But we should honor them anyway.
According to the Small Business Administration, a small business is "an independent business having fewer than 500 employees." That means 99.7% of all employer firms are small businesses; they employ over 50% of all private sector employees. They produce 13 times more patents per employee than large patenting firms. They provide the products and services we rely on. In today’s competitive and struggling economic environment, they live and die on their service commitment. In America, the impact of small business is not small.
Last week, after some criticism, President Obama delivered an inspiring speech to the youth of America. All join him in calling students to study hard, to develop their gifts into worthwhile and rewarding careers and to take personal responsibility for creating their own destiny. But I also wish he'd have encouraged our youth's dreams of becoming tomorrow's entrepreneur - the men and women who will start the businesses that will fuel our future. In America, you don't have to work for others. If you can find a way to do something better, faster or in a unique way, you can start your own company.
We need every small business entrepreneur we can get. In the face of what many fear will be a "jobless recovery," job seekers are realizing how important small business entrepreneurs are to America's economic health. In the last fifteen years, 64% of the new jobs created came from small business. The new winners in the great game of business provide the jobs Americans need. For our free enterprise system to work, we need labor, entrepreneurs and capital investors working together.