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why SMALL BUSINESSES?

Small businesses have been the heart of life and economy in the U.S. since the first settlers arrived. The idea of a self-made man emerged during this time when virtuous was the pioneer who built a home and life for his family despite the odds. Many colonists during this period lived on small farms in far-flung rural areas. With only the wilderness and their farms for sustenance, families had no choice but to be self-sufficient. Many people also made essential items at home.

Since the country was still very young, all businesses were small-scale. Trading in crops and services helped the economy go ‘round. However, the transportation of goods from one point to another took ages. There were also no machines since automation didn’t exist yet and banks, as we know them today, had not been established. Fast forward to the 1800s, and a new America was born. It marked the era of large-scale economic activity and manufacturing. The number of affluent Americans increased, as did the demand for goods. Modern corporations that employed thousands of workers fuelled this booming economy. In this environment, small businesses had trouble keeping up.

The story came full circle in the 20th century when large corporations faced stiff competition from businesses based overseas. America’s small businesses rose to the occasion during this period. As small businesses thrived, so did America’s economy. Many more people began to take an interest in entrepreneurship. Turning an idea into a business was no longer a dream but a viable possibility. Start-ups were born, and venture capital financing took the world by storm.