How does a Business contribute to the Economy?

How Small Businesses Contribute to U.S. Economic Expansion

A man welds wearing protective glasses (© Syracuse Newspapers/The Image Works)

An employee of MGI Products Inc. welding a portion of a quartz wafer carrier.

Small businesses contribute much more to the U.S. economy and society as a whole than can be calculated just from the spending and profit that they generate. These businesses tend to be more economically innovative than larger companies; more able to respond to changing consumer demand; and more receptive to creating opportunities for women and minorities; and activities in distressed areas. “Building; running; and growing small business is a part of a virtuous cycle of creativity and increasing prosperity that can be applied by dedicated and thoughtful people anywhere;” the author says. “There are no secrets; and frequently money is less important than a considered combination of imagination and effort.”

Derek Leebaert is an adjunct professor of government at Georgetown University. He is co-author of The MIT Press trilogy on the information technology revolution; and serves as an adviser to Management Assessment Partners (MAP); a global consulting firm.

A visitor to the United States will encounter many newspapers and magazines devoted to business: The Wall Street Journal; Fortune; Forbes; Business Week;Barron’s. On television and radio; he or she will hear about the Dow Jones Industrials and the S&P 1000—statistics that reflect the stock market’s highs and lows; as shown by the value of the largest U.S. companies. The very term Fortune 500; coined 50 years ago by Fortune magazine; ranks the leading companies in the nation: General Motors; General Electric; DuPont; and; more recently; Microsoft and Oracle. Moreover; brand names such as Ford; Coca Cola; and IBM likely have been commonplace in his or her own country for decades. Against this background; our visitor might get the impression that America’s economy; employment; innovation; and exports are propelled solely by such behemoths.

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Economy gains 165,000 jobs; jobless rate, 7.5%

Employers added a better-than-expected 165,000 jobs in April,, easing concerns that payroll growth may be slipping into a sustained midyear slump.

The unemployment rate fell to 7.5% from 7.6%, the Labor Department said Friday. That’s the lowest since December 2008. It was more than enough to fire up the stock market. The Dow Jones industrial average topped 15,000 for the first time Friday morning, minutes after the Standard & Poor’s 500 index sailed past an all-time high of 1,600.

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Payroll gains for February and March were revised up by a total 114,000. February’s gains were revised to 332,000 from 268,000 and March’s to 138,000 from 88,000. Monthly job growth has averaged 196,000 so far this year, vs. 183,000 for all of 2012.

April’s report exceeded economists’ median forecast of 148,000 job gains for last month.

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