Facts About Small Business
Below is a MRR and PLR article in category Internet Business -> subcategory Web Hosting.
Essential Insights into Small Businesses
Small businesses play a crucial role in the American economy, yet their impact might surprise you. According to the U.S. Small Business Administration, these enterprises are foundational to economic vitality, and their importance goes far beyond common perceptions.
Contrary to the traditional view of small businesses as minor, family-run shops, the Small Business Administration classifies any independent enterprise with fewer than 500 employees as a small business. In the U.S., around 23 million businesses fit this description, serving as key employment sources, especially in smaller towns.
Remarkably, small businesses make up 99.7% of all employers in the nation and account for half of all private sector jobs. They are responsible for generating over 45% of private sector payroll. Over the past decade, small businesses have created 60% to 80% of new jobs annually.
While many small businesses operate in retail and service sectors, there's a notable presence in technology. Approximately 41% of high-tech professionals, including engineers and programmers, are employed by small businesses. Notably, these employees produce 13 to 14 times more patents than those at larger corporations.
Insights from the Small Business Administration reveal interesting survival statistics: two-thirds of small businesses last at least two years, with survival rates dropping to 44% after four years. Critical factors for endurance include access to capital, the owner's education level, and having employees.
Challenges in starting a small business often involve securing start-up capital and education. However, the primary hurdle for startups and existing businesses is accessing affordable private health insurance. Individual insurance for sole proprietors is costly, and offering health benefits becomes a financial strain, with administrative and premium costs frequently exceeding those of larger companies.
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