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The small business economy in the United States is a vibrant and dynamic force, representing 99.9% of all businesses and employing nearly half of the private workforce. In 2023, small businesses created 1.9 million new jobs, showcasing their critical role in driving employment and innovation. The annual growth rate of small businesses stands at 3.2%, reflecting their resilience and adaptability. As the economy continues to recover and evolve, small businesses are well-positioned to thrive, leveraging technological advancements and an increasingly supportive entrepreneurial ecosystem. The future looks bright for small businesses, promising continued growth, job creation, and community impact across the nation.
Every business, regardless of head count or revenue, is shaped by four powerful forces that define the market landscape. Since the dawn of capitalism, these forces have driven change across labor markets, legal structures, and beyond, dictating the path for entrepreneurial ventures. Together, they create a dynamic, and often unpredictable, landscape that small business owners must leverage and master to thrive.
The Small Business Administration (SBA) Office of Advocacy makes publicly available insightful small business economic data and statistics to highlight the economic contributions and importance of the small business economy to policymakers.
Explore the list of primary economic datasets reflecting the impact of the small business economy in the United States.
Small business owners in the United States face several workforce-related challenges. Data from a variety of sources points to five areas that continue to top the list of recurring workforce challenges. They include:
While every small business has its own unique way of doing things, all businesses, regardless of size and revenue, need to be organized in order to thrive. Some of these organizational challenges include:
Funding growth while holding onto operating capital is a delicate dance for small business owners. "MIMO" (money in/money out) strategies typically take these considerations into play:
Staying on the right side of the law charts the top of the list for many small business owners as the most burdensome and stressful part of running a small business. Challenges to being and staying compliance include:
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