What Are the Keys to Small-Business Success? (Infographic)
Most small businesses started in the U.S. never live to see their five-year anniversary. Despite this distressing fact, 68% of small-business owners believe their businesses are operating at a successful level. Optimism in the face of tremendous odds is a powerful entrepreneurial trait—and one that can help keep failure at bay and success on the horizon.
Intuit created this enlightening infographic that looks at the secrets to staying in business for the long run.
A few interesting facts:
- 55 million people were employed by small businesses in 2010
- In 2011, more businesses opened than closed
- 79.4% of business owners do not employ anyone other than themselves
- Most businesses have fewer than 20 employees
- Today’s small businesses are responsible for 65% of the new jobs over the last 17 years
- Business owners believe that the primary risks they’re currently facing are slow economic recovery, taxes, and uncertainty about federal regulations
- 68% of small business owners believe they are successful
- The primary ways business owners are staying afloat is finding ways to cut costs, strengthening relationships with current clients, seeking out new clients, and refining business strategies
- According to small business owners, the key to success is increasing demand for products and services, cutting down on rules and regulations, and larger employee talent pool.
- The current top industries for small business include candy (the confectionery industry), mobile apps, accounting services, fast-casual dining, and green construction
Also note that Houston, Texas is one of the top 10 cities where small businesses can thrive! Not too shabby.
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