The Importance of Small Business to the Economy…
A small business is considered to be a company that employs less than 500 people and more often ranges from 50-100. U.S. small business makes up over half of the country’s workforce. While many people think big corporations and industrial giants are what drive the economy, small business is actually the workhorse.
Small business in America has been the stabilizing force in the economy for years. Entrepreneurs are the cornerstone of creativity and production. Small business is what stimulates economic growth and keeps our economy moving. Over 60% of all private sector jobs come from a small business making small business critical to the U.S. economy.
Some interesting facts about small business include:
- There are 28 million small businesses in the U.S.
- 70% of small businesses are owned and operated by a single person
- Small companies hold over ten times more patents in the United States than their larger counterparts
- 1/3 of small businesses rely on credit for financing
- 60% – 80% of all new jobs come from small business
The Small Business Association “SBA”, a government agency watches out for small businesses in America by helping them to stay in business. They offer education and training when needed, and assist small business owners with finding alternative funding sources. The SBA tracks data and statistics about various small businesses and reports this information to the United States government.
So the next time you think small business is too small to matter think again….