Why Small Businesses Matter

During the week of May 12th, America celebrates National Small Business Week. The purpose is to bring awareness to the services that the SBA offers to entrepreneurs and to encourage consumers to patronize small businesses. I am an entrepreneur and I have a two small businesses and a job.  Please let me know if I can serve you. How about you?  Are you a small business owner?  If so, thank you being one. It is the small businesses and entrepreneurs that are putting America back to work.  Chair Janet L. Yellen of the Federal Reserve System recently attended the National Small Business Week Event in Washington D.C. and had the chance to meet some outstanding entrepreneurs who are the trend setters for everyone. After the financial crisis and the Great Recession, the Federal Reserve became entrepreneurial and took extraordinary steps to help stabilize the financial system once again.  The Fed also made a lot of money on their investment because of the risk they were willing to take to prevent an economic collapse. I am not sure if many Americans realize that the Great Financial Crisis could have been the end of our financial system as we know it if the Fed had not acted swiftly and courageously. Chairman Bernanke does not get the credit he deserves. The Fed used monetary policy tools to promote the recovery and to stimulate job creation toward maximum employment and price stability.  Supporting asset values and lowering borrowing costs created the right environment for job creation that lead to a stronger recovery.  This was a great move and we are all beneficiaries of the wisdom of Chairman Bernanke and the board of Governors.

Starting small yet strong

Crucial to the process of our economic recovery from the financial crisis is job creation in the private sector.   85% of non-farm employment is found in the private sector, a large source of new jobs comes from the private sector. The private sector has accounted for the increase in employment making small businesses crucial to job creation. While corporate America has been downsizing, the rate of small, start-up businesses have grown.   

More than half of jobs created have been generated by firms with fewer than 250 employees since employment began growing in 2010. I know plenty of real estate agents who have decided to join the bandwagon and create their own team of agents and strike out to start their own firm.   Starting your own business is easier said than done, let alone the struggle to keep afloat within the first three years of operations.  But there is nothing more satisfying than being your own boss, calling your own shots, and providing jobs to people who need it the most.   But you have to pay to play the role of CEO.   It takes financial capital, human resources, a great business plan, a vision and most importantly an entrepreneurial spirit.   Do you have one? 

The entrepreneurial DNA

The Entrepreneurial Spirit is in a result of our national Entrepreneurial DNA. Today, opportunities abound and are available to more people who may not have had them in the past. In the previous year alone, more than 200,000 businesses were opened by women while minorities in general are opening businesses at an incredibly fast rate.  Aside from the government supporting small business through access to funding, business chambers are providing entrepreneurial development and advocacy. Consumers can also do their part in helping the economy by patronizing small businesses that continue to prove that they are the backbone of the economy.   There are so many great products and services out there in our own neighborhoods that it is time we start planning to support small business especially in our communities.  Also we need to start patronizing firms who manufacture products here in the USA.  America will be stronger if we invest in her.    

The future of small of businesses

Small businesses deserve a considerable share of the credit for the investment and hiring that have brought progress to the American economy.  Millions of small businesses have collectively given enormous contributions to the nation’s prosperity which is why the Federal Reserve pledges to continue to promote the recovery to help Americans grow and prosper.   The Federal Government needs to continue to cut taxes for small business and simplify the tax code.  The Obama administration has cut taxes 18 times for small businesses (a little fact that many people do not know about) and needs to do more since Small Business is such an important part of our economy.

National Small Business Week is a time to showcase America’s small businesses.    Furthermore, I know we can do more to increase the number of small businesses in the United States.  I am enthusiastic in our country’s ability to create a culture of risk-takers; especially in the real estate industry.  If you are a real estate broker and you have the money and know-how, it's time to step out on your own and join the ranks of us who only eat what we slay.   I am a risk taker.  Are you?  If you are thinking of starting a small business and are not sure how to go about doing it, please contact me or comment in the section below.  I would glad to be of help in any way I can.   Check out the Power Is Now Power Coaching for Large and Small businesses.   

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