Small businesses have a strong presence in the Canadian economy as well as most countries in Europe. The contribution of a small business can be measured in terms of it's effect on financial aspects in the economy. For example small businesses create 8 out of every 10 jobs, this presence holds great strengths in our Canadian economy.

2. What are the characteristics of a small business?

There are three characteristics of a small business: Job Creation, Innovation, and importance to big businesses. Small businesses construct job creation, as a matter of fact a widely circulated study showed that small businesses created 8 of every 10 new jobs. Small business especially in certain industries is an important source of new and well paid jobs in this country. Small firms are also the first to hire in times of economic recovery. Innovation is such a large part of our small businesses in Canada. History has shown that some of the most greatest inventions have come from small businesses. For example: Personal computers, the jet engine, the ball point pen, photocopy machine, etc. The wealth of a big business providing a product is extremely dependent on

7. A person would benefit from becoming involved in an microenterprise instead of a full time business because of risk. You first must be sure that the transition from your current employer to your new found business is a successful one. Now this entails longer days more work, but these are just a few sacrifices that must be made to succeed in being self-employed.

There are many probable reasons why a small business would fail. For example, Whether, fraud or an accident. Some of the more common reasons for business failure are Poor management skills. They have poor delegation and organizational ability as well as a lack of depth in management team. Inadequate marketing capabilities, some owners may have difficulty in marketing a product or too much competition. Inadequate financial capabilities, weak skills in account and finance, lack of budgetary control, unable to obtain financial backing, all of these characteristics would result in business failure. There is also Personal reasons, the owner may lose interest in the business, family problems may hold him back, who would run the business if the owner ever got ill or had an accident.

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