Business strengthens an economy. Both in developing and developed nations, small businesses could be found everywhere employing the major chunk of the population and supplying much-needed goods and services. Small businesses are important for an economy for many other reasons like it provides a strong support to the big business houses, distribution channels, e-commerce, and government services. Their overall contribution to the GPD is unparalleled in any country including the USA, the UK, and Australia. Students often contact BookMyEssay’s Business Strategy assignment help for completing their assignments on small business statistics, small business strategy, the importance small and medium business for an economy, and many such topics.
Any business that employs less than 500 employees is considered small business in the USA whereas any business with not more than 10 employees is considered micro business. It is important for several government departments to understand well how different modes of businesses and different industries are contributing to the economy and what the economy can expect from them in future. As such business statistics is important in many respects. Here are some mention-worthy statistical data regarding small business in the USA:
- There were almost 53% of total employment in the USA is created by small, micro and medium business sector.
- Almost 99% of total revenue is generated in the small business sector in the USA.
- There are almost 28 million small businesses are present in the USA of which almost 20 million businesses are self-managed, i.e. without any other employee.
- 52% of all small and micro businesses are home-based businesses.
- The fastest growing small businesses are freelance businesses especially dry cleaners, beauty salons, and automobile repair
Statistics is very important for understanding the trend in the small business sector in any country. Entrepreneurs who want to start a new business should also look into the statistics available for the business to understand what is going on in their preferred sector, what types of competitions in the market are waiting for them, what kinds of distribution channels the existing businesses are utilizing, what kinds of products customers prefer, etc. For example, it is found that in the USA, more than 50% start-ups shut down within the first five years and just 1/3rd survives 10 years or more.
Statistics is also important to understand the availability of different types of loans for the start-ups and existing small businesses. It is found that in the USA, big banks are not much interested in approving loans to the small businesses, they just approve 24% of the total applications they receive annually, however, small banks approve almost 50% and other money lenders approve almost 60% of the total applications they receive from the new entrepreneurs. This information is really important for the entrepreneurs who are planning to pump some more capital into their businesses.
Students need to deal with these kinds of statistical numbers and data while researching the given topics in assignment help. They also need to confirm the authenticity of the data. Sometimes, these may seem confusing but with the help of BookMyEssay’s Business Statistics assignment help, they can easily dissolve their confusions.