Small Business Administration
SMALL BUSINESS ADMINISTRATION
A small business is the one that is operated and owned independently by an individual. It comes under the private sector and is not owned by the public. According to the traditional definition, a business is considered small if it employs less than 20 people.
Small businesses play an important role in the economy of the country. It represents 99.7% of all the employment firms. It generates new employment opportunities for the people and according to SBA (Small Business Administration), it pays 44 percent of the entire total US’s payroll. Such businesses bring new innovations to the community in which it is built. Such small scale projects attract many new talents to the industry who can bring new innovations to the product. Such people lay solve and give solution to many problems faced by the company. Even the business that is run at big scale benefit from those running at a much smaller scale. These micro businesses may produce certain products that are required as a raw material for the products produced by the large industries. Small business possesses the ability to adapt to the frequently changing business climates. This is due to the well known reason that these small businesses are very customer oriented. For them the needs and the requirements of the customers are the first priority. This forces the customers to remain loyal to them and this prevents the demise of small business at the time of economic crises. The successful running of the small business means that money is coming back to the local community. A thriving micro business will generate a very high amount of revenue which means that this business will have to pay higher amount of taxes. Hence the money is coming back to the government. The government later uses this money for the progress of the local police, firearm department, health department and the education department. The positive aspect of the small business is that they do not always stay small. Many
A small business is the one that is operated and owned independently by an individual. It comes under the private sector and is not owned by the public. According to the traditional definition, a business is considered small if it employs less than 20 people.
Small businesses play an important role in the economy of the country. It represents 99.7% of all the employment firms. It generates new employment opportunities for the people and according to SBA (Small Business Administration), it pays 44 percent of the entire total US’s payroll. Such businesses bring new innovations to the community in which it is built. Such small scale projects attract many new talents to the industry who can bring new innovations to the product. Such people lay solve and give solution to many problems faced by the company. Even the business that is run at big scale benefit from those running at a much smaller scale. These micro businesses may produce certain products that are required as a raw material for the products produced by the large industries. Small business possesses the ability to adapt to the frequently changing business climates. This is due to the well known reason that these small businesses are very customer oriented. For them the needs and the requirements of the customers are the first priority. This forces the customers to remain loyal to them and this prevents the demise of small business at the time of economic crises. The successful running of the small business means that money is coming back to the local community. A thriving micro business will generate a very high amount of revenue which means that this business will have to pay higher amount of taxes. Hence the money is coming back to the government. The government later uses this money for the progress of the local police, firearm department, health department and the education department. The positive aspect of the small business is that they do not always stay small. Many