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Small Business is the Backbone of American Economy

Although the Fortune 500 are the newsmakers, they are not the backbone of the American economy. In fact all those companies combined only account for less than one half of all jobs in America and if they vanished, they would be quickly replaced by a new group of giants.

However according to a recent U.S. Census report, America is the home to 17 million sole proprietorships and nearly 6 million businesses with fewer than 100 employees, and should those small businesses suddenly vanish, the fabric of our society would be shredded and democracy would disappear. Small business creates and sustains more than half the jobs in America on which families depend; they support other businesses that keep Americans employed; and to the media who prefer to bypass their press releases as being either insignificant or “self-serving promotion”, they need to stop and realize that it is those small businesses that buy the majority of radio ads, half the TV ads and the majority of all print and internet published advertising including Google Adwords. Also they rent more office space and buy more real estate than all Fortune 500 businesses combined.

So remember, free enterprise does not depend on democracy; but rather democracy depends on free enterprise.

As Americans, if we want to see a true resurgence in our economy, we need to be more attentive to small businesses relocating to or opening in our communities. Stop in, say hello and wish them luck and most importantly patronize their business. And this applies to our larger more prominent neighboring businesses as well, including medical providers, financial institutions, etc. It also applies to our neighboring government officials who depend on sales and property tax revenues to support our community. To our local media providers, make an added effort to help promote these small businesses. Publish or announce their press releases and make an effort to help them reach the milestone needed for them to purchase advertising. Ignoring small businesses that can’t yet afford to advertise in your media today is counterproductive and myopic. By helping them to grow and succeed today, the business owners will remember you when it is time to launch a real advertising campaign.

The success of a democratic system is dependent on free enterprise and capitalism. Every time a small business fails, our society suffers. Just say to yourself, “If it is to be, it’s up to me”. Your community depends on you. America depends on you.

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