Struggling Small Business in the US. The next challenge to economic recovery

Abstract

The United States faces steep economic recovery challenges as its crucial small business sector struggles. While this sector has long grappled with various obstacles, it has only grown more dire thanks to the COVID-19 pandemic in the form of rising bankruptcies and closures. Yet investing in and supporting small businesses is essential to the US economy's well-being. They play an essential role in spurring economic growth and creating jobs. A post-pandemic world requires policymakers to create a range of programs and policies offering training, access to credit, and financial assistance to help small businesses shake off the dust, adapt and succeed. Building stronger bridges for small businesses can improve a more robust, sustainable recovery. While public support is undeniably crucial, it is imperative for businesses to actively engage in overcoming the challenges posed by the current economic climate. The post-pandemic situation requires a comprehensive approach from policymakers, including the development of diverse plans and policies. These initiatives should not only provide training, access to credit, and financial assistance but also encourage small businesses to take an active role in adapting and innovating.

Full text

Impact of Opioid Use Di sorder (OUD) on Employee Productivity: An Empirical Investigation
81 | Page International Journal of Business Intelligence and Big Data Analytics
Struggling Small Business in the US. The next challenge to
economic recovery.
José Gabriel Carrasco Ramírez. *
* PhD(c) and Msc in International Law and International Studies.
Caribbean International University, Curazao, Lawyer.
Universidad Católica Andrés Bello, Caracas, Venezuela.
I12 - Health Production
MIS (Management Information Systems) & IT (Information Technology)
J24 - Human Capital; Skills; Occupational Choice; Labor Productivity
ABSTRACT
The United States faces steep economic recovery challenges as its crucial small business sector struggles. While this sector has
long grappled with various obstacles, it has only grown more dire thanks to the COVID-19 pandemic in the form of rising
bankruptcies and closures. Yet investing in and supporting small businesses is essential to the US economy's well-being. They
play an essential role in spurring economic growth and creating jobs. A post-pandemic world requires policymakers to create a
range of programs and policies offering training, access to credit, and financial assistance to help small businesses shake off the
dust, adapt and succeed. Building stronger bridges for small businesses can improve a more robust, sustainable recovery. While
public support is undeniably crucial, it is imperative for businesses to actively engage in overcoming the challenges posed by the
current economic climate. The post-pandemic situation requires a comprehensive approach from policymakers, including the
development of diverse plans and policies. These initiatives should not only provide training, access to credit, and financial
assistance but also encourage small businesses to take an active role in adapting and innovating.
Copyright (c) 2023 Tensorgate. This is an open-access article distributed under the terms of the Creative Commons Attribution [4.0/3.0/2.5/2.0/1.0] International
License (CC-BY [4.0/3.0/2.5/2.0/1.0]), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are
credited. The copyright and license information must be included with any copy or derivative work made from this material
Keywords: Economic recovery, small businesses,
US Small Businesses, challenges to small
Research Article

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Table of Contents
ABSTRACT ............................................................................................................................................................................. 81
Background and History of Small Businesses in US ......................................................................................................................... 83
Problem Statement .......................................................................................................................................................................... 84
Purpose Statement ........................................................................................................................................................................... 84
Conceptual Framework ................................................................................................................................................................... 84
Methodology .................................................................................................................................................................................... 85
Literature Review ............................................................................................................................................................................ 85
Causes of the Falling Tendency of Small Businesses in US ............................................................................................................ 85
Findings ........................................................................................................................................................................................... 87
Theme 1: Effective Cash Flows in US Small Businesses ................................................................................................................... 87
Theme 2: Effective Marketing in US Small Businesses ..................................................................................................................... 87
These 3: Adoption of Innovation and Technology in US Small Businesses ......................................................................................... 88
These 4: Effective Formation of an Initial Business Plan ................................................................................................................... 88
Conclusion ....................................................................................................................................................................................... 89
Future Implications ......................................................................................................................................................................... 89
References ....................................................................................................................................................................................... 90

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Introduction
The struggling small business sector in the United States
represents a significant barrier to the nation's economic
recovery. Small businesses have long served as the engine of
the American economy, accounting for a significant portion
of employment and generating considerable economic
activity (Small Business Administration, 2020). As a result
of the COVID-19 pandemic, however, small businesses have
been decimated, with widespread closures and employment
losses. Recovery efforts to date have largely bypassed the
small business sector, as demonstrated by continued
difficulties faced by small businesses in remaining solvent
and accessing capital (Cowles, 2021). Although not specific
to them, providing a resolution to small business troubles is
critical to transform an economy from one experiencing an
slow economic recovery to one that is having sustained
economic growth, health, and competitiveness (Engidaw,
2022; Depken and Zeman, 2018).
Background and History of Small Businesses in US
Since the beginning of this nation, small businesses have
played a significant role in the United States, often being the
primary driver of innovation and job creation. Small
businesses constitute the unstoppable gear creating revenue,
not only for the organizations but also employing people
from in and around the areas where those businesses are, and
contributing to the tax base. Once small businesses in the
United States was born in the early 19th century, they arose
as the country began to grow and expand. Small pop-up
shops that covered the country to help provide the needed
goods and services to the local communities in ways that
were family owned and operated that made no excuse for
providing for the locals’ needs. (Bushe, 2019)
The U.S. Small Business Administration identifies a small
business as independently owned and operated, organized for
profit and not dominant in its field of operation. Depending
on the industry, SBA sets concrete size standards to
determine whether a business qualifies as a small business.
Over time, the landscape of small business has changed.
According to the U.S. Small Business Administration, small
businesses are found in “every industry, from small town to
main street. They play a vital role in local communities and
are engines of economic opportunity and job growth. Small
business is the backbone of the American economy, with
more than 30 million companies meeting the definition of a
small business.” Small businesses are found in every
industry, including retail, professional services, technology
and more. Small businesses have been evolving and
changing since their beginning. They have played a key role
in driving economic growth and entrepreneurship, by
fostering innovation and competition in various industries
(Lussier, 1996). Operating a small business has never been
easy. Small businesses have faced economic downturns in
the market. They have had to adapt to new advances in
technology and have had to battle with larger corporations
for business. And, after all of this, they are still in business.
The Great Recession of 2008 hit small businesses hard, but
they fought back. Many Americans lost hope and faith in
their county and their government, but not in the small
businesses around the country. It was American small
businesses that led the economic recovery. This fight for
independence and freedom is still present in 2022. Many
American small businesses have taken to the web with news
that their owners are determined to keep their doors open
(Bushe, 2019). Small businesses across America may just get
hit the hardest. With the pandemic, small businesses have
already been hit hard. Many have had to shut their doors
permanently. Many more will be shut down when states and
municipalities are placed on Lockdown. The world has
changed, and small businesses have had to change with it.
Some will only be able to make it if they can change how
they do business and if the government helps them. Some
people believe that “Small businesses are indispensable to
the health of the nation’s economy. They facilitate economic
growth, spur creativity and the free exchange of ideas, and

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create jobs for millions.” (Watson & Everett, 1993). Overall,
they have contributed to the growth and success of the
country for as long as history has been recorded. From early
general stores to today’s small businesses, they have driven
innovation, fostered a robust economy and created jobs
(Bushe, 2019). And moving forward, in a post-COVID era
will depend on how well small businesses can overcome the
challenges of the pandemic and recover with the rest of the
country (Bushe, 2019).
Problem Statement
The United States is home to an estimated 31.7 million small
businesses, who provide critical employment, accounting for
47.1% of the total U.S. employee workforce. Their struggles
during the COVID-19 pandemic present a formidable
challenge to the nation’s economic recovery. The sudden
shuttering of businesses, combined with reduced consumer
spending and financial instability have forced many small
businesses to the brink. Our research seeks to better
understand the lingering strain on small businesses, and offer
insight into how to help in the recovery process. By
identifying the distinct struggles of small businesses, policy
makers can craft tailored interventions and support programs
that minimize the fallout and foster a more robust small
business ecosystem.
Purpose Statement
The purpose of this research is to examine the potential "next
normal" after the COVID-19 pandemic for small business
recovery in the United States. By exploring what is
happening to small businesses now, and the contingencies
that may affect recovery, the research is intended to
anticipate possible roadblocks and supply strategies for
meeting them. The findings are expected to be of use in
showing where small businesses stand now and in briefing
policymakers and stakeholders for making strategies that
effectively support their recovery.
Conceptual Framework
The proposed endeavor looks forward to the exploration of
the role of struggling small businesses as the United States
experiences economic recovery. The proposed project will
be guided by a theoretical framework that is drawn from
entrepreneurship, economics, and management literature.
This theoretical framework will be grounded in
understanding the challenges that such small businesses face
as they seek economic recovery in an economic environment
of overall recovery and growth. The theoretical framework
of the proposed endeavor posits that struggling small
businesses contribute to overall economic growth and
recovery and that they can pursue growth within their own
firms by analyzing the individual characteristics and
operations of such firms. Under this framework it will be
analyzed the possibilities and constraints for growth. The
proposed project will also draw upon theories in the
entrepreneurship and innovation literature to posit how such
small firms can adapt and innovate as market conditions
change. The proposed project will also draw upon theories in
the entrepreneurship and innovation literature for analysis
and suggest how firms may adapt and innovate under
changing market conditions and how such firms can enhance
their operations. Also, the proposed project will harness
theories that suggest what are the roles of government
policies and interventions that support such struggling small
businesses. Issues such as regulatory barriers, access to
capital and workforce training will be explored in terms of
their potential impact on economic recovery. It is hoped that
the integration of these theories will provide a
comprehensive understanding of the challenges that such
small businesses face and the potential for them to achieve
sustainable growth. This proposes to add to the literature on
the topic which has not been so integrated and
comprehensive as it will be drawn from entrepreneurship,
economics, and management literature. The result of this
study will be valuable for policy makers evaluating the
current environment and for businesses designing strategies

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to take advantage of the improving economic conditions that
will allow businesses in the United States to experience
economic success.
Methodology
The purpose of this qualitative study is to explore the issues
and problems faced by the small business sector of the
United States in their efforts to recover from the economic
slowdown.
The proposed research will be based on qualitative research
as this method is ideal for exploring complex phenomena
when the researcher does not know how to study it (Saunders
et al. 2009). To conduct the research and examine the
problems faced by the struggling small business sector of the
United States, literature review analysis will be carried out.
Literature review analysis would allow the researcher to
critically evaluate and understand the reasons for the
problems being faced by the small business sector in the
current economic contexts. Literature review is helpful for
exploring the reasons for the problems because it provides a
comprehensive view of the subject, facilitating to understand
the complexities of it. (Monette, Sullivan & DeJong 2011).
After conducting the literature review, we will be able to
understand the phenomena under consideration and all
shades of the problems being discussed.
Overall, this qualitative research approaches us in gaining
understanding about the problems being faced by the small
business sector of the United States as it is slow in its
recovery from the current economic situation, and it also
helps in contributing to the existing body of knowledge.
Literature Review
According to a report from the United States Census Bureau,
roughly 20% of new businesses fail within their first year,
and 50% fail to make it to their fifth (US Census Bureau,
2019). With enormous impact to the U.S. economy, small
businesses contribute to most of the United States' Gross
Domestic Product (GPD) and a significant portion of the
country’s employment. However, failure rates for businesses
remain alarmingly high, with an estimated one in five small
businesses folding within their first year, due to a variety of
cash flow issues, with most business simply failing to get any
customers, and others failing to differentiate themselves
from the competition with any novel or discernible
improvements with business plans.
Causes of the Falling Tendency of Small Businesses
in US
In a study conducted by the National Federation of
Independent Business (NFIB), 73% of small business
owners reported that cash flow problems are a major barrier
to growth. According to the study, inadequate cash flow
undermines businesses' ability to invest in growth, hire new
employees and deal with changing market conditions. Small
businesses without sufficient cash flow struggle to pay their
bills, leading to greater financial instability and eventually
failure (National Research Council, 1999).
Small businesses have a tremendous impact on driving the
U.S. economy, and yet a majority fail within the first few
years of operation. One of the main contributing factors to
the high failure rates is poor or ineffective marketing. For
many, marketing is difficult to understand and navigating its
complex world is even harder. It is no secret that small
businesses typically have very limited marketing budgets
and underestimate the power marketing can have for their
business. However, ineffective marketing can lead to lack of
brand awareness, missed opportunities to connect with target
customers and limited sales growth (Engidaw, 2022).
A survey conducted by the National Small Business
Association (NSBA) reported that ineffective marketing was
one of the top challenges faced by small businesses and this
poor marketing results in lack of brand awareness, missed
opportunities and limited sales growth, just to name a few.

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Moreover, establishing a strong brand identity has also
become one of the key challenges facing small businesses.
Without a strong brand identity, a small business struggles to
stand out to potential customers and differentiate itself from
its competitors. This leads to missed opportunities that will
ultimately slow or limit sales growth. The need for small
businesses to market effectively is so crucial that without an
effective marketing strategy a small business can struggle to
not only reach its target market but to also generate leads,
resulting in stagnation and, at last, the inability to sustain the
business.
Innovation is critical to the sustainable growth and success
for business enterprises (Bushe, 2019). However, many
small businesses have trouble keeping up and find it difficult
to adapt to the ever-changing marketplace. Small businesses
often are unable to adopt new technologies, or to innovate,
and as a result they see a cycle of stagnation, reduced
competitiveness and business failure. Small businesses face
significant challenges in becoming more innovative, which
may be due to the lack of resources available to them
compared to large businesses (Kumar, 2019).
Small businesses typically have less access to the capital
necessary to invest in research and development, and even to
upgrade technology and to train employees. This lack of
investment significantly impacts their ability to innovate and
to stay ahead of the curve. Small businesses also tend to be
more isolated from external networks and expertise. Fewer
ties to their local industry or academia reduce the
opportunities to collaborate with other innovators and to
learn about new outwardly focused trends and processes.
This lack of support further inhibits their ability to explore
and to adapt.
Lussier (1996) supports this assertion, arguing that the lack
of strategic planning is to blame for small businesses’ failure
to innovate in “anticipating environmental changes,
transforming threats into opportunities, and evaluating the
risks and potential benefits of new ideas”. This author
indicates that small businesses often fall into the trap of
focusing intently on short-term goals, satisfied with simply
surviving in the long run rather than doing everything
possible to anticipate incremental or unexpected market
changes, being limited in understand that there could be an
entirely new way to grow, and develop and test entirely new
ideas.
Small businesses are essential for the U.S. economic growth.
This said, we already established that a significant number of
small businesses close within the first few years. One of the
reasons behind this is the inability to create an initial business
plan. This is one of the eight common reasons small
businesses fail. (Cowan, 2019). A business plan establishes
the corp of strategies. It details the business niche and target
market, the marketing plan, financial projections, staffing,
and the features of the business products or services. It is the
business plan that provides the strategies needed to move
ahead to the wished horizon. Without a plan to follow, the
business chances of achieving success are greatly
diminished. Plans have a way of becoming reality. (Cowan,
2019).
A well thought out business plan serves as a blueprint for
small business creators and run it provides them with the
direction they need to successfully navigate through the
uncertainty and challenges of entrepreneurship. It’s an
outline of business goals and plans, the target market for the
business, and more importantly a breakdown of any
company’s financial future. Yet, many small business
owners disregard the value of a well-thought business plan,
and the result is often business failure. One key area often
overlooked in the formation of an initial business plan in
market research. Why?. Because a business owner who
conducts thorough market research can easily identify the
market demand, competition, and customer profiles. Without
this information, small businesses can’t be sure there’s a
market for their product or service. (Engidaw, 2022).

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According to Acs (1992), financial forecasting is a key
element of a successful business plan. Small business owners
often lack the ability to project their expenses, revenues, and
profitability with accuracy. The lack of financial clarity can
lead to problems with cash flow, undercapitalization, and
eventually the failure of the business. Furthermore,
inadequate planning in other critical operational areas such
as marketing, operations, and human resource management
can cause the demise of small businesses as well. Failure to
properly plan for these components can lead to ineffective
marketing strategies, inefficient operations, and strained
relationships with employees and stakeholders.
Engidaw (2022) finds that an ill-formed initial business plan
is a prime cause of failure of business in the U.S. Business
owners can avoid this pitfall by conducting thorough market
research, projecting financials with accuracy, and focusing
on key operational areas that will help them succeed.
Therefore, it is critical that small business owners recognize
the value of a well-formulated business plan and then
commit the resources necessary to formulate and execute a
successful plan.
Findings
Theme 1: Effective Cash Flows in US Small Businesses
The US economy is still in recovery from the economic
downturn, but small businesses continue to face cash flow
challenges. We conducted a study to find solutions to help
small businesses overcome their cash flow problems.
The study found that a focus on cash flow management is
key for small business survival, as small businesses are often
confronted with irregular revenue streams and limited access
to credit. Several strategies can help alleviate these pressures,
though. For many small businesses, the adoption of cloud-
based accounting software is critical. By using these kinds of
financial tracking tools in real time, small businesses will be
able to investigate and oversee their cash flow, allowing
them to spot potential troubles and take corrective action
quickly. Small business owners searching for more cash flow
options than those always offered by traditional banks should
consider alternative methods such as crowdfunding or
invoice factoring, which lend short-term cash flow support
(Karadag, 2015). Effective management of their own
inventory is another need. Not having enough inventory can
result in lost sales, while purchasing too much can cause cash
flow problems. With steady hands and careful inventory
oversight, small businesses can optimize their cash flow and
help prevent stockouts and overstock problems.
In addition, communicating effectively with customers and
vendors is also of paramount importance. Small business
owners and vendors alike would be well served by utilizing
straightforward and consistent payment terms and
conditions. This will help to decrease any late payments and
maintain ongoing cash flow.
Theme 2: Effective Marketing in US Small Businesses
Small businesses are the main drivers of economic growth in
the United States. Consequently, improper marketing causes
most of these small businesses to fail. Insufficient promotion
and advertising have a substantial effect on the profitability
of business and in many cases leads to its closure.
Consequently, for small businesses to sustain their
operations, several strategies can be applied. The business is
first required to conduct a comprehensive customer analysis
to deeply understand its target market including their needs
and preferences. The business then can create niche
marketing campaigns addressing those needs to effectively
target potential buyers. Secondly, small businesses must
make use of digital marketing channels. Digital marketing
may include leverage social media, email marketing or SEO
(or all three). All these different channels must have a
common tie. Everything starts when capturing some data.
The business must also take advantage of the advanced tools
that are available to monitor and think about the profitability
and long term ty of these marketing campaigns. Lastly, small

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businesses also have the option to outsource marketing
expertise. Marketing professionals have a good idea of the
challenges and factors and will be able to succeed in most
businesses. In general, improper marketing has made a
substantial impact on business failure in the USA, but these
above-mentioned strategies can help many small businesses
to overcome this hurdle and find its niche within the industry
(Gaskill et al., 1993).
These 3: Adoption of Innovation and Technology in US
Small Businesses
Small businesses are essential to the U.S. economy,
representing nearly 99% of all businesses in the country.
While such small businesses are critical to a wide range of
industries, the majority are struggling to keep up with
changing times, says new research. Without resources to
invest in such advancements, adapting to changes in
technology is a challenge for small businesses, presenting a
major hurdle to broader economic recovery efforts in the
country. As the recent “Small Business Technology
Adoption: A Strategic Path for Recovery and Growth” report
from CompTIA revealed, small businesses across the U.S.
see a slew of barriers standing in the way of tech and
innovation adoption. Lack of resources, for instance be it
staff, or cash often means small businesses can’t afford to
invest in new solutions, according to the research. And
without technology infrastructure and technology expertise,
small businesses’ ability to adopt new solutions is further
limited, the report, Peterson et al., 1983, noted.
The implementation of innovation and technology in small
business, however, comes with an arsenal of strategies that
spans government support; partnerships and collaboration;
education and training; digital transformations; and customer
engagement. “The government can help small businesses by
providing financial incentives and grants for investing in
innovation and technologies,” researchers said in the report.
“Small businesses can partner with larger companies or
research institutions to access additional resources and
technology expertise. The government can provide targeted
training and educational resources to help small business
owners to embrace technology and innovation” But the
report also highlighted a few additional suggestions for small
businesses looking to adopt new technology and innovation.
The cloud, for instance, is understood to be a must-have for
small businesses, enabling remote work and the adoption of
e-commerce platforms to reach a broader client base.
Further, by using digital platforms to create a personalized
experience for clients, small businesses can begin to see the
early benefits of innovation and technology (Kazooba, 2006;
Burgess, 2001). By embracing these strategies, small
businesses can overcome the barriers they face and thrive in
an increasingly digital economy,” the report said. “This will
help bolster the long road to economic recovery in the U.S.
and help drive innovation and competitiveness to forward-
thinking small businesses.”
These 4: Effective Formation of an Initial Business Plan
The United States is a place where individuals from all over
come to follow the so-called “American dream”, as it is also
known as the land of opportunity. People aspire of starting
their own businesses and becoming financially independent;
however, so many of these businesses never make it out of
the starting gates and eventually fail. One of these main
causes is not properly forming an initial business plan, and
the discoveries in this paper can give future entrepreneurs a
roadmap of knowing the likelihood that their companies will
thrive and give them a solid foundation to improve these
chances. Thus, it is imperative that we devise a remnant of
strategies to ensure that small businesses begin with a
concrete plan to provide a foundation for future growth
(Karadag, 2015).
Inadequate market research is a common mistake made by
entrepreneurs when writing a business plan. A well-
researched market analysis should be performed before
writing a business plan. This will help you understand market

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trends and the business target audience. It will also drive to
understand the business competition and how to stack up
against them. Understanding the market dynamics will help
decide if the business concept is even viable.
This baseline level of business resources should be the focus
of investment by governments and organizations with a
vested interest in the success of small businesses. Market
research tools, financial forecasting software, and
opportunities to seek mentorship would empower
entrepreneurs to develop a robust, comprehensive business
plan and make informed decisions. In addition, small
businesses, in collaboration with their mentors and industry
associations, for instance, should create a system for more
continuous evaluation and feedback as they implement their
business plans. Regular review of industry movements and
direction and feedback from peers, mentors, or industry
experts can help entrepreneurs better diagnose issues in the
execution of their plans and iterate in the right direction. This
type of collaboration and networking provides access to
resources and insights the entrepreneur will not have as
vocabulary, and the support of others who may have faced
and solved similar challenges in the past (Bushe, 2019).
In conclusion, the ineffective formulation of an initial
business plan is a considerable driver of small business
struggles and failures in the U.S., but organizations of all
kinds investing in the refinement and execution of market
research, financial projections, strategic planning,
leadership, marketing strategies, and sources for feedback
and accountability could significantly improve the chance of
a new company making a meaningful contribution in the
nation’s economic recovery.
Conclusion
In conclusion, this study on America’s struggling small
businesses points to a real wrench in the country’s economic
recovery. It gives us a view of the extent to which small
businesses are feeling the pain — even after the end of the
lockdown — and experiencing more and more costs in a
post-pandemic world characterized by a perfect storm of
inflation, supply chain troubles and a rough time finding
employees.
The findings highlight a fragile economic revival for an
important sector that underpins the country’s economy and
future entrepreneurial innovations. The road has been paved
by federal and state efforts to provide emergency financial
assistance, tax relief, loan forgiveness, and unemployment
benefits, among other forms of support. But many small
businesses are still seeking their financial footing as they
weather the storm of economic difficulties and adapt to the
new normal. It also requires strategy making that fosters not
only competition, but also collaboration among small
businesses, so that they can use what few resources they have
to their best advantage, developing shared supply chains with
nearby small businesses where possible and taking full
advantage of new programs for small businesses that allow
them to pool their buying power and compare their costs
directly with other small firms. The ideas here are for small
businesses to stand on them rather than lunge forward
together, hopefully, as the saying goes, “beyond.”
Future Implications
The implications for economic recovery can help to better
understand how and where small businesses in the United
States are struggling. We have outlined a number of research
areas that would advance knowledge and understanding of
small businesses and their struggle to recover including:
research to assess the impact of COVID-19 on small
businesses and learn from the challenges and recovery
strategies; research examining factors that lead to small
business failure including: lack of access to capital, limited
resources of many kinds, market competition, and the impact
of a variety of COVID-19 recovery plans and government
interventions; and research looking for ways to empower
small business to be successful and thrive through

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entrepreneurial capacity building, commercialization and
transfer support, and innovative technologies and strategies
that allow businesses to prosper in the face of continual
competition. There are likely other related areas of research
that would advance the knowledge related to how to support
an economy that will, undoubtedly, be forever changed.
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