Scott Hoots, the CEO of QC Kinetix, is at the forefront of the regenerative medicine industry. Small businesses continue to play a significant role in the American economy, contributing to about 44% of economic activity and two-thirds of new job creation. Last year, a record 5.5 million new business applications were filed, indicating a growing trend of individuals taking the leap into entrepreneurship.
A recent Cox Business survey revealed that the majority of small-business owners are driven by the desire to build something of their own rather than the pursuit of wealth. This same spirit of determination has fueled success stories like Steve Jobs, Martha Stewart, and Bill Gates, who started from humble beginnings and built empires from their ideas. A Gallup survey conducted in partnership with Bentley University showed that Americans view small businesses more favorably than large corporations, with 85% seeing them as having a positive impact on people’s lives.
Franchise ownership, which offers the benefits of brand recognition and support while allowing for individual autonomy, is a popular small-business concept with a significant footprint. The International Franchise Association predicts that there will be over 820,000 franchise units in the U.S. by the end of the year, generating a total output of $893.9 billion. Small businesses like Chik-fil-A, despite being part of a larger brand, hold a special place in local communities as independently owned and operated franchises that contribute to the local economy.
Small businesses have a unique advantage in impacting their communities through purposeful missions, supporting local causes, and sharing knowledge through mentorship and coaching. Operating as small businesses allows for personalized attention to clients and the opportunity to build strong community connections. By working with organizations like Best Buddies, which promotes inclusivity and friendship for people with disabilities, small businesses can make a tangible difference in their communities.
Entrepreneurs who take the risk to open small businesses not only fulfill their own American dream but also play a vital role in stimulating the local economy through taxes and job creation. By focusing on relationships and connecting with customers, small businesses can cultivate these values and build strong communities. It is heartening to see a resurgence in the spirit of entrepreneurship and a return to the roots of what makes small businesses successful—people.
