Description

The new and small firms have some characteristics which are different in type from those of large or even medium firms. The paper presents a review of the literature which may be useful for those interested in understanding and exploring the definitions, nature, roles, current status, challenges and prospects of new and small businesses. It also discusses the firm births, deaths, job generation, performance, establishment, gross product, sales, employment, innovation and flexibility. Moreover, it mentions some of the current challenges of these firms including capital, inflation, recession, tax, government regulation and assistance, labor, competition, technology and strategy. Finally, it provides the policy makers with some recommendations for prospering these firms and the researchers with some future research areas.