Small Business Statistics That Will Inspire You

I always knew I wanted to start my own business and I knew why.


Last Update – December 8, 2014

I always knew I wanted to start my own business and I knew why.

If you have been pondering entrepreneurship for awhile, there is a very good chance you have a ‘why’ as well. However, there is one important factor … the ‘why’ has to drive you to purposeful action. And it has to be a big enough priority for your life to sustain you through the ups and downs of running a business.

Whenever you find yourself on the side of the majority, it’s time to pause and reflect.Mark Twain

Every great endeavor starts with a small seed of faith. So, challenge yourself and think about what type of life you want to live. Then ask yourself, Will I achieve it doing the same thing I’m doing now?” If not, it’s time to course correct and get moving one day at a time.

 

Why do people start businesses?

As daunting as it may seem, you are not alone. Many people, like you and I, start with a vision, hobby or a dream and turn it into a profitable living.

  • They want to be your own boss
  • They want financial independence and flexibility
  • They want creative freedom
  • They want to fully use their skills and knowledge

 

How important are small businesses to the U.S. economy?

Small businesses:

  • Represent 99.7 percent of all employer firms
  • Employ just over half of all private sector employees
  • Pay 44 percent of total U.S. private payroll
  • Have generated 64 percent of net new jobs over the past 15 years
  • Create more than half of the non farm private gross domestic product
  • Are 52 percent home-based and 2 percent franchises
  • Produce 13 times more patents per employee than large patenting firms; these patents are twice as likely as large firm patents to be among the one percent most cited

Hopefully these facts shed light on a life full of possibilities.

Source: U.S. Dept. of Commerce, Bureau of the Census and International Trade Admin.; Advocacy-funded research by Kathryn Kobe, 2007 and CHI Research, 2003; U.S. Dept. of Labor, Bureau of Labor Statistics.

 

© YFS Magazine. All Rights Reserved. Copying prohibited. All material is protected by U.S. and international copyright laws. Unauthorized reproduction or distribution of this material is prohibited. Sharing of this material under Attribution-NonCommercial-NoDerivatives 4.0 International terms, listed here, is permitted.

   

In this article