Who is an Entrepreneur

Entrepreneur – – Generally, small business

Small Business Independently owned and is not dominant in its field (fewer than 500 employees) Requirements: (2 must be present)

Small Business Impact on Economy 99.7% of all employer firms Employ 50% of private sector employees 44% of total U.S. private payroll 65% of new jobs over the past 17 years 52% home-based, 2% franchises

Contributions

Small Business Risks 2009 – 552,600 open; 660,900 closed 7-10 new firms survive 2 years 5-10 – 5 years 25% years

Challenges Facing Small Business