In this dynamic scene of entrepreneurship, the whirlwind of tech-driven startups and innovation hubs easily sweeps one off one's feet toward the quest to build the next Facebook. Another equally important, if not more so, yet really underappreciated part of this ecosystem is that represented by solo entrepreneurs or simply the mom-and-pop main street business. Neither one needs to be right or wrong, but which one aligns with your personal aspiration and circumstance for being an entrepreneur.
Unsung Heroes of the Economy
The entrepreneur who is driven by technology may feel disdain for the mom-and-pop small business, but in reality, the latter is the backbone of our economy. In fact, more than 60 million people who work in or for these mom-and-pop businesses only substantiate their necessity. It's the kind of entrepreneurship that is available, prevalent, and must be integral in our society's economic strata.
Diverse and Representative Small Business
Another good reason to celebrate Small Business is the diversity within them. Over 20 percent of small businesses are minority-owned; over half are women-owned. This representation is important in that it allows for opportunities to open up and innovation to occur in communities that otherwise may be overlooked.
The Importance of Lifestyle Entrepreneurship
Often minimized, lifestyle entrepreneurship—frequently manifesting in small businesses—is of equal importance to innovation-driven entrepreneurship. For the most part going unnoticed, lifestyle businesses are becoming more prominent within local economies, offering an alternative or sometimes even a more steady entrepreneurial option compared to progressing tech start-ups and venture capital. They generate and provide essential services, create local jobs, and build community connections.
Building Blocks of Success
For many entrepreneurs, small businesses serve as the training ground for future ventures. This is captured well by the notion of "50,000 chunks of experience" in academia. Much of the success related to entrepreneurship seems to come from countless small experiences and lessons that build up to create the foundation for further, greater achievements.
Stepping Stones to Innovation
Many of the top tech entrepreneurs began with tiny, relatively easy businesses that taught them how to be an entrepreneur. First ventures provide experience in running operations, ascertaining customer needs, and the other vagaries of doing business. It is from these lessons that the next big thing in technology possibly will arise.
Conclusion
At the very least, single entrepreneurs and mom-and-pop businesses should not go unmentioned or raised in a toast. They had not been stepping stones but rather one of the very pillars of the entrepreneurial ecosystem. As we pay respect, we give appreciation for the very diversity and resilience that propels our economy forward. Whether running small, local businesses or dreaming about the next tech innovation, every entrepreneurial journey is valid and vital.
