Photo: Ryan Ozawa via flickr
Every major company was once a small business. Consider the garage days for the founders of Microsoft and Apple.”You need a lot of passion for what you’re doing because it’s so hard,” Steve Jobs once said. “Without passion, any rational person would give up.”
After all, bootstrapping a startup is one of the quintessential elements of the American dream.
A small business is defined broadly — as a company with 500 or fewer employees, but it varies by industry; the Small Business Association breaks it down here.
Chances are you — and most people you know — work for one.
The 77 million people that make up the US small business workforce would rank as the 17th most populous country in the world, just ahead of Iran
Here's how long it takes in some other countries around the world:
New Zealand -- 1 day
Singapore -- 3 days
Saudi Arabia -- 5 days
US -- 6 days
UK & Ireland -- 13 days
India -- 30 days
China -- 38 days
Source: Get Busy Media
If a small business can't resume operations within 10 days following a natural disaster, it probably won't survive
Small business bankruptcies (in red) peaked in '09, but are now lower than consumer bankruptcies (grey) on the Equifax index
This figure used to be closer to 50% of small businesses. The number declined in this past year, as 'credit cards have dropped from first to third place on the list of most commonly-used sources of small business financing,' according to the Los Angeles Times.
This likely has to do with the recent credit card legislation; as well as a different economic landscape where businesses are more cautious about financing from credit cards.
'This number fluctuates when some small businesses grow enough to become classified as large businesses, and when new small businesses are created. From 1999 to 2000, small businesses accounted for 75 per cent of all new jobs created. By 2010, small businesses account for three quarters of net new jobs in the United States.'
Source: U.S. Census Bureau, American Community Survey
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