MICROBUSINESSES ARE THE ECONOMY
One adult in seven adults (18 or over) in America owns or is a principal in a microbusiness. Yet few understand much about microbusiness people—our strengths and our fears; our priorities and our apathies; our cares and our habits; our needs and our numbers. The innovation we bring is as misunderstood by policy makers and the corporate community as women are by many men.
Even more startling is the fact that those who create public & private sector policy and make critical economic decisions that affect microbusinesses and entrepreneurs know little about microbusiness owners, practices or priorities. This cavernous lack of understanding seems to defy common understanding considering the “age” we’re in...and the numbers.
We’re past the Agricultural Age, the Industrial Age and the Technology Age.
We’re now in the Entrepreneurial Age that promises to be around for a long time.
Part of this significance is with 95.7% of all U.S. firms being classified as microbusinesses—firms with fewer than ten (10) employees, while large businesses—firms with 500 or more employees, make up 0.06% of all U.S. firms. In real numbers, U.S. microbusinesses make up over 26.6 million firms while just over 17,000 are large businesses. (2010 Data—the most recent available)
How Many Microbusinesses are there in the U.S.?
The 2010 data (most recent available) shows:
- Total U.S. Firms: 27,845,166
- Microbusinesses — fewer than (10) employees: 95.7% — 26,653,943 firms
- Microbusinesses — fewer than (5) employees: 92.2% — 25,685,868 firms
- Large businesses — 500 or more employees: 0.06% — 17,236 firms
- Non-employer Businesses – firms with NO employees: 79.4% — 22,110,628 firms
- Employer Businesses – firms with employees: 20.6% — 5,744,538 firms
- Employer Businesses with <ten employees: 16.3% — 4,543,315 firms
- Employer Businesses with <five employees: 12.8% — 3,575,240 firms
- APPROX. ONE-IN-FIVE U.S. FIRMS HAVE EMPLOYEES!
- Homebased Businesses — firms operated from a residence: 51.6% of all firms
- Homebased Non-employer: 62.9% of all U.S. firms
- Homebased Employer: 23.8% of all U.S. firms
- Homebased Businesses needing <$5,000 start-up capital: 30.6%
- Homebased Businesses needing >$1,000,000 or more start-up capital: 1.5%
- Homebased Women owned Businesses: 58.2%
- Homebased Men owned Businesses: 49.1%
- Homebased Non-minority owned Businesses: 54.4%
- Homebased Minority owned Businesses: 46.5%
- (2007 data released in June 2011)
Links to White Papers and articles:
“The Entrepreneurial Economy”
“The Microbusiness Way of Growth”
“The Hidden Economy”
“Microbusinesses are from Venus: Big Business is from Pluto”
UNIQUE MICROBUSINESS DATA PUBLISHED FROM ISSUESLIVE: "A Profile of Microbusiness"