Letter: Small Business Week

Since 1963, National Small Business Week has been proclaimed in the United States to honor the significant economic contribution of small businesses. This recognition is well deserved.

It is often said small businesses are the “backbone” of the American economy and for good reason.

According to the U.S. Small Business Administration’s Office of Advocacy, small firms with less than 500 employees account for approximately 99.7 percent of all employers. They employ half of all private-sector employees and pay 43 percent of the total U.S. private payroll.

Small businesses in America are also innovation leaders, representing 43 percent of high tech workers and producing 16.5 times more patents per employee than larger firms.

Small companies lead the way in the area of job creation. Small businesses are estimated to have generated between more than 65 percent of net new jobs in America in the past two decades.

Small firms are vital to the health of our local and state economy. A recent SBA state profile reported, ‘Florida’s small businesses are key to the state’s well-being.’

America’s economy was built by men and women who dreamed of owning their own business and sacrificed to make that dream a reality. These individuals are unafraid to sketch out new ideas on the back of restaurant napkins, to draft business plans, raise capital through second mortgages on their homes and loans from family, friends and community banks. I have great respect for those who risk it all to pursue their dreams.

Every day in St. Johns County and across America, these millions of small business owners and sole proprietors head to work. They work long hours and may work seven days a week. They worry about cash flow and sometimes even dig into their own pockets to make weekly payroll.

The next time you walk into a local business to purchase a good or service, take a moment to greet the owner or manager with respect. Shake their hand and say, “Thank you,” for their commitment and tenacity.

The entrepreneurial labor and investment of small business owners has been a critical component in America’s economic success story. America’s economy will rebound and a key factor in the recovery will be the blessing of having millions of individuals unafraid of hard work, undeterred by burdensome regulation and willing to take the extraordinary risks necessary to start and build successful businesses.

This week’s proclamation serves as valuable reminder of the special contribution of small businesses to our local economy.

Kirk Wendland, President
St. Johns County Chamber of Commerce