The Big Impact of Small Business on Our Economy
Small businesses are critical in job creation, community support, and entrepreneurship. They may not generate as much revenue as larger corporations; however, they are an integral piece of our local economies. In fact, small businesses are the building blocks to many of the corporate giants that exist today. In recognition of National Small Business Week (https://www.sba.gov/nsbw/nsbw), the following highlight the positive impact that small businesses have on our economy and society.
- Economic Growth. Not all small businesses remain small businesses. For example, corporate empires such as Wal-Mart, Burt’s Bees, and Ben & Jerry’s all began as “mom-and-pop” businesses. Now they are formidable players within the national and even international market. Small businesses that make it big tend to establish themselves near their local community, continuing to support economic prosperity.
- Mapping the Future. One of the major ways that small businesses contribute to local economies is by inducing innovation and growth. They tend to harbor the entrepreneurial spirit by attracting individuals who invent new products or have ideas on how to improve pre-existing products. This can be seen within the computer and tech industries, especially. Many tech giants literally grew out of garages, including Microsoft.
- Giving Back. Generally, Americans view small businesses as positive influences on the community as well as the country. When consumers choose to visit small businesses, they are giving back to their local communities. Successful local businesses support the community by paying taxes, including local taxes. These taxes, in turn, support schools and local government offices, as well as police and fire departments.
- Smaller businesses typically possess the ability to adapt to changing climates at a much quicker pace due to their high level of customer orientation. In turn, it is likely that customers will continue to support local businesses, even during times of economic stress. Because of this, many small businesses are able to remain afloat during economic crises, continuing to support local communities.
When we consider how many small businesses surround us in our communities, it is incredible to think about the amount of time, commitment and labor these individuals contribute to make their businesses thrive. Small businesses are a huge part of what makes this country great and it’s easy to see the immense impact that they can have on the community and so much more. Be sure to show your support by paying a visit to your local small businesses!