This week we are celebrating National Small Business Week in America. And we are hosting a Business Owner Forum on May 29, 2015.
This week Americans are celebrating National Small Business Week! As I gaze into my own bloodline, I see a steady stream of business owners: farmers, a funeral home, a newspaper, a florist, a diversity and inclusion consultant, a panting/handyman, and a veterinarian. It’s no wonder Melinda and I are building a business.
Today, it’s easier to get started as a business owner than it was for my predecessors. Technology has reduced the cost of entry and increased the playing field. But some things never change; we still need stubborn independence, faithful courage and dogged persistence…now that’s something to celebrate!
What is small?
A “Small Business” in the USA is defined as: an independent business with less than 500 employees. While ‘big business’ catches most of the headlines, the small businesses continue to weave together the fabric of hope and prosperity:
- 50% of the US population now works in 28 million small businesses
- 2/3 of all new jobs in the past decade were created by small businesses
- With a steady decline in corporate employee populations, 540,000 small businesses are started each month
- Half of those businesses will survive 5 years, a third will exceed 10 years, and a quarter will endure 15 years
- Only 1% will sustain more than $1M in annual revenues
- The hottest category is “Micro-Businesses” – with 1 – 4 employees. This category counts for 75% of the employees and 17% of the US Gross Domestic Product.
Seven Fs meet the Two Vs: vision and values