Trouble for Small-Business Owners in Minnesota

July 10, 2008 RSS Feed Print

A survey conducted this June by U.S. Bank finds that 46 percent of small-business owners in Minnesota report lower revenues this year compared with 2007. In addition, 74 percent say they think the economy is in a recession.

For readers who are more familiar with the North Star State than I: Any reason that Minnesota's economy might not be representative? I do not believe it's been hit especially hard by the housing bubble burst. Housing price appreciation was moderate, relatively speaking, in Minnesota leading up to the crash.

Tags:
small business,
economy,
Minnesota

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Truth be told, the definition is everything especially when speaking about less than favorable conditions in a given geographic area. How "bad" "bad" is, is dependent upon both a self referenced and nationally referenced comparison. If you were to ask me as a small business owner if I have noticed the effects of the recession, I would have said simply that I have been reminded of it regularly by my clients. Given the cascade effect (defined in my 1st book) it is reasonable to expect that it would take some time for a ripple to move through a complex system, but rest assured, that rock has been cast into the pond and the ripple MUST follow. Not when, where or how are the questions I am interested in, atleast not NEARLY as much as I am interested in what we must collectively do to throw a new rock into the pond and prepare to shore up some of the weak foundations of our economy (state and national) because while whats done is done, and some businesses are "dead" already, but simply dont know it because the money hasn't run out, my interest is in engineering a future from a place of directed purpose that incorporates learning from past mistakes and builds in safeguards, implementing the best of our current knowledge with our extensive and detailed knowledge of how the past has already played out. In short, the future can be as bright or as bleak as we decide now, but be certain the decisions we are (or are NOT) making right now, are shaping our economic (local and national) destiny. Let's create the ripples now that we will be reflecting on prosperously in the near future.

Brian Stone of MN 11:23PM January 20, 2009

Risky Business

Risky Business

Matt Bandyk, a reporter for U.S. News, explores capitalism from where it all begins, with the entrepreneur, whose risk taking and experimentation provide the roots from which the rest of the economy grows. As much courage as it takes to create one's own business, even the entrepreneur needs some help, and this blog will look at news, trends, and practical advice for starting and running a small business.

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