It’s no secret small businesses are fundamental to the US economy – and have been since the beginning of the nation’s history. The open marketplace has allowed business-minded individuals the ability and opportunity to execute on their ambitions in owning and operating businesses across all industries. Along with a stimulated focus on shopping small and local, today’s US consumers are putting importance on American-made goods and are helping small businesses grow and expand into even larger markets. And as the network of these businesses increases, so does their impact on bringing more job opportunities and consumption to local communities.
The Small Business Association reports nearly half of all Americans work for small businesses, a surprising stat that is only growing larger. With over 30 million small businesses across the US, the influence these organizations have on our national and global markets is critical towards maintaining our economic competitiveness.
Operating on a smaller scale than large corporations, small businesses are defined as organizations with 500 or less employees and can span from those that support local markets to global industries. Regardless of their size, these entities are a critical component and major contributor to the strength of our nation whether through the owner operated kind that supplement local growth or those supported by a few hundred employees helping bring goods and services across the US and globe.
By supporting much of our nation’s job market, these businesses not only help to stimulate growth across the economy through employment opportunities but they also provide jobs to individuals who may be unable to work for larger corporations. This helps to curve the national unemployment rate while opening the door to future careers for a large percentage of the population.
Large corporations also rely on this business network by utilizing and outsourcing to small businesses in their communities. By working together to support their business operations, large and small organizations can cost effectively increase growth while helping to improve the opportunities in their local area.
Another area in which small businesses strive is in their ability to attract talent that may have gone unnoticed. Helping to shape the entrepreneurial leaders of our future, many small business employees, owners and operators have contributed to some of today’s most innovative advancements. This means without the small business sector, our economy would lose a key component to its competitive edge that large corporations cannot fulfill.
But as the opportunity for entrepreneurs and business minded individuals to start their next venture continues to grow, the supporting resource networks provided by organizations like that of the Small Business Association will remain a fundamental part of their future success.
One of hundreds of organizations and groups that aim to promote and enable small businesses, the SBA has helped thousands of companies gain the resources and recognition they need to get ahead of the competition. This type of critical resource network has helped expose top businesses and the talented individuals who support them that have gone on to establish and run some of today’s leading organizations.
Starting from small roots, globally recognized companies such as Apple, Dell, Mattel and Starbucks have not only achieved worldwide success but also have helped to change the industries they operate in and the American economy as a whole.
By focusing first on creating local growth and bringing new ideas to the marketplace, these businesses serve as the building blocks for advancing the United States’ largest corporations and their impact can be felt on a global scale.
With the increasing possibility of what small businesses can accomplish in today’s industries evolving each year, it is clear the available resources and support accessible across the nation like that of the SBA is a main driver encouraging and stimulating our small business community.
Learn more about the SBA and their annual National Small Business Week that helps bring to light the small business leaders and entrepreneurs of today at SBA.gov.