Small Businesses Are Vital For The Success Of The Economy Essay

1964 Words Apr 22nd, 2016 8 Pages
Small businesses are vital to the success of the economy. Each year brings more national chains displacing locally-owned businesses throughout the country. We see big business chains replace unique establishments all the time. Over 90 percent of businesses are considered small businesses. Not only do they provide success for the future, but also because they meet local needs (i.e. hairdresser, financial consultant, plumber). Small businesses benefit both the economy and consumers because they revitalize economically depressed areas by creating many new jobs in the local area, are more reliable, provides support to your local community, has a great amount of importance in the country 's exports and employees can benefit more. A small business is a privately owned and operated business. A small business typically has a small number of employees. In the United States, the legal definition of a small business is determined by the U.S. Small Business Administration (Contreras-Sweet), which sets the criteria to be used by the SBA in determining whether small businesses qualifies as a small business. There are around 28 million small businesses in the United States, and they essentially fuel the "American dream" (Wright). They are the basis of what the U.S. is founded upon, and continue to push the economy even in bad times.
Small businesses create the largest portion of new jobs in the country, 99.7 percent of all employers are small businesses (Mariah). During some months in…

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