Small Business & Entrepreneurship in Ohio: Promoting Prosperity by Growing from Within

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Ohio State University. Department of Agricultural, Environmental, and Development Economics

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Small businesses and entrepreneurs have long been recognized for the important role they play in our economy. As recently as the first quarter of 2015, small businesses with fewer than 50 employees accounted for more than a quarter of total employment in Ohio, while nearly one in ten jobs were in businesses five years old and younger. Yet, even more important than the total job numbers, small businesses and entrepreneurs play a critical role in the dynamic evolution of the economy through job creation and job destruction. Simply, small business and new business development is a lot like a lottery; while many won’t be successful, if there are enough small business start-ups, the greater the chance that one will be successful and create scores of jobs and wealth. Even if many small start-ups fail, a key advantage is that a greater intensity of start-ups builds up a culture that celebrates entrepreneurship and better informs government as to how to create a climate to foster their success.