Standing in front of the crowd at the recent Business Excellence Awards luncheon, I was amazed to see so many supporters from the small business community.
This support is exactly what we need to help fuel the economy as we continue to watch the Dow Jones Industrial Average fluctuate and read gloomy business headlines on a daily basis.
Small businesses and organizations, like the Northwest Indiana Small Business Development Center, need our support now more than ever. By supporting entrepreneurs, we encourage economic activity, creating an increase in production levels and stimulating companies to create jobs. These new employees will spend their earned wages on goods and services produced by these companies, further increasing production levels. This cycle continues, fueling additional economic growth. Similarly, any reduction in support for small businesses will decrease overall economic activity and may contract the economy as a whole.
But why is it vital to focus on small businesses and not big ones? It is these small businesses that continue to adapt, change and grow.
Research by the US Small Business Administration Office of Advocacy shows that small businesses create the majority of the nation’s net new jobs. It also revealed that small businesses are 13 times more innovative, bringing dynamic ideas and fresh products to market.
It is this innovative mindset that put Terry Daniel and Lou Pringle of Exhaust Productions Inc. in the spotlight. The entrepreneurs were honored with the 2008 Small Business Owner of the Year Award at this year’s luncheon. When manufacturing began to move to China, the team decided to change gears and move into the high-performance motorcycle industry and Rush Racing products.
By taking the time to recognize businesses like Exhaust Productions Inc., the Northwest Indiana SBDC continues to encourage small business development and highlight the entrepreneurial spirit. Our mission is to have a positive and measurable impact on the formation and growth of small businesses in the region and state. We have workshops, personalized consulting, referrals, training, and other essential business tools to help guide small business owners to success.
The entrepreneur is a risk taker. It takes courage to take the leap, so community support and resources like the NWI SBDC can make a big difference.