In 2024, the United States will once again celebrate National Small Business Week, a week-long event that honors the contributions of small businesses and their owners to the economy. Since its inception in 1963, small businesses have played a vital role in driving economic growth and creating jobs.
Small businesses are defined by various factors such as firm revenues, total employment, and industry classification codes. Most manufacturing companies with 500 or fewer employees and non-manufacturing companies earning less than $7.5 million annually qualify as small businesses. These businesses come in all shapes and sizes, from family-owned shops to tech startups, each playing a unique role in the economy.
President Joe Biden has emphasized the importance of small businesses in a proclamation, calling them the engine of the economy and the heart and soul of communities. The president recognized the perseverance and dedication of entrepreneurs who work tirelessly to see their businesses succeed and contribute to the nation’s economy.
In Bloomington, Indiana, small businesses play a significant role in the local community. Eighty percent of Chamber member businesses are classified as small businesses. Christopher Emge, director of advocacy and public policy for Bloomington Chamber of Commerce, highlighted how these businesses contribute to the local economy by circulating money back into the community through spending by customers and employees. This creates a stronger economic ecosystem that benefits everyone in Bloomington.
To commemorate National Small Business Week 2024, The U.S Small Business Administration will host a virtual summit on April 30th and May 1st. The summit is free for both established business owners and aspiring entrepreneurs alike and features sessions on starting food truck business development skills for success practical networking opportunities with experts from Visa T-Mobile Amazon among other companies will be available at this event registration is mandatory on US SBA website it’s an excellent opportunity for entrepreneurs to learn about best practices for starting and growing their own business ventures while connecting with like-minded individuals who share their passion for entrepreneurship!
