The study guide for The American Revolution with Michael Novak in Washington DC as seen on Small Business School the series on PBS member stations. Small Business School is the best television show in America

The Case Study Guide

last update: July 4, 2006

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elites don't make it on main street

Steve Hoffman is the son of a cabinet maker. He has worked for 3 decades to build his company to $40 million in revenues.

Business Owners Are Not Elites

Michael Novak told us that whenever he has the chance to talk to young people, he tells them to start a business if they have the talent. Small business is the creative sector of business and the most satisfying one. 80% of the jobs created in the last three administrations have been in small businesses.

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Key Ideas of this episode


1.		Capitalism is the Only Proven Path from Poverty to Prosperity
2.		The American Version Of Capitalism Has Not Been Articulated Well
3.		Many Owning A Little Is Better Than a Few Owning A Lot
4.		Business Owners Are Not Elites
5.		Capitalism Requires A New Attitude About the Creation of Wealth
6.		Struggle for Improvement Is A Moral Duty
7.		Capitalism Does Not Thrive Unfettered
8.		Capitalism Depends Upon Hard-Working People
9.		Democratic Capitalism Is A Three-Legged Stool
10.		Business Is Not About Greed
11.		Capitalism Is Good For The Soul
12.		Capitalism Is Organized Around The Mind
13.		Small Business Is The Most Important Institution In A Civil Society

We may know the names of the CEOs of the Fortune 100, the individuals with annual compensation levels in the tens of millions, but it is the small business owners who have built the economy we enjoy.

Topic for Discussion: How can we tell if we "have the talent?" How do we know if business ownership is right for us?

Answer: Small business is based on the willing buyer-willing seller premise. It is the market that defines the price of our goods and services. We all have competitors, other businesses selling a product or service that competes with ours. We know we have to stay on top of our game. We constantly invest in improving our products, minimizing our costs, and marketing directly to our customers. It's all very complicated! Owning a small business is like playing a very exciting, very challenging game. Unlike Monopoly, the properties and cash we accumulate are real. Wealth accumulation is one way, a very important way, in which we and others measure the success of our businesses.

You think about it: Are you accumulating wealth from your business?

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