Small business is an important part of the overall American economy, Rep. Rob Wittman (R-Montross) said during a Gloucester Chamber of Commerce program Monday morning at Main Street Event Center.
Wittman told the dozen people on hand that one way to help small businesses succeed is to "level the playing field" of the country’s tax laws so that some large businesses don’t receive too many tax breaks.
He said following the program that the ultimate responsibility for a small business’s success or failure is on the individual. "You must have a business plan," Wittman said, something he said many businesses fail to draw up.
Without having a plan it is almost impossible to get bank financing to help launch your business, Wittman said. He said small business owners also would benefit from taking courses offered by planning districts, community colleges and others that offer useful information on the many pitfalls of starting and running a business.
The federal government does make available some grants to assist start-ups, he said.
Part of the reason many small businesses fail, Wittman said, is that they are not adequately financed. He said the industry standard for those starting a business is have capital to keep the business afloat for three years so it has a chance to succeed.