Dell. Microsoft. Wal-Mart. McDonald’s. What comes to mind? Each of these companies started out as small businesses that eventually grew into big businesses, very large and successful businesses. Together, they inject billions of dollars and millions of jobs into our global economy.

But who were these companies before they became household names? Who were these homeowners before they became billionaires? Michael Dell founded Dell in his dorm room at the University of Texas in 1984 with just $ 1,000; It is now the largest PC manufacturer in the world, with revenues of more than $ 40 billion in just 16 years. Bill Gates dropped out of Harvard, founded Microsoft, and turned it into a $ 231 billion software giant. Sam Walton bought a small retail store right after graduating from college in Arkansas; Wal-Mart is now the largest corporation in the world by revenue. McDonalds took 13 years to open the second restaurant in 1953 and now serves more than 47 million customers on a daily basis around the world.

The purpose of this article is to highlight the importance of small businesses to our economy. With economic development organizations and communities focusing on the ‘Big Fish’, are we overlooking the enormous potential and opportunity of small businesses? This significant group represented 97.6% of all Indiana businesses in 2006! These 128,100 employer accounting firms account for 57% of all Indiana jobs, nearly 1.3 million. In 2007, small businesses accounted for all net new jobs created in the U.S. (Source: Bureau of Labor Statistics).

We cannot afford to overlook the contributions and value that small businesses inject into our economy. Our region must continue to offer opportunities, build programs that support and encourage innovation and risk taking. As the economy continues to stagnate, this support is crucial to the survival of small businesses and, consequently, the health of our regional economy.

There are a number of small business resources in the Region to help small businesses start, expand, and succeed. For example, NWI SBDC offers new and existing small business owners no-cost consulting services, low-cost workshops, tools, and resources, as well as resource partner referrals. There are also a number of local business incubators to aid in ‘hands-on’ development, as well as full-service office space such as the Hammond Innovation Center, Entech Innovation Center, City of Entrepreneurship Center. Michigan and the Purdue Technology Center. These aforementioned resources, as well as others, are invaluable and can provide that entrepreneur with additional assistance and direction to help them succeed and scale to new heights.

Statistics show that we need these entrepreneurs to start and develop small businesses. Fortunately, there is no shortage of people looking to fill that void and demand will continue to increase. In a survey funded by the Kauffman Center for Entrepreneurial Leadership, it was found that nearly seven out of 10 young people (ages 14-19) were interested in becoming entrepreneurs. The idea of ​​being an entrepreneur now trumps the old adage of becoming a doctor or a lawyer.

With communities creating enabling environments and resources for entrepreneurs, such as SBDCs, incubators, and others, a Sam Walton or Michael Dell could emerge and become an electronic giant. If we really want to develop the Region, provide future opportunities for our college graduates, and prevent the ‘brain drain’, let’s work together and focus on our locally grown small businesses.

~ Never underestimate the power of small businesses!