More than 99% of U.S. business are considered small — defined by the U.S. Small Business Administration’s Office of Advocacy as having fewer than 500 employees.
More than 99% of U.S. business are considered small — defined by the U.S. Small Business Administration’s Office of Advocacy as having fewer than 500 employees. Yet only two-thirds of small businesses survive at least two years, 50% survive five years or more and one-third survive 10 years or more, says the U.S. Bureau of Labor Statistics, Business Employment Dynamics.
New company starts are now beginning to outpace failures, which was the opposite during the Great Recession. But keeping the small-business survival rate in mind, it seems logical the firms that do survive are meeting a need for consumers.