Sixty-three percent of business owners feel America is a great place to start a small business, according to a recent survey by CNN Money. The survey, which polled 50,000 American small business owners on the state of small business in America today, found that despite the many challenges Americans face, the majority of business owners believe the United States is still a great place to open a small business.
“This country was built for business,” one respondent stated, capturing the entrepreneurial spirit that many of us have. The results show great optimism toward the future of small business in this country, stating what many of us already know about running a business in this country. Here are a few reasons America is a great place to open a small business.
Benefits of a Free-Market Economy
America features a free-market economy, allowing businesses to compete with one another for consumer dollars. Competition breeds innovation, leading to many of the great products we have today. Both consumers and businesses benefit from this competition. Think of a town with only one grocery store. That monopoly keeps prices high and offerings low, since the business has no incentive to lower prices or improve store selection.
As soon as a competing business moves to town, though, that store has no choice but to step up the pace. Even the most loyal customers will eventually make the switch if the competition offers cost savings and a better product selection. A free-market economy also prompts product manufacturers to come up with better, more innovative approaches to the products we use every day, leading to technological advances in every field, from medicine to consumer products.
Access to Resources
For an entrepreneur interested in forming a start-up, there’s no shortage of resources in America. From great options like the Small Business Administration to the White House’s Resources for Businesses in America, small business owners have access to grants, workshops, and training programs that can position them to succeed.
Today’s American business owners can attend conferences, peruse websites, and subscribe to online magazines to stay abreast of the latest advancements in their chosen industry. Small businesses provide 64 percent of new private sector jobs, prompting both government and industry to acknowledge that assisting in small business growth can jump-start economic development.
Support from Other Business Owners
But one of the best reasons America is a great place to start a small business is the unwavering support from other small business owners. Networking events are held in almost every major city every day, with business owners eagerly sharing ideas and helping each other. Additionally, small business owners share advice online and at conferences, fully realizing the positive impact successful small businesses have on the business world and the economy at large.
“There’s not another country in the world where small business has the multitude of opportunities like the U.S.,” one business owner told CNN. While our free-market economy is largely to credit for this, there’s no limit to the value of the support we give each other every day. The ready access to resources and information is making it easier each year to start a small business in America.
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