Small Business Week Celebrates the Heart and Soul of the Economy

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runs from May 20 – 26, 2012 and is the perfect time to take stock of your collective achievements as small business owners, entrepreneurs, solopreneurs, and owners of microenterprises.

Did you know…

  • There are 27.5 million businesses in the United States, according to the Small Business Administration’s Office of Advocacy.  6.0 million of these firms have employees but the lion’s share – 21.4 million – are without employees.
  • 52 percent of all small businesses are home-based and 2 percent are franchises.
  • Small business produces 13 times more patents per employee than large patenting firms.
  • Seven out of 10 new employer firms survive at least 2 years, half at least 5 years, a third at least 10 years, and a quarter stay in business 15 years or more.
  • Non-employer firms have turnover rates three times as high, mostly because it is much easier for them to go into business and cease operations.
  • According to Kaufman Index of Entrepreneurial Index conducted in 2011, the greatest increase in entrepreneurial activity occurred in the age groups of 20–34 and 45–54.

Pretty staggering statistics, aren’t they.  (And possibly more information than you wanted to know J )

What defines a small business? Some define a small business by the number of employees and others classify it by revenue.  I believe a small business is defined by the owner and the parameters of his/her thinking.  With the introduction of technology, the depiction is changing as more small businesses play big and compete on a global plane.

One thing we can say for certain, given the statistics above, the small business owner is a vital part of the economy and plays a significant role in shaping the future.  If no one is celebrating your contribution to the economy, celebrate yourself.  You’ve done good!

What makes you most proud to be a small business entrepreneur?

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Brooke Billingsley

Vice President
Perception Strategies

Synnovatia is a strategic coaching firm that is detailed and knowledgeable about business. i have a small business that grew from $150K to $750K because of the goal setting and resources that Synnovatia provided. It saves me years of learning on my own.

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