Social media platforms are becoming powerful tools for youth entrepreneurship, significantly impacting small business revenue and the US GDP. Platforms such as Instagram, Facebook, TikTok, Pinterest, and LinkedIn are cost-effective channels for entrepreneurs to present their ideas to a global audience and interact with vast clientele. The platforms’ exceptional advertising and marketing potential and instant feedback mechanism are crucial to improved business strategies and innovation, promoting entrepreneurship among young individuals and contributing to the US economic prosperity.
In 2023, the growth of small businesses and the national economy significantly benefited from TikTok, contributing $14.7 billion and $24.2 billion, respectively, and creating over 224,000 jobs.
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