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Monday, October 03, 2005

Small Business Facts for 2005

Small businesses continue to drive the U.S. economy, according to the updated 2005 Small Business FAQ, released by the Office of Advocacy at the U.S. Small Business Administration.

Small business statistics highlighted in the 2005 Small Business FAQ include:

  • Small businesses represent 99.7 percent of all employer firms.
  • Over the past decade, small business net job creation fluctuated between 60 and 80 percent.
  • Two-thirds of new employer establishments survive at least two years after start-up, and 44 percent survive at least four years.
  • Small businesses employ half of all private sector employees
  • Minorities own 4.1 million firms that generate $694.1 billion in revenues and employ 4.8 million workers.
  • Women own 6.5 million businesses that generate $950.6 billion in revenues, and employ 7.2 million workers.

BOTTOMLINE: Small businesses have distinct advantages over larger enterprises. Three key advantages are the connecting of people to purpose, more effective communication, and timely decision making. "Those who take this stewardship seriously (of owning and running a small business) truly are heroes!" (Six Disciplines for Excellence, pages 39-45)

(Thanks to Dr. Jeff Cornwall, at The Entrepreneurial Mind)

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