“Small companies are usually independently owned and may exist in quite a lot of varieties together with, however not restricted to, nook shops, on-line boutiques, amongst many others. They may give a neighborhood energy and create vibrant, numerous communities,” the American Specific Store Small web site says.

There are 30.2 million small companies in the USA, in response to the U.S. authorities Small Enterprise Administration’s Workplace of Advocacy report printed in August 2018. (The federal authorities’s U.S. Small Enterprise Administration Workplace of Advocacy usually defines a small enterprise as having fewer than 500 workers. The report makes use of the newest governmental information out there, collected in 2015 and launched in 2016-2017.)

Of these 30.2 million small companies, 80 % — 24.three million — had been solo entrepreneurs (no workers). That is a quantity on the rise; in 1997, there have been 15.four small companies with no workers, the SBA’s Workplace of Advocacy says.

Nonetheless, Important Avenue companies are a big issue within the nation’s job market. Small companies make use of 47.5 % of personal sector workers (59 million out of 124 million), in response to the SBA workplace of Advocacy.

Emma Newburger

contributed to this report.

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