The Importance Of Small Business In The United States

The United States is the world leader in many areas. Perhaps most notably, it has the largest GDP in the world by more than $7 trillion (GDP Ranking, 2015). One of the factors that sets the U.S. apart from other countries is the importance of small business to its economy. According to data collected by the U.S. Census Bureau in 2011, firms with less than twenty workers accounted for almost 90% of the U.S. economy’s employer firms (Small Business Facts & Data, n.d.). “Small business is the backbone of the United States,” states Rhonda Dawkins. Dawkins is employed by the Arkansas Small Business and Technology Development Center, otherwise known as the ASBTDC (Dawkins, 2015). “Most businesses are not Tyson or Wal Mart, they are little mom and pop shops that have two, ten, maybe twenty employees,” she says. However, the vast majority of small businesses (63%) fail within four years, and that number increases to nearly 91% within ten years. (Evans, 2015). If small businesses are such a large part of the economy, yet have such a high rate of failure, then it is imperative for prospective owners to find ways to give their business the best chance to succeed. One way a small business is more likely to succeed is if it works with the Small Business Association, or SBA. This report will focus primarily on how the ASBTDC, which is a resource partner of the …show more content…
The reason for this is because important information will be gathered while researching the five points. The summary should be a brief section that notes the most important parts of the business plan, such as the goals, objectives, and financial needs of the owner. The summary should have a passionate tone that encourages the audience to read further. It is the first chance the entrepreneur has to sell the business idea to investors. The rest of the business plan should provide the details (To the Point Business Plan Outline,