Discover the Unexpected: Top 7 Fun Facts About Small Businesses You Never Knew!
1. Small Business Superheroes
Who needs superheroes when the real power lies in the hands of our small business warriors?: These mighty mom-and-pops represent 99.9% of all US businesses and are the unsung heroes generating millions of jobs each year, according to the Small Business Administration.
Source => oberlo.com
2. Age Over Size for Job Creation
Who said age is just a number? Apparently not when it comes to job creation, baby! In the world of small businesses, the age of the company has more swagger than its size: A 2015 study by the Kauffman Foundation showed that new businesses, regardless of size, generate nearly 20% of all jobs and have created a whopping 1.5 million jobs annually in the last three decades. Turns out, these young whippersnappers are essential to the American economy, injecting some much-needed pep into the market and stirring up the innovation pot.
Source => fundera.com
Did you know that adoptive entrepreneur parents have a significant impact on their kids' entrepreneurial journey? Discover the surprising statistics behind this phenomenon!
=> Fun Facts about Entrepreneurship
3. Job-Creating Speedsters
Who needs superheroes when the U.S. has small business owners? These mighty economic warriors balance payrolls like acrobats and generate jobs faster than a speeding bullet: In the past 25 years, small businesses have created 12.9 million net new jobs, amounting to two-thirds of all jobs added. Even after the COVID-19 slump, these caped crusaders bounced back and gained 5.5 million jobs in just four quarters, recovering 60% of the early pandemic losses. Saving the day one job at a time, folks!
Source => advocacy.sba.gov
4. Mighty Mouse Miracle Workers
Who needs a superhero when you've got small businesses swooping in to save the economy? Talk about mighty mouse-sized miracle workers: these pint-sized powerhouses led the charge in the United States by creating a whopping 8.7 million new jobs between March 2020 and March 2021, according to the Small Business Administration.
Source => oberlo.com
5. Spider-Men of Job Creation
Before you assume small businesses are the sidekicks to multinational mega-corporations, think of them as the unsung heroes, the Spider-Men of job-creation swinging around the economy to save the day: Small businesses in the U.S. have generated a net increase of 20.7 million jobs during a recent fifteen-year span, whereas a mere 97.7 thousand jobs were lost due to closings and contractions.
Source => open.lib.umn.edu
6. Entrepreneurial Game of Twister
In a classic case of "You win some, you lose some," small businesses seem to be playing an entrepreneurial game of Twister – one foot in success, the other twisted up in potential failure: As per the U.S. Bureau of Labor Statistics, a cool 20% of new businesses fail in the first two years, but a whopping 65% hit the skids within a decade. Nonetheless, the entrepreneurial spirit remains alive and kicking, with over 800,000 businesses taking a leap of faith in the year ending March 2021. Switch up the game to Operation, and carefully maneuvering a small business can mean surviving past 15 years and beyond!
Source => investopedia.com
7. Broadway Musical Epidemic Fighters
Who said fighting epidemics couldn't be a riotous Broadway musical? Small businesses are performin' the ol' song and dance, high-kicking their way through global catastrophes in style: Thanks to a study in the Journal of Innovation and Entrepreneurship, it's revealed that small and medium enterprises (SMEs) that embrace innovative practices are much more likely to survive and thrive during worldwide crises like the COVID-19 pandemic, especially with the help of external support.
Source => innovation-entrepreneurship.springeropen.com
