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National Small Business Week continues today as the Small Business Administration (SBA) travels to Atlanta, where Deputy Administrator Doug Kramer and small business experts address the current and future small business field, and New York, as Administrator Maria Contreras-Sweet and Mike Muse connect with and describe the opportunities for millennial entrepreneurs.
Perhaps, with additional small business information we can all understand how important it is to support these companies and ensure they are not right-sized out of business.
Small Business Facts:
- 70 percent of small businesses are owned and operated by one person
- Only 70 percent of small businesses make it past the five-year mark
- Small businesses employ 55 percent of the workforce and have created 66 percent of all new jobs since the 1970s
- Small businesses in the U.S. have increased by 49 percent since 1982
- 33 percent of small businesses depend on credit cards
- More than 50 percent of small businesses operate out of homes
- Since 1990, big businesses have downsized 4 million jobs while small businesses have created 8 million
- The SBA defines a small business as an enterprise employing fewer than 500 people
- As of 2012, California had the highest number of small businesses (3,622,304) followed by Texas (2,412,717) and Florida (2,180,556)
- From 2013 to 2014, Washington had the highest percentage of small businesses that survived the year with 87.4 percent, followed by Delaware with 84.7 percent and Wisconsin with 83.1 percent
Just as important as patronizing your community’s small businesses, is being aware of the circumstances they face. They may be small in size but these businesses contribute a great deal to our country and economy. Make an effort to shop small and support Small Business Week!