Local small businesses play a vital role in shaping society, from job creation and philanthropy, to influencing city politics. Entrepreneurs are community builders and calculated risk takers. They drive change, economic growth, and innovation. Local small business owners are our neighbors, our friends, and family members. An individual with an idea can rarely act alone; they need the support of others, and this is a good thing because it brings people together in new ways.
Local Small Businesses, Local Jobs
The most obvious benefit of a local small business is that it creates jobs for the community. Local small businesses mean new opportunities for individuals within that community that didn’t exist before. They cut down on unemployment rates, and commuting times. Additionally, when people feel secure about their income, they spend more money, which means local businesses have extra shoppers and will require more employees. It’s a circle. The success of a small business can be far-reaching. A thriving business will rely on other industries, such as suppliers, and storage facilities, which further distributes wealth. Furthermore, as employment rates go up, crime rates decline.
Innovation and Economic Growth
Risk is an unavoidable part of starting your own company. But when it pays off, it creates wealth not only for the entrepreneur but also for employees, and the local economy. Entrepreneurs have an eye for new markets. For example, the Internet didn’t even exist forty years ago, but now it’s hard to imagine life without it. This new technology opened many other avenues of economic growth. It changed the medical field, GPS maps, and smartphones, even the way we share or listen to music. The success of a local small business means wealth is distributed on a national scale, as well, due to taxation.
Shaping Community Identity
Local small businesses help shape the identity of a community. The exchange is more personable. They add to the culture of a place in ways that make it feel like home, or attracts tourist dollars. Think of restaurants in New Orleans serving gumbo and jambalaya. There’s a literal and figurative flavor to the region.
We need entrepreneurs. They’re problem solvers. They look at society and imagine it differently. And this willingness to try often improves the quality of our lives.