Small Business Opportunity is Huge for the Future
The small business market in the United States is huge. 99.7% of all businesses in the U.S. are small business (500 or less employees). So you could safely say all business in the U. S. is small business. In 2001 671,800 new businesses were created while 544,800 businesses closed
One third of new businesses survive at least two years while one half of new businesses do not survive at least 5 years.
Recent studies report small firm failure rates almost one half of all new firms within a year of launch to almost one-third within four years of launch. More recent studies have suggested that failure rates may be much lower than early estimates. In fact, about one-half of all closed firms were successful at closure.
Failure rates have been found to have no difference by industry however, construction firms had the highest failure rate while manufacturing firms had the smallest. Studies on failure rates by gender showed no differences between male and female owned small firms.
Small business shows strong growth of the future. In 1979 through 2003 women owned businesses grew 33%, African Americans 37%, and Latinos 15%. Retiring Baby Boomers will be starting millions of businesses to maintain their standard of living, and to fulfill their lifetime dreams of entrepreneurship. This growth will be driven by early retirement, down sizing, retirement, and a good economy.
Whether you are going to start a small business or market business to business, the future looks extremely positive for small business related success.
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