Keep in mind! The job market is always evolving, and the idea of being a big investment banker on Wallstreet is phasing out! People want to do what they are passionate about, and someone will always have a shared interest. What do you guys think about these kinds of jobs that go against the norm of chain stores? Do you think that economy is welcoming to these kinds of businesses?
http://money.cnn.com/2016/03/10/smallbusiness/dare-jennings-australia-surfing/index.html?iid=SF_River
Midtown in Detroit is full of trendy specialty shops. I think they are an interesting concept but I question their long-term success. Chain stores are never going to be able to offer the same quality of service as a small shop so in that aspect they are better. There are plenty of incentives for new businesses so I would say that the economy is very welcoming.
ReplyDeleteI think that unique specialty shops are very unique venues that can cater to specific and individualized preferences. While I personally like such shops, I have to wonder if such small stores can maintain long term success. Since such of their success is based on quality, what will happen if there is a significant increase in demand? If more people want unique products I have to wonder if small businesses could continue to maintain quality.
ReplyDeleteThe United States is really great in the fact that entrepreneurial ideas are encouraged. We have TV shows like Shark Tank that give hope to those who have interesting and new ideas.
ReplyDeleteGetting started in a business is very difficult. You need to come up with an idea that is unique from competitors in some way, otherwise you will fall under. It is extremely difficult to start a successful business and all the odds are against you.
However, personal connection is what people love about shopping. Especially when the customers can talk to the owner, or the creator behind the products. Establishing a personal connection is what will drive these typer of businesses and it is something that large chains will never achieve. I do believe we will see more of these types of businesses in the future.
Brian, I feel like the US isn't very welcoming to businesses like Dare Jennings'. Time and again, you see companies such as this that are bought out by a larger company and become part of some sort of conglomerate.
ReplyDeleteI found this link (http://www.breitbart.com/big-government/2015/01/28/american-small-business-is-literally-dying/) that discusses issues with the declining amount of small business and entrepreneurship in the US as of late. It cites increased regulation as a contributor to the issue. Since companies are constantly being snatched up by larger corporations, and there are increasing barriers to entry, I think that the US isn't the greatest place for small business.
My question here is, do we consider that "welcoming" atmosphere by the number of startup companies opening every year? Or do we care about their long term success, whether they are eaten up by those big corporations(or chain stores)?
ReplyDeleteIs it really a bad thing for the small business entrepreneur when his/her business is sold to big firm at the price at its worth or higher, and the entrepreneur is given another opportunity to reinvest or start a new business?
For sure, according to the graph given by Galllup showing the birth & death rate of business startups,
it could seem like US maybe isn't that great for startups anymore. But startup rate has been plummeting since 2007-08, when Great Recession started; and it seems like it's recovering again from 2010 or 2011.
Is it possible that US is not 1st in the startup rate anymore because too many small businesses have opened up over decades and US just has reached that level of saturation where more regulations and legal requirements had to arrive naturally?
Clare brings up a good point. There needs to be a more specific way for how we define a "welcoming" atmosphere. I also agree that increased regulations are making it harder for small businesses to open. I think this may be a contributing factor to our discussion in class of the continually shrinking middle class. Small business owners are the backbone of the middle class, and if small businesses are dying, then it's not a surprise the middle class is as well.
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