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Small businesses account for 99.9% of total US businesses, according to the US Small Business Administration, with 20% of those businesses failing within the first year of opening, according to the US Bureau of Labor Statistics.

Wells Fargo head of philanthropy and community impact Darlene Goins joins Wealth! to give insight into the landscape of small business and what small business owners need to know to better operate their business.

Goins elaborates on two points that owners should be aware of: "I would say definitely tap into the small business ecosystem of support. So there are lots of community organizations near you that offer grants and micro loans and technical assistance, that real specialized advice that can help you think through how to help your business grow and thrive. Reach out to local business development centers, the Urban League, local universities to tap into that ecosystem of support."

She continues with: "Secondly, I'd say seek out personalized technical expertise. So over half of the small businesses that were served by the Open for Business Fund, we served 336,000 small businesses, over half of them that got technical assistance received it for free in a one-on-one format".

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Nicholas Jacobino