We often hear that small businesses are the engine of job creation. Their value and the role they play in our economy is sometimes underestimated because, they are in fact, small. But the truth is there’s nothing small about the impact they have on our economy.
According to Entrepreneur Magazine, there are between 25 and 27 million small businesses in the U.S. that account for 60 – 80% of all U.S. jobs. Technically, over 99% of firms in the U.S. are small businesses and approximately 98.6 percent of retailers fit the same description. And, a recent study by Paychex says that small businesses produce 13 times more patents than larger firms.
Small business confidence is at a record high, according to a recent survey of more than 7,000 small-business owners conducted by CNBC and SurveyMonkey. Even with a competitive job market and looming trade war, 33% of respondents said they plan to add more employees within the year.
In honor of Small Business Week, May 6 – 10, President Trump has issued a proclamation recognizing the entrepreneurial spirit and job-creating skill of small business owners. The proclamation notes that small businesses create two of every three net new jobs in the U.S. economy. He also saluted the diversity found in small business: women own about 10 million American small businesses; 29 percent are minority-owned, and nearly 10 percent are owned by service veterans.
Read the full proclamation here.
Small Business Week is a great time to celebrate the entrepreneurs that make our lives and communities more vibrant. Shop local but don’t just give these companies your money – give them your respect as well. Their impact is significant.
Sources include whitehouse.com