ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -How many jobs do small businesses create? 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. Small businesses generate the majority of jobs in the United States.

Detailed explanation-2: -Percentage of businesses that fail in the U.S. The business failure rate in the U.S. within the first year is nearly 20%-18.4%, to be exact-according to a LendingTree analysis of BLS data. (All one-year data examines the March 2021 status of businesses that opened a year earlier in March 2020.)

Detailed explanation-3: -There are an estimated 213 million companies worldwide.

Detailed explanation-4: -Of the 28.8 million small businesses in America, 19% are owned by families. “Family-owned” means “any business in which two or more family members operate the company, and the majority of ownership or control lies within a family.”