Before we get going, let’s begin with a small business definition. According to SBA statistics, a small business is any independently operated company that employs up to 500 people. The number of small businesses in the United States is measured in tens of millions, and they constitute a crucial part of the US economy.
Since the SBA’s definition is very loose, this category includes companies from all industries and doesn’t discriminate between eCommerce and brick-and-mortar businesses. In any case, small businesses drive innovation, reduce unemployment, trade with foreign countries, and provide a large percentage of the nation’s goods and services.
Small entrepreneurs need to be extremely inventive, persistent, and brave to survive in a highly competitive market. With thousands of new small businesses launched every day, it can be tough to stand out from the crowd.
At Fortunly, we want you to be as prepared as possible when it comes time to launch your own small business. That’s why we’ve compiled these business statistics, which we hope will provide a useful insight into the current entrepreneurial landscape.
All the information you’ll find below comes from reputable sources, including the United States Census Bureau, the National Small Business Association, the US Federal Reserve, and the World Bank.