There are many reasons to celebrate during small businesses week!
National Small Business Week, May 1-7, 2022, celebrates America’s
entrepreneurs and innovative startups. This year’s theme, “Building a Better America through
Entrepreneurship,” celebrates the resiliency and tenacity of America’s entrepreneurs!
This week is a great opportunity to spotlight the contributions of small business owners and learn more about the challenges they face. But what exactly makes small businesses so important?
Here are some reasons why we celebrate:
More than half of Americans either own or work for a small business, according to the Small Business Administration. And they create about two out of every three new jobs in the U.S. each year.
What’s more, half of our economy relies on small business and there are more than 32.5 million small businesses nationwide, according to SBA’s Office of Advocacy. (Fun fact: there are over 3 million small business in Texas.)
The benefits of small business to the local economy:
Small businesses contribute to local economies by bringing growth and innovation to the community in which the business is established. Small businesses also help stimulate economic growth by providing employment opportunities and are the driving force behind job creation.
According to the U.S. Small Business Administration, small businesses make up an overwhelming majority of businesses nationwide, with over 32.5 million small businesses making up over 99 percent of all employer firms in the United States.
Of those 32.5 million small businesses:
Over half are home-based
Over two-thirds are sole proprietorships
Two out of every three new jobs created come from small business
Our Key Initiatives
You will begin to see more resources for small businesses from the Frisco Chamber of Commerce. In late 2021, the Frisco Chamber Board of Directors and staff created and adopted a new strategic plan to continue to aid in the community’s booming growth. This plan sets the goal for the future as a chamber to remain relevant and essential to the community by supplying more purposeful and productive resources.
The new strategic plan focuses on three main areas – workforce, community non-profit assistance, and small business ecosystem. A fourth focus, financial literacy, is interspersed in all three main areas. “Solutions Groups” comprised of board members, staff, and stakeholders have been created to take a deeper dive into the resources we can provide for the future.
The Frisco Chamber recognizes the value and supports businesses of all sizes but also notes the value of small business to the community.
Ultimately, he new strategic plan recognizes that the more support and assistance that can be provided to our small businesses, the more successful the overall business community will become. Stay tuned!
Realizing the value of entrepreneurs and small businesses, the Frisco Chamber of Commerce began offering a program called Young Entrepreneurs Academy (YEA!) for middle and high school students in 2010 to help create a mindset for entrepreneurism at a young age. We are proud that these real world businesses, led by student CEOs are part of the 32.5 million businesses in the US. Learn more about our YEA! program here.
Finally, as you think about our small business owners in the community, I hope you’ll join me in recognizing their critical role in the American economy. Whether they operate a local bakery or manage a contracting firm, small business owners demonstrate attributes such as innovation and risk-taking; self-reliance and determination; hard work and creativity; and resourcefulness. Thank you!
Small Business Resources
As a business owner, you are not alone! In honor of Small Business Week, we’d love to share some resources with you:
Governor’s Small Business Portal (customizes resources for starting or growing a business.
SCORE – Free, confidential business advice from expert advisors committed to helping you succeed. Mentors are available to participate in remote mentoring sessions via phone, email, and video. Call the Frisco Chamber of Commerce to set up a SCORE appointment.
Collin Small Business Development Center – Offers no cost, confidential one-on-one business development strategy consulting for startups and growing businesses in Collin & Rockwall counties in addition to training and online resources.
North Central Texas Small Business Development Center – Provides small businesses in Denton, Cooke, and Montague counties with the practical assistance needed to survive, grow and prosper.
U.S. Small Business Administration (SBA) – Supports America’s small businesses and connects entrepreneurs with lenders and funding to help them plan, start and grow their business. Also provides resources for small business owners.