Importance Of A Small Business

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What is a small business, how to start one, and what is the significance of it? Introduction A small business is defined by its operations, characteristics and the revenue it brings in. There are four basic businesses are sole proprietorship, partnership, corporations, and non-profit businesses. Of these four only two fall under the category of “small business.” Sole proprietorship and partnership mainly fall under small businesses; due to their internal structure they have more limitations and greater competition than any of the big corporates. This does not imply that small businesses cannot grow into multi-national giants. Prime examples to be noted are Apple or Microsoft. Many think that owning or starting a small business is a waste of time and money, and that it does not contribute much nor have any significant value to them. They could not be more wrong. The impact that small companies have as a whole on the region or the country is substantial when one is looking at the overall revenue of the country or looking at any of the subtopics that are under statistics Canada. The purpose of this particular formal report is to give an elaborate guide line on how to open any small business, considering they have the motivation and the resources. A little luck also could go a long way. There are a thousand steps to go through before you can cut the red ribbon. Figuratively speaking, there are many legal obligations as well as political formalities one has to complete before they get the thumbs up for their start-up business. This report will summarize the points as well as go in depth about those particular areas that need the most focus and time. Throughout history there has been a great fear of average citizens wanting to st... ... middle of paper ... ...go in with determination and a solid foundation, also do not give up on the first sight of trouble. There is always more good to come, if your prepared and willing to accept change. Once your business is established and running, it has formed a foundation to have the potential to be successful. This does not mean that it is going to; many businesses have failed just after six years of being established (Refer to figure 1.1). This is due to the carelessness and getting ahead of the business potential. Many young owners get caught up in their first year of success and that is where the real problem lies. You want your company to last for decades and sometimes even surpass your life. In order for that to come true, the company has to still keep referring back to that basics and renewing its values and goals every ear. That is the true formula for a successful company.

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