Small businesses, big contribution

Small businesses, start-ups and entrepreneurs are some of the most important influencers of economic growth because, in any economy, they represent more than 90 per cent of all employers and create 60 to 80 per cent of all new jobs, annually. In 2018, there were 30.2 million small businesses in the US, which represented 99.9 per cent of all businesses in the country, employing about 58.9 million people. Out of the total small business, 39 per cent were owned by women, who contributed to eight per cent of employment and generated 4.2 per cent of the revenues. According to a survey by Randstad Workmonitor, entrepreneurial ambition was the highest in India with 83 per cent of the Indian workforce wanting to be entrepreneurs. This is even higher than the global standard of 53 per cent. According to the survey, 58 per cent of the respondents were willing to leave their current job to start their own venture. This is important because although big businesses may dominate the stock market, it’s the small businesses and startups that keep the economy moving.