The importance of small business as an integral part of the American economy is often overlooked. Did you know that small businesses create 75% of new jobs? Did you also know that over 90% of employers are small businesses?
Entrepreneurship is widely regarded as a core component in American business culture. It's a driving force for job creation and economic growth. Even in the face of high failure rates we are opening businesses at an unprecedented rate. Approximately 1 in 12 people in the U.S. start their own business each year.
Six key factors were identified by the Global Entrepreneurship Monitor (GEM) study that increase chances for entrepreneurship: level of perceived entrepreneurial opportunity; individual motivation or skills necessary to take advantage of the opportunity; the availability of financing, facilities, employees, suppliers, tax concessions, etc; demographic make-up of the population; the acceptance of differences in the level of income among individuals; respect for start-ups
While opening restaurants, starting manufacturing firms, and going into professional private practice still contribute greatly to economic growth, internet entrepreneurs have become one of the most dynamic forces in the economy. Low start-up costs and easy access to large markets make the internet as alluring to risk-takers as the gold rush days of a hundred years ago.
But don't let the ease of creating a presence on the internet lull you into thinking that's all it takes to be successful. It takes just as much hard work, long hours, and commitment to succeed on the internet as it does to open a corner store. Having a basic business plan, marketing plan, and budget in place increase your chances of success. Remember, the internet isn't the wild west.
