Initiatives August 2009 - Huntsville/Madison County Chamber of ...

Small Business:
Foundation of Economic Growth
Owning a business is a dream for many.
But, it takes someone with an ironclad
stomach to actually turn the dream into a reality
and become a hero to those who wish they
had the guts to do it. Small business owners
employ more than half of the American
workforce and account for nearly 60 percent
of the net new jobs created annually. Locally,
those numbers don’t change much. According
to the latest figures released by the Small
Business Administration, small businesses
make up almost 90 percent of employers in
the state and accounted for almost 50 percent
of the net new jobs. The entrepreneurial spirit
lies at the core of the Huntsville/Madison
County community’s economy and identity.
In fact, Huntsville was recognized as an entrepreneur
hotspot by Entrepreneur Magazine.
And as the U.S. economy shows signs that it
is recovering from the recession, clearly it is
the local small business owner who can take
pride in this accomplishment.
And people may be surprised to learn that
the number of small business owners has actually
increased during a national economic
recession, according to Joanne Randolph,
president of the Women’s Business Center
of North Alabama (WBCNA). “The demand
for our services is up. Last year, the WBCNA
counseled and trained more than 1,300 individuals,”
she said.
People start new businesses for many reasons:
control of their own destiny; they are
tired of being “right-sized”; or they simply
want to be their own boss. Because of the
strong aerospace and defense industry in this
region, many budding entrepreneurs start a
business to do business with government. In
addition, Randolph says that she is starting to
see a growing trend in people starting homebased
businesses because they want to work
from home and are tired of commuting.
Whatever the industry, small business owners
face many challenges. While many start a
business based on a skill or a trade they know
continued on page 37
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34 August 2009 Initiatives
1015 Henderson Road NW | Huntsville, AL 35816 | P 256.533.5789 | F 256.533.5785