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The Undeniable Inextricability of the Entrepreneurial Spirit

The Role
According to the SBA, there are twenty-nine million small businesses in the United States which represents approximately 98 percent of all businesses. Over half of all employees in the U.S. work for a small firm and small businesses accounted for approximately 75 percent of all new jobs created. Small businesses are generally considered to be the first line of employment or the initial “training ground” for the workforce.

SEE: The Psychology of Finance

Although the Small Business Act was passed in 1953 as a means of leveling the playing field for returning veterans and the shift from war production to familial focus, the wing span of the SBA continues to change with our economic requirements. This is evidenced by our continued reliance on the small business for ingenuity, growth, and development, beyond the baseline competition.

Too Important to Ignore
We forgot about the new role of small business in recent years. Entrepreneurs found diminished support to pursue their vision. As Steve Case of Startup America Partnership notes: in the last five years the number of new startups declined by 23 percent. If growth of new start-ups had remained at prior levels we would have approximately two million more jobs in the economy.

SEE: Flexibility and Adaptability: Becoming a Change Agent

The economy is complex with lots of moving parts, and although the need to nurture the entrepreneurial spirit does not qualify as “too big to fail” I certainly believe that it is “too important to ignore.” Traditionally, larger corporations had their model and workers were expected to fits this mold and become a company drone. However, we are indeed human and therefore generally multi-faceted one-of-a-kind originals. Trying to fit us all into a few specific molds simply makes for a depressed and unfulfilled workforce. Happy and engaged workers make the best workers so corporations began to accommodate individuality, to an extent, to maintain their highly trained talent. A spirit of entrepreneurship manifested as small businesses as well as within large corporations tends to keep us happy, fresh, productive, inventive, and employed.

SEE: The Role of Small Business in Economic Development

Recognizing the Happiness Quotient
Economic development refers to the enhancement of our productive capacity. It can be defined as concerted actions of policymakers and communities that promote the standard of living and economic health of a specific area. Economic development can also be referred to as the quantitative and qualitative changes in the economy. As our old economic models fall by the wayside or get revamped due to their proven irrelevance I think it’s time for us to develop new lines of thought, to recognize true correlations and interactions and to incorporate what we may not have ever considered previously: Although it may be considered “fuzzy logic” our pursuit of happiness may in fact be a stronger driver than previously recognized.

About the Author

Maisha Smart, MBA founded Finance and Marketing to help small businesses excel, by bridging the gap between finance and marketing processes. Some of her favorite activities include fine arts, a good debate, and social engagement.

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