Many people think about starting a business, they may even wonder what the definition of a small to mid size company is in terms of employees. Perhaps they wonder what the success rate is among the small business market. Below are just a few statistics to get them started.
California has the highest start up rate for new businesses at 4% with Utah (3.8%), Nevada (3.4%) and Florida (3.1%) closely following. Small Businesses produce 13 to 14 times more patents per employee than larger patenting firms. (Source SBA) The average revenue of a small business is $3.6 million and if that small business has a website that amount increases to $5.03 million. (source IDC)
The Kaufman Index conducted a study and found that entrepreneurial activity for US business start ups launched in 2009 was at a high. More people were starting companies evening during the third year of the recession and at a higher than 1999-2000 during the technology boom.
As a small business grows the need for employees to work in the company also grows. When a survey was conducted of 300 plus CEO's of small to mid size companies, 18% stated the biggest challenge they face was finding talent and keeping it. Small companies are classified as having 1-100 employees. Medium or midsized companies are 100-500 employees. Although I have also seen them defined as 0-99 for small and 100-999 for mid size companies. Either way, talent is always sought after and hard to find.
About this Author
Key Pointe Coaching works with companies to unlock the potential of their greatest asset, their employees. We offer coaching to all management and executive levels as well as leadership training courses.
Candice Shehorn is the founder of Key Pointe Coaching and can be reached at:
http://www.keypointecoaching.com
cshehorn@keypointecoaching.com
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