Sunday, March 22, 2009

Bureau News

I have been writing about people taking control of their lives and the statistics I found that were done by the Census Bureau surprised me. Americans are well aware of the opportunity that a small business offers to them and their families. A small business allows people to spend more time with their families and create a residual income. According to the Census Bureau at least half of businesses are operated from home. People are coming to realization that this is the industry to be in. The small business sector is not for anyone, but it can benefit just about anybody that sets their mind to it. Here are some of the people that are joining the industry:
  • In 2002, 64 percent of business owners had at least some college education at the time they started or acquired ownership in their business, 23 percent had a bachelor’s degree and 17 percent had a graduate degree. Just over 1-in-4 owners had a high school education or less.
  • Thirty-one percent of owners were more than 55 years of age, 29 percent were between 45 and 54, and 24 percent were between 35 and 44. Only 2 percent of owners were less than 25 years of age.
  • Fourteen percent of business owners in 2002 were veterans; 73 percent of those operated with no paid employees. Nearly 7 percent of veteran business owners were disabled as a result of injury incurred or aggravated during active military service.

Small Business Sector

People have seen many large firms disappear with the economic crisis. But how about small firms do we see small firms disappearing as much as large firms? In reality the small business sector is what generates most of the jobs "small businesses, particularly in the service sectors, continued to be important job generators, even as the economy began to slow. In the first quarter, they created 74 percent of net new jobs" (SBA 28: 2). This sector plays an important role in our economy and we must not ignore it. People have become skeptical to investing, but let me remind you that there is a difference between investing in yourself then investing in the future of corporations. The Small Business Association also states, looking forward from this recession, we would expect more entrepreneurship taking place; indeed, it may help lead the economic turnaround. Some self-employment will come out of economic necessity; talent and experience of workers being laid off will prod some of them to sell those talents as their own boss (28: 2). People will stop having faith in corporations and take control of their lives. People just need to be aware of which industries are having success and strive to start a small business in that industry. If you would like to read more on the following information the link is below.

Successful Industries

People are still worried about the economy. Although tax season is here and the stimulus checks are being distributed people will not use that money to spend, but rather to pay bills and save it for when times get worse. According to the Small Business Administration (SBA) the U.S lost 2.97 million jobs in 2008. According to CNN Money the U.S has lost 1.8 million jobs in the past three months. The SBA did state that industries like transportation, manufacturing, utilities, construction, professional, and businesses services were hit the hardest there was a job gain in education and health services. I think that people are seeing how bad the economy is and are making decisions to stay in school longer or return to school. As far as the health services, I think people are coming to realization that this industry will always be around regardless if the economy fails.