council of Shopping Centers. I have earned the designation of Certified Economic Developer (CEcD) from International Economic Development Council (IEDC), the Economic Development Finance Professional (EDFP) certification from National Development Council and hold a Master of Business Administration from Tennessee Technological University.
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