MICROBUSINESSES ARE THE ECONOMY
"I have been told that one adult in eight 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 men.
Even more startling is the fact that those who create public 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.”
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 the numbers with 95.1% of all American firms being classified as microbusinesses” while large businesses, those with 500 or more employees make up .06% of all American businesses. In real numbers the estimate for microbusinesses in America is 26.4 million while there are 17,477 large businesses as of the end of 2006.
Quote from “Microbusinesses are from Venus; Big Business is from Pluto”
Presented by Ron P. Wacks
International Federation of Inventors’ Associations Annual International Conference
Budapest, Hungary
August 10 – 11, 2007
How Many Microbusinesses are there in the U.S.?
The 2005 data (most recent available) shows:
- Microbusinesses - fewer than ten - 95.1% (approx. 25.1 million)
- Large businesses – 500 or more - .06% (approx. 17, 477)
- Microbusinesses fewer than five employees - 91.3%
- Non-employer Businesses - 77% (19.5 million)
- Employer Businesses – 23% (5.8 million)
- Homebased businesses – 49% (2002 data)
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”
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