Every morning across America, a small business owner wakes up with the intention of doing what he or she enjoys most – growing their company, earning a living, and determining their own path in this world. These are the fundamental drivers behind our national entrepreneurial spirit, the motivators of our 29.6 million small business owners, and the reasons our pioneering leaders wake up and tackle each new day. There is a romantic notion to owning and operating a business, and some business owners see incredible small business success. Unfortunately, others will experience small business failures, which can lead to problems in their personal finances as well.
Also outlined in the infographic are the top reasons why small businesses fail. A top factor is access to affordable and timely funding, which is frequently used to introduce new technologies. This can be a difficult process, as the majority of failing small businesses falter in the first few years of business, right when they need to innovate most to remain competitive.
The infographic also details key industries that are growing right now, and the economic challenges that many small business owners face today. One of the most compelling statistics is the loan approval rate among different financial sectors. Clearly, banks of all sizes and many credit unions aren’t lending freely to small business owners. Alternative lenders have seen the opportunities in this incredibly diverse and powerful segment of the American economy and have made financial tools much more available to small business owners across the nation.
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