By Edward Deeb, Editor-in-Chief
January 1, 2008
For several years, I have been extolling the importance of small business in Michigan and nationally as well. I have been playing up small business and the important role they have played since 1981 when I was asked to serve on the White House Conference on Small Business during President Jimmy Carter’s tenure.
Our national government and the Small Business Administration (SBA) have long known the importance of small business. The word has never gotten out as it has in recent years. Now, more and more businesses and government people are jumping on the small business bandwagon.
Here are some things you should know about small business in Michigan:
- Small businesses make up 98 percent of all Michigan employers.
- The 822,000 small businesses in Michigan are located in every community.
- Small businesses create more than 50 percent of our nation’s non-farm private domestic product.
- Small businesses employ 51.5 percent of Michigan’s non-farm private sector workers.
- Michigan saw some 24,642 new small firms with employees start-up in the last year.
- The latest figures show that small business creates 65 percent of our nation’s new jobs.
- Small firms produce 13 to 14 times more patents per employee than large patenting firms.
These figures from the SBA prove how important small business has become in our nation. Everyone seems to be getting on the bandwagon to appreciate the job small business is doing, as it should be. In the long run, small business is finally getting the respect it deserves.
