Here are some quick statistics for you:
- Over 99 percent of America’s 28.7 million firms are small businesses. The vast majority (88 percent) of employer firms have fewer than 20 employees, and nearly 40 percent of all enterprises have under $100k in revenue (Source: US Census Bureau, Business Dynamics: 2014).
- The average small business employee earned $45K in 2015. In general, the larger the business, the higher the average employee pay (Source: US Census Bureau, Business Dynamics: 2015).
- Overall, about two out of every three businesses with employees will last two years, and about half of those will last five years.(U.S. Bureau of Labor Statistics: 2018).
What does all this mean?
It means that start-ups, new businesses, and innovative ideas make-up the majority of the American economy, and an overwhelming number of people will at least once or twice in their lifetime try to start a business. The real question is: Will they survive?