NABEELA TAREEN JUSTLAW STAFF WRITER   Businesses act as a source of economic development globally. They play a vital role in the progress of any country by contributing to employment creation and sustainable growth. The Small Business Administration (SBA) defines the term “small business” relative to varied industries. For instance, in manufacturing and mining, a company with fewer than 500 employees is considered small, while in retail and service the bar is set at $6 million in annual sales. The federal government specifies distinct definitions for businesses in all other fields of commerce.[1] Small scale businesses are important for promoting stability and innovation that offers their owners a sense of financial independence. Further, they serve as a driving force for creating job opportunities and economic mobility. Initially, businesses owned by women and minority groups were limited, but with each passing year, the ownership composition of these firms is diversifying. In the United States, the data offered by the Ninth Annual State of Women-Owned Business Report (2019), show that US women owned approximately 42% of all business in America. Furthermore, 50% of all the women owned business belong to minority groups (i.e., coming from diverse ethnic and geographic backgrounds).[2] The […] read more