National Small Business Week: Small Business is America

Brent Pittman —  06/18/2013
too many credit cards

Over reliance on credit is a reason why businesses fail.  Photo Credit Andres Rueda

Sunday beganNational Small Business Week in Washington D.C. sponsored by the Small Business Association. There is full schedule with some great speakers plus awards for the top small businessperson of the year.

What is the great thing about small business? Small business embodies the ideals of capitalism and hard work. It is the ability to start a successful business with only $100 and a website.  Small business is America.

Small Business is America

As a small business owner myself, I am a proud part of this group that keeps the economic wheels churning.

A small business is hard to define, but it generally has less than 250 employees and a few sources say up to 499 employes count as a small business.

Each industry has its own standards. The SBA has some technical info if you really want to know what your industry standards are for “small.”

A few facts about small business in the U.S.

  • Created 2/3 jobs in the last 20 years. (1)
  • 98.3% of all businesses have less than 100 people. (2)
  • 70% of small businesses are owned and operated by a single person
  • It takes an average 6 days to start a business in the U.S., but 38 days in China.
  • 1/3 of small business rely on credit.
  • 54% of small businesses are home based .

5 Reasons Why Small Business Fail

  • Underpricing of goods and products.
  • Illness of key personel.
  • Bad relations with vendors and customers.
  • Bad budgeting, over leveraged, reliance on credit.
  • Reluctance to get professional help.

Source: focus.com

This week is all about small business. Let us know if there is anything you want to know about small business or financial business issues. 

Check out these small business articles:

 

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Brent Pittman

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Brent is a financial coach and writer looking for the perfect donut. He believes personal finance should be both fun and accessible to anyone willing to learn.
  • Funancials

    I would love to hear about the effects of the Affordable Care Act on Small Businesses. Politics aside, I’m curious if businesses will be forced to limit their workforce.

  • Jules@Faithful With a Few

    I always try to support the small businesses:)

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  • I love me some small business. They due run the economy and since I have been a small business owner for many years, I work hard to patronage the ones that are small.

  • Most of the jobs I’ve had in my life have been for small businesses. I’ve had as few as one co-worker!

  • AvgJoeMoney

    Those sad stats are why I love the book The E Myth. Whenever anyone tells me they’re getting into business that’s the first question that I ask….”have you read….”

    • On my shelf too of books not to sale at our garage sales.

  • I love small business week! It’s awesome how many cool new shops you find when you actively search out small businesses. The owners and staff are always that much more awesome too!

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  • “1/3 of small business rely on credit.” Wow that’s a terrible statistic! I kind of figured a lot of small businesses relied on credit, but I didn’t realize it was that much. I am proud to work for a small business and contribute to the economy everyday.

    • Leverage is a dangerous thing. Thanks for helping our economy! 

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  • I wish the government did more to help small businesses.  They truly are the engine of this economy.  I think I read a stat once saying that small business accounts for more than half the jobs in this country.