- Create 75% of the net new jobs in our economy.
- Start-up at a rate of over 400,000 per year.
- Make up 97% of exporters and produce 29% of all export value.
- Small businesses employ about 50% of all private sector workers.
- Create more than 50% of the non-farm private gross domestic product (GDP).
- Those with fewer than 100 employees make up more than 99.7% of all employers.
- 1 out of 11 people is a small business owner.
- Of the businesses that approach sustainability, over 70% "go down" with their founder
The most common measure of business success for small business owners is:
- The ability to balance life and work (39%), a goal shared by four out of ten small business owners.
- Making money takes second place as a measure of success for entrepreneurs (25%)
- Doing good for their community and employees (16%)
- Getting recognition for accomplishments (9%)
- Creating a legacy (4%)
- Combination of it all (1%)
With all of this excitement surrounding small businesses, there are a few very alarming facts:
- By the end of the first year, at least 40% of them will be out of business.
- 80% of all new business start-ups are out of business within five years.
- 80% of the 20% that survive the first five year don’t survive the second five years.