The Pros And Cons Of Small Business

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.

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

Such modest entrepreneurial ideas have given birth to a plethora of mom and pop shops we find in every community across America, as well as countless multinational corporations that employ millions throughout the world. American visionaries (entrepreneurs) feed us, clothe us, and have revolutionized

In the economy, the small businesses are vital to the success of it. It serves the requirements of larger businesses. Small businesses meets local needs. Developing the right skill and to make an contribution to an organization means being entrepreneurial. In a small business the owner know who are the person he/she are dealing with that he/she can put a face to the customer he’s/she’s in contact with. Small business can make quick decision on what is required. Small business owners do not need to seek an advice to others and approval. Small business operates in a small space with low lighting and heating. People choose small business to reap the rewards for themselves (“The importance of entrepreneurship in small businesses, n.d.).

     The belief and implementation of free markets and pro-business policies have allowed the American nation to become the strongest country in the world. The entrepreneur is a special type of business person that is hurt by the livable wage. Our nation’s economy is diverse and adaptable because entrepreneurs are always willing to take risks to make money and stay competitive. Entrepreneurs act as the catalysts for the American economy. They take the capital risks to create new products,

Being a small business owner, the success of my business relies very heavily on my employees’ behavior as well as their performance. Since opening my business, it has been a struggle to keep the balance between loosey-goosey and overbearing manager. There must be a proper balance to ensure that the employees are performing where I need them to be but also encourage them to continue to grow with the company as well as, make our customers happy with our service to maintain long standing relationships. Along the way, I have learned that there does need to be a standard practiced by management to keep employees motivated and that their actions are in-line with the company’s values.

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.

businesses fail in their first year, and 44% have called it a day by the end of the business' third year, according to research published by Statistics Brain. Lack of sufficient funding and/or business are primary reasons.

Small businesses were once the backbone of the United States economy. After a time these business owners expanded, merged, and bought other businesses. This historic business trend has created some the well know corporations we know of today. One example would be the development of Wal-mart. Today, small businesses operate in the shadows of “big box” stores. However, small business owners account for more than 90% of, but only less than 5% or 10% of the GDP, “gross domestic product.” As a manager of a large corporation or a prospective business owner it is wise to be knowladgeble of new competitors, state of the economy, and current management trends. There are trends today that will change everyone’s expecatons of small business

According to the U.S. Small Business Administration, “approximately half of all small businesses fail within the first five

Tom Anastasi’s The Successful Entrepreneur: American Dream Done Right lives up to the expectation of its title. Anastasi describes his book as one written “for a large segment of entrepreneurs (and their spouses) who are financially conservative, want to own a business, and, rightfully, find the traditional, risky methods frightening and not right for them. It’s also for people who are willing to risk it all, but are also willing to keep their feet on the brake long enough to make their business a success.” (9). With his insightful engaging and practical approach to entrepreneurship, his book will certainly appeal to the audiences he has envisioned. Anastasi begin his book with an introduction thanking his audience for driving the economy. Anastasi, who has played his part in driving the American economy by being a small business owner himself. He has also been a Small Business Development Center (SBDC) consultant and a professor at Harvard University where he taught leadership. Anastasi is currently the MBA director and former Dean of Graduate and Continuing Studies at Daniel Webster College. Anastasi purpose in writing The Successful Entrepreneur presents itself to people who are thinking about starting their own business or who already owns their business, by giving information on how to run a business through his tips and suggestions from personal experience.

Starting a business is the latest trend. Just take a look at Instagram. Several profiles have the caption ‘Entrepreneur’. At this very moment, there is someone, somewhere working on an idea, a business plan or launching a startup. Entrepreneurship is on the rise like never before. The flexibility and independence that comes with being one’s own boss is attractive and worth taking the leap in starting a business. However, most people don’t know that being an entrepreneur is a grueling journey that can be very lonely and stressful at times. According to the Small Business Administration (SBA), 50% of businesses fail during the first year. Starting a business can be a scary task, but the

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In most declining cities, the growth of small and mid-sized enterprises (SMEs) is slow and this type of businesses are not promoted as a primary source of revenue and entrepreneurialism by local governments. According to Onugu, (2005, p.4), SMEs have played and continue to play significant roles in the growth, development and industrialization of many economies the world over. In most rapidly emerging countries such as India and China, SMEs are contributing heavily to the economic growth. On the other hand, many of the cities in America haven’t been in the past interested in encouraging the SME sector and instead gave more importance to the growth of big corporate businesses.

According to Malaysian SME annual report (2005 & 2006), small business enterprises or known as SME have been recognized as the strategic thrust in Malaysian economy and is a very important segment of the Malaysian economy accounting for 99.2% of total business establishments. SME also providing employment for about 56% of the total workforce and contributing about 31% of gross domestic product. Small business enterprises can be grouped into three categories which is micro, small or medium enterprise. These grouping can be decided based on two aspects either the number of people a business employs or on the total sales or revenue generated by a business in a year.