The economy of Grand Island relies on small businesses

National Small Business Week is a time to celebrate the backbone of our economy – small businesses. In Nebraska alone, there are 181,742 small businesses, making up 99% of the state’s businesses and accounting for half of the state’s employment. Despite their significant contribution, small businesses face high hurdles, with one out of five new businesses failing within the first two years and 65% failing within the first decade.

One individual who has navigated the challenges of owning a small business is Justin Pfenning, co-owner and vice president of Dramco Tool Co. in Grand Island. Pfenning’s journey began in the late 1980s at Grand Island Senior High, where his interest in industrial arts was nurtured by his teacher, Dave Klimek. This led him to attend Southeast Community College and eventually join Dramco as a full-time toolmaker.

Over the years, Pfenning worked his way up the ranks, becoming a lead tool maker, tool designer, and manager before having the opportunity to buy into the business in his early 30s. Today, with over 34 years at Dramco, Pfenning emphasizes the importance of hard work, continuous learning, and surrounding oneself with driven individuals.

To support aspiring entrepreneurs, the Grand Island Chamber and the Central Community College Entrepreneurship Center have published a 10-step checklist for starting a small business. Additionally, the CCC Entrepreneurship Center offers planning and coaching services for startups, while the Chamber promotes small-business resource partners.

As Small Business Week approaches, it’s essential to remember the impact that small businesses have on our communities and to show support for them not just during this week but throughout the year. By listening to customers, providing excellent service, and staying connected with the community, small businesses can thrive and continue to be the lifeblood of our economy.