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Start-ups Lead the Way to Economic Recovery in the United States
Start-ups Lead the Way to Economic Recovery in the United States
With employers given the boot, a number of former executives have put their experience to good use by branching out on their own.
NagerCoil,
Tamil Nadu,
India
(prbd.net)
06/07/2011
Even as the country’s economic crisis refuses to die, America remains true to its promise of being a land of opportunities. With thousands of executives losing their job, there’s been a new bleak of hope for a majority of them who’ve been enterprising enough to start their own company.
After all start-ups have always been major contributors to employment levels. In fact between 1977 and 2009, they contributed to nearly all of the two million to three million jobs that were created every year and there are about 500,000 businesses that are created every year.
The biggest advantage that start-ups have over large companies is that these start-ups can afford to spend on breakthrough technology as the risk factor is much less when compared to large companies. The large corporations on the other hand invest in technology that has controllable risks, but predictable returns.
Another advantage that start-ups have over others is the fact that they can provide customized solutions to people and search for growth opportunities, without having to worry about losing the quarterly target. Large companies often have to worry about balancing quarterly profit expectations and providing a greater value for money for customers.
The SBA too, has been helping people with business planning, loan programs, etc. These start-ups also enjoy tax credits. But if we’re looking at an effective platform to help start-ups, the government needs to help small businesses to grow. Because to quote the former President Bill Clinton, there isn’t a need for tax credits in companies that haven’t made a nickel. What’s needed is funding to help them grow and hire more personnel.
This can also help entrepreneurs falling prey to investors who often come with a lot of strings attached. In the current scenario, with the money market being tight, entrepreneurs often fall prey to investors who are only looking at their returns and are not necessarily in tune with the businessman’s vision for his company.
All said and done, there’s no denial of the fact that small businesses have been the torch bearers of change to alter the economic climate in the country.
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