National Small Business Week (May 5-11, 2019) is a time to honor the contributions of entrepreneurs and small business owners to the U.S.
As the SBA says: “More than half of Americans either own or work for a small business, and they create 2 out of every 3 new jobs in the U.S. each year.”
It’s also a time to look even harder at what small business means to the U.S. economy.
About small business
According to the SBA Office of Advocacy’s most recent Small Business Profile, there are 30.2 million small businesses and this represents 99.9% of all U.S. businesses. These businesses employ 58.9 million workers, representing 47.5% of all U.S. employees.
Births and deaths among small businesses showed improvement as compared with the period of the Great Recession through 2014. There were 240,000 new businesses, while 215,000 “exited.” This occurs when companies go from having at least one employee to none and then remain closed for at least one year.
Small businesses are big exporters. Of all the U.S. companies that exported goods from the U.S., 97.6% of them were small businesses. They generated 32.9% of the U.S. $1.3 trillion in total exports.
About small business owners’ confidence
There are numerous surveys that take the pulse of small business owners to see how they feel about the economy. According to SunTrust’s Small Business Pulse Survey, there’s strong confidence in the economy.
Two-thirds (68%) report strength in their local communities and in the U.S. economy (65%). In fact, 85% said their company’s financial well-being is equal to or greater than last year, and that they have less work-related stress.
The head of business banking at SunTrust said: "Small businesses are a cornerstone of successful communities so we should celebrate their optimism about the economy and their business."
About National Small Business Week
The week is a time to honor various small business owners and companies with awards. There is also a free virtual conference (May 7 and 8) on various topics. And there’s a Twitter Chat (@SBAgov) on May 10 at noon ET (9 am PT) on how to start and grow a small business (I’m participating as an invited industry expert). Follow the conversation at #smallbusinessweek.