ENTREPRENEURSHIP

Detailed explanation-1: -According to a report issued by the Small Business Administration (SBA) in 2019, small businesses account for 44 percent of economic activity in the United States. Small businesses create two-thirds of new jobs and deliver 43.5 percent of the United States’ gross domestic product (GDP).

Detailed explanation-2: -ILO, a specialised agency of the United Nations, has added that MSMEs account for 96 percent of businesses and 84 percent of employment in the country. She said that MSMEs are primary platforms for enterprises that play a crucial role to employment, wealth creation, and economic growth.

Detailed explanation-3: -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-4: -The 28 million small businesses in America account for 54% of all U.S. sales. Small businesses provide 55% of all jobs and 66% of all net new jobs since the 1970s. The 600, 000 plus franchised small businesses in the U.S. account for 40% of all retail sales and provide jobs for some 8 million people.