We may have to be “back to the future” to jump-start a new era of job creation in the U.S. We were once a country of entrepreneurs, individuals pursuing their dreams with their own two hands and skills learned from experience. Mom and pop stores dotted the economic landscape only rarely expanding outside the family when additional hands were needed. Gradually, success grew into stores, factories and corporations, moving job creation into the hands of fewer people.
But despite changes in how Americans define “work,” the Horatio Alger story is alive and well. Websites like Etsy, Zoondy and Kickstarter give testament to the strength of America’s entrepreneurial spirit. There are still plenty of people tinkering in basement workshops striving to build a better mousetrap.
However, as we’ve been discussing in recent posts, entrepreneurs and start ups, while they excel at innovation and job creation, lack the staying power to single-handedly fix the country’s job creation problem. Yet making that leap from entrepreneur to small business where volume sales can generate serious employment opportunities is critical. Ultimately, the incubation of entrepreneurial businesses and their growth into small businesses offers the greatest opportunity for present and future job growth.
Large corporations will still play a role in getting Americans back to work; and while that role may actually be growing as higher labor costs overseas and increased shipping costs bring some overseas jobs back to American shores, it is also becoming more supportive. In the future, the role of big business may be to support smaller businesses through supplier, distribution and other partnerships. However, the all-powerful bottom line will always dictate corporate participation in the U.S. job market. It is in entrepreneurial businesses and small businesses where employer-employee relationships are personal that need and desire have the greatest opportunity to unite and fuel U.S. job growth.