TITLE:
Driving Growth: The Integral Role of Small Businesses in the U.S. Economic Landscape
AUTHORS:
Rakibul Hasan, Md Asikur Rahman Chy, Fatema Tuz Johora, Md Wali Ullah, Md Abdul Barek Saju
KEYWORDS:
Small Business, U.S. Business, Entrepreneurs, Stakeholders, Economy
JOURNAL NAME:
American Journal of Industrial and Business Management,
Vol.14 No.6,
June
28,
2024
ABSTRACT: This comprehensive research endeavor undertakes an exhaustive examination of the far-reaching influence exerted by small businesses on the intricate fabric of the U.S. economy. Employing a meticulously crafted methodology that combines random interviews with a diverse array of small and medium enterprises across the United States and an extensive review of secondary sources, this study endeavors to unravel the multifaceted effects and ramifications of small businesses. From serving as engines of job creation and catalysts for local economic development to driving industrial expansion and fostering innovation, the pivotal role played by small businesses in shaping the economic landscape of the nation becomes increasingly apparent. Furthermore, this research undertakes a critical analysis of the myriad challenges and negative externalities that often beset small businesses, offering incisive insights and strategic recommendations aimed at mitigating these obstacles and fortifying resilience. The robust findings derived from this study not only underscore the indispensable contributions of small businesses to the vitality and dynamism of the U.S. economy but also serve as a clarion call for policymakers, stakeholders, and entrepreneurs alike to redouble efforts in fostering an environment conducive to the sustained growth and prosperity of small businesses. By equipping stakeholders with actionable insights and tailored solutions, this research seeks to empower small businesses to navigate the complexities of the U.S. business landscape and thrive amidst evolving economic paradigms.