THE ROLE OF SMALL BUSINESS AND PRIVATE ENTREPRENEURSHIP IN THE ECONOMY
Abstract
This article explores the crucial role of small businesses and private entrepreneurship in the economy, highlighting their contributions to job creation, economic growth, innovation, and community development. It emphasizes how these businesses stimulate local economies, diversify industries, and create opportunities for underrepresented groups. The article also discusses the challenges faced by small businesses, such as access to capital, high operating costs, and vulnerability to economic disruptions. Despite these challenges, it concludes by noting the promising future of small businesses, fueled by digital advancements and increasing government support.
Keywords
small business, private entrepreneurship, economic growth, job creation, innovation, community development, economic diversification, job opportunities, economic resilience, entrepreneurs, local economy.
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