State’s economic strong recovery points spotlight on Treasure Coast
Treasure Coast small business owners and operators must be feeling a sense of déjà vu lately. With the recent supply chain issues, rising fuel cost and other assorted economic challenges, one cannot help but think back to the Great Recession.
With a zero-income tax policy and its warm weather, Florida has always been a popular state to relocate for people and businesses. Even with its popularity, the state is still susceptible to economic cycles, but since the Great Recession, it has experienced strong growth. The Treasure Coast has benefited from the state’s strong recovery and growth in the form of increased exposure.
The days of going unnoticed have ended.
The question for Treasure Coast small business owners and operators is how to leverage the region’s recent growth. Small business success will come to those operators who can look beyond the current economic situation and position the business to solve customer problems and take advantage of the region’s new opportunities.
Opportunity is defined as an appropriate or favorable time or occasion, a situation or condition favorable for attainment of a goal, a good position, chance, or prospect, as for advancement or success. However, opportunity viewed through the lens of an entrepreneurial mindset will look like an appropriate or favorable time to create new products, services and generate new business revenue.
In its most basic form, entrepreneurship is about recognizing problems and creating solutions. Small business and entrepreneurial success does not come from creating the next big idea — it comes from creating simple solutions to everyday problems. As new business and sometimes big business begin to move into the region, there will be problems, or shall we say opportunities, requiring simple solutions. Those who provide these simple solutions will reap the business benefits.
To position a business as a problem solver, a small business owner and operator needs to build an intrapreneurial culture within the organization. Intrapreneurship, aka internal entrepreneurship, is innovation within the organization. An organization that is consistently innovative will be dynamic and attract creative people. The business will have a stimulating environment that will be viewed as a great place to work. Hint, Hint — Looking for solutions to staffing issues?
Most importantly, a culture of intrapreneurship fosters business success by catching problems before customers, by recognizing and identifying market needs, by challenging conventional thinking and by engaging employees.
The future is here for the Treasure Coast marketplace. Even in an economic downturn, the region will continue to prosper and grow because the region is truly a great place to live, work and play.
To have a conversation about how to position a business as a solutions provider for the region, email the Florida Small Business Development Center at [email protected] or call 772.336.6285.
Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]