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Explore These Three Ways to Innovate Your Business

Small businesses make big impacts when they keep innovation in mind.

This story appears in the May 2005 issue of Entrepreneur. Subscribe »

If you want proof of small business's ability to take initiative and change the nation, just look at the minimum wage issue. While Congress debates the minimum wage, entrepreneurs have taken it upon themselves to simply raise it. In 1995, just short of 2 million Americans were earning minimum wage. By 2003, according to the latest data from the Bureau of Labor Statistics, that number had decreased to about half a million.

Small and midsize businesses have a long and rich history of building up America, and entrepreneurs have done so largely by being innovative. Today, the nation's 25 million small businesses employ more than 50 percent of the private work force and account for more than half of America's nonfarm gross domestic product. According to the SBA, small businesses produce 55 percent of all new innovations.

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