A small business is a privately owned business, partnership, or corporation that has fewer employees and revenue than regular-sized businesses. Small businesses have become more popular since the COVID-19 pandemic when jobs were downsizing. Instead of finding another job, some people decided to start a small business for something that they were passionate about. This was a way for them to make money and be in control of their work. This also opened opportunities for others who lost their jobs to get work.
Small businesses run the same as regular businesses, but they face a few more risks. One is that they have fewer employees. Having fewer employees means one person has to take on a larger workload and work more hours, causing them to be paid a lot more money. This impacts the lower amount of money that small businesses have because they do not have as many customers or investors, meaning the wage per hour will be less than other businesses and the quality of some products may be worse. These risks are what make or break a business, and that is why many small businesses do not survive.
In the end, small businesses have become very helpful, but they are always at risk. Nonetheless, small businesses have become a great part of society and they have helped fluctuate the economy. The economy needs people to continue to open small businesses to provide jobs and more competition in the market. Supporting local small businesses is a direct way of helping out the community.