Business expert Gene Marks gives insights into the role small businesses play in the American economy.
Different people give you different numbers about small businesses, so anywhere between 20 to 30 million small businesses there are in this country, so that’s a lot. Some of them only have one person, some of them have multiple people, but anywhere you look around you there are small businesses. So, yeah, every time you have a large corporation – large corporations survive on ecosystems of the small businesses that support them. They subcontract out, they buy materials from them, they hire them for services. They are dependent on small businesses, just like governments are dependent on small businesses to provide services and ultimately tax revenues as well. So when you get any economy, most economies are made up of small companies, America is no different at all. Small businesses really are the ones that employ people and are ones that provide the entrepreneurism and the innovation that lead countries forward, even in good or bad economic times.