Much to Celebrate During National Small Business Week

by

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.

Be sure to sign up so you don’t miss a single blog post in the weeks to come.  Like this post? Make a comment, share with a colleague, or drop me an email.

Marketers’ Generational Biases Often Miss The Mark

Marketers’ Generational Biases Often Miss The Mark

I never know where I’ll find the next marketing gem, but they do appear from time to time. This time it’s about generational bias in marketing, appearing in the "IdeaWatch" section of the January-February 2022 issue of Harvard Business Review. It’s based on a white...

read more
How Does Your Company Measure Sales Success?

How Does Your Company Measure Sales Success?

How does your company measure sales success? Is it a full funnel? Is it the number of leads generated? Is it the number of sales closed in a month? No question, metrics are an important measure of success. But a measure of what success? What sales and marketing...

read more
Win More Customers with Digital Marketing

Win More Customers with Digital Marketing

If it seems like everything is digital today, it’s not your imagination. Traditional media, like newspapers, TV, and print magazines are gasping to survive. Meanwhile, digital marketing media has grown continuously since 2011. Time spent (in minutes) viewing...

read more
Make Your Website Stand Out From The Others

Make Your Website Stand Out From The Others

Great websites do stand out from others. These website are easily found, build trust, and make it easy for visitors to discover what they're looking for, so they can take the next step. A great website is not about just creating a beautiful design, but about creating...

read more

Maureen Bagg, VP of Client Services, Corporate Images

Maureen Bagg is a dedicated business resource to her clients, providing sales and marketing support along with virtual selling training and consultation. Reach her at 262-633-7772 or email mbagg@corporate-images.com.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Verified by MonsterInsights