Small Business In America

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A new business can be started in less than a week at the cost of approximately $325, thus making America one of the easiest places in the world to become an entrepreneur. With multibillion dollar corporations like Apple Inc. and Google Inc. starting modestly in garages, owning a small business has become one of the recognized paths to achieving the American dream. A small business is defined as an enterprise with 500 or fewer employees and currently there are about 23 million small businesses registered in the United States, with over 500,000 new ones starting every month. These businesses employ over 55% of the country's workforce, so it comes as no surprise that Entrepreneur contributor, Scott Shane wrote that “small business may be the most popular institution in America” and “Americans love the idea that big companies come from tiny ones.” …show more content…
Politicians are aware that small business owners and their employees account for a large portion of voters, they are also well aware of the large role small businesses play in the U.S. economy. It is estimated that; “small businesses represent 99.7% of all employer firms, account for 63% of the new jobs created in the last 20 years and paid 44% of the total United States private payroll. Recognizing their importance to the US economy, state and federal agencies have been created to provide support to small businesses owners. One such agency is the Small Business Administration (SBA); it was created by Congress in 1953 and has since provided training, advocacy and millions of dollars in loans, government

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