Large corporations and industrial giants are often looked upon as the driving force for a strong economy, but many seem to forget the power of small business. Though large corporations are the ones who usually get the fame and recognition, it's really the small businesses who are top dog in our economy. They are innovative, creative, and provide new opportunities to help push the economy forward. Small businesses are responsible for employing about 70% of the countries work force, creating hundreds of patents, and much more. Small businesses contribute more than their fair share, but at times don't get the recognition they deserve for being such a driving force in our economy.
Check out these fun small business facts that may surprise and show you just how important small businesses are to us:
1. There are 28 million small businesses just in the U.S. alone! They outnumber corporations by 1162 to 1.
2. 70% of all small businesses are owned and operated by a single person!
3. It takes just 6 days to start a business in the US, compared to a whopping 38 days in China!
Take a look at how long it takes in other countries around the world:
New Zealand - 1 day
Singapore - 3 days
Saudi Arabia - 5 days
UK & Ireland - 13 days
India - 30 days
4. An astonishing 77 million people make up United States small business workforce. If those 77 million people were to create and live in their own country, it would be the 17th most populous country in the world.
5. Small businesses create about 13x more patents per employee than large patenting companies!
6. 70% of small businesses stay in business for at least 2 years and 50% stay open for more than 5 years.
7. Only 2% of small businesses are franchises and most (54%) are home-based businesses. The rest (44%) own, rent, or lease space for their business.
8. Small businesses make up 97% of exporters and produce 29% of all export value!
9. Approximately 543,000 new businesses get started each month. Business who have employees shut down more than start up each month.
10. Small businesses have generated 60-80% of all new jobs since 1995 and currently pay about 44% of the countries payroll!
Post By: Justin Narayan