Entrepreneurs; Why Buffalo Needs Them

By Matthew L. Brown

The City of Buffalo’s economy is showing signs of recovery and incremental growth.  Experts tell us the way forward in a sluggish economy is through the rough and tumble risk of small business ventures.  In fact, the Small Business Administration reported America’s largest employer is small business. In the U.S. they employ more than half of the private workforce and are the primary exporters. This fact coupled with the opportunity for growth in Western New York make today an opportune time to start a business despite the risk, here’s why. 

One of the effects of the latest recession has been a reconsideration of one’s personal economic security.  With massive layoffs, foreclosures and volatile market shifts, more Americans are considering renewing the pioneering independent spirit of entrepreneurialism. Admittedly there is risk in starting a small business. The SBA has cited that after five years only 50% of business launches are successful. For small businesses in 2009 there were 672,200 business starts and 595,600 business closures and of the closures 43,546 ended in bankruptcy.  Consider some of the frequent mistakes that attribute to an early closure. 

1.   Inability of management to reach decisions and act on them.

2.   Bad relations with suppliers and customers.

3.   Bad budgeting, over borrowing and using too much credit.

4.   Reluctance or inability to seek professional assistance.

5.   Under pricing goods sold.

      6.   Illness of key personnel.*

Avoiding these common snares, there are immeasurable rewards to starting and running your own business including a sense of self accomplishment, creativity and opportunity of limitless income and the resulting freedom. 

The City of Buffalo’s economy thrives off of small business owners. Drive down Elmwood, Hertel or Jefferson Avenue and you will find that niche business models are thriving from restaurants to boutique shops to creative retail and everything in between.  Buffalo’s small business sector has maintained its prominent profile for several decades.  Our independent study has found that since 2006 the City of Buffalo has announced $4.5 billion dollars worth of projects, those projects welcome small businesses who can supply, source and resource various parts of the construction related initiative thus increasing opportunity for small business capacity building and expansion.

Recently Turner Construction sponsored a multi-session class for minority businesses in construction related projects to learn how to bid jobs. Over 30 graduates were celebrated and now have the skills to bid on paramount projects within the Buffalo Niagara Medical Campus and Waterfront projects.  I know for certain that many eastside churches are doing major and minor rehabilitation and new construction projects to enhance the communities they serve.  Entrepreneurs are encouraged to work with community organizations, churches and developers to source, consult, construct, and provide labor, janitorial services, management services and the like to these pending projects.  As the City of Buffalo moves towards a service based, and technology driven economy, there are a myriad of opportunities that abound for small business owners.  The government, business and financial sector of the city provides another bevy of opportunity for small business owners.  The construction of the new IRS Building on Elmwood, the new Federal Court House and the Delaware/Chippewa corridor is experiencing revitalization as developers continue to provide new housing opportunities in the downtown area.  Empty nesters, young urban professionals and students are repopulating the downtown corridor and driving the demand for new products and services to be introduced and consumed. 

The City of Buffalo has placed a premium on those small business risk takers by providing a city department dedicated to assist in the creation, capacity building and in some cases financing of the business. For information on how to grow your business in the city go to www.city-buffalo.org and look at the economic development page. 

Buffalo needs a new breed of entrepreneur.  Are you one of them?

*(source from www.focus.com)