Problems Facing Entrepreneurs and Small Businesses Essay

1884 Words 8 Pages
Abstract
Small businesses face economic uncertainty, overwhelming legislative regulations, and employee retention problems. Small Business represents more than 99 % of all employers and employs more than one half of the private sector. It also generates one half of the United States private G.D.P. ( PR Newswire, Oct 29, 2014 pNA). In light of the significance of small business to the economy, it should be a grave concern
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p1). Furthermore, John Kane of the Business Journal believes that " legislators have no idea what kind of burden they're imposing by passing conflicting labor laws, overly stringent and costly environmental regulations, punitive worker compensation laws and frivolous signage requirements," (1996, p 29). Furthermore, Sandra Fuller (2014) stated that she has to hire consultants for payroll, taxes, and asset protection because she is just too busy working on her patients to have time to even look at these things (interview). The greatest challenges for any business are hiring the right people for the job and keeping them and that is why employees and their contributions are the most important assets to any business. Especially for small businesses where they have to face several disadvantages compared to big companies when finding qualified employees. Disadvantages such as wage level, benefit package and training make the competition for top performers an imposing challenge. The Contract Journal states: "Small construction businesses often have trouble recruiting skilled staff as they cannot match the wage levels offered by bigger contractors
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