Lesson 2: Business Basics

Lesson 2: Business Basics

The overwhelming number of entrepreneurs and startups in the U.S. today are still small businesses. This category consists of grocery stores, hairdressers, consultants, travel agents, Internet commerce storefronts, carpenters, plumbers, electricians, etc. They are anyone who runs his or her own business. Small-business entrepreneurs work as hard as anyone in Silicon Valley. They hire local employees or family. Most are barely profitable. Most small businesses are not designed for scale — the owners want to own their business and feed the family. Their only available capital is their own savings, what they can borrow from relatives and banks. Small-business entrepreneurs don’t become billionaires and don’t make many appearances on magazine covers.

 

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