Small Business Survival Rates, 2010, stated that were more than 627,000 new businesses in 2008. A small business is defined as a business that is privately owned and operated, with a small number of employees and relatively low volume of sales, and usually employs around 50 people, and is domestic companies with revenues of under $25 million. A 'small business' is a separate and distinct business entity, including cooperative enterprises and non-governmental organizations, which is managed by one or more owners and which predominantly carries on business in any sector or subsector of the economy. Small businesses have several characteristics, but the most successful small businesses deals in goods and services, have a desire to earn a profit, involve production or exchange of goods.
Small businesses need a good environment in order for the business to succeed and grow. Successful small business owners have many and varied characteristics, small businesses employ more people than large businesses and export the vast majority of products. Many people are motivated by the flexibility provided to them if they own a small business; which makes them motivated by personal and family considerations. A small business must have a desire for independence and a strong sense of initiative. They must be able to react quickly to change inside and outside the business. Another characteristic involves being dedicated to the business, by investing time, energy, and emotion.
Small businesses contribute to the economy in a variety of ways, they create wealth which is circulated through the purchase goods and services, generate salaries, and keep money in communities. They also train the work force and create jobs for young people and women returning back to work on a part-time basis. They provide their customers personalized and customized, high-quality products and services. They