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This article summarizes the economic impact, major concerns and characteristics of small businesses in the US and points to demographic trends likely to change the face of small businesses in the new decade.
The impact of small business on the US economy is enormous: according to the Small Business Administration (SBA,) in 2018, there were 30.2 million small businesses, which represents an impressive ninety-nine-point nine (99.9%) percent of all businesses in the US.
In 2018, small businesses employed more than 47.5% of the private workforce and accounted for 1.9 million new jobs; and over the last five-(5) years, job creation by large corporations dwarfed small business job creation, as small businesses created approximately 6.8 million new jobs to the 2.7 million new jobs created by large corporations.
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