What makes small businesses so important for world economy?
The importance of small businesses for world economy cannot be overstated. They drivethe world's financial growth by creating work opportunities. Small businesses, also known as small and medium enterprises (SMEs), are private companies or corporations owned by a partnership or sole proprietorship that employ fewer people or generate less annual revenue than the average business or corporation. Why are they so important if they earn less revenue? To begin with, a business can be classed as tiny for a variety of reasons, including its yearly revenues, annual sales, assets, employee size, gross profit or net revenues, and so on. SMALL BUSINESS CONTRIBUTION TO THE ECONOMY Now, back to why we said it was critical to the global economy... According to the Small Business Administration (SBA), small businesses account for over 99.9 percent of all enterprises in the United States. These companies created approximately 1.9 million jobs in 2015, which climbed to around...