Small business in America is anything but small. They may not be as visible as larger companies with advertising budgets. They may not have a public relations or marketing department, but they’re significance shouldn’t be discounted. Small business in the USA is huge.
How Big is Small Business in America?
According the SBA (Small Business Administration) small business makes a big impact:
• 65% of new jobs between 1993 and 2009 were created by small businesses
• 49.4% of jobs in the private sector are with companies of 500 or fewer employees
• 34.9% of jobs in the private sector are with companies of 100 or fewer employees
• Small business was responsible for 46% percent of the private nonfarm GDP (Gross Domestic Product) in 2008 (the most recent year for which the source data are available)
• Small businesses create 16.5 times more patents per employee than large patenting firms
• 33.7% of goods exported in 2010 were from small businesses
What Does Small Business Mean to America?
Small business has contributed largely to the current low national unemployment numbers. Reducing unemployment, exporting goods, and creating patents – small biz has impacted the economy as no other industry or group has. The diversity of small business avoids the calamity of having all your eggs in one basket as experienced by Detroit, and other cities, when the American auto industry suffered a decline. Small businesses are the incubators of innovation and the forecasters of the future in American business. Don’t forget, Apple, Microsoft, and Ford were all once small businesses.
While small business isn’t small—small businesses are. As important as they are to the American economy and the American way of life, they deserve our patronage. If not our patronage at least our consideration. The next time you’re thinking about a purchase, take the time to investigate the small businesses in your area that offer the product or service you desire. We’re all looking for the best product at the best price, but sometimes there are things more important than price such as supporting community, building relationships, and establishing trust. Do you support your local small businesses?