Visa recently released the infographic “Small Business Snapshot” in honor of National Small Business Week (June 17–21, 2013). This data snapshot explores the impacts that small businesses are having on our current economy, including the marked influence they seem to be having on job creation and economic growth. In addition, this infographic provides a glimpse of how entrepreneurs are driving success in their businesses and what the future might hold for small businesses across the country. Here’s a look at some of the interesting insights captured in this assessment of the current state of small businesses.
Job creation: In terms of job creation, small businesses continue to play a vital role. In fact, of the United States companies that hire and retain employees, 99.7 percent of them are small businesses. In addition, 39 percent of small business owners expect to hire more than 5 employees within the next 5 years.
Mobile technologies: Overall, 9 out of 10 small business owners are using at least one mobile device in their business operations. The most common tools are the laptop (with 64 percent of small business owners using them to run their business), the tablet (59 percent), and the smartphone (39 percent).
Smaller startup needs: Interestingly, not all small business startups are requiring a great deal of capital initially. In fact, 20 percent of owners used less than $5,000 for startup financing.
Young entrepreneurs: According to the infographic, over half of the entrepreneurs on a worldwide scale are between the ages of 25 and 44. Within this age group, around 36 percent of those surveyed have plans to start a business in the near future.
Small business confidence: Of those surveyed, around a third of small business owners expect to see an increase in revenue. There has also been a notable increase in positive business owner mindset, with owners demonstrating confidence by increasing their inventories.
Robust industries: The infographic tracked the fastest growing small business industries for the year 2013. The overwhelming winner was the social network game development industry (at 184 percent). In fact, it’s estimated that this year alone around 70 billion apps will be downloaded, which is equivalent to 10 apps for every person in the world. Other growing industries include virtual data rooms, online shoe sales, and digital forensic services.
