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.
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:
- Deduct Mileage for Self Employed Taxes
- 8 Lessons I Learned From The $100 Startup
- 6 Financial Wellness Tips For Small Business