We hear a lot about large companies and businesses in the news. But small businesses is the engine in many economies. In America alone, it is home to more than 30 million small businesses that employ roughly 60 million workers. And when you add owners and employees together, that’s a community of about 90 million hardworking Americans dependent on the success of small business which is most of the private-sector workforce. Small business owners are America’s most important job creators. US small businesses accounted for almost two-thirds of the net new jobs created over the past 10 years. In 2012, small businesses created more than 2.1 million net new jobs. Small businesses are the country’s main job creators because they are often growing and looking for new markets to expand. To do so, they need additional employees along the way. Large businesses on the other hand, generally stay the same size, hiring new employees to replace departing ones. Unfortunately, high taxes and recent Government regulations in health care, finance and labor disproportionately hurt small businesses and prevent them from growing and adding new jobs to the economy.
Big businesses with big profits can afford to comply with red tape in a way that small businesses just starting out cannot. As a result, small businesses still haven’t recovered completely from the pandemic and it shows by the chronically weak labor market. More than a 100 million Americans are not working or actively looking for jobs. To bring small businesses back, and strengthen the job market, job killing taxes and regulations must be rolled back. Job creators should be encouraged to hire more employees, not forced to reduce career opportunities. With a 100 million people depending on the success of small business, it’s easy to see why small business is too big to fail.