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Example research essay topic: Chief Executive Officer Small Business Administration - 2,771 words

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The Pros and Cons of smallness When Columb discovered American Continent he did not know that in future America becomes one of the most powerful countries of the world. It has representatives in nearly all-international organization; its opinion has a great value and influence. Why it is so? Where does the USA power lies? It is not only about military force, it is also because of its economic stability.

When we mention economic big companies and enterprises such as General Motors and Microsoft come to mind. But economic doesnt consist only of big companies and enterprises. They contribute to our economy, its development and stability is really tremendous but thats not all our economy consists of. Great part of it is dedicated to small business.

From the colonial era to the present day, small businesses have been an integral part of American life. (Mansel G. Blackford) Everyday in our life we use the benefits of the smallness. It is essential because it gives life to great-scale productions and alliances of small and scale productions are mutually beneficial and bring in a great income. In USA small business gives 34, 9 % of net profits.

In 1830 s the French writer and social researcher Alexis De Tocqueville wrote in his 1835 book Democracy in America, "What astonishes me in the United States is not so much the marvelous grandeur of some undertakings as the innumerable multitude of small ones. From this statement we can see that people noted the importance of smallness long ago. Small business has very long history and it started in 1600 when first colony was founded. Since then small business small businesses have been integral to the economic, political, and cultural development of the United States. (Mansel G. Blackford) You have already guessed that today we are going to speak about small business. We will examine such questions as: what small businesses is, who starts the small businesses, what are the contributions of small businesses to our economy advantages of the small businesses and disadvantages, how does the small business administration helps small business, the fields in which small businesses are concentrated, etc.

At first we will define what the small business is. According to U. S. Small Business Administration (SBA) small business is the firm that "independently owned and operated and not dominant in its field of operation. " That definition was made in 1953, since then little has changed small industrial establishments with fewer than 250 employees, wholesalers whose annual sales amounted to $ 5 million or less, and retail and service businesses with yearly sales of $ 1 million or les. (Small Business Administration (SBA). But if we try to outlook this question by our self it is better to start from the few characteristics, which are common for small business. According to Mansel G.

Blackford Most small businesses are single-unit enterprises. They do not have plants or offices in more than one locality. As locally oriented companies, small businesses commonly recruit their workforces from their communities and are deeply involved in community affairs. They are also more apt than larger firms to purchase their raw materials locally and to produce for local rather than national or international markets. The management construction of small companies is very simple. There is always a chief executive officer, often he or she is the owner and runs the business personally.

Chief executive officer knows all his or her workers. Small business often is a family business. Sometimes it is rather hard to determine whether it is small business or medium. Most commonly such definitions are made on the number of employees in a firm. I hope that now we all understand what small business is.

The next question of our discussion will be contribution of the smallness in our economy. As we have already seen small business always played in important role in development of American economy. In nineteenth century the great number of small business was a common thing. Before about 1880 nearly all goods and services in American economy were provided with thousands of small firms.

According to Mansel G. Blackford Only from the middle of the nineteenth century did big businesses emerge in fields where new technologies permitted economies of scale in the production and / or distribution of goods. But even in new conditions small business didnt die out. It simply adjusted to the presence of scale industries. As was noted by Institute for Small Business Affairs, small business provides certain maneuverability of market economy, proves its high efficacy with constantly increasing specialization and cooperation.

It fills in rapidly dismissive recesses in consuming sphere and on certain degree is well recompensed. Small businesses create the atmosphere of competition, which, in turn, leads to highly increasing quality of goods and technology development. And of course small business creates an entrepreneurial spirit, which is essential for economy market existence. Small-scale enterprises play an important role in employment, researchers and scientific surveying. They provide a great number of workplaces. In America the 53 % of manpower is occupied in small business.

Small firms commercialize new products more frequently in spite the fact that enormous part of scientific resources is concentrated on big enterprises. 90 % of new technologies are provided by the small-scale enterprises. (Small Business Advancement National Center) I think that success of small businesses can be explained in such way: deep specialization in scientific researches leads to fast and risky development; small firms often develop unpromising fields. They willingly start the assimilation of original innovations because with output of absolutely new product the value of laboratories with settles directions of scientific researches decrease... Implicit is the corollary idea of experimentation and trial and error. If the idea is successful, it adds and / or replaces something; this process is know as creative destruction and is fundamental to entrepreneurial activity. If the idea is not successful, it dies and the resources used in the unsuccessful experiment are recycled and used again; this, too, is fundamental to the entrepreneurial process. (Timothy Bates). Small firms crave for arranging of mass production.

Small firms clearly have played a significant role in the commercial development of the Internet and biotechnology. All this factors lead to constantly increasing market competition, to technology development, the expansion of variety of goods and services. All in all the contribution of small business in evaluation of American economy is rather great and undeniable. The small businesses are in concentrated in such fields as: Less then Less then Less then Less then 25 people 210 people 220 people 250 people Extractive industry 52, 4 67, 1 80, 5 91, 5 Conversion 37, 0 52, 5 67, 5 82, 6 industry Wholesale 50, 3 71, 5 86, 9 96, 4 trade Retail 64, 9 81, 5 91, 1 97, 2 trade Construction 64, 5 81, 7 91, 8 97, 6 Commercial 76, 4 87, 1 93, 6 97, 5 facilities On average 66, 7 81, 2 89, 3 96, 3 As we can see from this table, small businesses prevail in all private spheres of American economy. We can hardly find such field of industry in which small businesses are not involved. It is understandable because the number of firms increases, and they are trying to find new fields in which their hopes can be fully improved.

While large firms often appear to produce almost everything, small business produces roughly half of the private sector Gross Domestic Product (GDP) Now I will try to elucidate advantages and disadvantages of smallness. Weve already seen that small business is very important and gives a lot to our economy. But what are the strong and weak sides of small business? According to NFIB Small Business Policy Guide there are many factors which negative influence weaken small business. First of all I want to underline that small business is very risky. It is true that the majority of small businesses do not survive the first two years after start-up.

There are predictable items (expected sales volume, salary cost, taxes, overhead, equipment and supply costs, the price you charge for the goods or services you offer to your customers), which can plan or even control to a certain degree. And unpredictable ones which are largely beyond your control (SBA) such as actions your competitors take, changing tastes and trends, the effect these actions and changes have on your market and your customers, the local economy and its impact on your customer base. (SBA). I think that the fact that small firms cannot exist independently is also negative. Small firms are very sensible to rapid changes of profit rate at economy market. It gives certain financial pliability to firms but also weaken them.

In conditions of economic downturn big companies export capital to make safety-valve. Small firms are devoid of such way-out. According to NFIB Small Business Policy Guide "many small-business owners believe that bringing family members and close friends into their company will create an especially harmonious group of employees. Doing so offers specific advantages, but also opens the possibility that the smooth operations of the company may be compromised. You must consider that your relatives may turn out unsalable for work you provide to them. You must consider that your income will be i regular.

Payment takes some time for contracted work, and non-payment or slow payment for work is said to be a major headache for small businesses. Conventional employment offers the advantage of a steady monthly pay packet, which some people would find hard to live without. (Emma Harrison, David What nall). It can be difficult to balance your work-time with your free time when you have no boss and work on yourself. You must consider that you will deal with such issues as pensions and sick pay.

You will need a good business plan. In one word you must be very hardworking, Entrepreneurs and small business owners are some of the hardest working people in America. They teach us the values of hard work and integrity and independence. (First Lady Laura Bush). It depends on you and only on whether your business will be successful or not. It is a great responsibility. Starting and managing a business takes motivation, desire and talent.

It also takes research and planning. Like a chess game, success in small business starts with decisive and correct opening moves. Although initial mistakes are not fatal. It takes skill, discipline and hard work to regain the advantage. (Jerry Glen) But nevertheless people trying to start their own business. Successful small businesses tend to be those created with a substantial investment of the owners financial capital along with strong educational credentials of business owners. (Timothy Bates) That is why people begin to develop their own business, on average, in their thirties (there are exclusions). Entry into small business is most common among people in their late thirties and forties after 15 - 20 years of work experience (Timothy Bates).

Men and women are equal in their business rights. Anyone who wonders what women are capable of need only looks at American women business owners. Women are working hard to strengthen their communities and their country. (First Lady Laura Bush). Great number of emigrants starts their own business, because they came in our country for gaining success. Historically, small business played an important role in the economic progress of several early immigrant groups to the US (Jews, Chinese, Italians, and Greeks).

It is understandable because USA is a country of great possibilities. Constitution states that each person has right for full and free development of his or her personality. There are no privileges or restrictions based upon gender, ethnic or social origin, face, color of skin, religious and other believes, etc. Those people who starts small business are really realizing the American dream of ownership and at the same time, they are helping our economy grow stronger (First Lady Laura Bush).

It is important that government help and support people on their chosen path. There are a great number of different cities and centers which create and provide useful information on small business management, supports small business, make research which help to develop small businesses, provide special educational programs. For example International Council for Small Business, Small Business Advancement Center, U. S. Small Business Administration (SBA) provides all needless help for a small business but there are some details, which I want to clarify. According to SBA policy they: oversees a pool of free money.

First and foremost, says Jim Hammersley, director of the Office for Loans Programs at the SBA, "We don't make grants. " He regularly hears from business owners looking for free money, which is not what the SBA is about. "We do look for people to pay loans back. " 2. According to Tom Burke, Wells Fargo's SBA-lending manager in Minneapolis, the SBA puts ceilings on interest rates. For instance, the maximum rate is prime plus 2. 25 % for a loan of less than seven years and greater than $ 50, 000. If the term is seven years or greater and for more than $ 50, 000, the maximum is 2. 75 % over prime. "The SBA wants to make sure money is as cheap as possible, " says Burke. Interest rate tiers are based on the loan's size, and rates are negotiable up to the ceilings, he adds. 3. You have to be a business in distress to qualify.

A business doesn't have to be failing to get its loan approved, according to Burke. "The SBA is not a bail-out program, " he says. Usually, an SBA-guaranteed loan helps a business owner bridge a gap: a lack of collateral, for example, or the need for an extended loan term. 4. The SBA is only for start-ups. While SBA lenders do make loans to start-ups for the purchase of business assets including the purchase of existing businesses, it's also a great resource for established businesses looking to secure working capital. Some of the biggest borrowers in the SBA's real estate loan program are established dentists and doctors who want to buy offices, says Jim Roby, the Florida regional government lending products manager for Bank of America, of his bank's SBA-lending program. In general, banks don't make term loans for working capital; most only provide revolving lines of credit, says Burke. "The SBA wants the small-business owner to succeed, " he adds. "The loans are good for fast-growing businesses who need working capital, too. " You must consider all this facts.

Government helps small business, but it doesnt do your work for you. Because of tax cuts, 25 million small business owners have each saved an average of $ 3, 000 this year alone. President Bush also increased the annual expense deduction for equipment to $ 100, 000, so now more small business owners can invest in new machinery and technology. And cuts in the capital gains tax and the taxation of dividends are spurring investment and making it easier for small businesses to raise capital. (First Lady Laura Bush). But all in all government policy have often favored large businesses over small ones. (Mansel G.

Blackford). It is a paradox because Americans admire their small business and want to save small enterprises in spite of their economic effectiveness, but government often directly or indirectly support big enterprises. Yes, it supports the small business as well but in low amount. As for conclusion I want to say that small business is the oldest sphere of economy in USA. I think that te main advantage of it is that everybody can start a small business and make his or her own contribute in development of our country.

Small business had great past and Im sure that its future will be remarkable too. All we need is hope and desire to work. We have a great opportunity to make our dreams come true. We must remember that our future and future of our children are in our hands.

Bibliography Mansel G. Blackford, A History of Small Business in America, Second Edition, 2003 United States, White House, Remarks by First Lady Laura Bush on the Economy Design Net Engineering, Lakewood, Colorado 10: 25 A. M. MDT < web > Jonathan J.

Bean, Beyond the Broker State Federal Policies toward Small Business, 1936 - 1961, 1997 Timothy Bates, NFBS Small Business Policy Guide, < web > International Council for Small Business, < web > U. S. Small Business Administration (SBA), < web > Small Business Advancement Center, < web > Charles Brown, Games Hamilton, James Me doff, Employers Large and Small, Harvard University press, Cambridge, MA. 1990


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