By Neil Borland, IINE Development Intern
New research from the Small Business Administration (SBA) indicates that new businesses are currently one of, if not the most important source of new jobs in the American economy. Drawing on data from the US Census and other sources, SBA economist Ying Lowrey argues that small startup businesses, such as family-owned stores and restaurants, are a major contributor to the economic recovery and a critical source of new jobs.
The actual role of startup businesses in employment may be far greater than official employment statistics suggest. According to the report, “between 1997 and 2008 new entrepreneurial businesses created 3.5 million new jobs a year. One million of those were for paid employees; the remaining 2.5 million were the jobs entrepreneurs created for themselves.” The latter, according to Ms. Lowrey, are not included in the job counts data that are the basis of much scholarly research.
Figures like these indicate the critical need to support small businesses in our community. We at the International Institute are proud to promote entrepreneurship in New England’s underserved communities. Our Bridges to Business program offers holistic business development trainings and technical assistance to entrepreneurs in both Massachusetts and Rhodes Island. The program’s coaches have over 20 years of experience in business and deliver customized solutions to meet each client’s needs. Those interested in learning more about the program or enrolling, please email the business development team .
Photo used under Creative Commons license, courtesy Brandon Christopher Warren