Small businesses provide vital employment opportunities and fuel economic growth. They also help to make our communities more vibrant and prosperous. These are just a few of the reasons why they deserve our support.
The term “small business” can mean different things to different people, but for the purpose of this article we are referring to companies that have fewer than 500 employees and less than $7.5 million in revenue. These size standards are established by the Small Business Administration (SBA). These definitions apply to businesses that are both privately and publicly owned, as well as those that have both domestic and foreign operations.
In addition to being more likely to have limited resources, small business can also be less resilient in the face of market changes or economic challenges. To mitigate these risks, it is important for small business owners to have access to a variety of funding sources. These can include grants and loans, which do not have to be repaid.
It is also a good idea for small business to have several types of insurance coverage. For example, if you have any employees, you will need to carry workers’ compensation and unemployment insurance. In addition, you will probably want to get general liability insurance, which covers property damage and bodily injury.
Many of the world’s most successful small businesses are defined by their commitment to innovation, customer satisfaction, and teamwork. Small business owners can learn about these topics from the inspiring stories of entrepreneurs like Oprah Winfrey, Steve Wozniak and Steve Jobs, Jeff Bezos, and Elon Musk.