From the family-owned tool shop to the latest tech unicorn, small and medium-scale businesses come in different shapes and sizes. Some operate out of a garage or dorm room while others may be employing up to 200 workers in a remote factory downtown.
Some put tech into their employ while others stick with the good old spreadsheets and post-it notes. With such margin of differences in the operation of these businesses, it is easy to be amazed by the grand things they can accomplish. Getting and keeping to tabs with SMEs, here are five stats you need to know about them.
1. Small Business Are Adopting Artificial Intelligence (AI)
Despite the fact that it is perhaps taking no one by surprise that 11 percent of these small businesses are currently using AI, and that 41 percent feel it’s rather too complex for their needs, you may be taken aback to hear that 51 percent are of the belief that AI is an essential factor when choosing new technologies. Needful to say; Artificial Intelligence is no longer just a big for small businesses.
2. Neighborhood Small Businesses Are Likelier Founded By Immigrants
According to the American Immigration Council, immigrants comprise 13 percent of the total population of the country, and 16 percent of the labor force. While that stays, these immigrants make up 18 percent of business owners overall and have ownership over 28 percent main street businesses – enterprises that can be defined as retail, accommodation, food and neighboring services. These businesses specifically are the ones contributing to neighborhood vitality.
3. Women Entrepreneurship Is On The Rise
In accordance with a release by the American Express, over the last two decades, from 1997 to 2017 that is, the number of businesses owned by women constitute 114 percent compared to the overall national growth rate of 44 percent for all businesses.
4. Hiring Rare Talent Is SMEs Greatest Challenge
Before now you probably thought the leaders of SMEs lose the most amount of sleep over making payroll or securing their next rounds of funding. Well, think again – because as it turns out they are toiling day and night to find the next great hire. Hiring great talent for SMEs if a worthy and valid concern which keeps 54 percent of them up all night.
5. Over Half of Americans Own or Work For Small Businesses
You may not know but they are very well all around you. You may not see them but you know. But most of all, did you realize that more than half of your friends and neighbors are getting their monthly salaries from small businesses around different places? They may be living large, but they are working for the small ones. The United States small business stats Administration (SBA) reports that over 50 percent of Americans either own or work for a small business.
6. Small Businesses Are the Powerhouses ofthe Economy
It may look unnecessarily endorsing, but it is quite true. It is no longer the juggernaut employers like General Motors and Walmart, but now the small businesses that drive our economy. As a matter of fact, the SBA says that small businesses create about 2 out of 3 new jobs in the United States each year.
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