Difference between revisions of "Small Business"

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Small businesses are defined as privately owned and operated companies employing a small number of workers. In the United States, the legal definition of a small business is determined by a set of criterion specified by the [[SBA|Small Business Administration]]. Small business are pervasive throughout the United States and other countries. Typical examples of a small business include:freight trucking, residential builders, exterior contractors,and architectural contractors[http://www.entrepreneur.com/article/226256]. According to the SBA there are approximately 28 million small businesses in the United States that comprise 55% of all US jobs. Furthermore, the number of small businesses in the United States has increased by approximately 49% since 1982.
 
  
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[[Image:smallbusiness.jpg|300px|thumb|right]]
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{{McNair Topic Areas
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|image=American-City-Business-Journals-corporate-office.JPG     
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|caption=Small Business Offices in the United States
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|Topic Area Name= Small Business
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|Team Members=Dylan Dickens
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|Primary Billing=Dr. Edward Egan
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|Keywords=Small Business, Entrepreneurship
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|Caption=Small Business Offices in the United States
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|Image=American-City-Business-Journals-corporate-office.JPG
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}}
  
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=='''The Small Business Administration'''==
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=Summary=
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{{:SBA}}
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The McNair Center's topic area on Small Business is the concerted effort to inform the public on the details of small business, the best practices for maintaining and or growing one, and  how government regulatory and supporting bodies effect them. Particular interest is granted to educational blog posts and wiki pages to spread information, and investigative research concerning the [[Small Business Administration]].
  
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=='''Survey Respondents on Small Business Issues'''==
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=Projects Outline=
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{| class="wikitable sortable" style="width: 100%;"
 
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|-
 
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! style="width: 5%;" | Survey
 
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! style="width: 5%;" | Date
 
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! style="width: 15%;" | Labor Markets
 
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! style="width: 20%;" | Capital
 
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! style="width: 20%;" | Sales
 
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! style="width: 25%;" | General Outlook
 
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! style="width: 10%;" | Data References
 
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|-
 
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| [http://www.nfib.com/assets/SBET-February-2016.pdf SBET February 2016]
 
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| February 2016
 
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*42% of businesses in the survey report few or no qualified applicants for a position that they were trying to fill
 
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*4% of small business owners surveyed reported that company borrowing needs were not met
 
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*11% cite weak sales as their principal business problem
 
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*Spending and hiring plans fell as expectations for growth in real sales volumes declined
 
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('''N=2194''', Data was obtained from membership files of the NFIB)
 
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|-
 
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| [http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2015.pdf Small Business Owner report]
 
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Fall 2015
 
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*67% planned to hire 12+ employees within 2015
 
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*46% of small businesses surveyed cite credit availability as their primary concern
 
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*28% of businesses say they will use recently acquired funding to develop a new product or service within the next year
 
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*56% say they expect the US economy to improve within the next 12 months
 
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*72% of small businesses expect their revenue to increase for the year
 
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|('''N=1,001''' small business owners in
 
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the US with annual revenue  $100,000<x<$4,999,999 and employing
 
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between 2<x<99 employees)
 
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|-
 
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| [https://wellsfargoworks.com/File/Index/J6WCK2WHn0yd-wrTX8btvA WellsFargo survey]
 
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January 2016
 
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*26% of small businesses expect to hire in Q1 2016
 
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*66% of businesses expect the number of jobs to stay the same
 
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*11% of businesses say that hiring and retaining qualified staff is their most pressing problem
 
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*19% of businesses responded that obtaining credit was difficult
 
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*5% of say cash flow and financial stability as the company's biggest problem
 
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*4% of businesses surveyed speculate credit availability may be prohibiting company growth
 
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*14% experienced difficulty attracting customers in Q1 2016
 
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*38% of businesses surveyed stated a positive revenue increase in Q1 2016
 
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*67% of small businesses regard their financial situation as good or very good in Q1 2016
 
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*71% expect a positive financial future within the next 12 months
 
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*8% of small businesses say that the economy is the principal problem their business is facing
 
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|('''N=600''' small business owners in Q1 2016)
 
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|[http://www.vistage.com/wp-content/uploads/2016/02/WSJ-CEO-Survey-0116.pdf WSJ survey]
 
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January 2016
 
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*54% of businesses surveyed said they expect firm size to increase
 
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*40% of businesses reported that they expect their firm's fixed investment expenditures to increase during the next 12 mo.
 
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*73% report an expected sales increase within the year
 
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*54% of firms expect their profitability to improve
 
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*Investments in new plant and equipment have fallen to their lowest level in more than two years
 
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*20% of firms expect the economy to worsen in the year ahead—the highest level in more than two years.
 
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|[https://www.newyorkfed.org/medialibrary/media/smallbusiness/SBCS-2014-Report.pdf NY Fed Survey]
 
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2014
 
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*27% of businesses reported an increase in their full time staff
 
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*15% reported a decrease in their full time staff
 
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*58% of respondents reported no change in their employee base
 
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*23% of businesses reported 10-25K of debt
 
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*62% of businesses had applied for <100K of financing
 
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*41% responded they'd sought financing from a large regional bank
 
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*35% of respondents reported increasing revenues and positive profitability
 
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*23% of businesses said they'd experienced difficulty in attracting customers
 
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*29% of businesses reported personal savings as their primary financing source
 
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*29% of businesses operated at a loss
 
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*13% of respondents said the increasing costs of running their business was their principal concern
 
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|}
 
  
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=='''Issues Facing Small Businesses'''==
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==Completed Work==
  
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===Health Care===
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==Work in Progress==
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*A [[Small Business Development Ecosystem of Houston| Portal]] on resources for small business owners.
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*[[Dylan Dickens]]' [[Houston SBA Loans (Blog Post)| Blog Post]] on the loaning practices of the Houston SBA office.
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*An [[The Affordable Care Act and Small Businesses (Academic Paper) | Academic Paper]] detailing the effects of the Affordable Care Act on small businesses
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*The [[Small Business Research]] represents the current educational  wiki page concerning small business.
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*[[Small Business Data]] A page compiling data on Small Businesses.
  
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{{:Affordable Care Act}}
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==Future Work==
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*[[(Blog Post) Best Practices for Small Business|A Blog post]] concerning best practices for Small Business on the McNair Blog.
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*An [[SBA Investigation (Report)|investigative report]] taking a look at the financial activities of the [[SBA|Small Business Administration]].
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*A [[What's Killing Small Businesses? (Blog Post) | Blog Post]] describing the governmental and societal factors that are causing small businesses to fail
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*An [[Government Regulations affecting Small Businesses(Academic Paper) | Academic Paper]] detailing the effects on small businesses directly caused by specific government-issued regulations
  
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===Access to Capital===
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[[Category:Small Business]]
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{{:Access to Capital}}
 
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===Student Debt===
 
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{{:Student Debt}}
 
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===Patent Reform===
 
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{{:Patent Reform}}
 
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===Gender Equality===
 
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{{:Women in Entrepreneurship}}
 
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=='''Helpful Websites'''==
 
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*The Small Business Administration: https://www.sba.gov/
 
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*The Federal Reserve Board Survey of Small Business Finances: http://www.federalreserve.gov/pubs/oss/oss3/nssbftoc.htm
 
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*Trends in Small Business: http://smallbiztrends.com/
 
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[[Blog Post]]
 
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=='''References'''==
 
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1. http://www.gallup.com/businessjournal/186179/student-loan-debt-major-barrier-entrepreneurship.aspx
 
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2. http://www.entrepreneur.com/article/237926
 
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3. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2417676
 
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4. http://www.gallup.com/businessjournal/181592/potential-entrepreneurs-aren-taking-plunge.aspx
 
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5. http://www.forbes.com/sites/kauffman/2014/09/15/student-debt-and-the-millennial-entrepreneurship-paradox/#286763962f70
 
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6. http://obamacarefacts.com/obamacare-small-business/
 

Latest revision as of 12:24, 24 March 2017



McNair Topic Area
Small Business
American-City-Business-Journals-corporate-office.JPG
Small Business Offices in the United States
Primary Information
Topic Area Name Small Business
Team Members Dylan Dickens
Primary Billing Dr. Edward Egan
Keywords Small Business, Entrepreneurship
Copyright © 2016 edegan.com. All Rights Reserved.


Summary

The McNair Center's topic area on Small Business is the concerted effort to inform the public on the details of small business, the best practices for maintaining and or growing one, and how government regulatory and supporting bodies effect them. Particular interest is granted to educational blog posts and wiki pages to spread information, and investigative research concerning the Small Business Administration.

Projects Outline

Completed Work

Work in Progress

Future Work

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