ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -According to the Small Business Administration, small companies create 1.5 million jobs annually and account for 64% of new jobs created in the United States.

Detailed explanation-2: -For example, smaller entrepreneurs are more willing to hire employees with limited or no education, thus providing opportunities to people from all sections of society. Entrepreneurs also tend to hire locally, which reinforces the social fabric of their surrounding communities.

Detailed explanation-3: -Data from the BLS shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.

Detailed explanation-4: -Labor-Oriented: Small businesses generate a lot of labor. They give many employment opportunities to those living in rural and semi-urban areas. The small businesses help to lift the weight of unemployment in any economy. This is a significant role that they play predominantly in a country like India.

Detailed explanation-5: -Small businesses with no employees have an average annual revenue of $46, 978. The average small business owner makes $71, 813 a year. 86.3% of small business owners make less than $100, 000 a year in income. More items •23-Jan-2023