Working within America’s start-up community for the last few decades, I have seen first-hand the obstacles that can cause some start-ups to fail, and others to excel. While owning a business can be a complex venture, the structures preventing many Americans from owning their own businesses are not so complex to understand.
Before a venture is tested through enduring the longstanding market competition within its respective sector, there are numerous foundational steps to take, presenting pitfalls for those without the resources, access, or guidance to navigate those steps properly. For example, many hopeful business owners are daunted by the hurdles they must overcome to acquire a small business loan. As an entrepreneur as well as a business and financial advisor, it has been a rewarding experience assisting start-ups obtain funding. However, my work alone is not a sustainable remedy for this problem reverberating at varying intensities within communities across our nation.
As America works to build a more resilient economy for the middle class, I hope to see policy initiatives to demystify small business ownership by ensuring members of our local communities have the resources and support to do so. Elected officials should uplift aspiring entrepreneurs in our local communities to spur small business creation, and not weigh in on corporate competition and warfare among billion-dollar enterprises to catalyze the growth of small businesses.
The Department of Justice’s latest “Big Tech” lawsuit is a clear-cut example of this misguided pursuit. Throughout my years helping small businesses get off the ground, it was rare to find a hopeful founder concerned with the politicized legal matters of corporations on Fortune’s top earner’s list. Unfortunately, billion-dollar companies are spurring that lawsuit forward by providing arguments used by both the DOJ and participating state Attorney Generals, weaponizing the judicial system to get an edge on their competitors.
If these kinds of lawsuits continue to disrupt America’s tech sector, only the corporations in second or third place will reap the benefits – bolstering those companies while providing no new support, savings, or innovative digital tools for consumers within America’s middle class. Conversely, small business owners and consumers could see the landscape of free digital tools currently at their disposal disrupted.
With the many barriers preventing the middle class from small business ownership, I hope to see the Department of Justice go after predatory and discriminatory small business lending policies, and not waste time choosing sides in corporate rivalries.
Additionally, as data breaches are becoming more commonplace, consumers would be much better served if state AGs would spend their time enforcing the law of their land to hold bad actors accountable. As we get ready for another presidential election year, I hope lawmakers can remain focused on the issues that will protect and accelerate the growth of small businesses, while refraining from becoming champions for large companies striving for first place among its slightly larger competition.
- Small Businesses Need Capital Support, Mentorship – Not Politicized Lawsuits - November 13, 2023