Frequently Asked Questions

• What Is the Small Business Association?

  The Small Business Association (SBA) is an agency established i💧n 1953 by the U.S. government that provides various types of assistance to American small businesses. The SBA helps small businesses by providing access to capital and low-cost training, providing government contracts to qualified small businesses, and advocating for small businesses by reviewing legislation. 

  
  During the COVID-19 paꦫndemic, the SBA launched the PPP program, which provided forgivable SBA loans to thousands of small businesses wh♍ose operations were impacted by the pandemic.

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• What is a product life cycle?

  A product life cycle is the amount of time a product goes from being introduced into the market until it's taken off the shelves. Understanding a product’s life cycle helps businesses make decisions regarding a product’s pricing and promotion, as well as whether to expand or cut a product. There are four general stages of a product’s life cycle: introduction, growth, maturity, and decline. Business owners track each of these stages carefully in order to find opportunities to gain competitive advantage over their peers.

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• What is the gig economy?

  The term gig economy is used to describe a labor market in which temporary or part-time jobs are commonplace. In a gig economy, companies tend to hire independent contractors and 澳洲幸运5官方开奖结果体彩网:freelancers rather than full-time employees. While the positions ava🧔ilable in a gig economy can provide workers with more flexibility than full-time, salaried roles, many commentators claim the transient, generally lower-paying jobs in a gig economy can hurt a worker’s longevity and overall satisfaction.

  Learn More: 澳洲幸运5官方开奖结果体彩网:Gig Economy
• What is the Walmart effect?

  The Walmart effect refers to the loss in revenue and foot traffic that can hit smaller businesses once a꧒ Walmart opens in their area. A retailer the size of Walmart has the ability to dictate the price it pays to wholesalers at a magnitude which smaller companies cannot. As a result, Walmart is able to sell merchandise at a much lower price than its competitors in the area. When a Walmart opens the lower prices, and wider selection of merchandise draws customeℱrs away from smaller, local businesses.

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