SE Minnesota Real Estate News

Corporate Layoffs & Cutbacks Push Many to Entrepreneurship

It's no surprise new businesses are still cropping up in the midst of one of the toughest economies and real estate markets in the nation's history. With corporate downsizing and continuing layoffs, entrepreneurs are still opening their doors at a maddening pace.

Over Half of Companies Launched During a Recession

According to a report entitled, "The Economic Future Just Happened," profiled by the Kauffman Foundation (the world's largest foundation devoted to entrepreneurship), more than half of the companies on the 2009 Fortune 500 list were launched during a recession or bear market.

Further, according to the Office of Advocacy of the U.S. Small Business Administration (SBA), an independent voice for small business within the federal government, an estimated 27.5 million small businesses operated in the United States in 2009; and they created 65 percent of "net" new jobs.

Entrepreneurship is a vital part of the United State's make-up, both historically and today. Almost half of the companies on the 2008 Inc. list of America’s fastest-growing companies were entrepreneurs.

Business-owning Households Have More Wealth

Research by an arm of the SBA indicates that households propelled by entrepreneur endeavors (business-owning households) are more likely than others to have higher income and wealth than non business-owning households.

Finding a Ripe Business Opportunity in a Down Market

For those considering entrepreneurship, the task lies in finding a solid business opportunity that fills a void, or fits a need, in a struggling economy. Entrepreneurship is growing by leaps and bounds in the U.S. and abroad, no matter the state of the economy, with no end in sight, for eager professionals ready to strike out and open new businesses.

The Phillips Property Group is always looking for new and innovative ideas to sell real estate.  We hold tight to our fundamental business processes that have been successful in the past, while we continually search for and develop new ways to help our clients achieve their goals.