It is more apparent than ever that small businesses struggle to get off the ground. In a world where we are dominated and driven by huge corporations, it is difficult times for budding entrepreneurs. This week marks a poignant week in the world of business as President Trump officially declares National Small Business Week from Sunday 29th May through till 5th May.
When Did It All Begin?
Lead by the U.S. Small Business Administration, this renowned week is dedicated to celebrating the small businesses which hugely contribute to the economic climate in the United States of America. Particular recognition is seen throughout Los Angeles, Washington and New York as special rewards are handed out to national winners. There will be livestreamed award ceremonies throughout the week as well as the much anticipated announcement of the National Small Business Person of the Year. Keep an eye out for the three day virtual conferences and live Twitter chats, which are set to share tips about starting your own successful small business.
This momentous week has actually been celebrated since John F. Kennedy declared it back in 1963. He wanted to recognise America’s entrepreneurs and their critical contribution to the economy. Since then it has been a tradition for every President to re-announce the proclamation in support.
There are a whole host of advocates who openly support small businesses. For example, Reagan secretary of state in Arizona has been a champion for small business owners in her state for several years and openly fights for their rights during her successful campaigns.
Unknowingly most of us are supporters of small businesses too. Consider your local pub, post office and corner shop; you might think they are successful now, but they began as a small start-up once. Without community support and contribution these types of businesses simply wouldn’t survive.
Some Fascinating Facts and Figures
There are around twenty eight million small businesses in the United States of America and there is said to be almost six million in the United Kingdom. The definition of a small enterprise is one that has less than 250 employees.
Ever since the week long event was first established back in 1963, there have been fewer failed business and the number of startups have been continually rising. The reality is that less than fifty percent of small businesses survive their first five years, so this celebration is more important than ever to raise awareness for the entrepreneurial community. The truth is, every successful corporation once started out as a struggling company. Rallying together to support brave businessmen and women couldn’t be a more effective way to improve the current economic climate.
Financing a new business is one of the biggest hurdles every entrepreneur faces at the start of their venture. Almost a third of business owners rely on financing to fund their startup. Credit cards used to be the go to option, but it seems bank loans are now becomes a more regular source of startup capital.
Whether you own a small business or have a family member who runs one, supporting smaller companies has never been more important. Perhaps the UK should join in with the recognition as America continues to set the bar high this week.