The importance of small businesses to the US economy

The importance of small businesses to the US economy
Ex-SBA chief Hector Barreto: Small Business Saturday – say thanks to friends, family who are entrepreneurs
It is easy to forget that independently held businesses make up half of our economy and create most of America’s new jobs

When I picture entrepreneurs, I see my parents – both Mexican-American, both tireless and selfless. My father started businesses; my mother ran them. My family didn’t realize it at the time, but the economic and cultural future of our community would be built by women like my mother – Latinas today are more likely to start and run a business than any other demographic group.

It is well worth pausing on Small Business Saturday, to think about, and appreciate, the people of the small-business community. Entrepreneurs are exceptional people. They have an uncommon appetite for risk. They are energized by hard work, and they are hard-wired to be creative problem solvers.

Best of all, their unique characteristics have a ripple effect on their communities: Small-business owners literally make the world a better place by creating and providing jobs, essential goods and services and meaningful contributions to local philanthropy (who buys uniforms for the little league team, collects winter coats for the homeless, pays for lights for the basketball court at the local park? Small-business owners!).

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