In this article, Darien Smith explains how businesses can operate more efficiently, create more jobs, and ultimately build better communities.
“Never doubt that a small group of thoughtful, committed, citizens can change the world. Indeed, it is the only thing that ever has.”— MARGARET MEAD
Small businesses are the backbone of America. According to the U.S. Chamber of Commerce there are 33.2 million small businesses in America, and these businesses employ almost half of America’s private sector workforce. I speak with founders of these businesses every week, and they are resourceful, energetic, and oftentimes burnt out. They are entrepreneurs and job creators. They aren’t building sexy AI startups or hiring software engineers. They’re picking up garbage, designing the apartments you call home, and cleaning the offices where you work. Many of these founders bootstrapped their companies decades ago before email became a thing and before the word selfie was invented. They built thriving businesses, earning enough to put their kids through college and creating jobs so others can do the same. These entrepreneurs are getting older by the day with no path towards retirement. They need our help.
As a millennial, I’ve been through my fair share of financial crises: the dot com bubble, the Great Recession, and the economic consequences of the pandemic. I was playing Crash Bandicoot during the dot com bubble and going to prom during the Great Recession. It was only during the pandemic when I was truly apart of the workforce, and as an entrepreneur it was one of the toughest times for me. My business floundered, my deals were killed, and I lost hope. I felt defeated. Many older entrepreneurs who founded successful businesses before I was born faced countless more economic shocks, wars, and political turmoil. Yet, against the odds, their businesses are still standing today. Thriving. Talking with them gives me energy, hope, and a model for success.
Each week when I talk with these older entrepreneurs I get a master class on resiliency, nimbleness, and adaptability. These older entrepreneurs didn’t give up in the face of adversity. They couldn’t. Their families depended on them. Their communities depended on them. They figured out a way to survive and thrive through times of high interest rates, rapidly changing technology, and recessions. We all depend on them. They didn’t and still don’t have time to adopt industry best practices or increase efficiencies using the latest and greatest technologies because they were, and still are, too busy doing. Doers do. My fancy degrees and training from the best institutions in the world pale in comparison to the real world education these older entrepreneurs give me each week. Throughout it all, they still find time to volunteer in their community, donate and sponsor local sports teams, and build the America we all love and live in today. They are leaders in every sense of the word and deserve our recognition.
Key points include:
- Working with entrepreneurs
- Transitioning businesses
- Mission-aligned focus
Read the full article, Building Communities with Private Equity, on DKSmithandCo.com