November 3rd, 2011 – Thanksgiving may be the first thing you think of when you think of November, but the Small Business Administration reminds us that it is also National Entrepreneurship Month. This is a wonderful time to thank entrepreneurs, who take risks in pursuit of the American Dream and fuel our economy.
While many of us think of entrepreneurs as venture capital funded business rock stars, entrepreneurs are much more likely to be your neighbor and have 5 or fewer employees.
These small businesses are sometimes called microbusinesses. According to a recent study, one adult in seven adults in America owns or is the principal of a microbusiness. In fact, 95.4% of all American firms are classified as microbusinesses while large businesses, those with 500 or more employees make up just .068% of all American firms. There are 26.0 million microbusinesses in America.
While some of these business may stay single person entities, others will grow to employ several people others may grow to employ dozens or even hundreds of employees across Colorado and the nation.