Events vitally important for our area were set in motion some time ago. The idea was to bring a new era of prosperity to our community through economic development. Now it is coming to our town, our county, and our region, and it is coming in a rush. It is like a series of trains, very big trains, already moving fast and picking up more and more speed every day. For local business leaders and entrepreneurs it is important to recognize the impact those trains will have, and to ask the right questions so we may make the most of the value they carry.
The “construction train” which brought GLOBALFOUNDRIES to Luther Forest was just the first one. It is now being followed by the first “passenger train” bringing both local labor and transplant labor for the plant--approximately 1,400 people. After that comes the expanded administrative facilities train bringing maybe another 1,500 people. Then comes the “related businesses” train carrying--hopefully--some 100-plus businesses and potentially another 4,000 to 6,000 more people, maybe even more--and those are just the workers. Those figures do not include the family members. If multiply all that by about 2.5 we get over 30,000 people.
They (and we) will be looking for more services: more restaurants, more dry cleaners, more service businesses of all types and sizes. That means increased demand, which translates to more jobs, more opportunities, and a more vibrant economic base to build our communities on.
With all this growth comes questions. Questions for every sector of our community, our town, our county, our region. Questions that demand leadership at every level.
On a town and community level, political leaders need to be asking equally daunting and probing questions. “Are our processes supporting the economic growth opportunities that we are blessed with?” “Do we have a view of the future in mind that is guiding our planning, or our we committed to living in „yesterday‟?" “What are the innovative and viable alternatives to the way we‟ve always done business?”On a citizen level we also need to be asking a series of questions: “Are our political leaders asking the right kind of questions for our future?” “What is my role in voicing my desires for the future, and the future of our children and grandchildren?” “How can I be involved and make sure we have a solid foundation for the economic viability of future generations?” “How can I best take part in enhancing our town, county, and region, in ways that create a positive living legacy?”
And on a business level, every business owner and operator must be asking and finding the answers to questions like: “What are my opportunities with this coming growth?” “What kind of growth can I expect?” “What kind of growth am I equipped to make to support the local and regional growth?” “What new services or products can I add to my business?” “What do I want my business to look like in 3-5 years?” “Do I have what it takes to be a player in this new and growing economy?” And the list goes on.
All of these are serious questions we should be asking ourselves on a daily basis. Some things are already done deals; the “trains” are coming, at our invitation, and soon. The questions we ask and the answers we give will determine the resulting actions we take and the ultimate impact they will have on our community. For businesspeople this is an opportunity to step up and demonstrate leadership both in and beyond our own self-interest. It is a choice, a choice that we either will make, or one that will be made for us.
We in business tend to shy away from participating in discussions like these. We are far more likely to simply accept conditions--or complain about them--and try to find a way to work with them than take a hand in shaping them. But it is part of the job of the entrepreneur and business leader to create the conditions for prosperity. It would be a mistake to think of those conditions only in terms of what happens within our businesses. And it would be a mistake to let the train roar by to stop at another station.
Join in on the conversations or start some of your own at: http://www.izoca.com/groups/malta-ny/discussions
This article is a reprint by permission of The Boardroom Ballston Journal (http://www.theballstonjournal.com/news/local_business/) article, April 14th edition.
