This Business News Story Was Uncovered By Us From: https://www.youngupstarts.com/2020/09/28/the-struggles-of-small-business-dont-bode-well-for-the-overall-economy/
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by Andi Gray, president of Strategy Leaders
The year 2020 can’t end quickly enough for most small business owners.
Across the country, the pandemic forced many of them to close their operations temporarily – or permanently – and the continued economic uncertainty threatens to kill the ambitions of entrepreneurs who planned to launch businesses but now must put their dreams on hold.
None of that bodes well for the overall American economy. Small businesses make up 50 percent of the gross-domestic product and also employ half the workforce. What happens to them determines what happens to the overall economy. We as a country cannot afford to fail them.
Look at the 2008-11 banking crisis, a disturbing example of how a national crisis can sabotage entrepreneurship. In 2008, for the first time, the number of business starts fell below the number of business closures. In other words, more businesses were killed off than were launched. And it wasn’t a one-time event. The problem continued on for years.
The ripple effects? By 2009 small business contributions to GDP fell rather than grew. By 2010 the economic contribution gap between large and small businesses widened four-fold as small businesses struggled to keep up with their large corporate competitors. People lost their jobs, exports dropped, taxes fell and economic opportunity disappeared as entrepreneurs fought to recover. It took over five years for the small business community to get back on track. But the damage was already done. By 2015, the U.S. was ranked 12th among developed nations in terms of startup activity.
I worry such lingering effects could happen again – and be significantly worse this time.
Today’s COVID crisis is far larger and deeper than the 2008 crisis. I woul… Read More
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