The Importance of Starting a Small Business
Forming a small business creates family wealth, personal satisfaction for the business owner and more jobs for the community. For generations, small businesses gave birth to American icons, such as Budweiser, Kellogg's, Ford Motors and Tabasco. Small businesses are the hallmark of American capitalism.
Other People Are Reading
-
Creates Family Wealth
-
When a family decides to work for themselves using everyone's unique skills and ideas, not only does the community benefit but the family builds a financial future together. For example, if a couple owns a catering service and their adult children take over years later, the profits pass to the next few generations.
Creates New Jobs
-
A small business creates jobs in the community. For example, if a business owner decides to open a mall in an impoverished area, this allows the area's residents to build financial stability working at the facility.
-
Innovations
-
Small businesses often add innovations to the marketplace that shape the business world. For example, Amazon.com and Ebay.com were businesses that transformed the way consumers shop and sell items. And Whole Foods Market has been on the front line in promoting the benefits of organic products.
Adds Diversity
-
In recent years, there has been a growth in minority-owned businesses. Small businesses allow minorities to build wealth for themselves and their communities. For example, beauty company Carol's Daughter was founded by Lisa Price, an African-American. Her products are featured on HSN and her supporters transcend race.
Inspires Future Generations
-
When some young people see problems that need solutions, they are inspired to start businesses. For example, a young person may be inspired to start a mentoring agency after noticing a lack of positive outlets for the children in his neighborhood. Or another may open a specialty housewares store after getting tired of chain stores that lack quality products.
-
