Small Business Depression
June 16, 2009 by admin
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Recession, crisis or downturn, small businesses are without a doubt experiencing an economic depression. A new report out by the National Federation of Independent Business found that the optimism index of small business owners is at its second lowest level in thirty-five years. Most depressing to me is that these entrepreneurs represent the heart and soul of our economic reinvention. They have the ideas and drive to create the type of innovations that will change our world and also create the next big corporation that will employ thousands and thousands of Americans.
Trying to survive by selling off inventory, laying people off, cutting hours of operation and foregoing any new capital investment in advancing their products and services, the future economic loss due to what is clearly a small business depression is immeasurable. In terms of coming back from the brink, entrepreneurs need some serious economic stimulation. Today, President Obama announced plans to target $15B to buying up small business loans in an effort to encourage banks to once again invest in entrepreneurs. This is important because ending the small business depression is about much more than tax breaks. It’s also about refocusing our attention from a top down mentality. After all, some of the world’s greatest innovations were born in garage-based start-ups!
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