By: Ami Tajiri

Since the founding of the colonies, small businesses have been an integral part of American life. They are what add color and cultural flavor to local markets while also creating new jobs and supporting the economy.[1]

In the beginning, before 1880, small businesses were more common and only with the Industrial Revolution and increase in technologies did big businesses emerge and take over the economy. Large-scale companies were then able to produce goods faster, more cheaply and efficiently. However, small businesses survived because they were able to recognize that there were holes in the market that called for more specific goods that they could fill. These “niche markets”[2] are what small businesses used to keep themselves relevant then and now.

Although the standards and regulations that define a small business vary from country and industry, a small business is generally defined as one that has fewer than 250 employees, wholesalers whose annual sales are $5 million or less, and retail/service businesses with yearly sales of $1 million or less. [3]

Many citizens today opt to be their own bosses in favor of answering to higher management and because they feel they have a calling that is outside the scope of working for someone else. While there are both upsides and downsides to owning an independent business, they are an important part of each community’s economy and culture, however to stay afloat in the market they must constantly come up with new if unorthodox approaches to maintain customer interest and support.