Why Small Business Matters to the US

WHY SMALL BUSINESS MATTERS TO THE US I'm a big fan of small business ownership. I think it's the backbone of American innovation. But to be successful, you first have to have the courage to go for it. Bill Rancic, entrepreneur IN THE US, A "SMALL BUSINESS" HAS FEWER THAN 500 EMPLOYEES There are 28 million small businesses in the US That's 49% MORE than 1982 They account for 54% of all US sales They employ 115,938,468 Americans (37% of the country) 23 million (82%) small businesses are single-person non-employers On average, 1/8 small 33% 54% 94% it takes 6 days & businesses are of small businesses rely on credit for financing of small $325 owned by immigrants of Americans say it's important to support to start businesses are a small business home-based small businesses SMALL BUSINESS SURVIVAL I'm convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance. リリ Steve Jobs, co-founder of Apple Since 1990- Only 19.5% of big businesses eliminated 4 million jobs businesses founded in 1994 existed in 2015 small businesses added On average, 20.5% of new businesses close before 1 year 8 million jobs After 5 years, After 20 years, they have a On average, 51.9% of new businesses have a 90% chance to 96% businesses close before 5 years survive to the next year chance 80% of small businesses that don't recover from a natural disaster in 10 days will fail in a month SMALL BUSINESS FRANCHISES The franchise and the virus work on the same principle: What thrives in one place will thrive in another. リリ Neal Stephenson, writer There are about 600,000 34.7% of all franchises fail before 4 years franchised businesses in the US They account for 40% of retail sales of retail franchises fail before 4 years 8 million people R They employ SMALL BUSINESS INDUSTRIES Above all, you want to create something you are proud of. That's always been my philosophy in business. Richard Branson, founder of Virgin Most popular industries for small business: Professional, Scientific, and Technical Services Small business industry with the most Least Small business popular industries for small businesses: industry with the fewest employees: Agriculture, Forestry, Fishing, and Hunting employees: Healthcare and Utilities Social Assistance 772,685 (14%) 5,973 (.01%) 18,378,342 (16%) 2,506 (.02%) • Entrepreneur SOURCES: • Bolt Insurance Agency • Bureau of Labor Statistics • Business Insider • US Census Forbes • Huffington Post • Small Business Administration • Small Biz Trends Webpage FX