Discuss the impact of small businesses on the U.S. economy, including sales, GDP, job creation, and innovation

What will be an ideal response?

The resurgence of the entrepreneurial spirit is the most significant economic development in recent business history. Small businesses have introduced innovative products and services, pushed back technological frontiers, created new jobs, opened foreign markets, and in the process, sparked the U.S. economy into regaining its competitive advantage in the world. Approximately 99 percent of all businesses in the U.S. are small businesses. They employ 49.2 percent of the nation's private sector workforce, created 64 percent of new jobs in the U.S. between 1993 and 2011, produce 46 percent of the country's private GDP, and account for 47 percent of business sales.