A small business is defined as a business that employs fewer than 500 employees. According to statistics, there are only 28 million small businesses in the United States alone.
This number is probably much higher when you account for people who make money freelancing and trade their skills without filing “statutes.”
It is safe to say that small businesses are what drives economies and puts food on a majority of tables. In the United States alone, small businesses employ up to 50% of the working population; that’s well over 120 million people!
This shows you just how integrated entrepreneurship is in our society today.
Now, because we have already established how widespread and important small businesses are, what are some of the factors that drive people into entrepreneurship?
Opportunities for the daring
Business opportunities are born every day; From small businesses to larger companies, emerging individuals are taking part in the modern trend of combining innovation, hard work and strength to become the champion of their own financial destiny and build a profitable business.
This does not mean that there is no risk associated with starting a small business. There is an incredible amount of risk that comes with it. From financial to emotional – even your health can be called into question depending on how unclear your business idea is to the rest of society.
Statistics show that about 50% of the company can survive four to five years before it goes down. Of course, as the company ages, the likelihood of success increases and the founder becomes smarter and more experienced. But do you have five years to learn the ropes, probably lose money and get insane?
For the daring, the answer to that question will be a continually repeated YES! After all, entrepreneurship is not for the faint of heart. If you look at the list of the world’s richest people, you will see a clear pattern; most, if not all, are business people.
Yes, they run billions of empires now, but they did not start where they are today. They started out small.