Small Businesses are Important to the Economy

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Category: Entrepreneurship

While government support may be different in the United States, the way entrepreneurs and small businesses are seen is similar in the Philippines. [Read also Pinoy Entrepreneurs and Effective Government Service and The Role and Challenges of Pinoy SMEs]

In the welcome remarks of Ben S. Bernanke, Chairman of the US Federal Reserve on 9 November 2011 during the Conference on Small Business and Entrepreneurship during an Economic Recovery, he noted that many potential entrepreneurs with plans to start new businesses have put those plans on hold.

Still, he noted that for many people, starting a small business is an opportunity to follow one's particular dream. A study shows that both baby boomers and older generations are increasingly turning to entrepreneurial activities.

Chairman Bernanke also noted the importance of small businesses in job creation, and to the economy. In the domestic scene, many entrepreneurs do more than provide important goods and services -- they and their businesses help sustain the vitality of the neighborhoods in which they live and work.

Globally, small businesses help the US compete. Small businesses offer a level of agility in bringing innovative products to the global marketplace that larger firms cannot match.

The importance of entrepreneurs and small businesses is also recognized in the Philippines. As previously noted, the Department of Trade and Industry (DTI) had admitted that "it is widely accepted that small and medium enterprises play a very important and significant role in the economic and social development of a country".

It would seem that the US government recognizes and supports its entrepreneurs and small businesses. In the Philippines, do you think the Philippine government is doing enough to support Pinoy Entrepreneurs and small businesses?