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Report: Upsides clear for future of America’s small businesses

On Behalf of | Jun 29, 2018 | Business Formation & Planning |

One might reasonably think that a number of factors might cumulatively influence growing numbers of young people to steer clear of business-linked dreams and opportunities to start and grow their own companies.

Indeed, some challenges do seem pronounced and clear. Government regulatory exactions are many and hardly ebbing. Tax law – though seemingly improved for small businesses recently – is always complex and in flux. Legions of aspiring and well-qualified entrepreneurs are already dealing with outsized educational debt that might give them second thoughts about embarking down a business path. Once unquestionably secure business realms (mall-based retail is but one example) are in dire sink-or-swim territory or have seen key players already succumb to rapidly changing commercial realities.

No worries, concludes a research team that has taken a close look at the Millennial demographic’s attitudes toward business risk and creation.

The conclusion of their study is both clear and promising, namely this: The future of small businesses in New York and nationally seems eminently clear, and it is centrally marked by upsides. The researchers point to data revealing that “the American dream of opening a small business is still very much alive.”

Indeed, culled study evidence indicates that a quite large number of comparatively younger Americans are not averse whatever to applying their time, money and creative energies toward business goals. In fact, many of them believe that doing so might actually entail less risk than would be the case if they pursued a so-called “traditional” career.

Findings like that are of course very encouraging, given that it is a vibrant business economy that fuels sustained growth by fostering new innovations and advances in everything from technology to medicine.

Proven business attorneys proudly play a central role in that and are uniquely positioned to do so. The close counsel and studied representation they provide materially assists diverse clients in matters spanning a wide universe of business concerns.

The American economy seems strong, diverse and well able to thrive going forward. Small businesses will undoubtedly contribute hugely to its success.