Although it is usually major corporations that are highlighted and discussed in the nightly business news, it is actually small businesses that are the lifeblood of most countries. In the United States alone there are more than 27 million small businesses, which generate between 60% and 80% of all new jobs (U.S. Small Business Administration, 2008, p. 47). In China, 60% of the country’s Gross Domestic Product (GDP) is generated by small businesses (Morris, 2011). In Canada, 5 million people, representing almost half of the labor force, are employed by small businesses (Morris, 2011).
These statistics show that small businesses are just as crucial to the global economy as large companies. In this Discussion, you compare small businesses to large companies and consider the entrepreneurial challenges of owning and operating a small business.
Morris, B. (2011). Small business stats for Small Business Week 2011. Get Busy Media. Retrieved from http://www.getbusymedia.com/small-business-stats/
U.S. Small Business Administration. (2008). The small business economy: A report to the president. Retrieved from http://archive.sba.gov/advo/research/sb_econ2008.pdf
Post a cohesive and scholarly response based on your readings and research this week that addresses the following:
Respond to two or more of your colleagues’ postings in one or more of the following ways:
Return to this Discussion in a few days to read the responses to your initial posting. Note what you learned and/or any insights you gained as a result of your colleagues’ comments.
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