Small Business Administration : Small Businesses

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

The Small Business Administration has many roles in the global and the national economy. One role the SBA has is that it helps many businesses around the world. Some places in the world that the SBA helps are the U.S. Virgin Islands, Guam, and Puerto Rico. Another role that the SBA has is that they help with business that may have had some hard times with the economy. The economy can be very bad at some times and some businesses can get all they help they can get for this business to be running smoothly. Luckily, the SBA wants to help those businesses. They want to better the small business by giving loans to them if they qualify it.

The United State Small Business Administration was established in 1953. It states in its mission statement that it is an independent agency of the federal government used to aid, counsel, assist and protect individual small business. The S.B.A. helps preserve free competitive enterprise, which in turn helps our national economy to continue to grow. The agency does this by offering numerous initiatives to help small business owners to start and be successful with their business. They provide online training courses, provide information on loans and grants, and provide information on local S.B.A. offices. Information is also provided for disaster assistance and also helps locate people for mentoring and support.

According to the Small Business Act (SBA) of 1953; small businesses should receive a fair proportion of federal contracts and those small businesses should have the maximum practical opportunity to participate in federal contracting. The Small Business Act established the Small Business administration (SBA) to aid small businesses and to insure they receive a fair proportion of federal contracts. 3%governmentwide goal for awards go to historically underutilized business zone (HUBZone) small businesses, and 3%governmentwide goal for awards to service-disabled veteran-owned small businesses (SDVOSB). A contract can get counted towards more than one goal: an award to an SDB in a HUBZone that is owned by a service-disabled woman veteran would be counted towards all the goals.

For a unique business concept to come to fruition it needs to start with a plan. The United States Small Business Administration, also known as SBA for short, can help prospective small business owners take their concepts and turn them into reality. “SBA was created in 1953 as an independent agency of the federal government … that helps Americans start, build and grow businesses (Mission Statement 2013).” To do this, the SBA has simplified a six section business plan that can be completed on their website and saved for future use. The six sections of the SBA business plan are: an executive summary, company overview, marketing research, product(s) and/or service(s), marking and sales, and, lastly, financial projections. Even though there are

Without entrepreneurship businesses that provide choice and create innovation as well as wealth creation would not exist. Businesses create employment for workers to earn incomes and purchase products that improve

The role of entrepreneurship in the economy of a country is to inspire new business ventures that support wealth

A small business is one that mainly has an independent ownership and operation. Its operation is organized for profit and has no dominant field. The number of employees in a small business depends on industry or rather its operation and standards size of its eligibility. A small business can have all levels of operations just as a large scale firm can hold (Stanberry, 2009). The only difference between the two is the number of employees, the annual receipts and the construction. For instance, the number of

Entrepreneurship of women creates an opportunity for well-educated and well trained youth to improve their carrier ,enhance the capabilities and also to improve financial condition. It has helped them to meet various challenges and has brought them to the top of the social hierarchy. Government of India has also introduced various schemes such as Rural and Women Entrepreneurship Development Programme, Women’s Development Cooperations, Marketing of Non-Farm Products of Rural Women, Trade Related Entrepreneurship Assistance And Development, India Mahila Yojana etc. to promote a conducive business environment and to support the entrepreneurial initiatives among women.

Steve 's first foray into the world of small business came when he was an Invisible Fencing dealer. He operated this business on a part-time basis while remaining employed by a Fortune 500 company called Digital Equipment Corporation (DEC). While the Invisible Fencing business was not very successful, it was a valuable opportunity for him to learn important lessons about business in a relatively low-risk environment.

A comprehensive approach to promoting entrepreneurship must work on three levels-individuals, firm and society. To motivate individuals to become entrepreneurs, they should be made aware of the concept of entrepreneurship and this should be made sufficiently attractive option. They should be equipped with the right skills to turn ambitions into successful ventures. For entrepreneurial ventures to develop

A prosperous businesspersons is hard-hitting at the early stage of his business, building the reputation of his business, managing the considerable essential resources/facilities, getting a helpful advice in managing the finance of company, and fulfilling the legal requirement (Carter, Gartner, and Reynolds,1996). Moreover successful organizations have virtuous resources for dealing with financial problems, inside management of the staff and have a defined business plan (Lussier 1995). (Menefee, Michael L.; Parnell, John A. ‘Journal of Applied Management and Entrepreneurship’, Vol. 12, No. 4, October 2007)

A c o m m u n i t y b A s e d A p p roAc h FACILITATOR’S GUIDE

In most western economics Small and medium – sized enterprise (SME) development is considered as a key to economic growth, innovations and market competition (Acs and Audretch, 1990).

For this research report, I want to further the understanding of the Indian attitude, external opportunities and threats of entrepreneurship, and how the International world and India is progressing with entrepreneurs. I have an interest in being in working internationally, after gaining more experience in the corporate/sales area of a company, which is one of the reasons I chose to explore this topic on an international level. This paper will cover some basics of entrepreneurship in India.