The Importance of the American Small Business
Why is there such an emphasis on growing small businesses in the United States? It is because small businesses are the blood that keeps the American economy working. They employ half of all private sector workers and there would be no job growth over the last two decades without the work that they are doing. Almost a third of small businesses are operated by a self-proprietor that employs just themselves in whatever trade they are practicing! Almost every neighborhood has a small business that contributes dollars into local economies. That’s why everyone wants to see small businesses survive, grow, and then thrive.
Small Businesses Contribute Almost $200,000 Each
The average contribution to the economy for the each American small business is just under $200,000. When you consider the fact that there are nearly 30 million small businesses operating successfully each year, it’s easy to see how the numbers start to add up. Though the average small business only employs three people, when put together, these businesses have been helping the American economy grow for decades! The small business really is the epitome of the American dream – with a good idea and a little investment, you can change your life. Small businesses added 1.4 million new jobs.
More Innovation Comes From Small Businesses
Did you know that small businesses account for more than 16 times more patents than their larger counterparts? The business model of the small business makes it perfect for innovation and collaboration. By working together in a close environment, often just a single location, the employees of a small business are limited in the amount of capital they can spend to solve a problem. That’s what breeds innovation: limited resources, close team work, and the need to resolve an issue in order to keep a business alive. Considering half of all small businesses with employees are still in business after five years, most of them are doing a great job at innovating when it is required of them.
Big Business Makes Up Just 0.3% of Business Employers
The idea that you’ve made it as an employee when you can get employed in a big business just isn’t accurate. Why? Because small businesses employ nearly all of the business sector employees in the United States. Small businesses often offer better benefits, more flexibility, and better working environments. More than half of all small businesses are based out of the owner’s home! The idea is that each person should be able to follow a good idea to see where it leads instead of feeling obligated to turn that idea over to their employer. That concept is what makes America tick.
Are You Ready To Create Your Own Opportunities?
What makes the American dream still work is the idea that you can make your own opportunities and change your life. It’s not always easy to do and it may take some time to fulfill the maximum potential of an idea, but it can be done by anyone at any time, anywhere in the country. If you’ve got a concept you want to explore, why not create a small business for yourself and see where your journey may lead? Chances are you won’t be able to imagine what the results will be!