Briefly describe four characteristics of a small business

1. Limited Resources: Small businesses often have limited financial resources, manpower, and technology compared to larger corporations. For example, a small family-owned restaurant may not have the same advertising budget as a national chain. 2. Flexibility and Adaptability: Small businesses are able to quickly respond to changes in the market and adapt their products or services accordingly. For instance, a boutique clothing store may change its inventory based on customer feedback or current fashion trends. 3. Personalized Customer Service: Small businesses are known for providing personalized and attentive customer service. This can lead to higher customer satisfaction and loyalty. According to a study by American Express, 62% of U.S. consumers said they would pay more for a product or service from a company that provides excellent customer service. 4. Local Impact: Small businesses play a significant role in the local economy by creating jobs, supporting community events, and contributing to the overall vibrancy of the area. For example, a local coffee shop may host events for local artists or sponsor a community fundraiser. According to the U.S. Small Business Administration, small businesses create two out of every three new jobs in the U.S.