National Small Business Day is observed annually on May 10. Today, we honour the self-employed and startup founders. We value individuals with big concepts and the determination to make them a reality. Entrepreneurship has always flourished in the United States. It is the land of opportunity and dreams, where anything is conceivable. Throughout history, the pursuance of aspirations has taken on numerous forms. But none have been as inspiring as America’s small businesses, which are operated by individuals with genuine determination and heart. Their stories are inspiring because they represent what we could all accomplish. The U.S. Small Business Administration has also observed National Small Business Week for over 50 years.
HISTORY OF NATIONAL SMALL BUSINESS DAY
Since the arrival of the first settlers, small enterprises have been the backbone of American life and economy. The concept of a self-made man emerged during this period, when a pioneer who built a home and a livelihood for his family against all odds was considered virtuous. During this time period, many colonists resided on small farms in remote rural areas. Families had no choice but to be self-sufficient as the only sources of sustenance were the wilderness and their farms. Additionally, many individuals created essential objects at home.
Due to the country’s youth, all businesses were of a small scope. The economy was fueled by the exchange of goods and services. However, transporting products from one location to another took an eternity. In addition, there were no machines because automation did not exist, and there were no institutions as we know them today. In the nineteenth century, a new America was founded. It signified the beginning of a period of extensive economic activity and manufacturing. Both the number of wealthy Americans and the demand for products increased. Thousands of employees employed by modern corporations fueled this booming economy. In this environment, small enterprises struggled to remain competitive.
In the 20th century, when large corporations faced intense competition from foreign companies, the story came full circle. Small enterprises in America rose to the occasion during this period. As small enterprises flourished, so did the economy of the United States. Entrepreneurship drew the attention of a growing number of individuals. It was no longer a pipe dream to turn an idea into a business, but a realistic possibility. Startups emerged, and venture capital financing swept the globe.
There are currently over 32.5 million small enterprises in the United States, ranging from mom-and-pop shops to establishments that employ entire communities. The United States would not be the same without small enterprises.
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Startup Facts That Will Blow Your Mind
Most ventures start out modest.
Even tech titans like Facebook had modest beginnings — in a dormitory, to be precise.
Beyond tech companies
Any company that solves a problem without an apparent solution and has no assurance of success is a startup.
Vision over academic degrees
The majority of venture founders, including Steve Jobs, Bill Gates, and Michael Dell, dropped out of school.
50% fail to initiate
The majority of new businesses falter within the first five years.
Occasionally, bizarre works.
Rent The Chicken (portable chicken coops) and Freight Farms (farming in shipping containers) are successful examples of unconventional concepts.
There are new CEOs in town.
Since 1997, the number of businesses owned by African-American women has increased by 322%.
NATIONAL SMALL BUSINESS DAY DATES
| Year | Date | Day |
|---|---|---|
| 2023 | May 10 | Wednesday |
| 2024 | May 10 | Friday |
| 2025 | May 10 | Saturday |
| 2026 | May 10 | Sunday |
| 2027 | May 10 | Monday |
