Don’t forget that National Small Business Week starts today in the U.S and runs from May 12 to May 16, 2014. Established by President John F. Kennedy in 1963, and sponsored by the U.S Small Business Administration (SBA), the week highlights the important contributions that small business has made to the United States. Small businesses are instrumental to the health of the United States economy, they are our family, friends, and neighbors. Small businesses are innovators, entrepreneurs, and they are the doers that work hard everyday to get things done… they are the United States of America and they, are “us.”
Many are initially under the impression that a small business is just classified according to size (no. of employees) and sales receipts. This is true, but according to the SBA, additional attributes to be defined as a small business include:
- A for profit business
- Does business in United States
- Operates primarily in the United States
- Independently owned and operated
- Not dominant in it’s field on national basis
Why are small businesses in the United States so important?
According to the SBA (Small Business Administration – http://www.sba.gov/content/small-business-trends ):
- Small businesses provide 55% of all jobs and 66% of all net new jobs since the 1970s.
- The 23 million small businesses in America account for 54% of all U.S. sales.
- The small business sector in America occupies 30-50% of all commercial space, an estimated 20-34 billion square feet.
Looking at the above statistics, you can see why small businesses are so important….they drive the U.S. economy!
Please don’t forget to Shop Your Small Business this week (and every week!)
Small Business Resources:
National Small Business Week Website:
- U. S. Small Business Administration (SBA) website that highlights National Small Business Week.
- Website: http://www.sba.gov/nsbw/
Small Business Administration (SBA):
Established in 1953 by the U.S. Government to ensure free enterprise and assist small business. The Small Business Administration provides small businesses with:
- Business financing through loans and resources
- Training and counseling for business development
- U.S. government procurement and subcontracting opportunities
- Advocacy for small business and entrepreneurship
- Website: http://www.sba.gov/
SCORE
- An SBA resource partner. SCORE is a non-profit that provides free advice and mentoring resources for small businesses, entrepreneurs, and startups.
- Website: http://www.score.org/
Bob Strassel Jr.