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.


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