How Small Business Leaders Change the World
Posted By Kade Wilcox | March 10, 2021
First off, let’s ask a question.
Why do you think most entrepreneurs start their own businesses?
Most often the answer is simple. It’s because small business leaders see a need or demand going unmet within an industry.
When needs and demands are determined, and small business leaders set out to respond to the market accordingly, they enable economic change and growth in regions that would, alternatively, experience market stagnation.
To this point, when markets are grown in otherwise unprecedented geographic locations, two pivotal factors surge to the surface that emphasizes why small businesses were created to change the world: competition and increased standards of living.
Competition Yields Innovation
Competition matters in today’s economy because it drives innovation.
When entrepreneurs are presented with problems and obstacles in their industry, they set off on a race between their competitors to be the first on the market with more efficient processes and new or better products.
This constant rivalry develops a positive feedback loop of change that ultimately serves the consumer with the best possible product available.
Impact on Society
Springboarding off innovation are the obvious positive impacts posed onto society.
Ultimately, when the consumer is presented with the latest innovative technologies and products, and when businesses can also develop more efficient processes in developing those products, they can pass on savings to the consumers, which yields higher standards of living for everyone.
But of even further benefit are those presented within the local communities.
Stephan Goetz, Ph.D., professor of agricultural and regional economics at Penn State has stated,
"Small, locally owned businesses and startups tend to generate higher incomes for people in a community than big, non-local firms, which can actually depress local economies."
Because small business owners are more likely to communicate regularly with their customer base, even knowing many of them by their first names and interests, they know firsthand how their business decisions impact their local neighbors.
And when these interests and concerns are top of mind, small business owners tend to opt towards solutions that don’t just benefit them, but solutions that are mutually beneficial to their community as well.
In the United States, entrepreneurship is one of the few nonpartisan backbones we rest our identity on. We thrive on the idea of upward mobility and the adage of picking yourself up by your bootstraps.
Our histories, mine included, are peppered with stories of grit, hustle, and odds-against-you growth.
Without entrepreneurship and innovation, there would be no jobs. Without a steady influx of jobs, there would be no market competition. Without market competition, we wouldn’t have new product technology, innovations, and the positive social impacts that we see each and every day.
And that’s exactly how I want to help.
I want to be your advocate and your ally by helping you identify the paths of least resistance that yield the greatest return. I’m committed to providing you the content and assistance I wish I had when I was just getting my foot in the door.
- Regular blogs and newsletters packed with industry trends and tactics
- Podcasts that dive behind the scenes of the leaders you admire while helping you become the leader you aspire to be.
- YouTube videos that layout practical and tangible advice you can turn around and use in your business, today.
I’m about to hit the ground running and I don’t want you to miss a thing.
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