This week marks the 48th Annual National Small Business Week (May 16-20) and with this post I hope to explore the state of Small Business in America through a few different mediums. Small businesses are considered the backbone of America and are what many financial analysts predict will be the vehicle to drive us out of this financial downturn. A few small business stats (according to the SBA) that stick out to me:
- There are 27+ Million Small Businesses in the US.
- Between 60% & 80% of all new jobs created in our country can be attributed to Small Business.
An amazing infographic by Intuit that explores the costs of starting a new small business in the United States compared to other markets around the world. The graphic shows that starting a business in the US is relatively easy compared to the largest markets in Asia and a few places in Europe. It also seems that the survival rate of businesses in the US is much larger than any other region in the study. These numbers should go a long way towards small business optimism in comparison to our direct international competitors.
This infographic takes a look at Small Businesses’ contributions to economic activity state-by-state:
Economist and Professor Scott Shane talks about his report on the state of Small Business and monthly ‘Optimism Reports:’ State of Small Business. Mr. Shane speaks to the doubts some entrepreneurs are having in small business. He provides evidence (though in a small sample area) such as 17% decrease in startups between 2007 and 2009 in the Cleveland, Ohio area to go along with a 11% increase in the number of small businesses that have closed shop during that time.
It seems obvious that while the numbers regarding Small Business are not sky-rocketing as most would hope, the future of our economy lies on Main Street America. In my opinion, most people who go into small business are aware of the risks to begin with, so some of the negatively portrayed numbers are to be taken with a grain of salt. As long as our Country’s Entrepreneurs and small business owners keep innovating, engaging, and planning for growth, we will be just fine.
In the meantime, check out some quick tips on how to better your Small Business from experts, Jennifer Hill and Inc Magazine’s Mike Hoffman in this MSNBC segment: