Nothing Small about Business – Small Businesses and Their Impact on the Economy
Small business has been the engine that drives our economy since the first job was created. Many of us look up to big Fortune 500 companies and see their growth, capital, and legacy. But, small businesses work behind the scenes to innovate from raw materials and brain power and create new jobs. In honor of Small Business Week, here are some amazing facts about the impact of small businesses on our economy:
- According to research in Entrepreneur Magazine, since 1995, 60-80% of all new jobs are created because of new, small businesses
- The Small Business Association (SBA) defines small business as any place with 500 or less employees
- The US has around 28 million small businesses, 22 million of which are self employed, outnumbering bigger corporations 1162 to 1
- Small businesses account for 52% of retail sales
- Local businesses generate 70% more economic activity than big companies
- They produce 13 times more patents per employee than larger companies
- It takes 6 days to start a new business in the US
It’s hard to think about their influences in our day to day lives, but without small businesses, many demands would be left untouched. Think about all the businesses in you local area and how much you rely on them! And, don’t forget to keep supporting.
Resources:
http://www.huffingtonpost.com/mike-salguero/why-buying-local-is-worth_b_4310520.htmlhttp://www.forbes.com/sites/jasonnazar/2013/09/09/16-surprising-statistics-about-small-businesses/#6c3163403078https://www.entrepreneur.com/page/216022http://www.businessinsider.com/facts-about-small-businesses-in-america-2011-8?op=1
