Question

More than 99% of all U.S. firms are classified as small businesses, and they employ about half of private workers. A small business is defined as any independently owned and operated business that is not dominant in its competitive area and does not employ more than 500 people. Understanding the advantages and disadvantages of small business ownership is crucial for any potential entrepreneur.
Hover your cursor over each item directly below to review the statements and scenarios listed. Click and drag each item to place as the appropriate advantage or disadvantage of small business ownership

Answer 1

The small businesses in the United States operate at a very high level, and form a big chunk of the total national employment.

What is a small business?

A business which runs and operates on a very small scale, defined as per the government authorities from time to time, is known as a small business.

The advantages of a small business are,

1. Government subsidies and benefits
2. Quick decision-making
3. Easier formation

The disadvantages of a small business are,

1. Government regulation
2. Less scope of expansion
3. Competition

Hence, the significance of a small business is aforementioned.

Learn more about small businesses here:

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