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Small Businesses in United States of America |
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You will find it hard to believe, but small businesses and not giant corporations are the backbone of the U.S economy. Small and medium enterprises in the United States account for around fifty-five percent of the total workforce of America. These businesses serve as a continuing source of dynamism for this country.
One of the major strength of small businesses is that they are able to adapt themselves quickly to the volatile market conditions. They have full knowledge of the customers and know the ground realities well. Examples of some small companies who have now gained international recognition are Microsoft, Nike, and Federal Express etc. No doubt, that not all small business are a success, many of them fail too. However, the failure of business is not considered as a social stigma in United States, as it is considered in many other countries.
Due to their bargaining power, the small enterprises have won many exemptions from federal regulations. In 1953, the Congress created SBA (Small Business Administration) to provide financial assistance and technical expertise to the small enterprises. Many small businesses have grown many times and flourished because of the facilities and benefits given to them by SBA.
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