Each and every year in America, there are at least one million new small business being started up and these are the basis for the growth of the economy of the country. The nation economy grows only because of these small businesses. In the earlier days, the farms held up part of the small business and this led up to half the countries’ economy. A variety of new jobs got created in the short period, when the farms became units for processing goods.
Small business is easy to set up as they have limited liability and they can be funded for easily. The business can be that of the fore fathers and this can make it all the more easy to carry it down the lineage. The new small businesses have higher growth rates because they are getting popular, and the investors like to invest their money in something that is up coming.
The basic characteristics of a small business are it will be industry specific. This means that it will be a small part of a large process. The business with lesser than 500 employees is stated as small. Most people would think that the smaller industries would sink to bankruptcy five years down the line. But with the proof of statistics, the economy of the country is held up by 76% small business and only 7 % of them reached bankruptcy, all others were able gain back their losses. There is also the fact that these small industries reach breakeven point a lot faster than expected. There is an American Associations for Small Businesses and they advice any one who is starting the business to check up their essential needs and then start. The association encourages the people to start the small industries, as this can lead to better growth and vitality for the economy of the country.
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