In the United States, small businesses play a vital role in building the economy. Today, there are over 28 million small businesses in America. What exactly is considered to be a small business? Initially, the Small Business Administration (SBA) deemed any manufacturer with 250 employees or less to be a small business, but today it considers companies with fewer than 500 employees to be small. Today’s marketplace is an excellent opportunity for the budding entrepreneur. Today’s small business owner has a wealth of opportunities to help him/her gain economic success in today’s marketplace. (SBA) For the first century of America’s existence until the 1880s, it would be fair to say that all businesses were considered to be small. These small businesses have been a major part of the American way since the time of the first colonial settlers. These early settlers were small farmers who made their living from simple family farms. These farmers raised their own food, made their own soaps, and
Congress enacted the Interstate Commerce Act to regulate railroads. Then to prevent bigger companies from gaining excessive power in the marketplace, the Sherman Antitrust Act (1890) and the Clayton Antitrust Act (1914) went into effect. In 1936 the Robinson-Patman Act and the Miller –Tydings Act 1937 aimed to rein in large retail chain stores. These laws resulted in a series of compromises that limited big businesses and their power; however, these laws did not prevent large businesses from using unfair methods to grow. Lawmakers decided to take a different approach in 1953 when they established the Small Business Administration (SBA). The SBA was developed as a means of protecting the interests of small businesses, preserving free competitive enterprise, and strengthening the nation’s economy. The SBA was developed to help Americans start, build, and grow businesses. Paraphrase
The time of the Industrial Revolution allowed little room for smaller companies to make a name because the big businesses had monopolies over certain areas of industry. Therefore, for a person to make a name for himself, he had to do so with ambition, money, reputation, and inner strength. By reason of an owner not possessing these qualities, then by the rigors of business owning he would be mentally crushed by the amount of work that falls upon the owner's shoulders. In addition, even though labor came cheaply to t...
The loss of crops cut out the average farmers'/planters' main food source as well as their primary means of an income. This led to the farmers having to rely on the goods being bought by newly arrived merchants. The local farmers and planters often fell into debt as the income was cut off. As a result, merchants relied on lawyers and the court to settle disputes.
The first half of the nineteenth century was marked by great economic, and therefore social, upheaval. After America won the War of 1812, it turned to internal improvements. The formerly local economic market was greatly expanded through the building of thousands of miles of new roads and canals. Before new methods of transportation opened up, most people had confined their business transactions to their immediate neighbors, but some saw the potential for more lucrative business in other places. “…increasing numbers of people produced for the "market," rather than for personal consumption, and made decisions about what to produce, what to charge, and where to sell on the basis of "the market" (Shmoop Editorial team). With this increasing economic shift came new social tensions. Farmers grew their, formerly local, operations and became businessmen. They had more employees and, thus more interpersonal relationships. The role of bu...
With the lack of canals or other means of transportation, it was almost impossible for many farmers to reach distant cities or waterways to get their goods to market.
ways of technology to survive in there environment. They used many different farming tools in
• They grew much of their own food. Crops like corn and wheat grew in large numbers, and much was shipped to England.
In July of 1953 the United States Congress amended an act called the Small Business Act. Many believed that the essence of the American economic system of private enterprise is free competition. Also, that only through full and free competition can free markets, free entry into business, and opportunities for expression and growth of personal initiative and individual judgment can be assured. Thus, the Small Business Act was amended. In order to carry out the policies of this Act there was hereby created an agency under the name "Small Business Administration". The United States Small Business Administration, more commonly known as the SBA, is a federal agency to protect and assist America's greatest resource, the small business. Since American enterprise is the backbone of our economy and the driving force behind economic growth and prosperity.
From 1865 to 1900, production of crops increased, and prices dropped. (Document A) These crops were shipped east, where they were eaten and exported to other countries. This was due to technology, but government policy caused economic conditions in the west barely improved as a result. In fact, despite the success many farmers experienced, many in the west still struggled to put food on the table.
According to the U.S. Census Bureau, nearly forty-seven percent of all businesses employ fewer than ten employees. Small business is a vitally imperative to our nation’s well-being. Small business is responsible for creating the majority of our new jobs, employing nearly half of the American’s private workforce, and providing half of our country’s private non-farm gross domestic product (SBA 2009). Regardless of your politics, since President Barack Obama took office in 2008, an immense degree of emphasis has been placed on small business. Some of the emphasis has been positive while other parts have been negative.
Farming is the main supply for a country back then. The crops that farmers produce basically was the only food supply. That makes famers a very important part of society. Farmers back t...
Wilson, Richard L. Historical Encyclopedia Of American Business. Pasadena, Calif: Salem Press, 2009. eBook Collection (EBSCOhost). Web. 29 Apr. 2014.
There are over 28 million small locally owned businesses in the United States and 70 % of these businesses are owned and operated by a single person. Owning a small business is not an easy task it takes hard work and dedication, Steve Jobs once said “you need a lot of passion for what you’re doing because it’s so hard”, people don’t realize
Although small businesses do not make a lot of major deals with large investors, most small businesses create profit revenue greater than large corporations. Small business creators are very brave considering only ten percent of small businesses survive. Unfortunately, some communities do not support local small businesses; they only support the large brand name and force small businesses to die out. Since small businesses will not have a name brand known around the world, many people from communities will not support them because they are not known on a national scale. “This, in turn will affect the local economy and drive capital out of their local economy. On average, for every one hundred dollars spent in an economy, if spent on a
Small businesses have been considered the mainstay in countries around the world. In many European countries for example, the small business has been considered crucial to the success and flourishment of the country in general. Most individuals start upon a small business venture in the hopes of realizing ownership, independent profits and personal success. Small businesses can prove extremely successful when planned properly. Studies suggest that several small businesses, however, close or fail within the first few years of operation. This failure suggests that a majority of small business owners may not have as yet realized the crucial success factors necessary for successful implementation of a small business.
Starting a small business is often one of the hardest things a person can do. Some people start a business out of pure fascination, or even as a hobby. Whether starting a business for personal reasons or simply the grandeur to make loads of money, everybody needs to have a plan. Starting a small business is no easy task and can take days if not months to prepare. The most important aspect to have is the tempura and heart to start a small business, as without passion, no business can succeed. One has to be his or her own boss, make dream, reality and be willing to market and sell a product. It takes a lot of discipline, long hours and hard work, something many do not have. However with the right willingness, passion and dedication a business can be the start of something big.