ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
CULTURAL DIFFERENCES AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -48 percent of all US employees work for small businesses, down from 52 percent in the early 2000s.
Detailed explanation-2: -How Many Small Businesses Are There in the US? The latest statistics show that there are 33.2 million small businesses in the US, which account for 99.9 percent of all US businesses (SBA, 2022). The Small Business Administration (SBA) defines a small business as a firm that has fewer than 500 employees.
Detailed explanation-3: -About 20 percent of small businesses in the United States are concentrated in the goods-producing sector. The remaining 80% are in the service sector. The high concentration of small businesses in the service-producing sector reflects the makeup of the overall U.S. economy.
Detailed explanation-4: -Globally, 90% of businesses are small and account for 50% of jobs. In the US, 99.9% of businesses are small. 98% have fewer than 100 employees and 89% have fewer than 20 employees, with small business jobs accounting for 46.8% of jobs in the US. Small businesses employ 61.2 million Americans.