Despite their diminutive size, small businesses drive the economy forward and create jobs. Entrepreneurs often invest their life savings into their ventures, which can be risky and require a great deal of time. They also stand to benefit more financially if their business succeeds than if they were employed by a large corporation.
To be considered a small business, a company must meet certain criteria. First, it must be independently owned and operated. It must also be located primarily within the United States and make a significant contribution to the U.S. economy through payment of taxes or use of American products, materials or labor. Finally, it must not be dominant in its field on a national basis. In addition, vendors must adhere to industry size standards established by the Small Business Administration if they want to be eligible to contract with federal agencies through the System for Award Management.
A strong brand, solid customer relationships and savvy marketing are all keys to a successful small business. Entrepreneurs like Kylie Jenner have found success by differentiating their products and leveraging their social media following. Other entrepreneurs are finding new ways to reach and engage their audiences with innovative approaches to technology, such as the founders of Snapchat. Their idea wasn’t perfect from the start, but their willingness to adapt and keep going has helped them build a multibillion-dollar company. Other small business success stories include Sophia Amoruso, who began selling vintage clothing on eBay and went on to launch the fashion brand Nasty Gal. She then launched Girlboss, a platform empowering women in business.
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