National Small
Business Week has been endorsed by every president since 1963 - making this
year the 50th anniversary recognizing our nation’s small business owners and
their businesses. It’s an opportunity to acknowledge the critical role that
small businesses play in American’s economic growth and global competitiveness.
Today there are more than 28 million small businesses, which means that more than half of all working Americans either own or work for a small business - companies with fewer than 500 workers - and each year small businesses account for two out of every three new jobs created.
Here are a few more facts about our nation’s small businesses –
1. There are 28 million small businesses in the U.S. – which outnumber corporation 1162 to 1.
Today there are more than 28 million small businesses, which means that more than half of all working Americans either own or work for a small business - companies with fewer than 500 workers - and each year small businesses account for two out of every three new jobs created.
Here are a few more facts about our nation’s small businesses –
1. There are 28 million small businesses in the U.S. – which outnumber corporation 1162 to 1.
2. 70% of small
businesses are owned and operated by a single person.
3. Small businesses employ 57% of the country’s private workforce.
4. Small businesses pay 44% of U.S. payroll.
5. Northwestern states like Montana & Wyoming rely more heavily on small businesses.
6. The 77 million people that make up the U.S. small business workforce would rank as the 17th most populous country in the world, just ahead of Iran
7. On average, it takes 6 days to start a business in the U.S. – compared to about 38 days in China. Here's how long it takes in some other countries around the world:
3. Small businesses employ 57% of the country’s private workforce.
4. Small businesses pay 44% of U.S. payroll.
5. Northwestern states like Montana & Wyoming rely more heavily on small businesses.
6. The 77 million people that make up the U.S. small business workforce would rank as the 17th most populous country in the world, just ahead of Iran
7. On average, it takes 6 days to start a business in the U.S. – compared to about 38 days in China. Here's how long it takes in some other countries around the world:
• New Zealand - 1 day
• Singapore - 3 days
• Saudi Arabia - 5 days
• UK & Ireland - 13 days
• India - 30 days
8. It costs 6x as much to start a business in India than in the U.S.
9. Only 50% of businesses survive five years -- though most (70%) hit only the two-year mark.
10. Immigrants make up 12.5% of small business owners nationwide.
11. CA is the leader in women and minority-owned businesses. Here’s the breakdown of minority-owned small business across the county:
• Singapore - 3 days
• Saudi Arabia - 5 days
• UK & Ireland - 13 days
• India - 30 days
8. It costs 6x as much to start a business in India than in the U.S.
9. Only 50% of businesses survive five years -- though most (70%) hit only the two-year mark.
10. Immigrants make up 12.5% of small business owners nationwide.
11. CA is the leader in women and minority-owned businesses. Here’s the breakdown of minority-owned small business across the county:
·
8.6 million – Women
·
4.2 million – Equally
male/female
·
2.8 million – Hispanic
·
2.2 million – African
American
·
1.9 million – Asian
·
237,000 – Native
American/Alaskan
·
38,000 – Hawaiian/Pacific
Islander
12. If a small
business can't resume operations within 10 days following a natural disaster,
it probably won't survive.
13. Small businesses create 13x more patents per employee than large patenting companies.
14. One third of small businesses rely on credit for financing.
15. Only 2% of small businesses are franchises -- most (54%) are home-based.
13. Small businesses create 13x more patents per employee than large patenting companies.
14. One third of small businesses rely on credit for financing.
15. Only 2% of small businesses are franchises -- most (54%) are home-based.
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