 It’s been said there is the visible economy, the large public companies like Apple and Walmart that capture the attention of Wall Street and the media, and there is the invisible economy, the small private companies like the local diner or doctor’s office, which are largely unknown outside of their areas. Contrary to what the publicity would indicate, there are far more small firms in the United States than large firms. In fact, according to the U.S. Census Bureau, 98% of the country’s 5.1 million business enterprises in 2012 were firms with less than 100 employees. (Yes, that was ninety-eight percent.) And these enterprises accounted for 25% of the country’s total 31 trillion dollars of enterprise revenue. From an employment perspective, the U.S. Small Business Administration reported in 2014 that “small business owners are the engine of job creation and economic growth in this country, creating nearly two out of every three net new jobs in the United States, and employing over half of the nation’s workforce.” With this kind of impact on our economy, small firms are clearly deserving of greater attention and respect in our business communities and in public policy. So the next time you’re dining at your favorite local restaurant or hiring a home repairman, be sure to thank them for their small business service!
|