The U.S. Small Business Administration was founded on July 30, 1953, and has delivered millions of loans, contracts, counseling sessions, loan guarantees, and other types of assistance to small businesses. Even though SBA was formally created in 1953, its philosophy and mission began to form years earlier in other agencies and began largely as a response to the pressures of the Great Depression and World War II (Business, 1988). These events caused mass hardship on the economy, and the best way to promote it again was through small business. The Small Business Preference Program was created to guarantee that small businesses received their fair share of contracts for federal government services and supplies. The intent was to help strengthen the economy by allowing small businesses to get a portion of the property government sold as well. 23% of all Federal-contracting dollars must be awarded to small businesses, and specifically, 5% to women-owned small businesses. There are many different types of small businesses, and each receives a portion of the contract the government gives. The WOSB Program became effective in the FAR on April 1, 2011, and is one of the types of small businesses that are given preferential treatment (SBA.gov).
Small businesses are the backbone of national economy and play a leading role in innovations as well as in creating jobs. Small business has the intrinsic needs to growth. Obvious contributions of the growth of small businesses include the increased return on investment and job creation. The interesting and valuable question is how small business grows and are all small businesses growing? It is no surprise that the growth of business is a core topic both in organization theory and entrepreneurship, both are interested in the process and causes of business growth. Stages of growth models, which assume that business go through some distinct stages from birth to maturity, have been the most popular theoretical approach in academic to understand small business growth. Although the stages model of growth has been criticized for being too sequential and linear which is unrealistic and inconsistent with empirical evidence (e.g. Phelps et al., 2007; Levie and Lichtenstein 2010), various new stages models of business growth have been developed since the 1960s.
Education, economic development, outreach and participation, and introductions to culture and arts can all play vital roles in cultivating prosperous environments. As the president of a funded startup company, Future CEO of America, it is our goal to promote entrepreneurship and financial literacy among youth in underserved areas. By garnering support from international, regional, and local leaders in business and government, we have been successful in carrying out our mission. My work with Future CEO will maintain as we strive towards building a national profile that empowers more children to become leaders in the
Their immense amount of success led to them to the thought of expanding their business. They sought out a SBA 7a loan for business expansion from Yadkin Small Business
Goldman Sachs 10,000 Small Business Initiative is an investment to help entrepreneurs across the country to create jobs and opportunity by providing access to capital, business support, and education. The initiative is supported by Goldman Sachs and the Goldman Sachs Foundation.
On Saturday, December 5, 2015, I attended the Bold Conference hosted by OSEMA and held in Emerson Suites as well as various lounges in the campus center building. This conference was open to all Ithaca College students interested in gaining leadership skills as well as learning how to “Innovate Ithaca”. The event was made up of a variety of workshops and speaker sessions in which attendees were able to choose which entrepreneur they wanted to hear speak. I choose to attend Kat Fischer’s presentation. Kat is a junior IMC major and has started and managed a variety of businesses and charitable projects since she was a child. Kat’s presentation was aimed to inform and inspire the audience with her entrepreneurial success thus far.
Demo’s BBQ is a small family- owned business which sells premium brisket and pulled pork sandwiches accompanied by a wide variety of slaws to top your sandwich. Demo’s BBQ currently runs with 8 employees, these employees face a variety of scheduling challenges as most of them are soldiers working second jobs, add to this that at times some of these employees are in the filed or even deployed overseas. The intent of this plan is to focus on ways the company can grow not only in regards to the business itself, but also in regards to customer relationships as well as with developing and implementing new products and opening new store locations.
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.
Some of the business venues that they have helped in the past include: Hospital and Health Care Facilities; Property Management Firms, Warehouse and Manufacturing Facilities; Food Processing Plants and Food Service Facilities (such as restaurants) to name just a
As the co-founder and co-president of an entrepreneur club, DECA (Distributive Education Clubs of America), I lead group discussions on recent news in business, entrepreneurship, marketing and finance. Since my high school does not offer business courses, DECA serves as a club to attract motivated
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.
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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