Scott Hoots, the CEO of QC Kinetix, is leading the way in the regenerative medicine industry. Small businesses have always played a significant role in the U.S. economy, contributing to about 44% of economic activity and creating two-thirds of new jobs. Last year, a record 5.5 million new business applications were filed, indicating a growing trend of people wanting to be their own boss and take control of their own fate.
The Cox Business survey shows that for most small-business owners, it’s not about profits or becoming wealthy, but about building something of their own. The appeal of rooting for the underdog and the desire to create something from an idea are strong motivators for entrepreneurs. Small businesses have a significant impact on people’s lives, with 85% of Americans viewing them positively, compared to only 42% for large corporations.
Franchises are a popular small-business concept that combines the benefits of brand recognition and support with the autonomy of business ownership. The International Franchise Association projects that there will be over 820,000 franchise units in the U.S. by the end of the year, with a total output of $893.9 billion. Small businesses like Chik-fil-A, even though they are part of a big brand, still have a tangible connection to the local community through independently owned and operated franchise locations.
Small businesses have the advantage of making a direct impact on the community. By having a purposeful mission, lending a helping hand to local causes, and sharing knowledge with others through mentorship and coaching, small-business owners can build strong relationships and contribute to the well-being of their community. Small-business success is measured not just by financial gain but by the positive influence they have on the people and businesses around them.
The commitment of small-business owners to their community is essential for creating a vibrant local economy. Despite the challenges and risks of entrepreneurship, more Americans are embracing the opportunity to open a small business and live their American dream. By focusing on building relationships with customers and connecting with the community, small businesses can thrive and make a lasting impact on society. Through their dedication and hard work, small-business owners continue to be the backbone of the U.S. economy.
