Everyone agrees on a broad level that small businesses are vital to the American economy. The United States Small Business Administration keeps records and statistics on small business in the United States and some of their findings are surprising.
The Small Business Administration defines a small business as an independently business with less than 500 employees. In some smaller towns in the United States, these businesses represent a major source of employment.
More than 45% of the private sector payroll is generated by small business. Although a large percentage of small businesses are in the retail and service sectors, small businesses are rapidly making gains in the technology sector. 41% of high tech workers like engineers, scientists and computer programmers are employed by small businesses. Employees at small businesses produce 13 to 14 times more patents than those employed by larger companies.
The Small Business Administration also offers some interesting observations on small business survival. If a small business owner is able to offer health insurance to its employees, the administrative and premium costs are often much higher than those for larger businesses.
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