The U.S. has long been admired as the hotspot for entrepreneurship and with good reason – 82.5% of entrepreneurs are from the United States. Interestingly, the word itself is a French term coined in the early 19th century, defining “one who undertakes an enterprise, especially a contractor, acting as intermediatory between capital and labour”. Simply put, entrepreneurship is a pursuit of opportunity. A successful entrepreneur is a business designer who has vision, courage, innovative capabilities and the work ethic and persistence to make things happen.
In my book, entrepreneurs are not limited to those who start businesses. Every organization is peppered with those who have an entrepreneurial mindset. In fact, small business growth REQUIRES this mind-set.
Did you know that a small business in America is defined as a business of 500 or less employees? Consider these statistics that emphasize the importance of small business in our economy. It is imperative that our nation continues to provide an environment conducive to entrepreneurship and small business. To over-regulate and restrict the ability for small businesses to grow is like cutting off the oxygen supply. Be wise, America.
- Small business employs about 1/2 of all workers in the U.S.
- Small business employs half of all private sector employees.
- Small business pays 44% of the total U.S. private payroll.
- Small business generates 65% of not all new jobs for the past 17 years.
- Small business creates more than half of the non-farm private domestic gross product.
- Small business hires 43% of all high tech workers such as scientists and engineers.
- Small business consists of 52% home- based businesses.
- Small business makes up approximately 97.5% of all identified exporters.
- Small business produces 31% of the total export value.
- Small business produces 13 times more patents per employee than large patenting firms.
- There are approximately 27.5 million small business in the U.S. and 18,311 large businesses in the U.S.
Check out this information from Daily Infographic: