We have been promoting the idea that recessions and layoffs, while very difficult to navigate, provide the impetus for an entrepreneurial boom. Now, the Kauffman Foundation has issued its report supporting our claims. In economic gardening terms, this is the equivilant of burning last years crops to make way for the new “green shoots.”
Entrepreneur magazine has an article called “Bringing Wall Street to Main Street” that describes several laid off bankers/financial services professionals that started their dream businesses after losing their jobs.
Richmond Biz Sense describes how three former S&K Clothing employees are translating the knowledge they learned from their now defunct former employer into their own online clothing store.
Virginia’s Main Street communities are well suited to attract some of these newly minted business enterprises for several reasons. Virginia, as a whole, is a business friendly state. Many communities have low property tax rates (especially gauged nationally) and underused or empty warehouses that can be purchased or leased at a good rate.
More importantly, though, as these entrepreneurs leave the world of high pressure finance and begin focussing on enjoying their lives – the scenery, friendliness and plethora of activites in and around Virginia’s Main Streets proves very attractive.
Making sure that your community is welcoming and has an entrepreneurial spirit can go a long way to attracting new businesses.