America is the land of opportunity, a country where a person can pick themselves up by their bootstraps and build a better life. There is no better way to accomplish this than by creating a new firm. In fact, small businesses, companies with fewer than 500 employees, drive a majority of job growth. Our economic recovery and job growth hinge on lawmakers’ ability and willingness to support small business, says the U.S. Chamber of Commerce.
- Over the long run, small businesses account for approximately 66 percent of all net new job creation.
- Older, larger firms are less innovative, typically meaning that job growth slows down as institutional bureaucracy increases and new firms enter the market with more innovative ideas.
- Currently, unemployment remains at 8 percent and gross domestic product is weak, despite high stock prices and strong corporate profits.
The reason the employment sector is struggling is because policymakers are not supporting enough entrepreneurs. Pro-enterprise programs should support ethnic, social and generational changes that will continue to transition the economy into the next millennium. Programs should support immigrants, women and the millennial generation, which, based on recent measurements, may be somewhat less entrepreneurial than their predecessors.