Small businesses have been an integral part of the American economic landscape since the founding of our nation, says Jim DePalma. They have played a vital role in creating jobs and fueling our economy, resulting in increased buying power for communities across the country. In 2018 alone, U.S. small businesses created 2 million new jobs! That’s more than half of all net job growth from that year – demonstrating just how essential small business has become to America’s success and well-being economically, socially, and culturally. Whether it’s through their contributions to local charities or offering competitive wages to attract talented employees – small businesses are making a big impact on this nation every single day!
Jim DePalma On Recognizing The Vital Impact Of Small Business In America
According to Jim DePalma, small businesses have long been recognized for their vital contribution to the American economy, playing a significant role in job creation and driving economic growth. According to the U.S. Small Business Administration, small businesses account for 99.7% of all employer firms, employing nearly 58 million Americans as of 2019. This is an impressive 47% of the U.S. workforce – an incredibly powerful impact on our society!
Furthermore, these enterprising firms are responsible for 44% of private-sector output and 34% of private-sector job creation over the past two decades – making them a hugely important source of innovation and wealth generation across our nation. As well as having positive macroeconomic impacts on the broader economy, small business owners also often serve as major contributors to their local communities. As they become increasingly important drivers of growth, small businesses represent an ever-growing opportunity to create jobs and wealth in both urban and rural areas of the country.
Small businesses cannot be undervalued when considering the impact that they make on our economy. Says Jim DePalma. Every year, small business owners generate billions of dollars in revenue for their states. In California alone, small business owners contribute over $2 trillion towards the state’s GDP!
As a real-life example of this economic contribution, consider Steve Jobs and Apple Inc. In 1976 he founded Apple Computer with his friend Steve Wozniak to revolutionize personal computing by creating one of the first commercial computers – the Apple II. Over time, Apple grew to become one of the most valuable and successful technology companies in the world. Jobs’ success was not only a personal victory but also an economic one, as Apple has created hundreds of thousands of jobs over the years and its products have had positive impacts on many industries.
Jim DePalma’s Concluding Thoughts
In short, recognizing the vital impact that small businesses make in America is essential for understanding the role they play in driving economic growth and providing employment opportunities across our nation. According to Jim DePalma, they are major contributors to job creation, innovation, and wealth generation – both locally and nationally – making them invaluable to our economy.