Small Business Week: Promoting Entrepreneurship and Economic Growth Through Networking and Recognition

The coordination of Small Business Week is well on its way. This 21st edition of a week of activities continues to promote entrepreneurship, provide networking opportunities, and highlight the contribution of small businesses to job creation and economic growth.

Some may query why organisations plan these weeks of activities. Research on the coordination of a business week or its derivative, in several jurisdictions, revealed a significant benefit to be had for the small business sector and the overall country, beyond a mere public relations exercise.

In the United States, National Small Business Week (NSBW) is celebrated annually. Organised by the Small Business Administration (SBA), the event acknowledges the contributions of small businesses, which create approximately two-thirds of new jobs each year. The week includes educational events, networking opportunities, and the honouring of outstanding small business owners.

According to Forbes.com, the week of activities has been ongoing for over 50 years and is co-hosted by the SBA and SCORE, a resource partner that offers mentoring to small businesses. The SBA administrator, Isabella Casillas Guzman, emphasised that small businesses are vital for economic growth, innovation, and job creation. During the Biden-Harris administration, there was a significant increase in business applications, indicating a robust entrepreneurial spirit. The NSBW includes awards for outstanding small business owners, such as the National Small Business Person of the Year and various categories recognising exporters and contractors.

Canada also celebrates Small Business Week, highlighting the importance of small firms to the Canadian economy, which employs about 70 per cent of the private sector workforce. The week features various events, including workshops and seminars aimed at supporting entrepreneurs. The Canadian government emphasises the role of small businesses in fostering innovation and economic resilience, which is particularly vital in the face of global economic challenges.

The Business Development Bank of Canada is the entity that has been organising Canada’s Small Business Week for the past 45 years. Each year, more than 10 000 entrepreneurs gather during the week to learn, network, and celebrate Canadian small businesses. According to the Bank’s website, the 2024 edition aims to recognise the contributions of ambitious, talented, and resilient entrepreneurs. The week of activities features conferences, panel discussions, and opportunities to connect with support organisations and fellow small business owners.

Canada recognises the contribution of the small business sector to its growth and transformation. There are more than 1.2 million small and medium businesses in Canada, accounting for 98 per cent of all businesses in the country. SMEs contribute over 50 per cent of Canada’s GDP and represent 63 per cent of all employees (10.7 million people). They account for 88 per cent of all private sector jobs.

In the Caribbean, small business celebrations vary by country but generally focus on similar themes of entrepreneurship and economic development. In Jamaica, the government promotes Small Business Week to highlight the contributions of small enterprises to job creation and economic stability. Events during the week often include workshops, expos, and networking opportunities aimed at supporting small business growth.

The Small Business Development Company in Trinidad & Tobago organises events to celebrate small businesses, focusing on providing resources and support for entrepreneurs. These initiatives aim to enhance the competitiveness of small firms which are crucial for economic diversification in the region.

The benefit of celebrating a small business week is multifaceted:

1. Awareness and Support: These celebrations raise awareness about the challenges and successes of small businesses, encouraging community support and engagement.

2. Networking Opportunities: They provide platforms for entrepreneurs to network, share experiences, and gain insights from industry leaders, fostering collaboration and innovation.

3. Economic Growth: By promoting small businesses, these initiatives contribute to job creation and economic diversification, essential for sustainable economic growth, particularly in regions heavily reliant on tourism or specific industries.

4. Policy Advocacy: Celebrating small businesses often leads to increased advocacy for policies that support entrepreneurship, such as access to financing, training programmes, and regulatory reforms.

Whereas the boost to the economy is easily measured, the motivational impact on small firms is equally rewarding.

Countries like St Maarten recognise Small Business Week by expressing gratitude to local entrepreneurs for their resilience, especially during challenging times like the recent COVID-19 pandemic. Such recognition not only boosts morale but also encourages other entrepreneurs to strive for excellence, fostering a competitive entrepreneurial spirit within the community.

The COVID-19 pandemic has accelerated digital adoption among Caribbean businesses. Celebrating Small Business Week can highlight successful digital transformation stories, encouraging other businesses to embrace technology for improved customer engagement and operational efficiency.

Shop local campaigns are often featured in Small Business Week celebrations, encouraging locals to support small firms during this week. This not only boosts sales for small enterprises but also strengthens community ties as residents engage with local entrepreneurs.

Events during Small Business Week often provide a platform for discussing common challenges faced by small businesses, such as high energy costs and bureaucratic hurdles. By bringing these issues to light, stakeholders can advocate for policies that support small business growth.

The celebration of small business weeks in various countries serves to recognise and bolster the economic contributions of small enterprises, ultimately leading to stronger and more resilient economies. The national attention helps to encourage more entrants into the market and foster an environment of competition. At the same time, these events provide the opportunity for advocacy and capacity building.

Let us therefore celebrate our small firms during this year’s Small Business Week.

The Small Business Association of Barbados (www.sba.bb) is the non-profit representative body for micro, small and medium enterprises (MSMEs).