Small Scale Enterprise 101 Billionaire Guide To Help You Get Richer: What Constitutes Small Business Support in Black Business Month?
How “small” is a small business?
A small businesses are independently owned and operated, exerting little influence in their industry, and (with a few exceptions) have fewer than five hundred employees (U.S. Small Business Administration, 2011).
If you’re walking down the right path and you’re willing to keep walking, eventually you’ll make progress.” – Barack Obama
Staggering Small Commercial Enterprise Statistics That You MUST Know
A small business enterprise can make you a billionaire and change the world.
Do you know that Wall Street minted 56 new billionaires since the pandemic began? (Source: NBC).
Between roughly mid-March and Dec. 22, the United States gained 56 new billionaires bringing the total to 659 holding a wealth of more than $1 trillion in the months since the pandemic began. (Source: Institute for Policy Studies).
The stock market’s gravity-defying rise was spurred by unprecedented monetary policy response to stabilize financial markets in the early days of the pandemic.
Strangely Shocking Modest Business Revelations
There are companies whose competition has been shut down, who have benefitted from the sequestering of Main Street enterprises.”
Chuck Collins, director of the Program on Inequality and the Common Good at the Institute for Policy Studies
Most weren’t born billionaires, they created this wealth themselves, in this lifetime
90% are self-made in combination with an inheritance
The tech industry has the highest number of billionaires globally, because of the industry’s resilience in times of crisis. It is no surprise that in June 2021, Billionaire Jack Dorsey’s Square launched a small business checking account. Isn’t he making all the right moves in the small business space, despite competition?
Is your small firm seizing a new industry and identifying an opportunity that others might have missed?
National Black Business Month
August is National Black Business Month! Frederick E. Jordan began his engineering and construction management company in 1969. He noticed that there weren’t many financing options for black entrepreneurs.
Remembering his own experiences, in 2004 Jordan teamed with John William Templeton, At the time, John was the president and executive editor of eAccess Corp., a scholarly publishing company. Both men turned August into National Black Business Month.
Will you create a post online, tell friends, family, and co-workers, or leave a positive review to support a black-owned small business?
Blacks/African Americans own approximately 124,551 businesses, with about 28.5% (35,547) of these businesses in the Health Care and Social Assistance sector, the highest percentage of any minority group.” (Source: U.S. Census Bureau)
What is a Small-Business Firm in the US?
A small business…
Is organized for profit
Has office premises in the United States (U.S.)
Operates primarily within the U.S. or makes a significant contribution to the U.S. economy through payment of taxes or use of American products, materials or labor
Is independently owned and operated
Is not dominant in its field on a national basis
May be a sole proprietorship, partnership, corporation, or any other legal form
Source: Small Business Administration (SBA)
How Many Small Enterprises are there in the United States?
The nearly twenty-seven million smaller businesses in the United States generate about 50 percent of the GDP.
Small Firms Size Standard
A small company is defined by its revenue (ranging from $1 million to over $40 million) and by employment (from 100 to over 1,500 employees).”
Small Companies Organizational Chart
A concise and complete cottage industry organizational chart depends on how the business is structured.
Small scale industries contribute to growth and vitality in important areas of economic and socioeconomic development. They:
Create jobs
Spark innovation
Provide opportunities for unique categories for women and other minorities like service-disabled veterans, to achieve financial success and independence
Smaller Businesses Opportunities
Younger companies tend to foster environments that appeal to individuals with the talent to invent new products or improve the way things are done. Decision-making process in small firms is faster. They formulate focused research programs often. Frequently rewarding top performers in stands out in their compensation structures.
How would all these factors affect workers, consumers, and other businesses? Little concerns:
Supply many of the components needed by big enterprises and conglomerates
Provide large firms with services such as as accounting, legal, and insurance
Provide outsourcing services to large companies—that is, they hire themselves out to help with special projects or handle certain business functions.
“You have to know what sparks the light in you so that you, in your own way, can illuminate the world.” – Oprah Winfrey
Example of Spectacular Small Business
For example, lifetime little concerns like as automotive dealerships act as sales agents for the products of large businesses (e.g., car makers like General Motors
Saucy Short Business Grants
Applying for business grants takes time, work, and effort. These are a lot of secure small business grants that you can apply for. (Source: Digital, May 2021)
See this infographic on small business Lending Index™ in July 2021 (Source: BizCredit, July 2021)
Special Categories of Small Businesses
Minority-Owned Businesses
Minority-owned businesses on average have smaller cash reserves to survive tough times.
Black-Owned Businesses
There are over 2 million black-owned businesses in the U.S (Source: U.S. Census Bureau).
Despite a collective buying power of $1.3 Trillion dollars on all minority-owned businesses , only a fraction of that is spent on Black-owned businesses. Money can be a great equalizer when used strategically. Black-owned firms generate an average of $150 billion dollars in annual receipts.
How can you offer your support to Black-owned businesses this month, and every month of the year?
Between February and April 2020, Black business ownership declined more than 40%. This is noted to be the largest decline across any racial group (Source: House Committee on Small Business).
It’s important that we take this time not just to promote Black Business Month, but support Black businesses.” – Ronald Busby, president and CEO of the U.S. Black Chamber of Commerce
Service-Disabled Veteran-Owned Small Business Concern Program
You can easily guess what a Service-Disabled Veteran-Owned Small Business (SDVOSB) is. Its a small fine business at least 51% owned and abides by the rules and regulations as stipulated by the Service-Disabled Veteran-Owned Small Business Concern Program.
To read further, check more details of the program here: https://business.defense.gov/Small-Business/SDVOSB/
Women-Owned Businesses
Women-Owned firms make up 30 percent of all businesses in the U.S.. They generate about $1.5 trillion in revenue. (Source: American Express, State of Women-Owned Businesses Report)
In closing, businesses owned by Black businesses have grown 67% from 2007 to 2012. The comparison is to 27% for all women, and 50% from 2014 to 2019. This represents the highest growth rate of any female demographic during that time frame. (Source: Forbes)
Parting Shot
No matter how old you are now. You are never too young or too old for success or going after what you want. Here’s a short list of people who accomplished great things at different ages
Are you below 20 Years of Age?
1) Helen Keller, at the age of 19 months, became deaf and blind. But that didn’t stop her. She was the first deaf and blind person to earn a Bachelor of Arts degree. 2) Mozart was already competent on keyboard and violin; he composed from the age of 5. 3) Shirley Temple was 6 when she became a movie star on “Bright Eyes.” 4) Anne Frank was 12 when she wrote the diary of Anne Frank. 5) Magnus Carlsen became a chess Grandmaster at the age of 13. 6) Nadia Comăneci was a gymnast from Romania that scored seven perfect 10.0 and won three gold medals at the Olympics at age 14. 7) Tenzin Gyatso was formally recognized as the 14th Dalai Lama in November 1950, at the age of 15. 8) Pele, a soccer superstar, was 17 years old when he won the world cup in 1958 with Brazil. 9) Elvis was a superstar by age 19. 10) John Lennon was 20 years and Paul Mcartney was 18 when the Beatles had their first concert in 1961.
If You Are Below 30-Years-Old, Check This Out …
11) Jesse Owens was 22 when he won 4 gold medals in Berlin 1936. 12) Beethoven was a piano virtuoso by age 23 13) Issac Newton wrote Philosophiæ Naturalis Principia Mathematica at age 24 14) Roger Bannister was 25 when he broke the 4 minute mile record 15) Albert Einstein was 26 when he wrote the theory of relativity 16) Lance E. Armstrong was 27 when he won the tour de France 17) Michelangelo created two of the greatest sculptures “David” and “Pieta” by age 28 18) Alexander the Great, by age 29, had created one of the largest empires of the ancient world 19) J.K. Rowling was 30 years old when she finished the first manuscript of Harry Potter
Below Age 40?
20) Amelia Earhart was 31 years old when she became the first woman to fly solo across the Atlantic Ocean 21) Oprah was 32 when she started her talk show, which has become the highest-rated program of its kind 22) Edmund Hillary was 33 when he became the first man to reach Mount Everest 23) Martin Luther King Jr. was 34 when he wrote the speech “I Have a Dream.” 24) Marie Curie was 35 years old when she got nominated for a Nobel Prize in Physics
Trying to Hide in Late Thirties?
25) The Wright brothers, Orville (32) and Wilbur (36) invented and built the world’s first successful airplane and making the first controlled, powered and sustained heavier-than-air human flight 26) Vincent Van Gogh was 37 when he died virtually unknown, yet his paintings today are worth millions. 27) Neil Armstrong was 38 when he became the first man to set foot on the moon. 28) Mark Twain was 40 when he wrote “The Adventures of Tom Sawyer”, and 49 years old when he wrote “Adventures of Huckleberry Finn”
Black is beautiful
Bootleg at Big Five-O
29) Christopher Columbus was 41 when he discovered the Americas 30) Rosa Parks was 42 when she refused to obey the bus driver’s order to give up her seat to make room for a white passenger 31) John F. Kennedy was 43 years old when he became President of the United States 32) Henry Ford Was 45 when the Ford T came out. 33) Suzanne Collins was 46 when she wrote “The Hunger Games” 34) Charles Darwin was 50 years old when his book On the Origin of Species came out.
The Sixties Ain’t Late Too
35) Leonardo Da Vinci was 51 years old when he painted the Mona Lisa. 36) Abraham Lincoln was 52 when he became president. 37) Ray Kroc Was 53 when he bought the McDonalds Franchise and took it to unprecedented levels. 38) Dr. Seuss was 54 when he wrote “The Cat in the Hat”. 40) Chesley “Sully” Sullenberger III was 57 years old when he successfully ditched US Airways Flight 1549 in the Hudson River in 2009. All of the 155 passengers aboard the aircraft survived
Late Sixties?
41) Colonel Harland Sanders was 61 when he started the KFC Franchise 42) J.R.R Tolkien was 62 when the Lord of the Ring books came out 43) Ronald Reagan was 69 when he became President of the US 44) Jack Lalane at age 70 handcuffed, shackled, towed 70 rowboats
You Can Still Dream At Age +70
45) Nelson Mandela was 76 when he became President” ― Pablo
What is a small business? The U. S. Small Business Administration (SBA) guides, programs, and options: https://www.sba.gov/
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