According to a report by the U.S. Census Bureau, new business start-ups decreased to a record low in 2010. The percentage of businesses that were new organizations was below eight percent according to this recent report. The new business rate had peaked back in the 1980s, but has been decreasing ever since -- especially since the recession.
Start Garden, a venture capital project in Michigan, is backed by $15 million provided by a family that is earmarked for individuals to compete for investment money. Entrepreneurs participate in Start Garden by laying their ideas out on the table for a chance to win $5,000 in investment funds. Three participants have been declared winners of this weekly project and will receive $5,000 in funds to help get their idea up off the ground and move forward with their business formation and planning.
Michigan business owners typically run into problems as they operate their company. It is just part of the job. The same could be said regarding disputes in the business industry, whether with an employee or another company.
Starting a business is by no means an easy task. It takes careful planning from the get-go. And to begin, you need a solid idea to work from. However, even with an idea, it can be hard to get a business up and going without investors. Luckily, Michigan entrepreneurs may get motivation for their business formation from an accelerator program based in another state.