Small businesses are privately owned companies defined by a small number of employees and/or annual revenue, playing a major role in local job creation and economic innovation. They are driven by ambition. It’s what gives these small businesses the hope to keep going. Small businesses are usually owned and run by one individual, with the business and owner being the same legal entity. Small businesses can also be run by two or more individuals who agree to share in the profits or losses of said business.

We, Logansport, are filled to the brim with a variety of small businesses. Such businesses include Danie Queen and Fenel Salon on Market Street and a variety of small businesses on Broadway, such as The Record Farm and Bonus Pints, which could all be defined as small businesses.

The history of small businesses in America began with colonial settlers bartering goods and creating goods for themselves, evolving into a vital part of a growing nation’s economy. The impact of technology on small businesses helped them soar, and their landscape drastically changed, which is a professional way of saying “changing the game.”

 These small businesses boomed in quantity as the Industrial Revolution commenced. They thrived by filling markets and supplying larger industries. These markets were niche, supplying specialized products and other services that bigger companies couldn’t or didn’t provide. 

They also served as essential suppliers of components to large manufacturers and distributed finished products, which was their role in the supply chain. People left the farms to work in cities as the economy shifted to an industrial one, with factories becoming the center of production.

Then came the Great Depression, which in the early 20th century devastated small businesses. Most closed down, and even banks shut down since they didn’t have any money to continue business. The Great Depression caused a severe downturn, with widespread business failures and a lack of access to loans.

In 1953, the Small Business Administration provided crucial support to small businesses, ensuring that these businesses maintained their dynamic free-enterprise system, which was a healthy, competitive market. Later years brought a shift towards large corporation. Even though this large shift affected small businesses, they continued to thrive and play a vital part in the economy, filling unique market needs and fostering innovation.

Today, millions of small businesses form the backbone of the American economy, contributing to job creation, sales and exports. With Etsy, Facebook Marketplace and other websites that allow you to sell on them, you can make a profit and therefore own a small business. You could own bakeries, markets, farms and warehouses, the possibilities are endless. Remember that business is not without its hardships, including small businesses.