Take a look back in time and you'll notice that the success of small enterprises,
has been the foundation of American prosperity. Entrepreneurs and small company owners equally played a role in the growth of our country. Many people still believe that the American dream is about breaking free from the shackles of being an employee and creating your own business. Some entrepreneurs start small enterprises with the goal of becoming the next Bill Gates, but others simply want to be their own bosses and have more control over their lives and the lives of their families. Small businesses have remained an important part of our nation's economy for decades, and their contribution has been anything but insignificant.
Creating New Positions
It has been estimated that small enterprises were responsible for the creation of 8.4 million new jobs between 2000 and 2017. During the same time period, larger enterprises only created 4.4 million jobs, which indicates that small businesses were responsible for creating two-thirds of all new jobs! As the country reopens and prepares to tackle COVID-19, the success of small enterprises will serve as an important barometer for the overall health of the economy, according to the World Bank.
Hiring on a local level
One of the most important things a small business can do is hire people from the community. Little businesses contribute to the growth and prosperity of communities of all sizes, whether they are large or small. Small businesses can be viewed as a catalyst for economic prosperity since they contribute to the growth of the economies in which they are based by stimulating those economies.
Infrastructure on a local level
When money is spent at small local companies, a portion of the money spent is returned to the community in the form of taxes, which helps to keep the economy running smoothly. These taxes contribute to the upkeep of the local infrastructure by helping to pay for things like local schools and other social initiatives, as well as other infrastructure improvements. By making purchases in your local area, you are indirectly reinvesting in your community. This type of spending is now more important than ever for the well-being of our communities. It is essential for communities to prosper that the small enterprises that exist within them are successful in order to contribute to the support of the economic ecology.
Innovation and Growth are two important aspects of every company's success.
Small businesses provide an opportunity for fresh ideas to come to fruition because they are small in scale. Any good idea, as anyone who has watched Shark Tank can attest to, has to start somewhere, right? In order to enhance efficiencies and productivity, small businesses and startup enterprises can use their unique ideas to collaborate with other local businesses to achieve greater success. Larger firms in the neighborhood can benefit from the introduction of new solutions and the promotion of intellectual property by these small businesses. Small firms frequently play significant roles in the success of larger corporations by assisting them in meeting their supply chain needs and/or performing other business operations that are outsourced.
Small businesses can be found on both sides of the main street. The economic engine of the United States is the one that propels our nation forward. The job possibilities and growth potential created by small businesses may be found everywhere from rural Vermont mountain towns to large metropolitan areas in Texas. Small businesses contribute to the economic development of the communities in which they are based. When the economy is in turmoil, it's critical that small companies continue to get support from the communities that have assisted them in growing their operations. That is how everyone of us contributes to the vitality of the economy. Small-business support contributes to the creation of a network of financial prosperity that is far larger than ourselves, creating a significant ripple effect across the economy.
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