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The Importance of Small Business

Small businesses are the backbone of our economy. They drive growth, foster innovation, and create jobs. While large corporations often dominate the spotlight, it’s the millions of small businesses that collectively make an enormous impact.

According to the Small Business Administration (SBA), small businesses account for 99.9% of all businesses in the United States and employ approximately 46% of the private sector workforce. 

These small businesses provide opportunities for individuals from diverse backgrounds, including first-time job seekers, people re-entering the workforce, and skilled professionals. By creating local jobs, small businesses help to reduce unemployment, ease commuter traffic and strengthen community ties.

Unlike larger corporations, small businesses have some flexibility to experiment with new ideas without being bogged down by bureaucratic processes. This fosters creativity and competition that can lead to the development of innovative products and services. This also allows them to pivot quickly in times of economic uncertainty. Whether by embracing e-commerce, adjusting supply chains, or offering new services, they can more easily weather marketplace challenges and support local economic recovery. This is something we witnessed in our own valley during the recent pandemic.

Small businesses are essential to a local economy as they tend to be deeply embedded in their communities. They provide not only needed goods and services, but also a sense of identity and pride. They are typically supportive of local non-profits through sponsorships and will often source products and services from nearby vendors and like-minded businesses. This localized approach reinvests profits into the area and creates a ripple effect of economic benefits throughout the region.

Many small businesses also reflect the diversity of their owners and customers, offering unique products and services tailored to specific needs and cultures. These businesses enhance cultural representation in the marketplace, creating spaces where different traditions, values, and identities can be celebrated and shared. By doing so, these businesses enrich the social fabric of communities while driving economic growth.

In our valley, small business owners are our neighbors, our friends and our family. When we support them, they in turn help to support our region by placing their kids in youth sports, buying local products for their family’s needs and participating in community events. Supporting small businesses ensures a thriving economy that benefits everyone. 

Written by Kimberly Davidson

Kimberly Davidson is the Economic Development Director & Public Information Officer for the City of Wildomar where she is responsible for bringing business into Wildomar, helping business thrive in Wildomar and information distribution to the public. Prior to Wildomar, Kimberly also held the same responsibilities for both the Cities of Corona and Murrieta.

Among many notable awards for promoting business in the Temecula Valley, Kimberly is most proud of receiving the “Woman of the Year” Award from then-Assemblywoman Melissa Melendez in 2016 and being named “Citizen of the Year” in 2014 by the Murrieta Chamber of Commerce.

Murrieta has been Kimberly’s home for the past 20 years and she lives in Downtown Murrieta with her two young daughters and their rescued dogs and cats.

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