3 Things You Should Know About Small Business: July 18
NEW YORK (TheStreet) -- What's happening in small business today?
1. Did President Obama really mean what he said? Conservatives, the media and especially small-business owners have been increasingly doing a double take since President Obama's spoke some misguided words at a campaign event this weekend in Virginia. If you haven't heard the words, you can watch a replay of the comment, in which he said: "If you've got a business, you didn't build that. Somebody else made that happen."
Taken out of the context of Obama's full comment, these words directed at business owners mean something totally different than what the president likely intended them to mean.
The National Federation of Independent Business specifically sent out a statement on Monday only replying to that one line.
President Obama's "unfortunate remarks over the weekend show an utter lack of understanding and appreciation for the people who take a huge personal risk and work endless hours to start a business and create jobs," NFIB President and CEO Dan Danner said.
"I'm sure every small-business owner who took a second mortgage on their home, maxed out their credit cards or borrowed money from their own retirement savings to start their business disagrees strongly with President Obama's claim. They know that hard work does matter," Danner continued. "Every small business is not indebted to the government or some other benefactor. If anything, small businesses are historically an economic and job-creating powerhouse in spite of the government."
But small-business owners would behoove themselves to take a closer look at the full text themselves before taking anything too personally, according to an article by YFS Magazine's founder and CEO Erica Nicole.
"The question is not 'Did we build our businesses?' - of course we did. The true question is more along the lines of 'Why argue over such a moot point?' Many have taken the statement out of context and exaggerated it to the point where it appears inane," Nicole says.
Further, putting it back into the full context of what Obama clumsily said, what he really meant was success comes not only because of "individual initiatives but also because of the public investments that help springboard success," Nicole cites Fox NewsSally Kohn as saying.