Remember Mr. Henderson, the friendly owner of the corner bookstore you frequented as a child? Or Ms. Lee, whose bakery’s aroma could transport you a world away with a single whiff? These small businesses, often run by families or passionate individuals, were once the backbone of our communities. But in recent years, the rise of big-box stores and online giants threatened their existence.
However, there’s a resurgence happening. A 2023 Kaufmann Foundation report found that small businesses (those with fewer than 500 employees) accounted for 44% of new jobs created in the U.S. That’s a significant chunk of the employment pie, and the good news is, it’s a trend expected to continue.
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