Many small businesses emerge out of a simple idea. The creator is often someone who saw a need in the market and came up with a way to address it. He/she takes an idea and turns it into a marketable commodity. As the market appreciates the product, the business grows and may eventually become a large company.
Michael LeRoy Orlando says "The importance of small businesses to the nation’s economy cannot be understated." Small businesses create jobs, not just for the surrounding community, but also play a big role in national employment. The Small Business Administration estimates that small businesses employ more than 50 percent of the private sector workforce. They are the bedrock of the United States economy and provide growth even in tough times. When small businesses thrive, so does the economy.
Small businesses prosper for some reasons. First, the personal relationships small businesses offer enable them to relate to the community and build confidence. With a small business, clients can put a face to the business, thus increasing the chances of developing strong bonds. Second, small businesses can respond flexibly to changes in the marketplace. There are little to no hierarchical loops for a small business owner to expect if they want to make changes or respond to customer needs. Third, small businesses are in a good position to innovate and introduce creative ideas.
The growth of small businesses is crucial to the local community, and every effort has to be made to provide a suitable environment for these businesses.
Michael LeRoy from Orlando is the managing partner at Fulmer, LeRoy & Albee, a law firm that he helped establish eight years ago. Currently, he manages the firm’s three offices based in Orlando, Tampa & Fort Lauderdale.
Know more at: Michael LeRoy Orlando on Vimeo
