SMALL
BUSINESS
In Focus
"See more clearly when you are informed"
The often forgotten heart of our economy, Small Business, drives growth, innovation, and community development. However, many of us who only ever interact with them as patrons or employees are often unaware of the many challenges they face and what benefits they provide. Below you will find key terms, statistics, and other useful tools to understand and talk about Small Business. If you would like to know more, consider coming to an IYC event. Our next one can be found below in the section labeled Our Events. We host them virtually, on a wide range of topics, discussing policy, civics, and current events.
Key Terms You Should Know
Small Business:
A company that has under 50 employees.
Personalized Service:
Individual attention to specific customer needs.
Monopoly:
Exclusive control of an industry that hurts small businesses and consumers.
Mom & Pop Store:
A nickname for a small business.
Entrepreneur:
A person who starts their own business.
Moments In History
1436 - Invention of the printing press.
1913 - Ford Automobile assembly line.
1994 - Amazon is founded.
1760-1840 - Industrial Revolution.
1976-Present - Office of Advocacy of the U.S. Small Business Administration
Statistics
In a 2019 study of over 2,000 business owners and leaders, Salesforce discovered that "millennials and Gen Zers are 188% more likely to have the aim of creating a side business, compared to baby boomers/traditionalists."
The Small Business Administration noted that from 1993 to 2011, small businesses created 64% of new jobs each year (1.5 million). In 2018, small businesses added 1.9 million new jobs.
In a 2020 survey of over 5,800 small businesses, the Harvard Business Review found that the majority of small businesses have less than 2 months of expenses saved in case of a steep decline in revenue as occurred with the pandemic.
According to Kauffman's Research on Immigrants and Entrepreneurship, Immigrants are 13% of the U.S. population, and 25% of small business founders.
Starting a small business is HARD! According to the Bureau of Labor Statistics, 50% fail within 5 years.
Values
Ownership
Innovation
Foster Community
Know Your Customers
Give Back
Symbols
1%
Our Events
Past
Future
Further Resources
Small Business Infographic
Share what you have learned about Small Business. Our Infographic has been designed to be shared easily by printing, emailing, or posting on social media. Click on the image to view or download the PDF File. (Not for commercial use.)
Celebrate & Create Event Video
Our crafting event for kids was lots of fun! Use your own materials to participate in our craft project. Watch the video to learn how to make your own Small Business Storefront Magnet Play Set! You can also make an event out of it by hosting your own Celebrate & Create: Small Business crafting party. Feel free to share this video with others! (Not for commercial use.)
Much To Discuss Event Video
Our networking event was insightful and fun! Small Business related Scavenger Hunt and Trivia drive this informative event. Attendees gain insight about learning and working remotely, while also getting to know and share their own knowledge with peers. You can also make an event out of it yourself by hosting your own Much To Discuss Watch: Small Business Discussion Party. Feel free to share this video with others! (Not for commercial use)
Take Action
Buy Local!
Refer friends and family to local businesses!
Commit to one small business friendly action each week!
Show your support online, in social media, or in person the next time you have the opportunity by writing a review or sharing positive stories about a small business online or on social media!
Share our Small Business Infographic with friends, family, and anyone and everyone you think would appreciate becoming more informed!