Small business may not, by itself, be the backbone of a country’s economy but it sure is the heartbeat of a nation’s economic progress and a good predictor of its future.
Among others, it tells how vibrant the economy might be in the years to come; it provides a glimpse on the number of homegrown medium to large sized businesses that will dominate the landscape years down the line and it can be used by the government to anticipate the unemployment situation over a period of time.
Additionally, it can be used to plan for the population based on its ability to innovate and sustain new businesses.
No doubt, every government looks to big business to create jobs and contribute a significant portion of the tax revenues. In fact, a lot of small businesses grow around big business providing various services as suppliers, contractors, dealers, among others.