National Small Business Week: April 30 – May 6, 2017

1 May

Every year since 1963, as part of National Small Business Week, the U.S. Small Business Administration (SBA) and its resource partners take the opportunity to highlight the impact of outstanding entrepreneurs, small business owners and their supporters from all 50 states and U.S. territories. Every day, these individuals are working to start and grow small businesses, create 21st century jobs, drive innovation and increase America’s global competitiveness. Here are 5 facts about U.S. small businesses:

• The SBA has established the following common standards for a small business, depending on its North American Industry Classification System (NAICS) code: 1) fewer than 500 employees, and 2) $7 million in average annual receipts for most non-manufacturing industries.
• There are approximately 28 million small businesses in the U.S. and over 22 million are self-employed with no additional payroll or employees. Veterans represent 2.52 million of these small business owners with annual receipts of $1.14 trillion.
• Small businesses have generated over 65% of the net new jobs since 1995. Veteran-owned businesses employed 5.03 million people and had an annual payroll of $195 billion.
• 7 out of 10 new employer firms survive at least 2 years, half at least 5 years, a third at least 10 years and a quarter stay in business 15 years or more.
• 52% of all small businesses are home-based.

I am proud to be a small business owner and am honored to be an advocate, teacher and mentor to other small business owners. This week (and every week) let us recognize and support the critical contributions of America’s entrepreneurs and small business owners.


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