Did visiting your local shops and restaurants on Small Business Saturday inspire you to start your entrepreneurship journey? It’s hard to resist the excitement of a bustling small business!
Our new infographic, “Successful Startups: Why We Need ‘Em -- And How You Can Be One!” focuses on the bright outlook for small businesses in the United States.
America Loves Small Business
Entrepreneurs in the U.S. are viewed as having more opportunities for success and hold higher status than business owners in other developed countries around the world.
And what’s not to love? New businesses -- those less than one year old -- create an average of 1.5 million jobs per year, a much greater rate of growth than established businesses. And between 2005 and 2011, small firms produced 15 times as many patents per employee as large ones. American businesses are hotbeds for innovation!
Balance small business challenges with a strong team
Starting a small business doesn’t come without its challenges. In fact, small business closures have outpaced openings since 2008. Launching into a new business alone and unprepared can be a dangerous venture that leads to a grim outcome.
But with planning and purpose, you can increase your chances of success.
Starting your business with a partner or partners can build success through teamwork. “Top-tier startups were 59 percent more likely to have more than one founder,” Sage found in in its 2015 State of the Startup report. “When you have a partner to share the mundane day-to-day business tasks, you not only free up more of your time for brainstorms and decision making, but you also have someone who can collaborate on those more creative pursuits.”
Don’t delay in writing your business plan -- 78 percent of successful startups have one!
And of course, find a mentor right away. Seventy percent of small businesses that receiving mentoring survive more than five years. That’s twice the survival rate of those who don’t seek mentoring from organizations like SCORE!