General Facts Flashcards
What is a small business, as defined by the SBA?
An independent business having fewer than 500 employees.
How many small businesses are there in the US?
In, 2013, there were 28.8 million small businesses.
- 80pc, or 23 million, had no employees.
- 20pc, or 5.8 million, had paid employees.
How many large businesses are the in the US?
18,600 large business
How many public companies are there in the US?
Listed companies reached a high of 7,322. That number today is down almost by half to 3,700 and is more than 1,000 lower than in 1975.
How big is the role of small businesses in the US economy?
Small businesses comprise:
- 99.9% of all firms
- 99.7% of firms with paid employees
- 97.7% of exporting firms (297k small exporting firms)
- 33.6% of known export value ($471bn out of $930bn)
- 48.0% of private sector employees (57m out of 118m)
- 41.2% of private sector payroll
What is the survival rate of new businesses?
How many last at least 1 yr?
79% of establishments started in 2014 survived until 2015, the highest share since 2005. From 2004 to 2014, an average of 78.5% of new establishments survived one year.
What is the survival rate of new businesses?
How many last at least 5 yrs?
About half (50%) of all establishments survive five years or longer.
What is the survival rate of new businesses?
How many last at least 10 yrs?
About one-third (33%) of establishments survive 10 years or longer.
How many businesses do women own?
In 2012, there were 9.9m women owned firms and 2.5m firms owned equally by men and women.
This means that 12.3m firms, or 45% of all classifiable firms, were at least 50% women-owned.
How many businesses do minorities own?
In 2012, 29.3% of US firms, or 8m businesses were minority owned.
- 12% were Hispanic
- 10% were Black- or African-American
- 7% were Asian
- 1% were American Indians and Alaska Natives
- 0.2% were Native Hawaiians and othe Pacific Islanders.
How many businesses do veterans own? How many of those were employer firms?
In 2012, veterans owned 2.5m businesses, or 9.3% of US firms. About on-fifth of these firms, or 440k, had paid employees.
Is millennial entrepreneurship increasing?
Research shows that in 2014, millennials were less likely to be self-employed than older individuals. This research also shows that the rate of self-employment among individuals age 15 to 34 has been gradually declining since 1990.
What percent of entrepreneurs are immigrants? In which industries are immigrant-owned firms more common?
About 1/7th (14.4%), of business owners are immigrants.
Accommodation and food services (29.1% of owners were foreign born), and transportation and warehousing (27.5%).
How many SBs are family-owned?
What industries have the highest concentration of family owned businesses?
About 1 in five businesses (20%) are family owned.
Management of companies and enterprises (46.4%)
Real estate and rental and leasing (37.3%)
Accommodation and food services (33.2%)
How are most small businesses legally organized?
Nonemployer firms:
- 86.4% are sole props
- 7.4% are partnerships
- 4.7% are S-corps
- 1.6% are C-corps
Employer firms:
- 14.8% are sole prop.
- 11% are partnerships
- 46% are S-corporations
- 20% are Corporations
- 7.4% are Nonprofit
