NATIONAL SMALL BUSINESS WEEK-APRIL 30-MAY 6, 2023
Celebrated annually during the first week of May from April 30 to May 6, the National Small Business Week aims to honor our country’s entrepreneurs who have contributed to bringing new ideas and growing our economy. This week sees different events hosted in different places where top entrepreneurs from every state are awarded based on their performances. Moreover, this week also helps to encourage other small business owners to scale up their own operations by learning from the marketing campaigns and operations of larger businesses.
NATIONAL SMALL BUSINESS WEEK HISTORY
The U.S. boasts of over 31 million small businesses constituting about 99% of all businesses in the country. Since the time the U.S. gained its independence from Britain in 1776, people living in the U.S. have shared one dream: to live the American Dream and make their fortune.People from all over the world have come and began small by owning small businesses hoping to make it big. The California Gold Rush attracted many who used the opportunity to start their own businesses in a different part of the country.
The catch phrase ‘Land of Opportunity’ was coined out of this custom and many Americans still share the dream of being business owners. The U.S. hosts millions of small businesses, many of which have made important contributions to the economy of the country. To help and counsel small business people to enable them prosper and grow into sustainable businesses in the future, the Federal Government created the Small Business Administration (S.B.A.) in 1953.
The first National Small Business Week was celebrated in 1963 after the proclamation from President John F. Kennedy to honor the top entrepreneurs in every state with awards and special recognition. Thereafter, the week became an annual event that encourages other small business owners and give them an opportunity to learn from the successes of top performers.
The U.S. Small Business Administration has worked to assist and counsel small businesses to succeed in the land of opportunity since 1963 leading to an annual increase in the number of small businesses in the country. Statistically, there is a 188% higher probability of young people opting to start their own business therefore, with the coming and going of the small businesses, the S.B.A has made it its mission to assist and encourage as many small businesses as possible. The National Small Business Week exists therefore to spread awareness of this important role.
FIVE FACTS ABOUT THE NATIONAL SMALL BUSINESS WEEK
Close to 99 percent of businesses in the U.S. are small businesses
There is a 188% possibility for Millennials and Generation Z to start their own businesses rather than baby boomers
Over half of all small businesses fail within their first year of being started
The lack of demand for goods and services in the market caused over 42% of businesses to fail.
About 31% of all small businesses have become non-operational since the start of the pandemic.
IMPORTANCE OF THE NATIONAL SMALL BUSINESS WEEK
Any business that has sustained its operations during the first year is considered to be doing much better than most and is regarded as a top performer which deserves to be praised. This day offers the platform for this recognition.
Small businesses have reported creating 1.5 million jobs annually in the U.S. thus contributing significantly to the economy by generating wealth and creating employment opportunities hence creating awareness about them helps to secure the jobs for their employees.
By creating jobs and fulfilling the needs of people living in small cities and towns, small businesses support the local economy as they also see a gap in the market within the community and try to fill it.