A Hands-On Look at (Some) Modern Entrepreneurs

Pivotal Role of Online Selling Highlighted in Small Business Roundtable Report

A recent TechNet-Ipsos survey looked at the role e-commerce marketplaces (think Amazon, Walmart online, Etsy, etc.) play in the small business economy. In short: these marketplaces are becoming more and more meaningful for engaging customers, in a large part by addressing competitive disadvantages small business owners face. From expanding customer reach to reducing operational costs, the survey underscores how these platforms are empowering small retailers to thrive in a competitive and evolving digital economy. As small businesses increasingly adopt multi-channel strategies, e-commerce has emerged as a cornerstone of their success. Survey Highlights: The Digital Advantage For many small businesses, finding and connecting with customers is a constant uphill battle. Traditional methods, such as relying on foot traffic or expensive advertising campaigns, often fall short. Yet, 92% of respondents noted that e-commerce marketplaces make it significantly easier to reach potential customers, while 88% emphasized the ability to expand into international markets. These platforms effectively eliminate geographic constraints, allowing small businesses to tap into global audiences without requiring hefty marketing budgets. Running a small business also requires significant effort towards the management of financial demands, which E-commerce marketplaces tend to ease the burden of. According to the survey, 85% of small business owners reported that operating on the listed E-commerce platforms helped reduce overall expenses. Additionally, 82% highlighted the transparency of costs on e-commerce platforms compared to traditional sales channels. This clarity gives business owners the confidence to plan, invest, and grow without uncertainty and hidden fees eating into their margins. Perhaps most importantly, e-commerce platforms give small businesses the tools needed to stay creative and adaptable. From analytics that uncover customer trends to AI-powered systems that streamline daily tasks, these marketplaces are more than just places to sell—they're partners in helping businesses grow and thrive. It’s no surprise that 90% of small business owners highlighted the value of these tools in launching new products and running effective ad campaigns. Small businesses are thriving thanks to e-commerce marketplaces, which open doors to wider audiences and provide powerful resources for scaling and success. According to the TechNet-Ipsos survey, platforms like Amazon, eBay, and Etsy are leading the charge, helping small retailers unlock new opportunities. By addressing key barriers for small businesses, e-commerce marketplaces are leveling the playing field for those hoping to navigate an ever-changing retail landscape. E-Commerce and Brick-and-Mortar: A Symbiotic Relationship You CAN have both. Contrary to the narrative that e-commerce threatens traditional retail, the survey reveals a mutually beneficial relationship. Nearly 80% of respondents said their success in e-commerce has created opportunities to feature their products in physical stores. Additionally, small businesses with both e-commerce and in-store presence often see complementary growth. Customers who discover products online may visit physical stores to make purchases (looking at you, last-minute holiday shoppers), while in-store shoppers who can’t find exactly what they need often turn to the retailer’s e-commerce site to complete their transaction, allowing digital and physical retail to reinforce each other. Conclusion: E-Commerce as a Growth Engine for Small Businesses E-commerce marketplaces have proven to be indispensable for small businesses, offering cost-effective solutions to grow, streamline operations, and connect with customers. These platforms are far more than sales channels—they are engines of growth and innovation fueling the Main Street stores we know and love. For policymakers and stakeholders, it is key to recognize the synergy that exists between E-commerce and small business. Efforts to regulate or constrain leading e-commerce platforms could inadvertently harm the small business community, restricting innovation, alongside access to the tools that empower small retailers to remain competitive and thrive. E-commerce is not just a lifeline—it is the foundation for the future of small business success.

Small Business Roundtable hosted its third annual Entrepreneurship Exchange 2024 (EX 24) in Toronto, Canada on Wednesday, September 4 and Thursday, September 5, 2024. This year’s event featured a welcome dinner; a half-day event consisting of panels, fireside chats, and keynote addresses; a roundtable with North America policy experts; and a closing reception with a focus on three main themes: Navigating the New Normal: The Shifting Political and Economic Landscape and Their Implications for Business in North America; The Innovation Trifecta: Where AI, E-Commerce, and Policy Collide for Small Business Growth in North America; and Securing Our Future: What’s Happening in North American Energy and How Policy Can Help

Last week, the Small Business Roundtable (SBR) joined with a number of its members in submitting comments in support of the Small Business Administration’s (SBA) proposed rule breaking down barriers for entrepreneurs with prior justice involvement. You can read the full comment here . Under current regulations, individuals seeking access to various SBA loan programs may be deemed ineligible for loans if they are on parole, on probation, or otherwise have a criminal history record. Research has shown there is little to no correlation between a qualified borrower’s criminal record and their ability to repay borrowed funds. Additionally, the SBA has found that preventing justice-impacted individuals from accessing loan programs could increase the rate of recidivism among returning citizens while denying them an important channel to economic stability. While the proposed rule represents a critical step towards expanding access to capital for entrepreneurs with prior justice involvement, SBR will work with the Administration and Congress to address more opportunities to ensure participating lenders follow the SBA’s lead.

Now that the midterm elections are over and the 118th Congress is set to begin, it is worth considering the implications for small business and how entrepreneurs can engage. Democrats achieved a true Senate majority with key victories in the Georgia Senate runoff for incumbent Raphael Warnock. Meanwhile, Republicans took the majority by a razor thin four seats in the House. With a split Congress, partisan legislation will face challenges in the months ahead. House Republicans have already signaled an increase in Congressional oversight and investigations. While Senate Democrats will continue to work on passing legislation like they did in the 117th Congress, they will face challenges in passing legislation through a Republican-controlled House. Senate Democrats will also prioritize confirming Administration and judicial nominees with a 51-seat majority now. While partisan legislation will face an uphill battle to advance over the next two years, small business priorities could be a unique area for bipartisanship in the 118th Congress. Both Democrats and Republicans have expressed broad interest in regulating technology platforms. Others include alleviating worker shortages through training programs, expanding access to government contracting for underserved small businesses, mitigating the impact of inflation, and helping small businesses go digital. Below are five ways small business owners can make their voices heard on these and other issues important to them in the 118th Congress. Get in touch with your representatives. You can engage your representatives through an in-person meeting, phone call, snail mail or e-mail. Visit www.senate.gov/senators/ and https://www.house.gov/representatives/find-your-representative to find out who represents you. 2. Participate in a Small Business Roundtable member’s conference or fly-in. Small Business Roundtable’s members frequently have conferences around the country and fly-ins to the nation's capital to bring entrepreneurs together and make their voices heard. These events are a great way to amplify small businesses’ power and affect change. 3. Attend an in-person or virtual event. Small Business Roundtable and its members regularly host in-person and virtual events on pertinent topics. Be sure to subscribe to their newsletters and keep an eye out for these events on their websites. 4. Write an op-ed or letter to the editor. Op-eds and letters to the editor are another way to make your voice heard. Check out your local media outlets to learn how to submit one of these on the issues you care about. 5. Leverage social media in your engagement. Social media is a quick, low-resource way to engage your representatives. Be sure to think about which platforms make the most sense for your engagement and post regularly to enhance your impact.

IMMEDIATE RELEASE CONTACT 9/21/2022 Ashlyn Roberts ashlyn@smallbusinessroundtable.org Washington, D.C. - The SBIR & STTR Reauthorization Act of 2022 , which reauthorizes the federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, unanimously passed the U.S. Senate by unanimous vote on September 21, 2022. If passed in the House of Representatives, who is expected to take up the Senate’s bill on September 28, 2022, the legislation will fund these programs for an additional three years. View the full Senate bill text here and a section by section of its components here . Rhett Buttle & John Stanford, Co-Executive Directors of Small Business Roundtable Issued the Following Statement: “On behalf of Small Business Roundtable (SBR), we applaud the U.S. Senate for the recent reauthorization of Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs and thank Senators Ben Cardin and Joni Ernst for their leadership. Timely reauthorization of these programs is a victory for all American small businesses across the nation - these programs encourage engagement with the Federal government, boost research and development, and incentivize early stage efforts towards commercialization. The SBIR and STTR programs uphold investment that many small businesses depend on and this reauthorization enables sustained innovation in technology development for another three years. Over the past 40 years, the programs have provided nearly 200,000 awards totaling more than $63.8 billion to U.S. small businesses. These programs have already changed lives, catalyzed local economies, and optimized industries. Reauthorization, paired with the enhanced technology safeguards, promises to build on the previous success of this program and create new opportunities for even greater American innovation for years to come. We are pleased with the Senate’s swift efforts and call for passage in the House of Representatives.” ### The Small Business Roundtable ( http://www.smallbusinessroundtable.org/ ) is a coalition of leading small business and entrepreneurship organizations, dedicated to advancing policy, securing access, and promoting inclusion to benefit the businesses at the heart of the American economy.

FOR IMMEDIATE RELEASE 9/7/2022 CONTACT Ashlyn Roberts, ashlyn@smallbusinessroundtable.org WASHINGTON, D.C. - The Small Business Roundtable ( SBR ) , the leading coalition of entrepreneurship organizations in the United States, congratulates Liz Truss on becoming the United Kingdom’s 56th Prime Minister. The organization welcomes the opportunity to work with the UK government to advance small business priorities to benefit those entrepreneurs at the heart of the British and American economies. “We look forward to engaging with Prime Minister Truss and the UK government to benefit entrepreneurship around the globe. In so many policy areas, the United States and the United Kingdom can learn from one anothers – prioritizing an agenda that will foster wealth creation for all citizens through dynamic entrepreneurial growth. As we have with other key trading partners, SBR will work to highlight opportunities for improved bilateral relations while continuing to grow our more than $200 billion exchange of goods and services,” said John Stanford and Rhett Buttle, co-founders of SBR. The start of the Truss government coincides with SBR’s selection of London to host the 2023 Entrepreneurship Exchange (“EX23”), which convenes leading stakeholders from the global small business community for a day of dialogue and sharing of best practices. Learn more about Small Business Roundtable . ### The Small Business Roundtable ( SBR ) is a coalition of leading small business and entrepreneurship organizations, dedicated to advancing policy, securing access, and promoting inclusion to benefit the businesses at the heart of the American economy.