In the spirit of Valentine’s Day, here are the “Top 10 Reasons To Love Small Businesses,” as proposed by our friends over at the Office of Advocacy of the SBA.
9. Small businesses create more than 50% of the nonfarm private gross domestic product (GDP).
8. Small patenting firms produce 13 to 14 times more patents per employee than large patenting firms.
7. The 22.9 million small businesses in the United States are located in virtually every neighborhood.
6. Small businesses employ about 50% of all private sector workers.
5. Home-based businesses account for 53% of all small businesses.
4. Small businesses make up 97% of exporters and produce 29% of all export value.
3. Small businesses with employees start-up at a rate of over 500,000 per year.
2. Four years after start-up, half of all small businesses with employees remain open.
1. The latest figures show that small businesses create 75% of the net new jobs in our economy.
It’s true: Small business is the heart of the American economy, and it’s why I really do love small business owners.