What are the advantages of an economy? How do people define an economy, and why should someone care about the economy? Explain the significance to the U.S. economy of small independent businesses. Explain why small independent businesses often foster more innovation than large ones. Describe some unique features of small independent businesses that make them stand out from large established businesses. Lastly, motivate your audience to care about the economy and what it means to them.
The most important advantage of a self-sustaining economy is that small independent businesses provide most of the jobs. Small business jobs, therefore, are the mainstay of any economy. Most people think of small business jobs as job-creating industries such as retail or services. Independent business owners have contributed to the strength of our economy by providing jobs for millions of Americans.
As you research the advantages of a self-sustaining economy, consider the many small business owners who have been successful and continue to succeed today. You will see that many small business owners do not have big bucks. In fact, many small business owners are self-employed, own multiple businesses, or are sole proprietors. Still, they manage to keep their businesses growing and thriving.
There are many advantages to a growing economy that start with small businesses. For one thing, these business owners have created jobs by bringing new ideas and products to market. In addition, small business owners have used social media programs and other forms of marketing to expand their customer base.
A major advantage to a self-sustaining economy is that many small businesses have been the victims of cyber crime. Cyber crime has cost many small businesses millions of dollars. In response, there have been new federal and state laws designed to protect small business owners against cyber crime.
Today, many countries around the world are experiencing a severe economic crisis. This is largely due to inefficient management of international trade. Trade barriers have prevented countries from exporting and importing needed items. Without adequate international trade, a country’s economy can cramp up. As a result, unemployment and inflation can occur. Economists around the world are concerned about the direction this economy is taking and they are concerned that it could lead to political and social chaos in the United States, if it continues on this course.
Many economists agree that the U.S. economy can benefit from increased international trade. However, the United States must be prepared to take its fair share of the burden. Recently, I delivered a speech to the National Association of Wholesale Retailers in Washington, D.C. on this topic. My presentation was titled “The US-Japanese Relationship: Implications of International Trade for Small Businesses” and was written to help retailers evaluate the strength of their relationship with the Japanese retailers. My main point was to emphasize the need for the United States to be a strong, open, and flexible partner in international trade.
While this sounds like a fairly simplistic argument, the fact is that the economic growth enjoyed by both Japan and the United States during the last few decades is dependent upon the other country doing what it needs to do to succeed in global trading. If Japan continues to do as it has done and does not become a more open or flexible economic power, then the United States will continue to suffer. The good news is that the United States currently enjoys an economic growth rate that would be considered among the highest of all developed countries. By understanding the balance of international trade and the importance of successful trade relationships to both the U.S. and the international community, small business owners can see the importance of preparing for the future.