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National Small Business Week is celebrated during the first week of May every year and takes place from April 30 to May 6 this year. The aim of this week is to honor the entrepreneurs of our country, who have played their part in bringing new ideas to life and growing our economy.
There are 31 million small businesses in the U.S., which roughly make up around 99% of all the businesses in the country. Since 1776, when the U.S. gained its independence from Britain, people living in the U.S. have shared one dream: to live the American Dream and make their fortune. People have come from all over the world and started out as small-scale business owners in the hope of making it big. Many came for the gold during the California Gold Rush and used their haul to start their own business in a different part of the country. It is thanks to this custom that the catchphrase ‘Land of Opportunity’ was created, and many Americans still dream of being business owners. As mentioned, there are millions of small businesses in the U.S. and many of them have made a significant contribution to the country’s economy. In 1953, the Federal Government created the Small Business Administration (S.B.A.) to help and counsel small business owners to enable them to prosper and grow into sustainable businesses in the future.
Every business, regardless of the size, is important. Small businesses are the backbone of our economy. They account for half of America’s workforce and they create two out of every three new jobs.
In Tennessee there are over 142,428 small businesses employing fewer than 100 employees and 470,330 non-employer firms. Tennessee is a premier business-friendly location that offers numerous benefits to those that call the state home. Its extremely low living cost and robust business environment make it an excellent spot for corporations looking for a geographic change.
Think of the many small businesses that you depend on – your plumber, heat pump maintenance person, the man or woman who mows your yard in the summer, the handyman you call on to make repairs, the mechanic who works on your car, even the small farmer who grows vegetables and sells them at a community stand. We depend on them, and expect them to come when we call. They are people we can trust.
Also, there are the many small businesses in our downtown, home-grown restaurants in our rural communities, food trucks, etc.
Small businesses provide jobs. They keep money in the community. They support local charities. Small business owners have an active and personal interest in the well-being of the community. They live here. Their kids go to school here. They care about what happens.
Small businesses can be underappreciated and under-supported, and that’s a shame. After all, when a downtown is filled with cool coffee shops, locally owned restaurants, microbreweries, and quirky boutiques – together with plenty of strong non-retail players like architects, ad agencies, and attorneys – that downtown is often the heart and soul of a vibrant community.
Small Business Week is singled out as a time to recognize the outstanding service, innovation and development of small entrepreneurs. Together, they help to keep our city, state and nation running.
Here’s the bottom line: When small business wins, communities win. When communities win, the nation wins. Let’s all win and grow together.