Small Businesses Fueling South Carolina's Growth Story
In South Carolina, the entrepreneurial spirit is thriving, with small businesses contributing a remarkable 70.9% to the state's new job growth over the past year. The recent 'Empowering Small Business: Strategies for Success' event hosted by Mastercard in Greenville highlighted the significant role that resilience and innovation play in this economic upsurge. Business owners, policymakers, and industry leaders united to reflect on their experiences, revealing the challenges faced in a rapidly changing marketplace and the opportunities that lie ahead.
Building Community Connections
Amid the discussions, it became clear that the fabric of South Carolina's small business landscape is woven with strong community connections. Bill Bunn, EVP of Retail Banking at First Bank, emphasized that relationship-building is vital. "Everything we do is community and relationship-based — that's our competitive edge," he pointed out. This sentiment resonated with participants like Jade Fountain, who noted how invaluable the support from local banks and organizations like Mastercard can be in navigating growth.
The Importance of Digital Resilience
As many small businesses pivot towards digital platforms, they encounter both opportunities and risks. While digital tools can significantly boost productivity and customer reach, they also expose businesses to cyber threats. Notably, nearly half of all cyberattacks target small businesses. Mastercard's Ginger Siegel stated, "Building digital resilience is as critical as scaling operations." The company assesses over 32 million online risks daily, offering protection that every small business should consider to stay secure in an increasingly digital world.
Leveraging AI for Business Growth
Artificial Intelligence (AI) is becoming an integral tool for about 45% of small businesses. However, these tools shine brightest when complemented by human insight. Mastercard is investing in agentic AI to help streamline operations, allowing owners to focus on customer relations and growth opportunities. Greenville realtor Kathleen Welch put it succinctly: "Sometimes it's the person who has a totally different business than you who might teach you something, and that's awesome.”
Insights from the Panel Discussion
The event featured more in-depth conversations on how the private sector could champion small business growth. Experts from various fields shared perspectives on leveraging technology, finance, and community support systems to create an environment conducive to entrepreneurship. They pointed out that fostering innovation should be a collaborative effort that encompasses financial consultants, local banks, and seasoned entrepreneurs.
Actionable Steps for Aspiring Entrepreneurs
Based on insights shared during the event, aspiring entrepreneurs can consider several actionable steps to bolster their businesses. First, they should seek mentorship from local business leaders, tapping into their wealth of experience. Additionally, integrating effective cybersecurity measures is essential for safeguarding digital assets. Lastly, utilizing AI technologies can enhance operational efficiencies. Embracing these strategies can help business owners maximize their potential and contribute to South Carolina’s economic vitality.
As South Carolina's small business landscape continues to evolve, the commitment to community, innovation, and resilience will shape the future. Stay informed and connected, as the pathway for small business success is filled with opportunities waiting to be seized.
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