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How Small Businesses Contribute to the United States Economy
Small businesses are major contributors to specific sectors and are major drivers of the overall growth of the economy.
A small business can be a partnership, sole proprietorship, corporation, or any other recognized legal form. Generally, the definition of small business may vary depending upon the industry to which it belongs.
The decision about whether a business is small, medium, or large is made using the federal size standards developed by Small Business Administration. There are mainly two widely followed size standards; one is expressed in terms of the average number of employees in the organization during the previous twelve months, and the other is the average annual receipts obtained during the past three years. In addition to these two criteria, companies also need to meet other requirements set by the Small Business Administration. The business must be organized for profit. It must have a physical space for operating business within the United States. It should primarily operate within the United States while making a considerable contribution to the national economy using American labor, materials, or products or via tax payments. The company must be independently operated and owned, and not dominant in its niche area on a national level.
There are over 30 million small enterprises within America, and making up approximately half of the United States in revenue and jobs. Small businesses in America occupy an estimated one-third to one-half of commercial space, and this number is growing at a considerable rate.
There are several ways small businesses contribute to the economy. These companies lead to innovation and create new opportunities for individuals to achieve independence and financial success. Small businesses also open doors for the development of green technologies. Most high-tech products that we use on a daily basis were in fact developed by small businesses. Small businesses extend support to large companies as part of their supply chain in parts, products, and services.