Small businesses were once the backbone of the American economy. After a while, these business owners expanded, merged, and purchased other businesses. This historic economic trend gave rise to some of the most well-known companies we know today. An example would be the development of Wal-Mart. Today, small businesses operate in the shadow of “big box” stores. However, small business owners account for more than 90% of “gross domestic product,” but only less than 5% or 10% of GDP. As the leader of a large company or a future business owner, it is wise to know about new competitors, the state of the economy and current management trends. There are trends today that will change everyone's expectations for small business development for 2014. Competition is always present for every business. Most competitors are already established with their own reputation and brand. Competition is constantly evolving in many ways, including new companies entering the market. This new competition may be a completely different concept on how to offer the same service or product and a new product or service. As a hopeful business owner, I love staying up to date with new startup businesses and exciting business trends. I'll first share with you some new businesses that will gain traction in 2014. Some are new concepts and others simply another way of providing service. Next, I will look at the state of our economy and what signs there are that suggest expansion and growth in the new year. Finally, I would like to highlight some current trends that will have a direct or indirect effect on employees or owners. Body: development and presentation of the subject. Implications and applications or lessons learnedIn 2014, small businesses...... middle of paper ......g work with the intention of growing and developing the individual. Works Cited Merhar, Christina. » Employee Benefits and Insurance Blog. » 4 Small Business HR and Hiring Trends Owners Need to Know for 2014. Zane Benefits. February 12, 2014. the web. February 23, 2014 “Small Businesses Expect a Big Year in 2014.” eMarketer. December 31, 2013. the web. February 23, 2014. Fallon, Nicole. “14 Best New Business Ideas for 2014.” BusinessNewsDaily.com. January 6, 2014. the web. February 23, 2014. Mcwhinnie, Eric. “Is the economic recovery affecting small businesses? Wall St. Cheat Sheet. February 11, 2014. the web. February 23, 2014 Ausick, Paul. “Sharp increase in small business optimism on sales and hiring.” 247wallst.com. February 11, 2014. the web. February 23, 2014. “Small Business Loans Soar in December.” News from the Inquisitor. February 11, 2014. the web. FEBRUARY 23, 2014.