‘A Very Small Business’ is Now a Medium-Sized Business
Small businesses are increasingly big business and they are increasingly growing rapidly.
And, in the process, they are being transformed from the most niche businesses into the most important businesses in the country.
With the emergence of new technologies and a new kind of workforce, small businesses are becoming the new powerhouses of our economy.
“Small business has become the next major business,” says Jim Schulze, president of the Small Business Administration.
“Small business is the backbone of our nation.”
“Small businesses are poised to make an economic comeback and provide the economic opportunity for generations to come,” says Robert Litt, president and CEO of the National Small Business Association.
“They represent an important component of our workforce and are our biggest asset.
Small businesses, whether they are small or large, play an essential role in our economy.”
Small businesses can be seen as the engines of the American economy.
They provide a crucial service in many industries, from retail to banking and even health care.
In 2016, the U.S. accounted for 40 percent of the world’s total gross domestic product, or GDP, according to the U