SMALL BUSINESS MONTH, MAY 2023
I believe you know small businesses are the backbone of the U.S. economy. Thus, in a special tribute to appreciate and honor them for their courage, hard work, and community efforts for the entire month, the whole month of May every year has been set aside. With 31.7 million small businesses in the United States, according to a 2020 study by the U.S. Small Business Administration (S.B.A.), small businesses are the unsung heroes of the American Dream.
HOW SMALL BUSINESS MONTH CAME TO BE
Small Business Month was created by the Small Business Administration (S.B.A.) to celebrate small businesses. S.B.A. is an organization aimed at helping business owners and entrepreneurs pursue the American Dream and a federal agency that provides counseling, capital, and contracting expertise to small businesses.
At first, the celebration was meant to be for a week. Still, it was changed when the City of Charlotte and its small business resource partners declared May as a Small Business Month officially proclaimed by Mayor Vi Lyes. The city began to celebrate for a month rather than a week. This month aims to appreciate the entrepreneurial spirit in our community and honor all small businesses and entrepreneurs whose crucial role is in strengthening the economy.
During Small Business Month, small business owners and those supporting small businesses celebrate the entrepreneurial spirit within their entrepreneurial ecosystem with award ceremonies, seminars, networking events, and trade shows, which bring together entrepreneurs and prospecting entrepreneurs across the nation. Ours is to stand by them and support them.
The business ecosystem has seen rapid competition as small businesses fight to keep up with the big businesses for survival. The Small Business Month will help boost their morale as it focuses on them for 31 days in a row, so let’s strengthen our economy by supporting small businesses.
FIVE INTERESTING FACTS YOU OUGHT TO KNOW ABOUT SMALL BUSINESSES
Numbers Tell The Truth
99.9% of all U.S. businesses are in the category of small businesses
Every year, small businesses create 1.5 million jobs
- A One-Man Owned Businesses
It's estimated that a single person owns and operates about 70% of small businesses.
Fast Way of Starting
It would be best if you only started a business in the U.S.
A World of Competition
Only half the small businesses are estimated to survive their first five years.
WHY SMALL BUSINESS MONTH IS IMPORTANT
Creation of Awareness
By observing Small Business Month, we help millions of businesses as we spread awareness about the benefits and importance of small businesses.
Small Business Month helps open up opportunities and new avenues of positivity hence encouraging people to buy and interact more with small businesses.
Boost For Owners
Many entrepreneurs in the past few years have started their businesses; hence, Small Business Month will greatly boost the owners.