Small Business Statistics

Small Business Statistics

The recent financial downturn has resulted to thousands of jobs lost. However, during the same period, it was observed that more people became self – employed because companies were simply not hiring. The situation may have encouraged if not forced people to create their own means of living and venture into setting up their own business and join the ever-changing small business marketplace. The U.S. small Business Administration has been monitoring the progress and developments of small business in America and has a comprehensive database of small business statistics across the country.

In terms of their impact to the American economy, sb statistics show that more than half of the country’s private sector workforce is employed by the estimated 29.6 million small businesses. Of the workforce hired, about 40% have technical background and are employed as computer workers, engineers and even scientists. More than half of the 29.6 million small businesses are actually home based and only 2% are franchises. Perhaps the most amazing fact about small business are that 97% of these small businesses are the top exporters in the country and that they produce most of the company innovations in the United States.

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The figures are overwhelming; however, sustaining a small business is hard work. In terms of survival rates, sb statistics in 2008 have reported out that out of 627,000 new businesses that opened, nearly 596,000 closed and more than 43,000 declared bankruptcies. Statistically speaking, 7 out of 10 survive the first two years but only half survived up to five years. The trend was seen to be the same across different industries.

Sb statistics nowadays show that more women have become entrepreneurs since 1997. Ethnic minority – owned small business have seen a growth in numbers as well. Senior citizens an even war veterans have also joined the small business world since 2002.

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