Who are these men?
The eight men are Bill Gates of Microsoft, Inditex founder Amancio Ortega, veteran investor Warren Buffett, Mexico's Carlos Slim, Amazon boss Jeff Bezos, Facebook's Mark Zuckerberg, Oracle's Larry Ellison and former New York City mayor Michael Bloomberg.
The majority of these men are the owners or CEOs of gigantic corporations; while this fact is not very shocking, perhaps one would wonder if there would be a way to challenge large corporations to make the possession of wealth more diluted.
Currently, there are about 27.9 million small businesses in the United States, which account for 54% of sales in the USA. In fact, since the 1970s, 55% of all jobs have come from small business.
What Small Business Can Do
All of these men were at one time small business owners themselves. In most cases, they started a business from scratch, figured out what people wanted and needed and capitalized on that. The more they grew, the more they were able to reinvest that capital into something larger and larger.
Oftentimes what happens when a company grows to be a certain size, is they join the lobby game in Washington. They hire people who can promote their needs to powerful bureaucrats. They donate large sums of money to politicians to help them get elected, in response, these politicians write laws that help them stay big and stay #1 in their industry.
In many cases these large companies will donate large sums to candidates from both parties, ensuring the company always wins. These companies then push these winning candidates to pass more and more restrictions on their industries, usually under the guise of the public good.
These regulations make it difficult for smaller businesses to compete with the larger ones. Abiding by these regulations are generally easy for large corporations with armies of lawyers to deal with. The small ones don't have that luxury.
A small government is the solution. If bureaucrats have limited power to affect change in our lives and not add more and more regulations, then the playing field will be even for all businesses. Free market capitalism only exists when everyone is playing on the same field, with limited restrictions and no government handouts or unfair incentives.
Small business is definitely at a disadvantage to the corporate structure as it has far fewer resources to run itself the way something like Amazon or Facebook may. However, the answer to what small businesses can do is not necessarily expand but multiply in quantity or rather play to the strengths of being a small business.
Small businesses are capable of eating out large corporations because they are flexible and are able to handle customer service better than the corporation automated customer care lines. Small businesses are also more capable of molding their business to meet the wants and needs of their customers.
The main point of this article would be to say while the large corporations are winning the economic dominance race, this does not mean small businesses cannot fight back.
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