Part of what the “American Dream” was owning your own small business, sometimes known as a Ma and Pa shop. But, small businesses do have a hard time surviving today. Why is that? is it possible to have the “American Dream” anymore? Thoughts?

It breaks my heart that out of 10 entrepreneurs who establish their ideas 8 of them are doomed to fail, this is according to Bloomberg. What happened to the American dream? Let’s dig in. Close to 75% of small business owners feel that the thought of having a sustainable economy where small business can compete with big firms is a far way to be achieved; however, 25% of them believe that the classic concept can take root if some barriers can be defeated, (Smith,  2012).

Despite the economic concerns, this concept is slowly evolving in the stir of current challenges. First, small business owners have difficulty in raising capital and have the inability to expand, many of the American small business owners believe that taking more debt makes great things happen. Secondly, risk-taking is another challenge for small business owners, most of them are unaware of market trends especially technology and market demand.

References

Smith, H. (2012). Who stole the American dream?. Random House Incorporated.