SMALL BUSINESS FACTS

  1. There are almost 21.5 million (90%) small businesses in the United States

 

  1. Small businesses are responsible for 39 percent of GNP.

 

  1. Small businesses are responsible for 52 percent of the all U.S. sales and contribute about 21 percent of all manufactured U.S. exports.

 

  1. Small businesses contribute 44 percent of all sales in the country.

 

  1. Small businesses employ 54.4 million people, about 57.3 percent of the private workforce.

 

  1. Between December 1992 and December 1993, small-business-dominated industries (those in which at least 60 percent of the work force is employed in firms with fewer than 500 employees) increased employment by 13 million workers (3.2 percent).

 

  1. During 1990, employment in small businesses grew by 1.1 percent, while employment in large businesses fell by 0.6 percent.

 

  1. From 1982 to 1987, the number of women-owned businesses increased by nearly 58 percent, from 2.6 million to about 4.1 million.

 

  1. From 1982 to 1987, the number of black-owned businesses increased by 38 percent, from 308,000 to 424,000.

 

  1. From 1982 to 1987, the number of hispanic-owned businesses increased by 81 percent, from 233,975 to 422,373.

 

  1. From 1982 to 1987, the number of asian-owned businesses increased by 89 percent 187,691 to 355,331.

 

  1. Small businesses are responsible for more than half of innovations developed during the 20th Century, including the zipper, the helicopter, the personal computer and important advances in the medical world such as insulin, the artificial heart valve and the pacemaker.

 

  1. The number of small businesses in the United States has increased 54 percent since 1980. These include corporations, partnerships, and sole proprietorships. About half of the 20 million businesses operate full-time, the rest part-time.

 

  1. Small firms have also led employment gains and expansion. Between September 1989 and September 1990, employment in small business-dominated industries has increased 2.1 percent, generating 1.1 million new jobs.

 

  1. Studies show that small firms produce twice as many innovations as large firms relative to the number of persons employed, for the “most significant” as well as the “less significant” innovations, and including the employment of firms that do not innovate.

 

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