When business became big business - conglomerates employing hundreds and even thousands of people - companies divided themselves into still smaller units.
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Small business creates more jobs than large corporations.
That said, there is a tendency to help the large industrial conglomerate more quickly than the small company you have never heard of. That is something in the culture we are trying to change.
Most Fortune 500 companies began as small start-ups whose entrepreneurial founders slowly developed the infrastructure, hired the staff, sourced manufacturers or built their own factory, and created distribution, sales, and marketing plans.
As a young analyst just out of Stanford business school in the 1960s, I got to really understand what growth was about. Back then, you had to ask a customer to pay some money. That was the most important thing in getting a company off the ground.
We should change the current economic system dominated by big business groups to a one where small and medium-sized enterprises develop together.
Companies that grow for the sake of growth or that expand into areas outside their core business strategy often stumble. On the other hand, companies that build scale for the benefit of their customers and shareholders more often succeed over time.
Small business is America's engine of job creation.
It was really a very small company when I started and it changed very rapidly during those first periods.
You have family-owned businesses that have been around for 500 years. You cannot name a corporation that survives intact for even a few decades.
If you thought the advent of the Internet, the spread of cheap and efficient information technology, and the growing fragmentation of the consumer market were all going to help smaller companies thrive at the expense of the slow-moving giants of the Fortune 500, apparently you were wrong.
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