Celebrating Small Businesses: The Powerhouses of Our Economy
While tech giants might monopolize the headlines, millions of small companies keep the American economic engine running. Learn how much impact you have and celebrate your vital role in shaping our communities and driving growth.
When we think of business, we often think of big – massive corporations with global reach. However, the reality is that small companies reign supreme in the United States. According to the U.S. Small Business Administration, small businesses make up a staggering 99.9% of all companies in the United States.
That's right—we're the real movers and shakers, laying the foundation for economic stability and enriching our communities nationwide.
It’s National Small Business Week, and it's time to spotlight the unsung heroes of our economy – small businesses. While tech giants might monopolize the headlines, millions of small companies keep the American economic engine running.
Let's take a moment to celebrate our impact and recognize our vital role in shaping our communities and driving growth.
The Backbone of the Economy
Powering the Job Market
Need a job? Chances are, a small business has your back. According to the US Small Business Administration Office of Advocacy, nearly half – yes, you heard that right, HALF – of the U.S. workforce finds employment in small businesses. Even more remarkable is that 98% of the small business employ by less than 20 people. Talk about small in size but mighty in impact!
Despite their size, they punch above their weight in job creation, accounting for a whopping two-thirds of all new jobs over the past 25 years.
Where Dreams Take Flight
Have you ever dreamt of being your own boss? Well, you're not alone. You're part of an army of dreamers and doers. With 33.3 million small businesses, a staggering 82% are solo ventures. That's right – entrepreneurial spirit flows with independence and self-reliance.
Every big corporation out there? Yep, they all started right here – in the trenches of entrepreneurship powered by their founders' passion, determination, and hard work.
Entrepreneurship Knows No Age
Contrary to popular belief, entrepreneurship is not just a young person's game. The average age of a small business owner is 35. And guess who's leading the pack? It's Generation X, making up almost half of business owners. (That’s right – it’s my people!!)
Baby Boomers aren't far behind, commanding 40% of the business landscape. Millennials make up 13% of small business owners.
Raise a Glass
So, here's to you—the movers, shakers, dreamers, and doers. As we raise a toast to National Small Business Week, let's remember the powerhouses behind our economy—small businesses. Whether you're just starting or you've been in the game for years, your contribution is invaluable. Keep hustling, keep innovating, and keep making waves.
Here's to the small but mighty – cheers to us!
Source: US Small Business Administration Office of Advocacy