A Strong Business Culture

The author is a freelance journalist and Google News PR specialist. She can be reached at virginia.sagal.media@gmail.com. -- Ed.

 

The U.S. business culture characterized by innovation and entrepreneurialism is unique in relation to most other countries around the world, which is why it remains to this day one of the top destinations to start a new business. 

In the U.S., small businesses are a major driving factor of national and global economic growth, accounting for almost 99.9% of all businesses in the U.S. The U.S. is globally known for its thriving business atmosphere and entrepreneurial spirit; yet its sound business infrastructure, established banking systems and countless sources of new capital doesn’t hurt either. The underlying principles of U.S. business culture favors small businesses. But why trust us? Let’s see what the data shows. 

Roughly 1 million new small businesses were formed in the U.S. in 2020

According to the U.S. Small Business Association’s (SBA) 2020 Small Business Profile, there are currently 31.7 million small businesses in the U.S., going up from 30.7 million small businesses in 2019. Considering the state of the U.S. economy amidst the coronavirus pandemic, an increase of roughly 1 million new small businesses from 2019 to 2020 is a significant feat considering the role small businesses play in economic development and job creation. 

The growing number of small businesses in the U.S., during a difficult financial year, is testament to the strong business culture U.S. business owners, big and small, continue to inspire and cultivate. But it is not simply its business culture that makes the U.S. one of the top destinations to start a new business, it's also due to their ability to embrace change and innovation, their openness to new ideas and opportunities, and it’s dedicated workforce. 

The U.S. is consistently rated as one of the best internationally for its ease of doing business and competitive atmosphere, also backed by a regulatory environment that is particularly conducive to start a business and succeed. The U.S. also affords small business owners very attractive tax benefits and the potential for international trade is endless considering the U.S.’s place in the global economy. U.S. business culture encourages free enterprise and growth, new business owners have easy access to mass and niche markets, various sources of financial capital and a workforce that is both skilled and motivated to work.   

What about the rest of the world?

The U.S. is not the only country known for its thriving business culture. The U.K., for example, features on Forbes’ list of top countries to start a business in, the ease of incorporation for small business in the U.K. and the tax benefits afforded to small business makes it a very lucrative country for business. Singapore, on the other hand, has many free trade agreements that consequently opens up massive markets and their online registration process for small businesses also makes it an attractive choice for entrepreneurs looking to incorporate or expand their business. Hong Kong’s economy has also grown steadily over recent years, it also has a highly educated workforce and easy access to startup capital, making it yet another optimal choice for small business owners. 

There are many more countries we can mention where small business owners thrive, either due to budding markets, advancing technologies, established infrastructures, or natural resources. Businesses thrive when they operate in the right environment and if we have to list countries according to their business culture and environment, the U.S. continues to come out on top.

The U.S. remains the entrepreneurial jurisdiction of choice 

Nothing beats the entrepreneurial spirit of U.S. business culture and the business incorporation data from the SBA shows that small businesses are making their mark as significant contributors to economic growth, so why give that business idea you’ve been keeping secret a go? An LLC would be the most appropriate business structure for small business owners who would like to officially incorporate their business. LLC formation is quick and simple, the registration process is very straight-forward, and there are many business guides and resources tools to help small business owners grow along the way.    

 

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