~snip~
You forgot to mention that harsh government policies can make a small business go under. A typical example which I remember clearly is Gokada.
Gokada is a tech startup based in Lagos, Nigeria. The startup launched as a ride hailing company in 2017. And in 2020 the
Government of Lagos State in Nigeria stopped the Gokada from working citing insecurity. A claim which made no sense. Even though, the company has now diversified into Logistics and Food Delivery, their ride hailing plan was the best because
the company came with a very good initiative, where you can track their bikes to know where they are and where they are going. They are well registered. You can even track the bike from your phone, but the government cancelled it without a good explanation.
This is very common, governments supposedly want to encourage foreign and domestic investment but in reality they do the opposite, anyone that has tried to create a business before know how difficult and costly is to get all the paperwork done, and then once you begin to operate you have to deal with thousands of regulations and taxes, and before you know it your dream business becomes nothing more than a nightmare from which you wish to escape every single day.