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Are small businesses too hurt to help us recover?
Many business professionals have said it will be startups and small businesses that will guide the US to economic recovery. However, are small businesses too hurt to help us recover?
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3 Answers
I believe we are on the verge of a new wave of entrepreneurship both in the US and globally. This may be somewhat unintentional because the impetus is coming from layoffs, reductions in benefits, and loss of long-term security. Educated and experienced people who may have been comfortably positioned in years past now find the need to reinvent themselves. As a professor at an online university, I see this in the people coming to my classes. These are career changers looking to improve themselves. Many of these people are looking to establish their own heath care services business, medical transcription company, or other SoHo (Single Office/Home Office) businesses. Combine this with the leveling of the playing field brought about by the Internet, cloud computing services, and hosted telephony, and you have a recipe for growth from the bottom up. Caty asked "are small businesses too hurt to help us recover?" The answer is "no" because they have no choice! Recovery will come from the ashes of the past like a Phoenix rising, and it will come in the form of perhaps reluctant and unintentional entrepreneurs - but it will come! Adversity creates opportunity!
Small tech companies could help lead us out of the recession. I don't see either residential or commercial construction companies, typically the engines of recovery, leading us out of the recession. Construction industry conditions could actually lead us to the double-dip recession.
I think the US like the UK is placing too much reliance on small business to solve their problems.
Some small businesses are in a poor state, looking at the high street we can see that with closures abound. There will no doubt be a surge as we are seeing at my practice from those who have been made redundant going it alone.
In the UK many small businesses are reluctant to expand due to uncertainty, high employment costs, high taxation, lack of bank support, so without expansion the SME will have limited impact.
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