American Ingenuity and the Return of Small Business

As we celebrate American Independence with a federal holiday and a 3-day weekend ahead, I’m pondering the state of affairs of American business right now. I feel good about things overall. Actually, I’m downright exuberant about where things currently sit and where we’re headed. Yes, there’s a crazy presidential election season upon us, and that usually puts a short-term lag on business growth, until the election is over and things get back into full swing.  And yes, the U.K.’s recent Brexit vote tanked world markets this week. But these are temporary lulls in an enormously striving economy. Looking back over the past eight or nine years, some really amazing trends have developed in our economy that represent a sea change — thanks to all-American ingenuity, integrity and inventiveness.

“…I’m downright exuberant about where things currently sit and where we’re headed.”

Now those three adjectives (ingenuity, integrity and inventiveness) are near and dear to my heart, and our company’s mission. To me they represent the qualities and virtues we strive to embody with every action, word, decision and deliverable here at Bright Brothers. These qualities apply to millions of others as well. According to the Small Business & Entrepreneurship Council, “Since the end of the recession (from mid-2009 to mid-2013), small firms accounted for 60 percent of the net new jobs. Small firms in the 20-499 employee category led job creation.” And the U.S. Small Business Administration notes that, “…the small business sector is growing rapidly. While corporate America has been “downsizing”, the rate of small business “start-ups” has grown, and the rate for small business failures has declined,” and that, “28 million small businesses in America account for 54% of all U.S. sales.”  That’s nothing to sneeze at.

“Since the end of the recession (from mid-2009 to mid-2013), small firms accounted for 60 percent of the net new jobs.”

What’s so cool about small business booming? A return to values, integrity and craftsmanship by and for the common man. Here in Philadelphia, we are experiencing an explosion of growth in population, housing, construction, revitalization, tourism, adaptive re-use and artisanal production of everything from flowers to ice cream to candy to craft beer to locally distilled spirits and even indoor mini golf. It’s an exciting time to see this city re-invent itself and shine like our inspiring star-spangled banner.

Over the past few years, the collusion of foodie culture and technology have fueled both demand and consumption for these homegrown experiences that smack of quality, and taste like heaven.  And it’s not just limited to Philly. Every month when I travel back to Phoenix there’s a new restaurant to try, an indie brewery popping up, a breakfast hotspot or local fave taking the town by storm.  And this is happening in just about every little downtown, city center and hometown main street in America.

The white flight to the suburbs in the 1980s, the rise of the massive shopping mall and superiority of the big box store coming to fruition in the 1990s have all been eclipsed by technology and personal preference. The recession forced a lot of people to get really creative with their employment, and to leverage their own talents and skills and turn them into small businesses, all the while the “small business killers”, or giant chains and big boxes were and are taking hits. While I’m not saying there’s not demand for places like Target and CVS, there is a clear shift that has occurred, and a local movement has been building with fiery enthusiasm and fiercely loyal localists.

“The recession forced a lot of people to get really creative with their employment, and to leverage their own talents and skills and turn them into small businesses…”

Big Box can bite me. Walmart announced in January 2016 that it was closing 154 locations nationally across six brands. Boo hoo.  Business Insider nailed it when it stated that, “Americans are driving less than they have in decades. Populations are flocking to smaller, urban communities over sprawling suburbs. And consumers in their 20s and 30s increasingly prefer small, local shops to big-box retail. The proliferation of e-commerce also means that consumers can order many products online rather than having to drive to the store…”

Today, once again, people want real experiences. We crave authenticity. We demand excellence in small batches and custom creations.  And with today’s economy and technology those needs can be fairly easily met with a little ingenuity, a lot of hard work and a commitment to your customers.

They say that what comes around, goes around. And I’m glad to see formerly desolate downtowns exploding with vibrancy again. Whether it’s tourism driving insane growth to revitalized tiny downtowns like Jim Thorpe, Pennsylvania, or the allure of indie darling restaurateurs making downtowns a destination for dining, drinking and nightlife, or the opportunity to once again walk along main street USA and window shop, sample, taste, eat, sip and enjoy – many downtowns are getting it right thanks to the efforts of Business Improvement Districts (BID), Place Management organizations, Destination Marketing Organizations (DMO), convention and visitor bureaux and downtown associations.

“…many downtowns are getting it right…”

In the past six months I’ve had to pleasure of exploring so many little towns and cities along the east coast that are blowing up; creating community, driving up value and creating experiences for residents and visitors alike. I’ve had the pleasure of visiting, exploring and re-discovering old favorites and new like Baltimore and downtown Frederick, MD, Bethlehem, Lancaster, Sunbury, West Chester, Doylestown, and my own former hometown of Downingtown – all in Pennsylvania and all poppin’! Color me impressed.

Color me an optimist, as well! It’s a moniker I won’t dispute. I like to see the glass half full. I like to look for opportunities where others see none. I like making connections, connecting people, places, clients and guests and making things work. I think if we all used our noodle to look for the opportunities, created a roadmap for how to get there, and employed the plan, we’d see a whole lot more chin-up determination and grit-tough entrepreneurs willing to take a risk and pursuing their dream. That’s the American dream and that’s what makes this country so spectacular.

Talk to us about your plan. Tell us about your business. Create a plan and make things happen. It’s your duty as an American with a responsibility to yourself and those around you to pursue your own destiny with ingenuity, integrity and inventiveness. And Happy Fourth of July!

 

— Josh Yeager is a co-founder of the Bright Brothers Strategy Group, and a business and marketing veteran who often speaks about strategy, trends, technology and business. Hear what he has to say at the  International Downtown Association’s 62nd Annual Conference & Trade Show in Atlanta September 7-9, 2016.