Small-business owners were encouraged by a message from the Denver Metro Chamber of Commerce lauding them for being the most innovative, creative and entrepreneurial during economic downturns.
The chamber’s panel discussion, “2009 State of Small Business,” which focused on how the economic recession affects small business, was held Wednesday at the Grand Hyatt downtown.
The panel included Mark Snead, economist from the Federal Reserve Bank of Kansas City’s Denver branch; Patty Silverstein, president of Development Research Partners; and Don Childears, president of the Colorado Bankers Association.
They expect for small businesses, which employ the largest number of workers and also account for a significant amount of state revenues, to eventually lead the state back to economic stability.
Small firms, with fewer than 99 employees, represent 98 percent of the state’s economic base and account for 60 percent of jobs, Silverstein said.
“We hear about layoffs, but what we tend not to hear about is job creation at small businesses,” Silverstein said. “In prior downturns that is where we see employment growth. Entrepreneurs with bright ideas tend to pull us out.”
The fastest-growing type of new businesses are those with just one employee, the owner.
Jonathan Stoddard started Kahuna Technology Group Inc. six weeks ago.
“There was a theme today that Colorado is in a better position than the rest of the nation,” he said.
George Morris co-founded Boulder’s Imulus Design after being laid off in 2002. He shared his story Wednesday.
“Look at recession as an opportunity instead of being afraid of it,” he said.
For Sara van Resenburg, principal at Denver-based Quickland Technology Group, the talk was inspiring.
“It was encouraging to hear Colorado is more stable,” she said. “This economic downturn seems to be leveling the playing field for small business. It gives us the opportunity to take risks and clients also.”
Elizabeth Aguilera: 303-954-1372 or eaguilera@denverpost.com
