National Small Business Week kicked off yet again last week. Running from May 12 through May 16, National Small Business Week is meant to both celebrate and draw attention to one of the most important cogs in the American economy. On average, 534,000 new businesses are founded in the United States each month. With events like May’s National Small Business Week and November’s Small Business Saturday, held the Saturday following Black Friday, it’s hoped that small businesses might find firmer footing, something that would benefit the American economy overall.
Small Businesses Are the Engine That Drives America Forward
It’s no exaggeration to say that without successful small businesses in the Land of the Free, our economy would be significantly weaker. Small businesses with under 500 employees account for 99.7% of all businesses in the United States. That, of course, translates directly into jobs for American citizens. Further, according to the most recently available study from the U.S. Small Business Administration, these small businesses account for nearly half of the non-farm gross domestic product. In other words, without small businesses, the American economy would literally be half of what it is.
“Celebrating small business week is a great idea, even the big businesses once started small so drumming up more business is always beneficial.” says Andreas of Globi Web Solutions. “Many small business owners have unrealistic expectations, which is why I believe many fail so quickly within the first year.”
Yet Most Small Businesses Fail Before They Have a Chance to Succeed
Despite being so essential to the health of the American economy, the vast majority of small businesses fail. In fact, within 18 months, 80% of small businesses close their doors. For many small businesses, the increased attention brought to their companies by National Small Business Week could mark a watershed that will either make their ventures successful or doom them to becoming just another statistic.
Do you run a local business? Have you seen any benefits from National Small Business Week? Let us know in the comment section below.