Since the recent recession, the economy in the U.S. has changed dramatically. The stable jobs that were once there before may not be as abundant or even in existence anymore. Michigan particularly felt the effects of the recession in the state's manufacturing sector. This has caused many people to flee the struggling local economy; however, there are some people who have been able to capitalize on the current situation. These entrepreneurs have been able to harness their creativity and put it into innovative business planning .
Many younger entrepreneurs are now taking advantage of the extremely reduced real estate prices in order to create a large variety of businesses. For some of these individuals, making a profit is not their main concern; instead the business may provide an outlet for creativity. One businessman who has taken this approach has started a new business called Mt. Elliott Makerspace. The business taps into the manufacturing skills left over from the old economy in order to provide a way for people to create a large variety of items. The company hopes that this will allow people to be entrepreneurs in their own rights.
Mt. Elliott Makerspace focuses on young people and fostering their creativity. The space holds weekly open shops where kids are taught skills regarding manufacturing as well as how to use these skills more creatively. The space has even been able to hire many of the local young people to fulfill roles within the community-based company. Mt. Elliott Makerspace has also branched out into other venues within the local community, such as public libraries, in order to provide services.
This case is a good example of how an entrepreneur can take a bad situation, such as the recent recession, and create something positive. However, any business owner in Michigan who hopes to do something similar will need to be aware of all of the legal ramifications of starting up and operating a business. There could be various rules and regulations which must be adhered to in order to be in good standing with the law. This should be taken into consideration during the business planning stage.
Source: Southeast Michigan Startup, " Creative life is how you make it ," Amy Kuras, Dec. 21, 2012