Running a small business is no easy work, but it's also one of the most rewarding challenges you can take on. Whether you're just getting started, have years of experience or are contemplating starting, there's always something new to discover in the world of small business. Ready for a few eye-opening insights? We've got some facts that might just change the way you see your business.
1. Small businesses are responsible for creating more jobs than large companies
Despite their name, small businesses are far from "small" when it comes to their impact on the economy. In fact, they are a driving force behind job growth, especially in the United States. Over the past 25 years, small businesses have been responsible for creating roughly two out of every three new jobs! By being able to adapt quickly to market changes and create new innovations, they're able to grow faster and stay competitive.
2. Female entrepreneurs are growing in number
Women are absolutely crushing it in the world of small business! While they make up about 40% of small business owners in the U.S., the exciting part is that the number of female entrepreneurs is growing faster than their male counterparts. They're breaking down barriers and entering historically male-dominated fields, such as tech, manufacturing and construction, have long dominated. With all of this in mind, It's clear that women are leaving a lasting mark on the entrepreneurial landscape.
3. Customer referrals bring in a considerable source of revenue
For many small businesses, word-of-mouth and customer referrals often work better than any traditional advertisement. There's something about the effort and passion that goes into building a small business that resonates with people, no matter their walk of life. That's why a big chunk of new clients often come from recommendations by happy clients. They'll be eager to share their experience with friends and family. It's a clear reminder of the power of amazing customer service. With great experience comes great success!
4. Veterans are turning to entrepreneurship
It might surprise you, but a large number of U.S. military veterans leap into entrepreneurship after their service. It makes perfect sense when you think about it - veterans come equipped with a notable skill set, including discipline, resilience and perhaps most importantly, leadership. These qualities are invaluable when it comes to running a successful business. What's even better is that there are plenty of programs designed to help veterans succeed in the business world. From training and mentorship to funding opportunities, these resources give veterans the support they need to get their businesses off the ground. If you're a veteran or know someone who is, the U.S. Small Business Administration offers a ton of helpful information on how to start your own business here.
5. Entrepreneurship can be contagious
Yes, you heard that right! Entrepreneurship can be pretty contagious. When you're surrounded by people who are running their own businesses, it's hard not to start thinking, "Maybe I could do that too." It's about feeling the energy and excitement of someone taking a risk and seeing it payoff. That kind of inspiration can push others to make the jump themselves. Positive energy is very receptive when it comes to uncertainty.
If you're curious about the true purpose behind your business, learn about it on our previous blog. Check it out here.
Author: Gary Wong
Did any of these things surprise you?
Feel free to let us know in the comments below!
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About Stingray Advisory Group LLC: Stingray Advisory Group LLC is based in Grand Rapids,
Michigan, and is a proud member of People First Economy and the West Michigan Hispanic Chamber of Commerce. We help businesses thrive. By improving our client's sales over 60%, reducing their expenses and boosting their engagement by 40% or more, we enable our clients to refocus on what they love.
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