Gov. Greg Abbott has officially declared April 28 through May 4 as Small Business Week in Texas.
In a news release issued by the governor’s office, Abbott emphasized the resilience of the Lone Star State’s small business community, highlighting the state’s pivotal role in driving economic growth and its unique ability to foster innovation.
Texas boasts a staggering 3.2 million small businesses, collectively employing nearly half of the state’s workforce.
“The story of Texas has long been written by men and women willing to take a risk, dig deep in their own pockets, and stake their future on an idea,” Abbott said. “From our small-town main streets to our big city centers, that pioneering spirit still fuels our shared prosperity today.”
The governor’s proclamation coincides with the nationally recognized Small Business Week, an annual tradition of over six decades championed by the Small Business Administration. This year’s theme, “Building on the Small Business Boom,” highlights the momentum in America’s small business sector.
Integral to celebrating Small Business Week are resources and support systems available to entrepreneurs across Texas. Abbott’s website offers an array of services to entrepreneurs, including step-by-step guides for starting a business, the Governor’s Small Business Resource Portal, and information on licenses and permits.
Moreover, the Governor’s Office hosts a series of Small Business Summits, providing opportunities for networking and knowledge exchange among Texas small business owners and entrepreneurs. These summits, held in diverse communities across the state, serve as incubators for innovation and collaboration, embodying the spirit of Small Business Week.
“Texas is home to more than 3 million small businesses, and they employ nearly half of all working Texas. Small businesses are the very backbone of the mighty Texas economy,” said Abbott, per the press release.
“Together, we are building a bigger, better Texas for decades to come,” Abbott continued.
According to a recently published report from Bank of America, small business owners are generally optimistic throughout the country: 65% expect revenue growth in the coming year, 39% intend to expand their businesses, and 30% plan to increase their workforce. Additionally, 55% experienced increased revenues in 2023 compared to the previous year.
However, economic threats persist for American entrepreneurs. Small business owners report worries about the U.S. political environment and inflation, with additional concerns about healthcare costs and interest rates. Since last spring, small business owners have seen a decrease in recession concerns, from 72% to 56%. Although inflation concerns have slightly decreased, 84% of small business owners claim to still feel its impact on their businesses.
