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Small Business Impact On America

185 Words1 Pages
Background
Small businesses are considered to be the economic engine leading worldwide economic development (Eid & El-Gohary, 2013). Small businesses have a major impact on the American economy. As of 2010, small businesses employed 59% of the U.S. workforce (U.S. Census Bureau, 2011); and accounted for 63% of the net new jobs created between 1993 and mid-2013 (Small Business, 2014). While small business has a major impact on the economy their failures have a larger impact.
Problem Statement
There are nearly 20 million small business firms in the United States, and these are the strength of our economy (Yallaprageda & Bhuiyan, 2011). About 10 to 12 percent of firms with employees open each year and about 10 to 12 percent close (SBA). Small
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