When I visited a client yesterday in a small business building in Stamford, CT, I walked down a hallway lined with closed doors. Each door had a sign for a different company posted next to it. And I thought, "This is the heart of America. All these little businesses, owned by entrepreneurs. This is what we are made of and is what will save us."
Earlier in the day, President Obama signed a bill to help small businesses access capital from the SBA. That made me very happy because, over 90% of the jobs in our country are generated by small businesses. The ones in my client's building range from sports to the environment to Internet to God knows what. Americans are loaded with ideas of how to fill needs. We are very inventive and clever. But most importantly, we have a great work ethic. To start or run a successful business, you have to be willing to work long hours.
Recessions tend to bring the entrepreneur out in people. When you have no job, it's much easier to take the risk of starting your own business and creating your own job.