Abstract
Small businesses serve as the cornerstone of global economies, playing a pivotal role in fostering employment opportunities. Distinguished by unique characteristics that set them apart from larger organizations, their compact size and adaptable management structures empower swift responses to dynamic changes, positioning them as hubs for cutting-edge innovations. Small business proprietors, characterized by their entrepreneurial spirit and risk-taking disposition, drive the creation of novel products and services within existing markets. Given the notably low success rates of small businesses, it becomes imperative to precisely conceptualize and define this sector, facilitating an enriched environment for sustained growth. This article endeavors to offer a nuanced comprehension of small businesses, encompassing various types, distinctive features, and prevalent challenges. Ultimately, it seeks to identify common yet crucial factors contributing to the failure of small businesses.
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