It is hard to over estimate the importance of small business success in terms of creating new jobs. These businesses across the U.S. account for 44 percent of the private payroll in the country.
Small business also employs approximately 5 percent of all private sector employees, generated 64 percent of new jobs within a 15-year period and hires 40 percent of high-tech workers in the U.S. These businesses are also helping the growth of other businesses, as they make up 97.3 percent of identified exporters in the U.S.
Of course, this impact on the U.S. economy largely hinges on the businesses making it past the hurdles that come with the first five years, when there is a 50 percent chance of success versus the 15 percent chance of success that businesses face the first year their doors are open.
Credit Donkey created this infographic to highlight what makes small businesses sink or swim.
- UNC Greensboro to teach students how to start small businesses
- Small business employment, revenues, decline slightly
- Small biz owners think government favors big business
- Survey says: 69 percent of small biz profitable in 2008
- Small businesses are large majority of U.S. employers, report says
© 2011, TechJournal. All rights reserved.
Tags: Credit Donkey, entrepreneurial success factors, failing to plan is planning to fail, reasons for startup failure, role of small business in the U.S., small business, volutary closures vs. failures, what makes small busineses succeed or fail? infographic