National Small Business Week is celebrated during the first week of May every year and takes place from May 5 to May 11 this year. The aim of this week is to honor the entrepreneurs of our country, who have played their part in bringing new ideas to life and growing our economy. Different events are hosted in different places, and top entrepreneurs from every state are given awards for their performances. Apart from recognizing the top entrepreneurs, the goal of this week is also to encourage other small business owners to learn from the marketing campaigns and operations of larger businesses, to scale up their own operations.
History of National Small Business Week
There are 31 million small businesses in the U.S., which roughly make up around 99% of all the businesses in the country. Since 1776, when the U.S. gained its independence from Britain, people living in the U.S. have shared one dream: to live the American Dream and make their fortune. People have come from all over the world and started out as small-scale business owners in the hope of making it big. Many came for the gold during the California Gold Rush and used their haul to start their own business in a different part of the country.
It is thanks to this custom that the catchphrase ‘Land of Opportunity’ was created, and many Americans still dream of being business owners. As mentioned, there are millions of small businesses in the U.S. and many of them have made a significant contribution to the country’s economy. In 1953, the Federal Government created the Small Business Administration (S.B.A.) to help and counsel small business owners to enable them to prosper and grow into sustainable businesses in the future.
In 1963, after the proclamation from President John F. Kennedy, the first National Small Business Week was celebrated to honor the top entrepreneurs in every state with awards and special recognition. After this inaugural celebration, the week became an annual practice to encourage other small business owners and enable them to learn from the success stories of the top performers. After learning about how the top performers achieved their success, newer business owners can emulate the same practices to ensure their own success.
Since 1963, the U.S. Small Business Administration has worked to assist and counsel small businesses to flourish in the land of opportunity. This has led to an annual increase in the number of small businesses in the country. According to statistical data, the probability of young people choosing to start their own business is 188% higher today than it was in 1970. Hence with small businesses coming and going constantly, the S.B.A. has made it its mission to encourage and assist as many small businesses as possible. The purpose of National Small Business Week is to spread awareness about this.
National Small Business Week timeline
Considered the grandparent of the S.B.A., the R.F.C. is founded to help businesses during the Great Depression.
The Federal Government creates the Small Business Administration to assist entrepreneurs to set up their businesses.
After an announcement from President John F. Kennedy, the first National Small Business Week is commemorated.
The S.B.A. celebrates National Small Business Week’s 50th anniversary.
National Small Business Week FAQs
What day is National Small Business Day?
Over and above National Small Business Week, National Small Business Day is commemorated on the last Saturday in November.
How do you celebrate Small Business Week?
Buy something from a small local business in your community or share a story about the great service you received from a small business on social media.
What is the easiest kind of small business?
There is no such thing as ‘easy’ or ‘difficult’ in business. Successful business owners have often spoken about making the right effort as the key to sustaining any business and making it successful.
How to Observe National Small Business Week
Share your story
If you are a small business story, proudly share your story on social media to encourage others to be self-employed or to simply learn from your experience.
Say thanks to the people who’ve supported you
Remember those who supported your business and stayed loyal to you. Use this week to acknowledge their support, and be the same type of support for another struggling business.
Invest in education
The best investment is always in education. If you have extra money, use it to invest in the future by sponsoring someone’s education. Make someone’s future sustainable.
5 Fascinating Facts About Small Businesses
99% of businesses fall into this category
Small businesses constitute 99% of all the businesses in the U.S.
Youngsters are more likely to be entrepreneurs
Millennials and Generation Z are 188% more likely to start their own businesses than baby boomers.
Half of all small businesses fail
More than 50% of all small businesses fail during the first year.
Lack of market demand causes business failures
42% of the businesses that fail do so because there is no demand in the market for their product or service.
Pandemics are deadly for small businesses
Since the start of the pandemic, 31% of all small businesses have become non-operational.
Why National Small Business Week is Important
It honors the high performers
Any small business that has managed to sustain itself during the first year is already doing better than most. Being among the top-performing businesses is an achievement that should not go unpraised. This week provides the perfect stage to honor these tough guys.
Greater awareness is needed
Small businesses have contributed significantly to the U.S. economy by generating wealth and creating employment. Small businesses have reported creating 1.5 million jobs every year. Creating awareness about these small businesses helps to keep their employees’ jobs secure.
They contribute to the community
These small businesses support the local economy of towns and small cities by not only creating jobs but also by fulfilling the demands of the people living in these towns. They see a gap in the market in their community and try to fill it with what is needed.
National Small Business Week dates