10 Things You May Not Cognize Just about US Small Businesses

Are you an businessperson or small business owner? Are you supporting entrepreneurs and small businesses?

According to this research from the Office of Advocacy, Small Business, there are several nice reasons to patronize small businesses, and there may be more possibleness to in the coming years.

Small business owners are likely to be environmentally friendly, extremely innovative, creative and well-educated and they create the majority of new jobs in the US each year.

NB: For research purposes, The Office of Advocacy, Small Business Administration (SBA), defines a small business as having fewer than 500 employees.

Statistics are from their website: http://www.sba.gov/advo .

1. Much folk in the US are becoming self-employed as contractors, freelancers or owners of microbusinesses, although conventional jobs still prevail.

Typically 7% in the US are self-employed. Ed Potter, President of the Employment Policy Foundation, predicts this could grow to as more as 10% in the next several years. This ostensibly small percentage (10%) equates to millions of workers in a labor force of 146 million. [Source: Urban centre Morning News, “Self-employed, freelance workers on the rise in new job market”]

2. Small businesses are environmentally friendly.

They are ordinarily an active part of their community and likewise provide innovation. Economic research indicates small businesses pioneer at doubly the rate of large businesses, which often results in environmentally friendly products and technologies. (Source: Advocacy)

3. Small businesses are often clear businesses.

53% of the 22.9 million small businesses in the U.S. are home-based, and sales and service-oriented, which means they have really little potential for harming the environment.

4. Individuals with more education are more likely to become entrepreneurs, and they are likewise more likely to open a business employing more people.

5. Small firms represent 99.7% of all leader firms, and employ half of all private sector employees.

They employ 39% of high technical school workers (such as scientists, engineers and computer workers).

6. Small businesses generate 60-80% of net new jobs annually.

7. Small businesses create more than 50% of nonfarm, private gross domestic product (GDP).

8. There is a strong correlation between national economic growth and the level of national entrepreneurial work in prior years, according to the Worldwide Entrepreneurship Monitor (GEM).

9. Two-thirds of college students intend to be entrepreneurs at several point in their careers.

10. Small businesses produce 13 to 14 times more patents per worker than large patenting firms.

These patents are doubly as likely as large firm patents to be among the one per centum most cited.