Small Business Saturday came and went just after the Black Friday Holiday shopping spree. Small business Saturday is that one day where shoppers come out in droves to support their local businesses. For good reason small business is seen as the backbone of the American economy with higher growth rates and potential than many large corporations offer.
According to the Small Business Administration small business has contributed to 64% of new jobs and 44% of private payrolls. Small business is a significant contributor to the American economy and supporting small business has a long lasting impact on the overall economy. Small Business Saturday is designed to remind us of that importance and support small business through our purchases.
America itself was started and developed from family owned small businesses. It is this entrepreneurial spirit that has helped a great many native and immigrant Americans moving up the social ladder. Even in today’s world small business still stands as a primary pathway for people to move from poverty to wealth.
If you have ever ran a small business you will soon understand how difficult it can be run one. There are mountains of things to learn, lots of regulations, and a lot of difficulties on the way. The far majority, go out of business, eight out of ten, within the first year. Enthusiasm resigns itself to the cold hard reality of life.
Supporting small business is about supporting the entrepreneurial spirit within the country. These small business owners may have families, be running part of the year in the red, and have lots of stress. Having one day out of the year to support their efforts is not a bad idea. These businesses can be a strong support for the economy and our neighborhoods.