This week is National Small Business Week!
Every year since 1963,the President of the United States has issued a proclamation announcingNational Small Business Week, which recognizes the critical contributions ofAmerica’s entrepreneurs and small business owners.
The most widely used measure to define what a small business is, according to the U.S. Small Business Administration, the business must employ fewer than 500 employees. Here are some interesting facts related to small businesses according to a 2016 Business Insider report:
– Only 2% of small businesses are franchises — most (54%) are home-based
– 70% of small businesses are owned and operated by a single person
– 60 to 80% of all new jobs come from small businesses
– Small businesses employ 57% of the country’s private workforce
– Small businesses create 13x more patents per employee than large patenting companies
– Small businesses pay 44% of U.S. payroll