As we go into this thanksgiving season we, as small business owners, need to take time to reflect. Reflect on ourselves, our families, our team and our business. Often we get caught up with our everyday hurdles and challenges. We need to remind ourselves to take a step back and look at the blessings we have surrounding us. Look at the bigger picture and the economic small business facts that we as business owners contribute to.
We all know the value of our team and how important it is to give recognition and give thanks for them. How often do we do that for ourselves? How often do we recognize how much we’ve grown as a business owner, manager, team player, etc. Recognize the hurdles and battles fought that has not only made you a better business person but is setting your business up for success. Our trials and failures do not define who we are or how are business is going to grow. Its the lessons we learn and what we take away that make us better for having gone through it. Look at each speed bump as an opportunity to learn and grow rather than another obstacle to overcome.
Here are a few small business facts to be thankful for this season:
- 8 million minority-owned firms in the U.S. – a 38% increase since 2007 – Minority Business Development Agency of the U.S. Department of Commerce.
- 9 million women-owned businesses in the US – a 26.8% increase from 2007 – National Women’s Business Council.
- Top 5 states with the highest number of women-owned firms are: California, Texas, Florida, New York and Illinois. Based on a study by the National Women’s Business Council.
- Based on the 2012 census data, 28.2% of firms are family-owned – Small Business & Entrepreneurship Council.
- Women-owned firms have an economic impact of $3 trillion which maintain 23 million jobs – which represents 16% of all U.S. jobs – National Women’s Business Council.
- 11% of minority-owned firms have paid employees, compared to 22% for nonminoirty firms – Minority Business Development Agency of the U.S. Department of Commerce.
- There are more veteran-owned businesses represented in high-patenting industries than in all other industries. Based on a study by the SBA’s Office of Advocacy.
- 2.5 million veteran-owned firms in the U.S – SBA’s Office of Advocacy.
So as you go into this holiday season give thanks for the growth of small businesses in the U.S. As a small business owner give thanks for your successes, speed bumps and failures. And most important, give thanks for your team and your growth that is going to make your business a success!