Stephen Henderson and Rachel Lutz, owner of The Peacock Room in Midtown, discuss the “Building Bridges to Small Business” event at the Mackinac Policy conference this week, where four Detroit small businesses will set up pop-up shops on Mackinac Island. They also discuss the large impact of small businesses on the revitalization of the Michigan and Detroit economies.
Some of the key points:
Small businesses are a growing part of the local economy. Lutz says that according to the Small Business Administration, small businesses make up over 95 percent of Michigan employers. The focus of the Mackinac policy conference is on three pillars: urban revitalization, cohesion, and talent, which she says all tie into the role of small businesses.
Small businesses need to support each other. As a small business owner you have to think alternatively, says Lutz. She sees other small business clothing stores as “not competitors but collaborators.” By working together, she hopes to see small businesses become the big businesses of the future.
Small businesses have stories to tell. In Detroit, each small business has a unique story behind their products and their place in the community. Lutz says that though the small business owners going to Mackinac have no political agenda and simply want to share these stories, the issue of small businesses should be a part of the discussion at the state-wide economic policy conference.
Hear the full conversation by clicking the audio link above.