Summary: The United States Small Business Administration

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

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

What explains the high failure rate of small business startup in the City of Brownsville? There are several influences that contribute to the failure of small business. According to (SBA, 2015) small business provides approximately half or 4.3 million of Texas’s private workforces. In 2010 there was 38,760 small business established in Texas only 68.3 percent of those business remained open two years later. This would indicate that approximately 31.7 percent of those businesses failed and the City of Brownsville is no exception. One major issue is that the City of Brownsville is a disadvantaged economically distressed region. The City sets on the Mexico boarder along the Rio Grande Valley, with a population of 183,887 within their community,

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,

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.

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.

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.”

Although so many businesses large and small are started every year, over 90% of businesses fail. Why is that?

Many people want to live the “American Dream”, and what better way to do that than to start a small business. Small businesses are incredibly important to the United States economy. Small businesses have been around from the beginning of the history of the U.S. and remain a large portion of the business community today. Small businesses are the driving force for job creation. Small businesses struggle to meet regulations set in place by the government and at the same time stay afloat in the U.S. economy. There are strict size standards set in place that make small business owners weary of expanding the amount of people they employ. Small business owners also struggle with offering healthcare to their employees. Small businesses try to stay ahead by introducing new and unique products. In an ever-changing economy, it is important to understand the impact of small businesses in the United States.

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.

Statistics from the Small Business Administration show 50% of all new businesses fail within the first five years and one-third of businesses are still open after ten years. There are many reasons businesses fail. They include:

In today’s global market place economic stability may be challenging, especially for small business. As a resource there is assistance available through extensive networking and partnerships with both public and private organizations. SBA will assist, counsel, aid and protect small business in the United States, Puerto Rico, the U.S Virgin Islands and Guam with their concerns and interest. Therefore, the SBA aids Americans as they start, build and grow their business.

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.

Baldwin et al. (1997) concludes that the main reason for business bankruptcy is inexperienced management. Riding et al. (2001) cited in Orser & Riding (2003) concluded that the prime reason given by lenders for default of loans was poor management skills of borrowers. Similarly, Mason and Harrison (2001) found that most of the business investors believe that their ability to invest was limited by the quality of the opportunities the SME owners/managers see. They further identify two primary deficiencies: (1) unrealistic assumptions or information that is not credible, and (2) the entrepreneur/management team lacked

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.