Tuesday, April 12, 2016

The Importance of Supporting Small Business Growth

The entrepreneur steps into his shop with coffee in hand and looks over the small room that is his new arena where he will do battle with the market; and with fortitude become its champion.  Motivated partly by necessity and partly be idealism, the entrepreneur thinks of all the possible ways to make a profit. Small in stature but large in bit the small business is an important part of the American economy and its innovative spirit.

The U.S. Small Business Administration reports that during the recession small business job growth outpaced that of larger businesses. They also found that small business acts as an incubator to larger businesses and encourages innovation in society. Those small businesses that work within growing markets found significant growth that outpaced other sectors.

The small business owner with his/r show may not seem that important in the grand scheme of things but is the master of change and job growth. They are highly invested in their business opportunities and do what it takes too succeed. Because they have little or no formal structures like larger businesses they can change quickly making adaptation an easier process.

Because they are smaller they don't have the same political clout as many larger businesses. SMEs don't donate huge bulk sums of money to any individual candidate and are often left out of the political process. Government decisions often ignore the needs of this group and focus more on pleasing larger stakeholders which in tern damages long-term economic growth.

Small business is the backbone of our economy. Large businesses contribute but it is the small business owner that holds the biggest slice of the American dream and can lead our country to change. Encouraging better infrastructure and government decisions that help small businesses connect together to share resources and develop their businesses helps cities and nations adjust and grow to market challenges. Raising their stature and creating the best innovative environment for them can make the difference in future national competitiveness.

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