While the news cycle lately has been filled with reports of massive layoffs at giant corporations across all industries, astute viewers are starting to discuss a detail that most journalists have failed to mention or even notice.

It’s the fact that as these giant corporations are slashing jobs to bump their stock price by a quarter point, small businesses are doing everything they can to avoid layoffs, even when it means cutting into their own profits. This shouldn’t surprise most people though, because entrepreneurs tend to live and work in the same communities as their employees, so they tend to care more about their teams. They also tend to create a better working environment for their staff for all the same reasons. And most of all, they care about the future of America.

While it’s become somewhat cliche, many small businesses really do nurture a family type of environment and go far beyond the typical giant company when it comes to supporting their employees.

And we’re not talking about a few low wage jobs here and there. For context, the Small Business Administration (SBA) defines a small business as one with fewer than 500 employees and businesses with annual revenue under $7.5 million—and these businesses account for a staggering 99.9% of all businesses and 45.9% of all jobs in the U.S. The reality is that in the U.S., small business not only provides nearly half of all jobs available, it also drives innovation, creates jobs in geographic areas that big corporations can’t or won’t, and creates both financial and social freedom for citizens.

Their innovation comes from competition. While giant corporations can often coast on autopilot thanks to their size, marketing budget, and name recognition, small businesses need to provide greater value and be more creative in their marketing efforts in order to survive. This benefits consumers in a big way by providing more and better options. And since these small businesses tend to hire locally, they create jobs in remote geographic areas that giant corporations simply aren’t interested in, fostering a more diverse job market and opportunities for more Americans.

It doesn’t take a PhD in economics to understand that one of the biggest factors in achieving financial and social freedom is a........

© The Eastern Herald