There is an accepted belief in politics and generally in the economy that small business is the engine of the American economy. But recently there has been a backlash with people trying to make a case that larger corporations are really the economic engine – creating more jobs and driving larger revenues. And sometimes it seems like government agrees – for all the rhetoric from both parties, very little is actually done to make things better for small businesses specifically. So who is right?
This infographic from OnDeck Capital has some of the answers. But it also highlights how much small businesses are in fact in danger from big business moving in and homogenizing local markets throughout the US. Here at Yahoo! Small Business Advisor we are obviously small business partisans – but every big business was a small business first. And the new legal and political rules categorically do favor larger businesses which can afford to support SuperPACs and lobbyists to drive regulation that favors them. In some cases that regulation can favor the small business as well but the underlying net result is that small, local businesses are facing more challenges than ever before – at the same time as more people than ever are considering starting their own business.
So before you automatically decide to save the extra ten cents by shopping at a big box retailer or just go online to save money, take a look at this infographic and consider the longer term consequences.