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Chapter 5 - 90% 98% employees

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Small Businesses Facts 90% of firms with employees have fewer than 20 people on staff 98% have fewer than 100 employees More than 20 million people in the United States earn business income without  employees Almost  ½  the sales in the United States are made by small business Small businesses generate 60% - 80% of new jobs over the last decade What is Small Business? The  Small Business Administration  defines a small business to be a firm that is  independently owned and operated and is not dominant in the field Manufacturing business: fewer than 500 workers Wholesalers: fewer than 100 workers Retailers: less than $6 million in annual sales Agricultural business: less than $750,000 Small Businesses size  ranges from $500,000 to $$25 million in sales and from 100 to  1,500 employees Major Industries Dominated by Small Business Construction 90% Agricultural Services 88% Services
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Contributions of Small Business Creating New Jobs Creating New Industries Innovation Small Business Failure 1 in 3 businesses closes permanently within two years 50% of businesses fail after four years More than 60% of business fail within six years By the 10-year mark, 82% of all small businesses have closed permanently Reasons Why Small Businesses Fail
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