The Importance Of Small Business

1) Small businesses are the cornerstone of the American economy, having comprised 46% of the country’s private nonfarm GDP in 2008 (Kobe, 2). We underestimate the importance of even the smallest of businesses, from the local grocery stores we buy our milk and eggs at, to the mom and pop shops that litter the avenues and boulevards of our small towns, catering to the communities that support them. Small businesses are all around us, they encapsulate our everyday lives. We all have personal experiences with them; perhaps we are related to the owner, worked at one, or just frequent a specific one often enough to be considered a regular. But I like to consider myself to have a relationship with small business that the average person doesn’t have:

Entrepreneurs do not simply clock in and out whenever they feel they want to. As a matter of fact, I would wager the average successful entrepreneur works more hours than your typical full-time worker. It is most definitely a labor of love, and one that requires an intense amount of dedication. It does not generally offer the safety and financial security of a typical job, especially when starting out. There will be many days in the beginning where you are overcome with anxiety about orders getting shipped, invoices being paid, and customers sending you dissatisfied

In a large company, any sort of small change requires a large amount of red tape and approvals; they are slow to act. But with small businesses we often see a bit more leeway when it comes to promotions, sales, or general consumer interaction. You’d be hard pressed to go into a major store, ask politely for a discount, and get it. Whereas with a small business you may just get one for speaking with the owner about your day. They offer personality and comradery.

These are advantages seen from the consumer side, but I feel that it is only fair to mention the advantages of being an owner. Undertaking an entrepreneurial lifestyle was a large decision for me, and continues to test my skills as a business man, and even my character, but it is something I feel is worth its weight in gold. Running a business allows you to meet and work with a variety of people you would have never met otherwise, solve problems and brainstorm solutions that never may have occurred to you, and make decisions that do not come up in everyday