This week is National Small Business week. Established by the Small Business Administration more than fifty years ago to celebrate the entrepreneurs who put their money, energy, and heart into starting a new enterprise.
The Numbers Tell the Tale Nationally
New and small businesses are vital to the American economy. According to the SBA there are over 30 million small businesses in the United States. New and early stage businesses have long been know to be the primary drivers of job creation in the U.S., thanks in large part to extensive research performed by the Kauffman Foundation more than a decade ago. Fundera estimated that small companies create 1.5 million jobs annually, accounting for 64% of new U.S. jobs. There are generational trends too. Sales Force has estimated that Millennials and Gen Z age people are 188% more likely to desire starting a side business as compared to baby boomer aged people.
The Benefit Can be Seen
Round Rock is fortunate to have some amazing small (and large) corporate citizens. Small businesses are some of the most active when it comes to providing sponsorship to community sport teams and events, RRISD activities, volunteering, and service in elected positions. It is a presence in our community and local institutions that inherently makes Round Rock a more connected, unified place to live. When friends, business associates, or family visit the area – more often than not, the local recommendations we make are small businesses that provide an experience that can’t be found anywhere else (Round Rock Donuts for example). This is more than simple local pride. It’s an example of these businesses building the truly unique sense of place and local culture that we love so much in Round Rock.
Building Your Own Dream
The most common reason entrepreneurs start their own business is to become their own boss. Some estimates show more than half of business starts (55%) occur because the founder desires to work for themselves. One in every three businesses began with less than $5,000. These founders are building something more than a business, they are building the dream they have for their own lives and that of their families. This desire is woven into the culture of U.S. history, and is alive and well today.
Starting a business is VERY difficult. The failure rate of new business is high – approximately 70% within the first two to five years for all industries. Yet, small business owners tend to be future oriented, opportunity seekers. They are almost unwaveringly positive and willing to give their very limited time to help others succeed. That builds community too.
You are Invited to Celebrate Small Business with the Chamber
This week, the Chamber has organized a series of special events and recognition to mark Small Business Week in Round Rock. You can learn more here. I’d like to invite you to join us as we celebrate the businesses, their owners, and their employees that do so much for Round Rock.