The month of May has been designated Small Business Month, a national recognition of the many contributions that small businesses make to the American economy. It has often been said that “as goes small business, so goes America,” but many are not aware of how significant that statement is. The Georgia Minority Supplier Development Council is part of a national network of corporations, minority business enterprises (MBEs), and industry experts who advocate for the inclusion of minority-owned businesses in corporate and government supply chains. However, it is worth noting that the majority of the 1,200 minority businesses the GMSDC represents are also small businesses, making it equally important that the Council also celebrate Small Business Month.
Small businesses are actually big businesses, according to the numbers. While we are all familiar with the iconic, high-visibility global brands that make up the Fortune 500 and dominate the airwaves with their advertising, our collective understanding of the full scope of America’s small business community may be less complete. The hard truth is that any analysis of the American economy that doesn’t begin and end with small businesses doesn’t tell the whole story. Every significant statistic tells us that small businesses really are the straw that breaks the American drink.
There are more than 33 million small businesses in the United States, representing approximately 99% of all businesses in the country. These companies employ more than 60 million Americans, about half of the entire private sector workforce. Franchises represent nearly half of all small businesses, with the Professional Services/Real Estate category making up the largest single sector of small employers. The average annual revenue of an independent business is approximately $50,000, while businesses with four or more employees earn average revenues of $300,000 to billions, depending on the number of employees.
New small business owners often cite the desire to be their own boss and dissatisfaction with corporate America as the main motivators for starting their companies. Small businesses create 64% of new jobs and represent 44% of the country’s Gross Domestic Product. Small businesses are not only a force to be reckoned with, but clearly the most powerful entity in the American economic landscape.
Small Business Month began more than 60 years ago, with a presidential proclamation establishing Small Business Week as the first week of May, which has been set aside by all administrations since 1963. Over time, local municipalities They gradually expanded the celebration to include activities throughout the entire month, which motivated the expansion of the national commemoration. Today, there are events, conferences, memorials and celebrations across the country throughout the month of May, which is worthy of such an impactful segment of the business community.
Most of the 1,200 MBEs GMSDC represents are classified as small businesses, according to U.S. Small Business Administration guidelines. Although primarily a minority business advocacy organization, GMSDC’s portfolio includes programs open to all Georgia small businesses, including the Council’s flagship mentoring program, Georgia Mentor Protégé Connection. Hundreds of GMPC alumni, from all backgrounds, have won major awards, secured major contracts, and built highly successful, sustainable small businesses. We salute Georgia’s amazing small business owners as we celebrate Small Business Month. Thank you for your many contributions.