Although it didn’t get much attention in the mainstream media, Reuters reported that U.S. small business confidence rose to a twelve-year high in December, 2016. The National Federation of Independent Business’ index used to gauge small business optimism about the economy showed that confidence level at 105.8 – a number that hadn’t been seen since shortly after the 2004 election.
The increase over the prior month’s number was the largest since 1980.
The NFIB result found that positive sentiment to be largely related to business and consumer belief that the nation’s new Republican President and Congress would follow through on promised tax and regulatory relief of the kind that has helped to stimulate increased business investment and expansion in previous decades. For digital currency and blockchain enthusiasts, this renewed emphasis on pro-growth and pro-business policies couldn’t come at a better time.
In a new article published today, DNotes Global Inc. Founder Alan Yong has his own thoughts to share on the current climate for U.S. businesses – with a special focus on new startups. Ever the realist, Yong doesn’t shy away from reminding us about just how bad things have been for small businesses in recent years:
“[T]he U.S. Census Bureau reported that the total number of new business startups and business closures per year -- the birth and death rates of American companies -- have crossed for the first time since the measurement began. Based on the most recent report, 400,000 new businesses are being born annually nationwide, while 470,000 per year are dying.”
Yong goes on to note that the new Trump administration brings with it a set of promised reforms that should – if implemented – reverse that dire dynamic and help get America back on a path to sustained business growth and success. New startups will have an important role to play in that growth, and it is to those would-be entrepreneurs that he addresses most of his commentary.
His advice for those thinking about launching their startups in the near future is typical Alan Yong fare – filled with the deep wisdom that comes from decades of success in the business world. As always, he emphasizes self-awareness and preparedness, encouraging these soon-to-be success-stories to do everything that they can to increase their odds of success before they take that first step into the world of business competition.