Happy Independence Day! No one knows the feeling of independence better than the self employed. As an entrepreneur, we decided that making our dreams a reality and living life on our terms is more valuable than a steady paycheck, 401k plans and paid vacations. And while our chosen entrepreneurial path has its ups and downs, we wouldn’t trade it for anything!
And – Mr. and Ms. Entrepreneur – you’re in excellent company. Did you know that you are also part of a community that contributes $5.5 Trillion in annual revenue and millions of jobs to the U.S. economy? Yup, that’s right. Your independent entrepreneurial spirit is also what keeps this great country of ours going!
What Does It Mean To Be a “Small Business” Exactly?
People define small business differently. The Small Business Administration (SBA) defines a small business as an enterprise of fewer than 500 employees. By that definition:
- The U.S. is home to 28 million small businesses.
- Small businesses represent 99.7 percent of all businesses with employees.
- Over 50% of the nation’s workforce works in a small business.
Of those 28 million small businesses, over 22 million are “nonemployer” businesses. Meaning they are self-employed individuals, also known as entrepreneurs!
Because most small businesses are actually sole proprietors, the SBA keeps track of their statistics as well. One statistic released in June 2014:
Annual income from sole proprietorships increased 7.1 percent in the 3rd quarter of 2013 and totaled $1.2 trillion.
It is good to be an entrepreneur and you deserve to celebrate.
Enjoy – Even the Down Days
As a small business, you will have rich days and poor days. The rich days are easy to celebrate; the poor ones, however, require some help. When things are down, remember that your independence is worth it! You are a risk taker and a doer who is helping others and solving problems!
If you need some additional encouragement, think of these interesting tidbits:
- The self-employed are 4 times more likely to become millionaires than business people who work for someone else.
- Reports of miniscule percentages of success among small businesses is false; 70% of small business last at least 2 years, and about half make it through 5 years. That means a greater percentage of marriages fail than small businesses.
- Small businesses create up to 80% of new jobs.
- More than half of small business owners will work when sick.
- Despite that, the same percentage report feeling healthier as small business owners than as employees.
So small business owners and entrepreneurs: Rejoice! Celebrate! And remember that while July has a built-in excuse for celebrating independence, as an entrepreneur, you can celebrate year-round!
Leave us a comment and tell us your favorite part of being an entrepreneur! What specific independence do you cherish?