1. There are mostly small businesses present in America for which the economy of the country will definitely be affected by these businesses. Therefore, there will have to be importance given to these businesses by the American government. There can be more jobs generated for the young and existing middle-aged or old-aged generation in small business companies. There can be more innovation obtained by these companies because of the presence of the majority of these companies in comparison with other types of businesses in America. 2. Entrepreneurs are mostly attracted by the field of advanced/latest technology. Moreover, they are mostly attracted by the field of services as well. The final most popular field is retailing. This is because there can be small business organizations conveniently doing businesses in services as well as retailing fields. There can be low investments made in these fields. There might not be too much of experience required as well. 3. In case of beginning operations of a small business, reputation can be built easily and sustained once customers begin to like the products and/or services of the organization. There can be concentrating on the specifically targeted market by the organization. There can be flexibility in decision-making as well as in changing the closing and opening timings of the organization. There can be choosing of specific locations and changing of locations as per the discretion of the owner of the organization. There can be low costs required to be incurred for opening such a business. However, there can be higher chances of such businesses to fail in future. There can also be enhanced levels of individual and collective stress for employees and teams respectively. 4. Competitiveness can be a major reason for failure of small businesses to be frequent. There can be lack of adequate financial backup by the small business. There can be regulations of the government of area of operations which can be difficult for small businesses to adhere to and also earn profits consistently. There can be too much of risk taken by the small business. There can be overconfidence developed by small businesses. There can be lack of efficient management of the operations and other aspects of small businesses.