National Small Business Week: 5 Surprising Facts!

National Small Business Week is an annual, time-honored tradition in the United States that takes place the first full week of May every year. This year, National Small Business Week will be observed from May 6-12, 2013 – so mark your calendars! If you’re wondering what it means to be a small business owner or how to help promote your small business during National Small Business Week, here are five surprising facts about this nationally celebrated American holiday...

1) Most of America's businesses are small businesses

In 2013, 99.7% of all U.S. businesses were small businesses with fewer than 500 employees (the remaining 0.3% had 500 or more employees). That year, 28 million people worked for a small business, which collectively generated $5 trillion in revenue and paid $1 trillion in payroll taxes. The majority of small businesses are home-based (84%). This means that National Small Business Week is also National Home-Based Business Week!

2) There are more than 30 million small businesses in the U.S.

This means the small business has a huge impact on every aspect of our lives. From creating jobs and boosting tax revenue to improving public safety and fostering community growth, small businesses are vital to American society and their success directly impacts our communities. During National Small Business Week (April 30 - May 6), small business owners are invited to join me at a free virtual summit to learn valuable tips and resources that will help them grow their businesses and create jobs. In addition, thousands of dollars in prizes will be awarded! Register now for your chance to win! (A link would be provided here).

3) 89% of all business owners are passionate about their business

A recent survey revealed that 89% of small business owners are very or extremely passionate about their businesses. We're curious to see how those numbers stack up against our group of attendees at this year's National Small Business Week Virtual Summit, so make sure you tune in for some fun and motivating speaker sessions that are sure to inspire. And, if you can't join us live on April 28, we'll be streaming video of all speakers so that you can still get inspired from home. (Did we mention we're going to have lots of giveaways as well?)

4) Entrepreneurs start businesses because they want to be their own boss, not to become rich or famous

Contrary to popular belief, most entrepreneurs don’t have a five-year plan for making it big. According to data from our National Small Business Week virtual summit, 40 percent of entrepreneurs start businesses because they want to be their own boss and 32 percent say that having flexibility in their schedule is important. Only 3 percent hope for fame or fortune (though 4 percent said they would like both). The desire for money ranks last among startup motivations, behind even freedom and fulfillment. Sounds like that saying is true after all—money can’t buy you happiness. But you might be able to buy yourself a business if you follow these steps to start your own company ...

5) Small businesses create 2 out of every 3 new jobs in America and account for 65% of all sales receipts

This is what makes small businesses so vital to our nation. It’s also important to remember that small businesses are only small in comparison to other businesses—in terms of revenue and/or several employees, many small companies are really quite large. In fact, according to a recent study from Inc. magazine, there are now 872,000 small firms (defined as having $25 million or less in revenue) with 500 or more employees. While larger companies may still be considered mom-and-pop enterprises by many Americans (especially when it comes to local companies), today's U.S. businesses have become increasingly consolidated and internationalized--making small seem rather relative on a global scale... Read More >>

Conclusion

National Small Business Week is all about helping entrepreneurs realize their dream. And it’s no secret that many of us don’t start out with a clear path to get there. So, we organized a virtual summit to give you all of our best insights and advice, so you can get your small business started off on the right foot. We hope that you walk away from National Small Business Week with new friends, new knowledge, and new opportunities. Because we want everyone in America to have an opportunity to build a business they love. And National Small Business Week is here to help them do just that.