Why Small Businesses Are Critical

Small business is everywhere!

Did you know that small businesses employing a few people start up at the rate of over 500,000 a year? That’s a half million new businesses coming up every year. Half a Million! That is approximately 1369 new businesses being started up every day!

Vitalizing the Economy

It is not just that small businesses create value for the business owners who are bold enough to experiment with their own start-ups. Small businesses are invaluable to the American economy for the employment that they provide in every sector.

Here are some interesting statistics from the Small Business Administration that will surprise you:

Small businesses employ about 50% of all private sector workers
Small businesses create more than 50% of the nonfarm private gross domestic product (GDP)

Not everything is rosy!

There is a tremendous amount of optimism that leads so many individuals to set up their own businesses. Yet, we cannot deny that more businesses than not, meet with failure. SBA statistics reveal that 4 years after starting up, only 50% of businesses that have employees, have stayed open.

Let’s find out what small businesses should be doing, to delight their customers and maximize their chances of success, stay tune!

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