Financing Small Business in America: Debt Capital in a Global Economy

By Roger E. Hamlin; Thomas S. Lyons | Go to book overview

Chapter 5
SUMMARY AND CONCLUSION

SUMMARY

Small businesses have played, and will continue to play, a major role in the U.S. economy. Among some of the best-known corporations in America are many that started out as an entrepreneur, or entrepreneurial team, with an idea, including Dell Computers, Federal Express, Mary Kay Cosmetics, and Starbucks Coffee, to name only a few. Small businesses employ a significant portion of our workforce and continue to create the majority of new jobs. They are sources of innovation. They are suppliers to large corporations. Small firms have helped to assimilate immigrants into the U.S. economy and culture, and they have provided an avenue to economic progress for women and minorities.

The globalization of the economy has brought with it major structural changes as well as changes in the rules of the economic game. These changes have produced important challenges to the survival, let alone success, of small businesses. They must now contend with an economy in which they must actively recruit and retain high-level human capital. They must cope with a highly diversified economic system as well as an equally diverse array of specialized business resources. They must seek out and capture global niche markets. They must develop strategic alliances and frequently reinvent themselves if they are to survive.

Because of the tremendous value that small businesses add to the U.S. economy, helping them to overcome the challenges of the global economy is in the public interest. This means that it makes sense for government

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