President Donald Trump has announced the start of National Small Business Week (NSBW). The week honors entrepreneurs who drive the U.S. economy, and it runs from May 5 to 11. Public and private organizations come together to celebrate the event and support the American entrepreneurial spirit.
The small business segment makes up a vital component of the U.S. economy. More than 30 million small businesses employ close to 59 million people in the U.S. And this makes up more than one-third of the country’s labor force. Take a look at the U.S. economy overall, small businesses generate around 44% of the U.S. gross domestic product (GDP).
The President said his administration is, “A strong ally and advocate of small businesses and their ability to help America reach its full economic potential.”
The passage of the Tax Cuts and Jobs Act allows owners to deduct 20 percent from their taxable business income. And the elimination of unnecessary and burdensome regulations make it much easier for entrepreneurs to flourish.
In his first week as President, Donald Trump issued Executive Order 13771 (E.O. 13771): “Reducing Regulation and Controlling Regulatory Costs.” This order requires, “For every new regulation issued, at least two prior regulations be identified for elimination.” And the order also requires“The cost of planned regulations be prudently managed and controlled through a budgeting process.”
National Small Business Week 2019
National Small Business Week marks more than 50 years of recognizing small business growth. The event highlights their contribution to the U.S. economy. And it identifies the challenges they face.
Small businesses seek to find workable solutions to these challenges in order to grow. And the administration says the success of these businesses “Depends on leadership and vision from all perspectives and backgrounds.”
Women own close to 10 million American small businesses. And minorities and veterans make up 29% and 10% of those owners respectively.
With the right policies, incentives, and environment, small businesses can grow without too much meddling from the government.
Small Businesses and The Trump Administration
To date, the Trump Administration has taken some concrete steps to help small businesses thrive. This includes the best unemployment numbers in 50 years.
Having more job openings than there are workers to fill those openings is infinitely better than not having jobs.
The GDP is also growing at a 3.2% annualized growth rate for the first quarter of 2019. All of these economic indicators are creating a positive and competitive environment for entrepreneurs.
Brian Blase, Special Assistant to the President for Economic Policy, National Economic Council put it best when he said, “Innovation is the only way to make things better and more affordable over time. Choice fuels competition and competition fuels innovation.”