Small Business Entrepreneurships In The United States

Abstract

A small business entrepreneur is defined as an individual who establishes and manages a business for the principal purpose of profit and growth. Small businesses constitute an increasingly large proportion of businesses generally in the United States economy. They account for 39 per cent of the United States gross national product and create two out of every three new jobs in our economy. Seven important prerequisites are identified as being necessary for successfully operating a small business. These include adequate financing, qualified personnel, efficient operation and production, marketing and sales, customer service, information management and administration. One of the most significant contributors to failure of a small business relates to acquisition of adequate capital. Small Business Administration (SBA) was established by Federal Government in 1953 to provide low interest loans to small business borrowers that would not otherwise have access to credit. However, there is some criticism that these SBA programs unfairly benefit, not the small businesses, but the financial institutions that participate in the SBA loan programs. Another significant source of debt financing to small businesses is known as micro-financing, started as new wave in providing capital to small businesses by the Nobel Peace Prize winner, Muhammad Yunus, in Bangladesh.

Social identity and signalling success factors in online crowdfunding

“…This offers an alternative to traditional funding opportunities for innovative entrepreneurs that find it difficult to raise finances via traditional methods (Ordanini, Miceli, Pizzetti, & Parasuraman, 2011). Previous studies have suggested that small firms are less likely to receive funding, and as a result, more likely to fail (Cressy, 2012: 262;Yallapragada & Bhuiyan, 2011). This study challenges the long-standing view that small firms are constrained by the amount of internal finance (Butters & Lintner, 1945;Carpenter & Petersen, 2002).…”

Do Performance Goals and Development, Feedback and Recognition, and a Climate of Trust Improve Employee Engagement in Small Businesses in the United States?

“…Small businesses account for a relatively large segment of the U.S. economy (Stewart, 2002;Kowalewski & Phillips, 2012;Yallapragada & Bhuiyan, 2011). The number of businesses that are being generated annually can present an understanding of the high percentage of small businesses and their importance.…”

“…Similarly, Mone and London (2009) argued setting meaningful and effective goals, building a climate of trust, providing constructive feedback, and recognizing employees' performance are employee engagement exercises that can lead to improved performance and business success. For small businesses to remain successful, it is imperative for the small business firm to be aware of the necessary skills and to hire employees to compensate for the missing skills (Yallapragada & Bhuiyan, 2011). Small businesses are operating in a competitive environment, which entails continuous improvements.…”

New Wave of Businesses: Brick to Click Approach in Malaysia

“…Business leaders and entrepreneurs need to possess a level of technological awareness that allows them to identify new technologies that will transform and shape their business models to do new things, or do things differently and to develop new products and services. One of the qualities the online businesses need to have is social media analytical skills [23]. The growth of online business makes access to knowledge virtually ubiquitous and develops social media analytical skills.…”