LETTER FROM BYRON HICKS: State Director, Small Business and Technology Development Center.

Dear Readers,

We are once again pleased to provide the North Carolina Small Business Handbook. This year's edition features profiles of successful small businesses, highlights on topical areas of interest, and resources that can help small businesses navigate through business and economic changes.

Small businesses play a crucial role in driving economic growth and development, especially in local communities. From job creation and innovation to community engagement, small businesses are the backbone of the state's economy and a key reason that North Carolina has been named the "Best State for Business" by CNBC for two years running.

JOB CREATION AND EMPLOYMENT OPPORTUNITIES

Small businesses are the primary source of job creation in North Carolina. According to the Small Business Administration (SBA), small businesses account for 99.6% of all businesses in the state, employing over 1.7 million people in various industries. Over the last 25 years, small businesses have created two-thirds of the net new jobs. These businesses provide opportunities for local residents to find meaningful employment close to home. As small businesses grow and thrive, they create more job openings, driving down unemployment rates and enhancing the overall economic stability of their communities.

ECONOMIC RESILIENCE AND DIVERSITY

In North Carolina, small businesses contribute significantly to the diversification of the state's economy. Small businesses operate in many sectors, such as agriculture, technology, tourism, manufacturing, and services. This diversity helps support local economies against economic downturns and changes in any one industry. During challenging times, small businesses often demonstrate greater adaptability and resilience, ensuring that North Carolina's local economies remain strong and less dependent on external factors. This was never more evident than during the last 3 years.

INNOVATION AND ENTREPRENEURSHIP

Small businesses drive innovation and entrepreneurship in North Carolina. Entrepreneurs often identify problems or gaps in the market and introduce innovative products and services. These solutions drive competitiveness and technological advancements. The state's universities and research institutions also play a vital role in fostering entrepreneurial culture, providing access to knowledge, resources, and mentorship for aspiring business owners. In addition to the universities, the state's strong community college system supports...