Dispelling the Myths of the American Small Business Owner

Written by Christopher Penasa, CEO, Small Business Growth Partners, Inc. 

When considering what to write about, I decided that my chosen topic is long overdue. It’s not going to be about marketing, sales, the importance of really knowing your numbers or the critical nature of well-defined systems. It is not going to be on strategic planning or “team building”; It is about the myth and truth about small business owners, and dispelling these “myths” from over 25 years of business ownership experience and good ole’ common sense.

Contrary to popular belief, the vast majority of the small business owners in this great country are not multi-millionaires with palatial mansions scattered across the world. Nor do they go on extravagant vacations, eat at only the finest of restaurants or live a lifestyle similar to that Trumps, Kardashians, or Bill Gates. Also, very few of these fine and courageous folks did not have their businesses handed to them nor was it an “easy” road to success.

Let me share with you what these small business owners ARE.

They are unbelievably hard working, dedicated, focused and determined entrepreneurs that have driven the economy of this great country from its’ inception. For without them, the “engine” and economy of the United States would grind to a halt. It is from THEIR hard work that the street lights continue to shine, the highways are able to be maintained and all the other services that we have become accustomed to (and even at times, feel entitled to receive) continue to be there for us.

According to U.S. Census Bureau data in 2012, true Small Business (employers with less than 20 employees) make up 89.6 percent of the U.S. economy. If you look at small businesses with less than 500 employees, they account for 99.7 percent of the U.S. economy, and the jobs being created.

it is not Apple, Exxon/Mobil, Disney, Google, or Microsoft. It is the corner grocer, the small builder, the florist and the other various trade companies. The restaurant owners, the retailers and the small manufacturers. The Fortune 500 and 100 companies account for less than 5 percent of all jobs created in this country, and that is simply a fact. And unlike these giants, small businesses’ tend to keep their money IN the United States.

These small business owners are the true Patriots of our country, and the reason why all of us can enjoy a lifestyle and existence that is unparalleled in human history.

Spending over 7 years of my professional life working abroad, I no longer take America for granted. Only after you have experienced first-hand how people live day-t0-day in other countries can you truly appreciate how fortunate we all are as Americans.

For all of this, we have the American small business owner to thank. Those who have had the tenacity, drive, vision, and guts to leave that steady and reliable job to take a chance on the American dream.

From all of us at SBGP and Sunbelt Business Brokers-Milwaukee, we are truly humbled and fortunate to work with these great entrepreneurs on a daily basis. For without them, America would be a vastly different place than what it is today.