Team Orrin Woodward :: Small Business Facts by Fred Harteis

Exactly how big is small business? The number of small businesses in the United States depends on our definition of the term. If we use the broadest definition provided by the IRS and say it is everyone who files a tax return with business income includes the number would be over 24 million. Did you know that about half that number work in their businesses part-time.

According to Wells Fargo/NFIB seven out of 10 small-business owners start their business with less than $20,000. Don’t have $20 thousand? Don’t worry. Inc. Magazine reports that 14 percent of their list of the 500 fastest growing companies in the United States started with less than $1,000.

Biznet Small Business by the Numbers

• Represent 99.7 percent of all employer firms.

• Employ half of all private sector employees.

• Pay 44.3 percent of total U.S. private payroll.

• Have generated 60 to 80 percent of net new jobs annually over the past decade.

Source: Small Business Administration www.sba.gov

Columnist: Fred Harteis is president of Harteis International

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