15 Small Business Facts by Staff
1.) There are 28 million small businesses in America but 22 out of the 28 are non-employing businesses with the owner being the sole employee.
2.) Out of the industries that operate in the world of small business restaurants, direct sales and retail stores have the highest failure rate with restaurants having about 60%, 99% of direct sales reps suffering significant financial loss and retail clothing stores having a failure rate of 80% within the first 5 years.
3.) Half of the U.S’s working population of 120 million workers is employed by small businesses.
4.) According to a survey conducted by Accountemps Tuesday is the most productive day in the business week and Friday is the least productive.
5.) According to the SBA close to 66% of small businesses will survive their first 2 years and according to the U.S Bureau of Labor Statistics about 50% of all new businesses survive 5 years or more, and about one-third survive 10-years or more.
6.) In 2009 a small business filed for bankruptcy every eight minutes.
7.) In 2015 Texas was elected as the best state to start a small business while Rhode Island ranked as the worst.
8.) Small businesses generate 13 times more patents than their corporate counterparts and inspire innovative ideas twice as much.
9.) If a business is incapable of being operational in 10 days after a natural disaster chances are it will not survive.
10.) It only takes 6 days to start a business in America compared to 38 in China and it cost six times as much to start one in India.
11.) 543,000 businesses are started every month which is over six million every year.
12.) Small businesses outnumber corporations 1162 to 1.
13.) 70% of small business owners are millionaires.
14.) 1 and 3 small business owners have been
15.) A little more than half of all business owners do not have college degrees. The most famous among them are Mark Zuckerberg and Bill Gates but other famous CEO’s like David Karp founder of Tumblr, Richard Branson of Virgin Group and self made billionaire Joe Lewis do not even have a high school diploma.