Differences Between Minority And Non Minority Small Business Owners ' Approach Succession Planning

The purpose of this paper is to identify how different factors effect on the growth of small businesses. The growth of small businesses has been influenced by factors such as growth strategy, business forms, short and medium term goals, financing assistance, organizational structure and staffing needs, customers and promotion, and ethics and social responsibility. In this paper will to discuss how the different factors alter the advancement of small businesses.

During testimony to the Small Business Committee it was said that the cost exceeded what Congress ever intended and had outweighed the benefit expected to shareholders and management (Iliev, 2010). The growth of small business is a prominent national interest and an important part of the economy but the regulations are not able to protect investors and simultaneously encourage their growth (Castelluccio, 2005). Fortunately, there have been subsequent laws passed that reduce standards as well as offer opportunities for exemption to certain regulations which offers some relief but not

As the essay advocates for small businesses, it fails to take notice that the existence of such small businesses can not reduce the American’s desire to buy affordable goods (Mitchell,

There is a reason the term “small business” is vague; it reflects the lack of a generally accepted definition. The U.S. Small Business Administration (SBA) has established numerical definitions of small businesses. These size standards vary to reflect industry

Small businesses are the core of the engine that runs the American economy. They are a very intricate and essential part of what makes America strong. Annually there were approximately 400,000 new small businesses started every year in the United States of America. Before the recession the normal business closure for companies in America were approximately 100,000 annually. This rate of exchange between new and closing businesses is known as “the birth and death rate of American companies”. After the recession the death rate of businesses in the United States has increase exponentially, growing from 100,000 companies a year to approximately 470,000 companies closing annually (Joseph, 2014). Most may think this is a result of the recession,

Conclusion: This paper is intended to give clarity on the depths of small businesses, how they plan to succeed and get through possible adversity. The surviving mechanism it takes to maintain in a world where large businesses are expected to exist longer than small business.

Lindgreen, A., & Hingley, M. K. (2010). Challenges and opportunities for small and medium-sized businesses (SMEs) arising from ethnically, racially and religiously diverse populations. Entrepreneurship & Regional Development, 22(1), 1-4. doi:10.1080/08985620903220470

40% of all retail sales and employment for 8 million people are due to the 600,000 small businesses that are franchised.

Small businesses are independently owned, for profit businesses which employees no more than 500 employees and are not dominant in its competitive area. Small Businesses are critical for the US economy because more than 99 percent of businesses in the US fall under the small business category (Farrell, Hirt & Farrell, 2009). This is clearly why small businesses are important for the US economy because of its percentage make up for the business industry. Small businesses also create opportunities for minorities and give women the opportunity to successful in the business world. Small business owners are not guaranteed

It is a compilation and presentation of data collected by surveys of small business owners. It is a simple device designed to show how business owners feel about expanding their businesses, as well as how new entrepreneurs feel about opening businesses. It takes into account many factors to get an overarching index of business confidence. Some of the factors include the inventories, capital outlay, sales, and the economy. The report also takes into account subjective factors, such as whether the survey taker believes it is a good time to expand, as well as a brief explanation of why or why not. (Dunkleberg & Wade,

Companies should formalize a commitment to diverse succession planning throughout the organization and viewing it as a broad-based strategic imperative instead of solely a human-resources function.

A family-owned small business is defined as, “a corporation that is entirely owned by the members of a single family.” (IFC, 2016) For a family-owned business to succeed it, must establish and maintain the following attributes, the family’s commitment and ability to carry on the business, the ownership structure, meaning having enough capital to grow and having the most capable individuals in the right positions to run the business. It must have a strong governance of the company and a dynamic portfolio to allow for further growth. In addition, wealth management is key in maintaining the businesses current wealth and securing it for future generations, which leads to either creating or engaging with foundations to help promote the family values from generation to generation. (Casper, Dias, Elstrodt 2010)

The small business marketplace is extremely dynamic and the changes are fast. Here are some encouraging facts from the US Small Business Administration on small businesses. There are about 30 million small businesses in the United States and employ just over half of the country’s private workforce. They employ a staggering 40% of high tech workers such as computer professionals, scientists and engineers. More than half of the small businesses are home-based businesses and two percent of them are franchises. One of the most important aspects is the fact that a majority of innovations in the United States come from small businesses.

Small businesses are important to the U.S economy for multiple reasons. According to the U.S Small Business Administration, small businesses represents for 99.7 percent of all employer firms, have generated sixty four percent of new jobs and paid forty four percent of the total united states payroll (Brown, 2017) . Small business is an important role not just in the US economy, but they also play a major role in the growth of the individual community that they are located in. Small businesses give citizens of the community an opportunity for employment by offering jobs that the individuals may not have to have degrees or accolades to qualify for unlike jobs in larger corporations. Although small business is very important to the economy and the community, often times small

Numerous large businesses that are operating today were once started as small businesses. A new business is established to create a good or service that no other businesses have ever created or simply a product of higher quality than existing products, with the purpose of meeting customers’ needs and earning profits. Due to the technological advances at the present time, starting and operating a new business is less laborious. Nevertheless, would-be entrepreneurs should be familiar with the proper approaches to start their businesses.