The Importance Of Small Business In Kentucky

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Kentucky is famous for its bourbon, horse races, and coal. About 4,000 Kentuckians work distilleries, 1,300 in horse ranching, with 11,000 in coal mining. Manufacturing being one of Kentucky’s biggest economy, making up 18.3 percent the states gross domestic product (GPD). According to the business rank, Kentucky fell in the middle on most our metrics. Small businesses in Kentucky are the foundation of our state’s economy. How does socio-economic, geographic, fiscal policy, educational and competitive environment benefit within Kentucky small businesses. Socio-economic defines the quality of life in society. They strengthen values, fuel products, lifestyles of all individuals and service innovation. Education, income, and occupation are the parameters of socio-economic. Education provides the tools to our society resulting in skilled and knowledgeable employees that are required within jobs and professions. Society depends on the availability and accessibility of education. When you have a society with a well-educated population, …show more content…
Income influences spending habits. Small businesses customers are likely to purchase more when their income is available. When the economy is increased the incentives to spend more increases. However, when income fluctuation occurs small business sees an intruder within the economy. Small businesses thrive well when the economy grows. The opposite happens during economy declines.
Occupation type of jobs people performs by their skills will affect your small business. Your customers can range from self-employed to doctors. Unskilled customer’s wages will be lower which will cause a decline in purchases. Measuring socio-economic impact for small businesses can help your company needs, resources, and incentives of their customers. Kentucky offers small business tax incentives to programs to improve their

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