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Us Small Business Administration Jobs – Many people dream of starting their own business based on their ideas and dreams. They try to break free from workplace rules, politics, and all the internal chaos that can limit their growth.
Not surprisingly, these same people want to have complete control over their time and goals. Starting your own business may seem overwhelming at first, but if you break down the process of starting a business into steps, all you have to do is take that first big step of courage. It guides you on your entrepreneurial journey.
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Whether it’s an e-commerce store or a brick-and-mortar business, knowing what’s going on in the small business world can help you better manage risks and opportunities.
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Whether you already own your own business or are planning to start a new one this year, these statistics will help you understand what’s new and what to expect. These statistics help you understand what affects small businesses, how they operate, how it affects the economy, and many other details.
The latest statistics show that there are 32.5 million small businesses in the United States, representing 99.9% of all American businesses (SBA, 2021).
The Small Business Administration (SBA) defines a small business as one with fewer than 500 employees. This means that many highly regarded startups in the United States fit this definition of a small business.
The definition of small business varies around the world. In comparison, in the EU a small business is any business with fewer than 50 employees. In Australia, businesses with fewer than 15 employees are considered small businesses.
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Small business statistics show that most businesses in America have fewer than 500 employees. Breaking this down further, we see that there are about 38 million companies with fewer than 100 employees and 23 million with fewer than 20 employees.
With so many small businesses in the United States, it’s no surprise that small businesses create the majority of jobs there. According to the Small Business Administration, small businesses create 1.5 million jobs annually and account for 64% of new jobs created in the United States (Fundera, 2019).
Last year’s statistics show us that small businesses have always been an integral part of the US economy and growth. They offer career opportunities, financial growth and a wide range of unique products and services. So regardless of whether they become larger companies, they contribute to economic growth.
More than 90% of the business population is represented by small and medium enterprises, also called SMEs (SalesForce, 2019). And as recent statistics have shown, small businesses are responsible for creating a large number of jobs.
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Over the past few years, SMEs have continued to create jobs. SMEs are also key players in contributing to innovation. These contributions vary widely among companies, industries, and countries. But better access to global markets and improving knowledge networks and digitalization have played a major role in the progress of small and medium-sized companies in participating in the global economy. In summary, SMEs make an important contribution to global economic growth by creating jobs, promoting sustainable industrialization and promoting innovation.
There are many reasons why people may be motivated to start their own business. Among the most common motivations, 29% of respondents stated that they started their own business because they wanted to be their own boss (Guidant Financial, 2021).
The next most popular reason for starting your own business is dissatisfaction with corporate America. 17% of respondents chose this as their main motivation. Other common reasons include the desire to pursue interests, the opportunity presented, feeling inspired and simply not wanting to retire.
Running your own business means that people have the freedom to be not only their own boss, but also the boss of their own time. This gives you the freedom to decide and work whenever you want. There may be many reasons why people around the world choose this financial freedom, but most of the main motivations have to do with not having a current job and having more independence in how they work.
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Uncertainty is one of the main factors that can really affect small businesses, and this has been especially evident during the coronavirus pandemic.
According to the latest Small Business Statistics, nearly one-third (31 percent) of small businesses in the United States are currently inactive (Facebook, 2020).
More than 70% of US small businesses closed in March 2020 as the US became the new epicenter of the virus. More than 60 percent of the small businesses closed were due to orders from the government or health officials as large parts of the country went into lockdown to contain the spread of the virus.
Some small business owners have taken steps to adapt to the new reality created by the coronavirus. Many of them have increased their online activities to reach their customers and keep their business alive by selling their products and services online.
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In fact, more than half (51 percent) say they have increased their interactions with their customers online. Additionally, 36 percent of self-employed businesses that use online tools now do all of their sales online as well.
Looking ahead, 28 percent of these small business owners say cash flow will be their biggest challenge in the near future, followed by a lack of consumer demand.
Statistics show that the new generation of entrepreneurs are more likely to retire. In fact, Millennials and Gen Zers are 188 percent more likely to start a side business than Baby Boomers or Traditionalists (Salesforce, 2019).
Compared to baby boomers, millennials and Gen Zs are 48 percent more likely to say they started a business because they had an idea they were eager to bring to market. And thanks to the ease with which you can start your own business, the process has become much easier for newer generations who want to be their own boss. The rise of online marketplaces and low- or no-code development and outsourcing has made it easier to run a business from the comfort of your home.
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One of the biggest fears of people who start their own business is the risk of failure. And this is not an unrealistic fear. In fact, the most recent statistics show that more than 20 percent of small businesses fail in the first year, and nearly 50 percent of small business startups fail in the first five years (Bureau of Labor Statistics, 2021).
Now, this statistic should not deter you from starting your own business. In fact, it should do the opposite. If you know why and how most small businesses fail in the first year, you can plan a business strategy to overcome potential pitfalls. Of course, you can’t completely eliminate all risks, but it helps you have a better understanding of what you can do in different scenarios that are likely to happen.
The main reason for the failure of new companies is the lack of demand in the market. In fact, 42% of small businesses fail for this reason (CB Insights, 2019). So if there’s one thing you need to be sure of before you start your business, it’s what you need to offer your customers.
The next most likely reason new businesses fail is that they run out of money. Statistics show that 29% of new businesses fail due to lack of financing. Other reasons for startup failure include inability to find the right team to work with, being overtaken by industry competitors, cost issues, and unfriendly product.
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If we think about the reasons for the failure of new businesses, it can be said that it is a combination of customer-centric reasons and lack of resources that are the cornerstones of a successful business.
During the first few years of starting a new business, small businesses face many challenges that can limit their potential. One of the biggest challenges facing small businesses is the low quality of the workforce. In fact, 52 percent of respondents indicated that the most important issue for small businesses is workforce quality (CNBC, 2019). Small business owners say it’s difficult to find qualified people to hire. In companies with more than 50 employees, a percentage of owners believe that it is more difficult to find qualified personnel.
In addition, small business owners also face financial challenges. Because smaller companies don’t have the advantage of backing up as many assets, they often struggle to figure out how to manage their finances.
Social media is best for small business owners. In fact, 64% of small businesses surveyed use social media in their marketing strategy (Manifesto, 2019).
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The same study shows us that almost all small businesses advertise. And in most cases, this advertising is through digital media
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