Episode 29 Small Business in America The most successful economic system in the history of the world.

Capitalism. There is no question that capitalism has been the most successful economic system the world has ever seen. It has helped lift billions of people out of poverty, and it has helped enhance the wealth, health, and education of people around the world. Capitalism enables competition, innovation, and choice. Small Business. Small business constitutes a major force in the U.S. economy. There are more than twenty-seven million small businesses in this country, and they generate about 43% of our gross domestic product. Small businesses create over 66% new jobs each year. Reasons for Starting a Business of Your Own. Changing your economic circumstances is number one. Charting your own destiny, owning your time, following your passion, and being unemployed or unemployable are among the top reasons given.

Greatest Benefit of Owning a Small Business. The ability to grow financially and take advantage of tax benefits afforded to small business owners. As a small business begins to grow, you can also incorporate. This provides owner's with protection of their personal assets from legal entanglements brought on by their business.

Bootstrapping refers to the process of starting a company with little or no money. But also includes companies with some capital gained from personal savings, funds borrowed or invested from family or friends, as well as income from initial sales. The name suggests, entrepreneurs must “pull themselves up by their bootstraps'' by using their own labor and capital to launch. Experts say that a majority of all startups (75% to 85%) are bootstrapped.

Tags: Bootstrapping, Business startup, Business Brokers, Small Business, Consulting, Transworld Business Advisors