Small business is vital to our country’s economy, accounting for 43% of the nation’s GDP and creating more jobs than large businesses. But running a small business is not without its challenges. From important definitions to expert growth tips, we’ve gathered all of the resources you need to be successful as a small business owner.
How to Know If Your Company Qualifies as a Small Business
A small business is any privately owned and operated company that meets certain criteria, including the number of employees and average annual revenue. These size standards vary by industry and can range from one employee to a few thousand workers. In addition, a small business must be legally structured as either a private corporation, partnership or sole proprietorship and be physically located in the United States or its territories. If your small business wants to contract with the federal government, it must meet additional requirements, like registering with System for Award Management and maintaining compliance with applicable laws.
There are many different paths to a successful small business, but common themes include resourcefulness, determination and strong branding. For example, Oprah Winfrey built her empire on the foundation of her authenticity and her ability to connect with people. Similarly, Daymond John started his fashion brand FUBU in his mother’s basement with a sewing machine and turned it into a $6 billion enterprise. Today, he mentors entrepreneurs and emphasizes the importance of staying true to yourself in order to succeed.