This week’s Division Leader Podcast focuses on statistics recently published by the SBA Office of Advocacy.This week we explore the impact of entrepreneurship on the US economy, as well as look into statistics like new firms, closures, and bankruptcies. With the number of business closures and bankruptcies extremely high, it becomes more important than ever to have someone in your corner helping, guiding, and mentoring you through the tough times.
Here are some brief excerpts from the SBA:
What is a small business?
The Offi ce of Advocacy defines a small business for research purposes as an independent business having fewer than 500 employees. Firms wishing to be designated small businesses or government programs such as contracting must meet size standards specified by the U.S. Small Business Administration SBA) Office of Size Standards. These standards vary by industry; see www.sba.gov/size.
How many small businesses are there?
In 2007, there were 27.2 million businesses in the United States, according to Office of Advocacy estimates. Census data show that there were 6.0 million firms with employees and 20.4 million without employees in 2005. Small firms with fewer than 500 employees represent 99.9 percent of the 27.2 million businesses (including both employers and employees), as the most recent data show there were slightly more than 17,000 large businesses in 2005. Source: Office of Advocacy estimates based on data from the U.S. Dept. of Commerce, Bureau of the Census, and U.S. Dept. of Labor, Employment and Training Administration.
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