When you hear the term small business, you probably envision a mom-and-pop establishment like a neighborhood diner or restaurant, independent retail operation, professional office, or start-up manufacturing company. In fact, these types of businesses are a key part of the American economy. They drive innovation and job creation and support community resilience and self-sufficiency.
In the United States, the official definition of small business varies by industry, but it generally refers to privately owned firms with fewer than 500 employees and less than $7.5 million in annual revenue. However, small business can be structured as a partnership, sole proprietorship, or corporation. In addition, to qualify as a small business for government contracting purposes, firms must adhere to the SBA’s size standards and self-certify through the System for Award Management (SAM).
Entrepreneurs face many challenges when starting a small business. For example, they often have to put their life savings on the line. They may also risk failing financially if the business is unsuccessful. However, entrepreneurs who persevere have an opportunity to achieve a successful and fulfilling career.
Whether you want to start your own business or have already started one, learning from other small business owners can help you take your company to the next level. Read on for tips and inspiration to fuel your own success story.