This is National Small Business Week—April 30 through May 6—the week to celebrate businesses defined by the Small Business Administration (SBA) as having no more than 1,500 employees and a maximum of $41.5 million in average annual receipts. You guessed it. That’s a lot of businesses! In fact, only 1% of US businesses are not celebrating this week because they are just too big to qualify.
So, why celebrate? Because you are an entrepreneur, bringing new ideas to life and growing our economy while shouldering an abundance of the risk to do so. Kudos to you!
Here are a few interesting facts to consider about National Small Businesses:
- 99% of US businesses fall into this category. So, when it comes to business, we ARE the majority, not the big guys like Apple or GE or Tesla!
- Millennials and Gen Zers are 188% more likely to be entrepreneurs than Baby Boomers. But young geezers (like us) are still part of the mix. So, it’s never too late to be an entrepreneur. Don’t quit!
- More than 50% of all small businesses fail during the first year. Being an entrepreneur is risky business requiring a risk-taker mentality. Whether starting or sustaining a small business, it’s risky. And entrepreneurs need to constantly remind themselves to choose opportunity over fear in order to keep growing in spite of the challenges.
- One reason businesses fail at the beginning is they fail to assess if there is even a demand or need in the market for their product or service. Therefore, do market research and trend analysis to ensure that what you offer, whether product or service, is wanted/needed!
- Pandemics are deadly for small businesses. Since COVID hit, 31% of all small businesses stopped operating. The Pfizer-BioNTech or Moderna booster (3rd dose) is about to be distributed, which means if you’re a small business still alive and well today, you did something right to survive a pandemic that is still a threat. Be vigilant through this risk factor that’s not going away. Again, don’t quit!
If you are wondering how this whole National Small Business thing began anyway, visit https://tinyurl.com/cdbd6fu2 to discover the entire history. Here are just a few interesting details I’ve captured:
- Since 1776, when the U.S. gained its independence from Britain, people living in the U.S. have wanted to live the American Dream and make their fortune here.
- Considered the grandparent of the S.B.A., The Reconstruction Finance Corporation (R.F.C.) was founded to help businesses during the Great Depression.
- In 1953, the Federal Government created the Small Business Administration (S.B.A.) to counsel small business owners to prosper and grow into sustainable businesses in the future.
- In 1963, as a result of a proclamation from President John F. Kennedy, the first National Small Business Week was celebrated to honor the top entrepreneurs in every state with awards and special recognition and to inspire others to succeed.
- The probability of young people choosing to start their own business is 188% higher today than it was in 1970. So, the S.B.A. has made it its mission to encourage and assist as many small businesses as possible.
So, if you are among the heroic group of small business owners that make up 99% of US businesses today, give yourself a pat on the back. You are brave, you are persistent, you are a key factor in keeping our economy alive and well.
Remember to congratulate other small business owners this week for grit they’ve demonstrated in keeping business alive.
And if you are facing a troubling issue, just get in touch to discover how we can be part of the solution.