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Monday, April 21, 2008

Small Businesses: The Heros of the U.S. Economy

With all of the gloom and doom being spread throughout the major media about the economic sky falling, let's step back a bit and reflect on our strengths - specifically, the strengths contributed by small and midsized businesses.

In helping to celebrate National Small Business Week, consider the following statistics from the National Federation of Independent Businesses (NFIB):

  • Small firms account for 39 percent of the country's gross national product
    Small firms create two out of every three new jobs
  • Small firms are twice as innovative per employee as larger firms
  • Small, innovative firms produce 13 times more patents per employee than large patenting firms
  • 66 percent of the Americans think that small businesses "exert a positive influence on the way things are going in the country today"
  • 91 percent of small business owners contributed to their community in the last year through volunteering, in-kind contributions, and/or direct cash donations
BOTTOMLINE: "Even though small businesses collectively generate $5 trillion in sales in the U.S., the biggest challenge of an individual small business is "survival." At times, the challenges can be daunting, indeed overwhelming. It's encouraging to know that the struggles we encounter every day are normal. ALL small businesses face them. And like other "heroes," we continue the fight because the cause is worth it." (from Six Disciplines for Excellence)

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