The U.S. Government estimates there are 29.6 million small businesses in the United States. Following are some statistics about those businesses:
During 2009 there were-
- 627,200 new businesses formed
- 595,600 business closures
- 43,546 bankruptcies.
- Small businesses hire 40 percent of high tech workers, such as scientists, engineers and computer workers
- Seven out of 10 new employer firms survive at least two years, and about half survive five years.
- Over 50% of the businesses on the 2009 Fortune 500 were launched during a recession or bear market
- Small businesses created 21.9 million jobs between 1989 and 2008, they represent 99.7 percent of all employer firms, and employ just over half of the country's private sector workforce
- Those aged 55-64 have had the highest rate of entrepreneurial activity over the last decade. Those age 50 made up 25 percent of the workforce, they comprised 40 of the self-employed.
- Solo business formation in the future will be driven by people who take early retirement or whose jobs just disappear
If this kind of information is lost on you, you may well be missing the opportune time to expand your practice. True entrepreneurs sense the times when they should act. They realize they cannot wait for the financial climate to become rosy, safe, and nurturing. The contrarian understands that his best chance to gain is whenever the marketplace eschews bold action.
Market when others are afraid to, when the economy turns around you will be so far ahead of the cowards that they have no chance of catching up.
