ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -With small businesses accounting for 99.9% of all businesses in the United States, it’s no surprise that 59.9 million Americans work at small businesses across the nation. Today, there are an estimated 33.2 million small businesses in the United States, 88.1% of which have fewer than 20 employees.

Detailed explanation-2: -How Many Small Businesses Are There in the US? The latest statistics show that there are 33.2 million small businesses in the US, which account for 99.9 percent of all US businesses (SBA, 2022). The Small Business Administration (SBA) defines a small business as a firm that has fewer than 500 employees.

Detailed explanation-3: -Yet, despite the fact that over 80% of small businesses have no employees, small businesses employ 61.7 million workers. That’s 46.4% of all US employees-a large percentage of employees when less than 20% of small businesses even have employees at all.

Detailed explanation-4: -The small business industry makes up 99.9% of all businesses in America. Therefore, it should come as no surprise that small businesses create many job opportunities. According to the SBA, 1.5 million jobs are created by small companies each year and account for 64% of new jobs in the US.