Did you know nearly 25 million small businesses account for about 60% of all US jobs ? Small businesses are an important asset to our country’s growth, and you’d be surprised at how much of these local businesses contribute to our economy.
Small businesses are officially defined as a company or firm with fewer than 500 employees . Although 500 employees may seem like a lot, compare that number to a large corporation like Wal-Mart or Apple who have tens of thousands of employees across the United States. Don’t get me wrong, these large corporations also have tons of benefits and serve a high purpose when it comes to our economic growth; however, small businesses should not be overlooked just because they are lesser known.
Small businesses can help stimulate economic growth by providing employment opportunities to people who were unable able to find employment by larger companies. Hence, small businesses contribute to local economies by bringing growth and innovation to the community.
Furthermore, small businesses are very resilient and are able to stay afloat during tough economic times. How? They are able to quickly respond and adapt to economic changes and are more customer-oriented than bigger businesses, so local customers remain loyal to them.
With the support of local communities, some small businesses don’t stay small for long. For instance, Bill Gates started Microsoft from his garage and now it is one of the leading tech companies in its industry. Also, when a local business does progress into a massive business, they tend to not forget where they first originated. These businesses still give back to the community by providing even more employment opportunities and local economic stimulation.
Small businesses are one of the most important tools in our economy. They are able to strengthen and shape local communities and our country’s economy, while providing new innovations for future businesses. If you are a small business owner, be proud of the impact you are making for our country and your local town! Your ideas have the capabilities of changing the world, so don’t get discouraged by certain setbacks and keep pushing forward. You never know, your business may become the next Nike or Google!