Business ownership has always been a cornerstone of the American dream and I am committed to ensuring our entrepreneurs are given the opportunity to succeed. It is these individuals from many different walks of life who provide the backbone of
Business ownership has always been a cornerstone of the American dream and I am committed to ensuring our entrepreneurs are given the opportunity to succeed. It is these individuals from many different walks of life who provide the backbone of our state and national economies.
While some believe big businesses drive our economies, our small businesses do much of the “heavy lifting.” In Hawai‘i, for instance, small businesses represent approximately 98 percent of all our businesses.
That is why we must encourage a small business climate that promotes innovation, develops new jobs and provides collaboration with the public sector to help solve many of today’s important public policy challenges.
With the development of the Internet and other technologies, advances over the last 15 years have profoundly changed the world, making it easier for people to communicate with each other and to shift capital around the globe.
For instance, people from different countries can work together on the same project in real time. A bio-engineer in Hawai‘i can collaborate with a software programmer in California and a banker in China.
Thus, the reality is that the future economic fortunes of our state will be determined by the capabilities and creativity of our people, and by their ability to work and communicate effectively with others from around the world.
Many advances with new technologies, such as in the energy and high tech sectors, create business and job opportunities that did not previously exist in our state.
One example can be seen with the biofuel company, Phycal, which is planning to employ cutting-edge technology to extract lipids from algae on non-productive land to generate clean energy and reduce our dependence on foreign fossil fuel.
Successful technologies developed in Hawai‘i and implemented throughout the world provide a win-win for Hawai‘i businesses by helping to grow and diversify our economy and create jobs in the state.
I believe that to be a true leader, innovation, entrepreneurship and stewardship need to be encouraged, nurtured and rewarded.
Most importantly, these policy approaches recognize and encourage Hawai‘i ’s leadership and innovation in the environmental arena and other policy areas that will lead to our long-term growth and sustainability.
Unfortunately, tough economic challenges have led some to call for tax increases, which is akin to a business raising prices rather than cutting expenses; it won’t work in the long run.
The volatile job market and the stock market rollercoaster necessitate that we encourage our small businesses to grow and flourish, not burden them with higher taxes and unnecessary government regulations.
The most dynamic, innovative, and robust state economies are those that minimize government intervention and maximize economic freedom.
We must preserve competitive enterprise and maintain and strengthen the business climate in our state. We must recognize that the success of small businesses is critical to our economic recovery and strength, to building a better future, and to making Hawai‘i more competitive in the global marketplace.
It is not enough to encourage today’s citizens and businesses to innovate and think big. Public officials have to be willing to do the same. And I want to encourage all of our entrepreneurs to get involved and play a larger part in securing a brighter future of opportunity and innovation.
The American Dream is based upon our liberty and opportunity to flourish. It is the hope of all, and must be available to all. I want our entrepreneurs from all walks of life to be able to live the American Dream, to be able to invest in a dynamic workforce, and to build a more prosperous future right here in Hawai‘i.
• James “Duke” Aiona Jr., a Republican, is the lieutenant governor of Hawai‘i .
