Wednesday, January 31, 2007
SALEM — A development expert told Salem business and community leaders that successful economic development is a process, not a goal.
Dr. Gregory Davis spoke today at the Salem Area Chamber of Commerce’s economic forecast luncheon.
The chamber, through its arm, Salem Area Enterprise Development Forum, is trying to help local entrepreneurs create businesses.
Davis said the “ready, fire, aim method [of economic development] is one of the things that really drives me crazy. You have to get them in order.”
Economic development should be ready, aim, fire, he said.
And when it comes to starting new businesses, he said, “We can make it happen.”
Prospective businesses must study economic issues, take an educated approach to their proposal and do the right things in implementing the business, he added.
The bad news is that the national economy is slowing, the housing market is down, and consumer spending and domestic automobile sales are slowing.
The Rocky Mountain region of the county is “plowing ahead” with new technology-based jobs, he said. But only 5 percent of Ohio’s economy is based on technology.
Davis said communities must take a regional approach by working with other communities for development.
Instead of the industrial model that focuses on manufacturing, raw materials and labor that are used on a product, new companies must be innovative, use technology, communication and information, and be customer-focused.
“It’s all about the customer,” Davis said.
Car manufacturing pioneer Henry Ford said customers could have their car in any color they wanted as long as it was black. Davis said businesspeople now are flexible individuals who are able to meet the customer’s needs in innovative and creative ways.
He urged new Salem businesses to think of the big picture, network, communicate, determine what is needed in business and stay informed.
Davis told prospective businesspeople that when it comes to new jobs, “You’ve got to grow it yourself.”
New businesses must continue that cycle to stay fresh.
“Don’t ever think you are done,” Davis said.