The Power of Perseverance

MDbizMedia —  February 21, 2011 — Leave a comment

by Christine Hansen for MDBizMedia

As evidenced by the crowd that gathered for InvestMaryland day in Annapolis last week, the entrepreneurial spirit in Maryland is high.

The 2009 Kauffman Index of Entrepreneurial Activity

In their 2009 Kauffman Index of Entrepreneurial Activity, the Kauffman Foundation found that in 2009, an average of 0.34 percent of the adult population, or 340 out of 100,000 adults, created a new business each month. Men showed the highest increase – 0.42 to 0.43 percent – in entrepreneurial activity from 2008 to 2009. The report also noted that African-Americans showed the highest increase in entrepreneurial activity, “0.22 percent in 2008 to 0.27 percent in 2009, which was the highest rate over the fourteen years of reported data.”

While Maryland ranked in the middle in terms of entrepreneurial activity in the country (with Mississippi showing the lowest and Montana and Oklahoma showing the highest), 290 per 100,000 adults were starting new businesses each month from 2008 to 2009. However, Maryland did experience a positive change in its entrepreneurial activity rate from 2008 to 2009, increasing from 0.23 to 0.29 percent.

This week, in celebration of National Entrepreneurship week, we will take a closer look at some of those Maryland entrepreneurs who have made their ideas and dreams into reality. Entrepreneurs like Kim Brown who took over a business while studying to get her doctorate and made it her own. And Serina Roy, the accidental entrepreneur, who turned her love of coffee into a business. And finally Jay Steinmetz, the inventory specialist, who learned the hard way that sometimes you have to go it alone.

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