Women Balancing Business and Family

By: Jane Doe Owner of Jazz Boutique

Women can’t possibly do it all? How can a mother own a business and take care of her responsibilities? These are the questions that are presented to most female aspiring entrepreneurs. In reality these questions are asked by the women themselves most of the time. As a female entrepreneur, I know the demand as a wife and mother that business can have on you. However, from working in professional fields 15 years prior to starting my own business, I know that entrepreneurship makes my life so much easier.

 As a businesswoman, I am very busy. I have to manage employees, business matters, as well as promote the creative vision of my business. That takes a great deal of time on a daily basis. However unlike being an employee, I am in control of the operation of my days and business as a whole. If my daughter is ill and I have to sit in the hospital with her, my leadership as an entrepreneur gives me the flexibility to complete these tasks without issues. This is a reward that is overpowered by the image of women entrepreneurs being overworked and uncaring of the needs of their families.

I could not see myself any more successful than I am as an entrepreneur. I have been granted the opportunity to work with renowned clients and use my business degree to create my own vision. To have several thriving boutiques in Detroit was not an easy process, but the support of my husband and children kept me sane. Family and business are components that can work well together if there is a balance. Find a way to carry it all and stay balanced and you will love the rewards. 

College Corner: Opening A Business After You Graduate

Nationally, the job market for recent college graduates is not the most attractive. About 50% of new college graduates are jobless and unemployed. Not to mention that many who do have a job are not in their field of study. Where does that leave the millennial generation? It does not give us the fair opportunity to the American dream that was promised to us. Instead of us being defeated and following a dream that we never wanted to pursue just to eat. It is important that we consider the opportunities in entrepreneurship.

It is a company’s market. All of us are young people swooning for our foot in the door at some great, or not so great, company. Instead of competing amongst thousands for a mediocre job, why not create your own? Colleges and universities host dozens of business plan competitions that are underutilized by students who are more concerned with attracting employers. These competitions award students with large lump sums of money to start their business. That is the hardest part in starting a business, the capital, and it could be granted to you for simply pitching an idea. Likewise, opportunities are available in numerous cities across the countries to attract small businesses and entrepreneurs. As you may know, Detroit is one of these cities. The Economic Development Growth Engine (EDGE) Program gives incentives for bring your business to the Detroit area. Imagine being completely in charge of your own destiny. Opening a business after college is an excellent way to become not only financially satisfied but in complete control of your career and 

FEATURE: TechTown,Techies Taking Over Downtown Detroit

The budding business district invests in technology related ventures

In Detroit’s midtown you can find a building that is more than just a place for offices. The space once housed the creative elements that led to the creation of the Corvette. This area has a history of creating innovation. Now, it is being revitalized for innovators and technology enthusiasts to benefit from it’s magic. TechTown is defined as Detroit’s business growth center and is responsible for encouraging technology-related business growth in the city.

“TechTown was once a small idea,” said Leslie Lynn Smith, president and CEO, “And now it is alive and well. We allow businesses to have a space to grow innovatively by providing them with the adequate resources to do that. What could be better?”

TechTown was created in 1999 after Wayne State University’s President Irvin Reid thought an incubator for technology-based business could help the climate of the city. He further brought this idea into fruition by reaching agreements with General Motors and Henry Ford Health Systems that included millions of dollars in investments. After GM contributed the huge building that currently houses the heart of TechTown the vision was truly brought to life.

“I’m glad to be a part of TechTown,” says Brian Lee, engineer and CEO of Detroit Tech and Design, “It has created a family of business and technology leaders all with the mission of helping Detroit thrive. Plus, the area is an overall cool place to be.”

Though TechTown was founded with the intent of helping technology-based businesses and ventures the area is open to a plethora of other businesses who want to contribute to the revitalization efforts of the city. TechTown hopes to propel any business in the city of Detroit by offering support, office space options, and a concentrated area of business leaders within the city.

“Working in TechTown showed me a different side of Detroit,” Gina Staten, intern at Techie World Detroit, “I never knew there was not only so many technology-based businesses but a special place for these businesses to gain support within the city. TechTown is more than a business district, it is business support system.”

 

Words from the Executive: Things Are Getting Better

By: Robert Ficano Wayne County Executive

I have seen Wayne County suffer through tough times and I must say now we are truly recovering. I was walking in downtown Detroit today and saw so many families at the Campus Martius Park happily experiencing the city. I was glad to reflect on the past years when such an enjoyable attraction was not downtown nor was many of the businesses that surround it. The area that was once empty is so full of life. This is only an example of the times we are living in as Wayne County residents. We are able to see the advancements that have been made in the city in a short period of time but it is only the beginning.

With the Economic Development Growth Engine program we are well on our way of giving more Wayne County entrepreneurs the opportunity to be a part of this economic expansion. So many residents and business owners are taking advantage of these opportunities while the county is continuing on a path of growth. The state of Michigan is a pool of opportunity, with 80,000 more jobs in the private sector being added in the last year. It is safe to say that things are getting better.

Why Coming to Detroit is A Good Choice

By: Jack Smith CEO of Smith and Associates Tech

People often ask me how my business grew so fast. As much as I would like to attribute it to my intelligence I would have to give some credit to the opportunities in Detroit. Growing up here I always wanted to be a businessman. I pictured myself downtown working in the Renaissance Center in a fancy suit. However, when I graduated from Wayne State ten years ago snagging a job wasn’t as easy as I thought. I spent the next five years going from job to job, not quite working in the sophisticated environment I imagined. From there I grew to find out my path in life and knew that I still had this great business idea that was lying stagnant. I talked to a few old professors who explained to me the incentives available for entrepreneurs here in Detroit. I put my business plan together, called up a few connections, and got to work.

Five years later I own a fully functioning business in the city of Detroit that is highly lucrative. The property I own was once blight but due to my commitment to entrepreneurship I do not have to pay taxes. Also considering that my business is a tech firm, I am allowed the opportunity to gain support from the TechTown business incubator in the heart of the city. I now wear a fancy suit to work every day not because Detroit opened the door to one of its many companies to me but it allowed me the opportunity start my own. What greater success is generating income from living out your dream?

 

Feature: How A Businessman Can Properly Run Michigan

Residents reflect on Governor Snyder’s business mindset reshaping Michigan

When Governor Snyder launched his political campaign in 2010 Michiganders were skeptical of him. With a history of being a businessman and not possessing any political experience, the now governor focused on those aspects of his career as strengths. In fact his campaign reached national acclaim early on for his “One Tough Nerd” concept. His MSNBC mention of having the best political commercial at the moment possibly led to him being a top contender in the gubernatorial race. As Michigan struggled with economic hardships and the consequences of decisions made by past political leaders, citizens relied on Governor Snyder’s expertise to rebuild the state.

 

“I’m not a Republican,” said Jackie Ann of Detroit, “But I knew that our state and my city needed to be fixed. He truly seemed capable of getting that job done. For me, it wasn’t about partisanship.”

Since his inauguration Governor Snyder has been instrumental in the recent economic turn in Michigan. The governor was able to increase the state’s private sector jobs by 80,000. Also, Governor Snyder was instrumental in the rate of unemployment declining by more than 2 percent.

“Michigan is moving forward,” says Jack Smith, CEO of Michigan Business Solutions, “To see the heightened growth of jobs this year, as well as, the improvements made in the landscape of Detroit. I am proud that our immediate future as Michiganders is looking bright.”

Though Governor Snyder has done a lot for the economic growth of Michigan, there is still a lot to be done. Currently, Michigan has one of the highest rates of unemployment. Governor Snyder has sought to begin improving this by pushing entrepreneurial efforts within the state more.

“I am pleased that I started a business in Michigan,” said Farrah Taylor, an entrepreneur based in Dearborn, “I came here for Ohio to benefit from the business incentives available within the state and was able to create my own jobs. There may be a high rate of unemployment in Michigan but there are plenty of opportunities for entrepreneurs.”

The governor has many plans to continue to push Michigan in a positive direction economically. At the start of the year his State of the State Address outlined a new department dedicated to the licensing and regulatory affairs of financial related businesses within the state. Additionally, the governor has revealed a series of incentives and benefits for business ownership within the state.

“Come to Michigan if you want your business to grow,” says Calvin Sutton, President of Sutton Communications, “The people here are ready to support your business and the government has a series of incentives just for doing what you love. I moved here because my business was not to lucrative in my home state. From the incentives alone supported by the government I was able to get my feet off the ground.”

5 Business Incentives to Know About

EDGE is all about recruiting business owners to Wayne through offering a myriad of benefits. Our hope is that business owners and potential entrepreneurs benefit from their investment in Wayne County. We take pride in having an entire staff that wants to see your business succeed. Whether it is a start-up or a well established company, we have an incentive you can take advantage of.

Here are five incentives to keep in mind when bringing your business to life in Wayne County:

1. Land Bank/Turbo Program

We don’t believe in wasting land. The Wayne County Land Bank manages abandoned and blighted property in hopes of it being used productively. The land bank will do several things to turn this property into something beneficial. The Land Bank will provide economic benefits to people who own dilapidated property to rehabilitate it. Also, the program offers property for sell at affordable rates.

2.  Brownfield Program

To have a Brownfield Redevelopment Plan you must go through the Brownfield Redevelopment Authority.  This authority grants access to financial incentives available to business that take advantage of blighted property. Incentives incluse the Michigan Business Tax Credit. Also, the Brownfield Redevelopment Tax Increment Financing reimburses investors for demolition, asbestos abatement, and infrastructure improvements.

3. Renaissance Zones

The brunt of taxes does not have to hold you back from business. Geographic Renaissance Zones are regions of the state that are void of taxes for business owners and residents. The entire point of the zones is to make business ownership more feasible for Michiganders.

Some examples of taxes businesses in these zones do not pay:

• Michigan personal income tax (if a resident of the zone)
• Michigan 6-mill state education tax
• Local personal property tax
• Local income tax
• Utility users tax (Detroit)

For more information on Renaissance Tax Zones check out the fact sheet.

4. SmartZones

There are specific locations or SmartZones available for technology-based businesses. These areas allow businesses related to technology to benefit from access to a myriad of services in this locations. These services include business development mentoring, entrepreneurial training, grant writing, product development, and much more!

The  SmartZones also have incubation facilities that provide office and lab space to technology companies.

For more information on SmartZones check out this fact sheet.

5. Michigan NextEnergy Authority

NextEnergy’s mission is to create energy-related investments and jobs in Michigan. NextEnergy’s goal is to help attract and support energy-related business ventures. The organization takes pride in offering quality management services and advisement to investors.

To learn more about NextEnergy visit www.nextenergy.org.