Problems Facing Entrepreneurs and Small Businesses Essay

10. Visit the website for a large bank or credit card company, and learn about a type of credit card being offered by the company. Describe at least four features of the card and where you got this information. (3-6 sentences. 2.0 points)

Small business are said to be the backbone of the United States economy. It said that small businesses contribute to growth and vitality in the specific area of the United States economic development. Small businesses play a huge role in how the business world is shaped. Entrepreneurs are smart, creative and innovative however, those same entrepreneurs need to have some knowledge that the study of microeconomics focuses on. With the study of microeconomics, their product or future business will succeed in an economic view point.

In the late 1800’s is when small business values and beliefs would be tested with the growth of railroads, telegraphs. Machinery, steam engines, and the rapid population growth. People from the time currency was created to this day are power and money hungry. They want to capitalize, become larger, bigger without regard or worry. This took a hit to small business across our fairly new nation. If you look at the history of U.S. business then you can figure out that every business started small. Example would be Pittsburgh’s Carnegie Steel Company, now known as U.S. Steel. Now the largest steel producing corporation in the United States of America. (Conte, 2008)

The good news is that small businesses have been doing better than the overall economy. During the past few years, they have overcome rough times and developed a resiliency that is serving them well. The bad news is that the rising

The Small Business Administration “aids, counsels, assists, and protects the interests of small business concerns.” They assist small businesses by providing them with whatever is necessary and will not stop until they get the business to be successful without their assistance. Although they are not able to give the business all of the necessities they need, they do their best and as much as they can do. Their motto is, “Aid, counsel, assist, and protect insofar as is possible, the interests of small business concerns.”

In the past decade we experienced a recession, inflation, and a market place that has started moving faster and that has become very tight due to advancements in technology. With all of this; employers realized that maintaining the right people may require more than just adequate compensation. The climate has changed when it comes to what employees require and the small business has to be creative in order to attract or retain the quality and qualified employee. The small business in most cases do not have the financial capacity to attract talent like their larger counter parts do, and that creates a very wide gap in talent pool for a small business thus making it harder to remain in business. The small business needs to invest in their employee, make the employee feel needed, wanted, and a valued part of the organization or the larger companies will steal them away (Holoviak & De Cenzo,

As a small business owner, I understand all of the difficulties that come with owning a business. I know about failure and have made a ton of mistakes through my business. At the same time, though, I’ve been fortunate enough to have success through my business as well. Other businesses, however, are not so lucky. The small business world is very difficult and the government doesn’t make it any easier. Without the NFIB, no organization would be truly representing the needs of small businesses all across the country. There would be no voice for small businesses at the federal and state levels if the National Federation of Independent Business wasn’t around. If that’s not relevance in the business sector, I’m not exactly sure what is.

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,

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.

Explain and critically analyze unique traits of an Entrepreneur, discuss these related to personal strengths and weaknesses

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.

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.

1. The most significant challenge to business success you see in this rapidly changing global economy;

initiative is to attract outside capital, given the lack of collateral and sufficient cash flows and the

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