Viewpoint: The Future of Entrepreneurship

Martin Bailey examines legislation to help small business succeed as the financial recovery struggles and examines the overall importance of small business.

 

 

Martin Bailey examines legislation to help small business succeed as the financial recovery struggles and examines the overall importance of small business.
Editor’s Note: From time to time, LatinBusinessToday will present views from across the political spectrum on issues of vital interest to business people. Below, Martin Baily of The Brookings Institution examines legislation to help small business succeed as the financial recovery struggles and examines the overall importance of small business.

Many American workers owe their livelihood to successful small businesses, or to bigger companies that started out small. In this week’s @ Brookings podcast, Martin Baily, a senior fellow in Economic Studies, makes recommendations for boosting small business and creating jobs during the fragile economic recovery.

The Future of Small Business Entrepreneurship: Jobs Generator for the U.S. Economy

The Brookings Institution
As the nation strives to recover from the “Great Recession,” job creation remains one of the biggest challenges to renewed prosperity. Small businesses have been among the most powerful generators of new jobs historically, suggesting the value of a stronger focus on supporting small businesses—especially high-growth firms—and encouraging entrepreneurship. Choosing the right policies will require public and private decision-makers to establish clear goals, such as increasing employment, raising the overall return on investment, and generating innovations with broader benefits for society. Good mechanisms will also be needed for gauging their progress and ultimate success. This brief examines policy recommendations to strengthen the small business sector and provide a platform for effective programs. These recommendations draw heavily from ideas discussed at a conference held at the Brookings Institution with academic experts, successful private-sector entrepreneurs, and government policymakers, including leaders from the Small Business Administration. The gathering was intended to spur the development of creative solutions in the private and public sectors to foster lasting economic growth.