The Small Business Administration (SBA) has offered some additional facts that may suggest several interesting ideas for the future of small business and its need for good management skills.
Below are some points from the reading to start you thinking.
- 19.3% of small businesses in the US are family owned
- 30% of family owned businesses survive the transition from first to second generation
- 12% of family owned businesses survive the transition from second to third generations
- 3% of family owned businesses are operated by the fourth generation
- 2 % of Millennials; 7.6% of generation X; and Baby Boomers at 8.3% are likely to be self-employed.
- 23% of new entrepreneurs in 2013 were millennials or younger (which was down from 35% in 1996).
- The 1 year survival rate for new small businesses is 79.9%
- The 5-year survival rate for new small businesses is 50%
- The 10-year survival rate for new small businesses is 33%
- Best Places to start a business in the US.
Evaluate the statistical data presented in the reading above, and profile (type, owners, business form, etc,) a startup business that is likely to succeed and a business that is likely to exist after 10 years.
