A small business is one that is independently owned and operated. It exerts little influence in its industry (a small pizza place won’t change how pizza is made or how service is performed) and typically has less than 500 employees. There are 28 million small businesses in the US generating 54% of sales and 55% of jobs in the country. As you can see, small businesses hold a very important role in America’s economy.
Importance of Small Business
Job Creation:
Small firms hire more frequently and fire more frequently than other form of business and organizations. There are many new ventures opening per year, many closing at the same time too. A strong economy encourages individuals to star new business, weak ones does the opposite.
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