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2021

MICHIGAN

ENTREPRENEURSHIP SCORE CARD - FALL

SEVENTEENTH ANNUAL EDITION

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2019

29

44

46

2018

2017

2016

2015

2014

​

2013

2012

2010

2009

29

​

28

34

20

22

34

21

31

34

23

34

29

25

13

28

22

29

33

18

​

6

11

32

33

36

39

​

42

31

2011

22

10

29

Entrepreneurial Climate

Entrepreneurial Change

Entrepreneurial Vitality

Heading into the pandemic, Michigan’s 2019 Entrepreneurial Climate, Change and Vitality Indexes were slowing relative to other states.

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-53.2%

-47.8%

Small Businesses Open

Michigan vs US

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Labor Force Participation

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Conclusion

  • The topline economic recovery is solid

​

  • Small businesses are not experiencing the same rate of recovery

​

  • Michigan is still experiencing more small business closures and revenue loss compared to other states

​

  • Staffing shortages and rising costs are holding small businesses back

​

  • Some reason for optimism and caution

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COVID Impact Survey Results

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very pessimistic

somewhat pessimistic

neutral

somewhat optimistic

very optimistic

40

30

20

10

0

How are you feeling about the prospects for your

business over the next 6 months?

%

June 2021

September 2021

January 2022

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very pessimistic

somewhat pessimistic

neutral

somewhat optimistic

very optimistic

50

40

30

20

10

0

How are you feeling about the long-term survival

of your business?

%

June 2021

September 2021

January 2022

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No

Yes, increasing somewhat

Yes, increasing substantially

50

40

30

20

10

0

September 2021

January 2022

Is your business experiencing higher cost increases

compared to normal times?

%

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no impact

slight impact

moderate impact

extreme impact

50

40

30

20

10

0

%

How significant are supply shortages impacting your business?

January 2022 Survey

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no, want in-person

not applicable

remote

hybrid

60

40

20

0

September 2021

January 2022

Are you offering your employees flexible and/or

remote work options?

%

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decrease more than 25%

decrease 6-25%

neutral +/- 5%

increase 6-25%

increase more than 25%

40

30

20

10

0

%

This year, as compared to last year, did your gross revenues:

June 2021

September 2021

January 2022

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decrease more than 25%

decrease 6-25%

neutral +/- 5%

increase 6-25%

increase more than25%

50

40

30

20

10

0

Looking at the year ahead, do you expect your gross revenues to:

%

September 2021

January 2022

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large negative

small negative

none

small positive

large positive

50

40

30

20

10

0

%

June 2021

September 2021

January 2022

How is COVID currently impacting your business?

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No, not harder than pre-pandemic

Yes, somewhat harder

Yes, significantly harder

40

30

20

10

0

September 2021

January 2022

Are you having a hard time finding and keeping

your business fully-staffed?

%

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January 2022

60

40

20

0

What are the biggest problems your

business is currently facing?

%

Difficulty finding and keeping employees

Inflation

Supply Chain Disruptions

Workforce

55%

Inflation

56%

Supply Chain Disruptions

59%