National Small Business Week 2017

Celebrate Small Business

National Small Business Week 2017National Small Business Week 2017 runs from April 30 to May 6, 2017, with activities running from Monday (May 1) through Friday (May 5). This event presents a wonderful opportunity for all to celebrate small businesses in the U.S.

About small businesses

A profile of small businesses in the U.S. released by the U.S. Small Business Administration — the agency sponsoring National Small Business Week 2017 — shows that small businesses have a big economic footprint. Some facts:

  • There are about 29.6 million small businesses, which account for 99.9% of all businesses in the U.S. Of these, about 8 million are minority-owned businesses.
  • Small businesses create 1.4 million net new jobs.
  • There are 57.9 million people working at small businesses, which represents 47.8% of all U.S. employees.
  • Of all the U.S. exporters, 97.7% are small businesses.

How consumers feel about small businesses

According to a recent AT&T survey, 76% of respondents said they support small business. In fact, 90% of respondents said they “shop small” at least once a month, with nearly half shopping small at least once a week.

Even though the majority of millennials (59%) — those ages 16 through 34 — have never worked for a small business, they are the generation most likely to spend more money there. Their purchasing power in 2017 is estimated to be about $200 billion. More than half of all respondents (56%) said they feel more favorable about large companies that support small businesses.

Bottom line: small businesses seem to have done a good job in attracting customers, engendering loyalty, and staying relevant in today’s marketplace.

Final thought

These statistics are encouraging to me; I’ve been a small business owner for 34 years and am looking forward to many more years to come. It also shows me that despite mega-companies, such as Amazon and Apple, there are still great opportunities for small businesses in the U.S.

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