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Why Is Small Business So Big? Because We All Have a Stake in Its Performance

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A recent report in McKinsey Quarterly notes an observation that we at Accelerence readily agree with: “Along with baseball, Lassie, and apple pie, small business is an American cultural icon, and for good reason: companies with fewer than 500 employees account for almost two-thirds of net new jobs and generate 13 times more new patents per employee than large ones do.”

The US economy is stuck in the mud with US debt skyrocketing and unemployment hovering at 8% to 10% for several years. As referenced in the Horn and Pleasance article a key catalyst in driving US economic improvement is to jump start small business creation, innovation and growth which over the last many years has been sorely lagging. The success formula for refueling new business creation momentum will be through an equal partnership with government, universities and colleges, big industry and organizations such as the Chamber of Commerce.

 Historically these organizations have worked in self serving-silos which is not conducive or helpful in creating regional ecosystems that serve as fertile environments for entrepreneurs to incubate, hatch and scale great new businesses. Considering that historically 40% of new job creation comes from small businesses, this community collaboration process must seed and evolve quickly. The solution to our US economic malaise is job creation and that can’t come from government and won’t come from big business – leaving small and new businesses to do the heavy lifting.

Let’s roll up our sleeves as a community, to create environments that nurture and stimulate business creation. We as citizens of a great country, that is economically under performing, have a lot at stake.

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Posted in: Fueling Growth, Will Shook | Tags: start up , entrepreneur , job growth , US economy | Comments (0) | View Count: (4046)
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