NATIONAL SMALL BUSINESS DAY



NATIONAL SMALL BUSINESS DAY - MAY 10, 2023

National Small Business Day is celebrated on May 10 to appreciate startups and self-employed individuals with big ideas and the drive to realize them. Over time, the U.S. has thrived on entrepreneurship and is considered a land of opportunities where anything is possible. Although the pursuit of aspirations has taken various forms historically, the idea of American small businesses run by individuals with true grit and heart who focused on succeeding has been quite inspiring. They represent what all of us could achieve; hence their stories are quite uplifting. The Small Business Administration of the U.S. has celebrated National Business Week for over 50 years.

 

BRIEF HISTORY OF THE NATIONAL SMALL BUSINESS DAY

Since the arrival of the first settlers in the United States, small businesses have been America's heart of life and economy. During this time, the idea of a self-made man emerged when Virtuous was the pioneer who, despite the existing odds, built a home and life for his family. Moreover, several colonists lived on small farms in far-flung rural areas and could not be self-sufficient with only the wilderness and their farms for sustenance.

 

With the country still being very young, all businesses were small-scale, but the economy managed to go ‚Äėround‚Äô by trading crops and services, although transporting goods from one point to another took too long. The banks as we know them today had not been established, and machines were lacking since there was yet to be automation. Later in the 1800s, a new America was born, marking the era of large-scale economic activity and manufacturing. This led to an increase in the number of affluent Americans and high demand for goods.

 

The story culminated in the 20th century, with large corporations facing stiff competition from overseas businesses. America’s small businesses began to rise at this point hence reading to America’s economy thriving, and many more people became interested in entrepreneurship. Turning an idea into a business went beyond a dream but became a reality and a possibility as startups were birthed and venture capital financing stormed the world. Today, there are over 32.5 million small businesses in the United States-from simple mom-and-pop stores to enterprises employing people all over, and for sure small businesses have changed America.

SIX FACTS ABOUT STARTUPS THAT YOU WILL FIND INTERESTING

  • Small Beginnings
  • Even technology giant companies like Facebook began humbly inside a hostel.

  • Not Just Technology Startups
  • A startup is a company that can solve problems without any obvious solution and no guaranteed success.

  • Vision Rather Than Degrees
  • Most founders of startup companies are school dropouts, such as Steve Jobs, Bill Gates, and even Michael Dell.

  • Startup Failures
  • Most startup businesses fail within the first five years¬†

  • Crazy Ideas
  • Portable chicken coops called Rent the Chicken and shipping container farms called Freight Farms were crazy ideas, but they worked.

  • New CEOs
  • Companies owned by African-American women have grown by 322% since 1997

    WHY THE NATIONAL SMALL BUSINESS DAY IS IMPORTANT

    Quite Refreshing and Encouraging

    When small businesses succeed, they provide livelihoods and support whole communities since they are homegrown

    Great Convenience

    Since small businesses provide access to high-quality jobs around your residence, you do not need to change locations or spend much money on rent far away from home.

    Entrepreneurship Joy

    We always find gritty entrepreneurs who persevere and build something incredible from the start; to be remarkable.

    Statistics on Small Businesses

    There are 33.2 million small businesses which are 99.9% of U.S. businesses.

    46.4% of all U.S. employees, which numbers 61.7 million, are employed by small businesses.

     Establishments

    1.1 million establishments in the U.S. were opened, while 965,995 were closed between March 2020 and March 2021, leading to a net increase of 180,528 establishments. There was an expansion of employment at 1.8 million establishments and a contraction at 2.3 million. There were 1.0 million openings and 833,458 closings of small businesses over the same period.

    Employment

    There were 12.5 million jobs added by the new and expanding U.S. establishments and 18 million jobs lost in the contracting and closing jobs, a net decrease of 5.5 million jobs. Job gains in the small business category were 8.7 million, and losses were 11.7 million leading to a net reduction of 3 million jobs.

    Are you a small business operating in the U.S.? 

    It's time to get the recognition you deserve. For years most business awards have been focused on celebrating big corporations, but the Best of America Small Business Awards is the only business award for small businesses. Small businesses make up 99% of U.S. companies; this shows how big small companies are for our economy.  

    BASA is the real deal, as it is prestigiously independent and was created with an unwavering love for small businesses. The award aims to showcase the best small businesses' notable efforts in growing and building economies, communities, and a better working world while encouraging more small businesses to get excited about new opportunities. 

    With over 100+ categories to choose from, the award is not influenced by big corporations and has no nepotism, vetting process, or big guys, always winning nature. BASA's independent council of judges only cares about one thing- your work!

    The BASA statuette is a hand-made work of art uniquely created in Italy by the internationally acclaimed artist Ithaca. Learn more at www.basawards.com.