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The Minority Business Development Agency shares five reasons local consumers should shop small on Small Business Saturday Nov. 26 and throughout the holiday season:
Support Local Job Growth
Small businesses create two out of three net new private-sector jobs in the U.S. which spurs economic development and job growth.
Make an Economic Impact
The average consumer spent $170 on Small Business Saturday last year for a total of $16.2 billion spent at local Main Street merchants.
For the first time, the Census Bureau has collected information about ownership of intellectual property in its 2012 Survey of Business Owners (SBO). We now have data to verify what we’ve known for some time—minority business owners are innovative and forward thinking. Based on 2012 SBO results, minority-owned firms equal the rate of patent ownership of nonminority firms. For both groups, one half of one percent of businesses own one or more patents.
When you look closer at both groups (minority and nonminority firms), it appears that a huge disparity exists. Average earnings for minority-owned firms that own patents are $2.1 million per year, compared to $8.1 million for their non-minority counterparts.
MBDA celebrates Native American Heritage Month and acknowledges the significant contributions of Native American-owned businesses to the U.S. economy. A key component of the Agency’s services is dedicated to addressing the unique economic challenges and opportunities in Indian Country.
MBDA plans to conduct tribal consultation meetings with federally recognized tribes, American Indian and Alaska Native business/trade/economic organizations, and American Indian and Alaska Native-owned firms, between October 2016 and February 2017.
Any armchair economist will tell you that entrepreneurship is central to a healthy economy. What they probably won’t tell you is that the rate of entrepreneurship in the United States has significantly declined over the last several decades. Data from the U.S. Census Bureau shows that in the late 1970s, at least 15 percent of American businesses were startups. Despite the popularity of business-venture-themed TV shows such as ABC’s Shark Tank, the number of new businesses has fallen to just 8 percent of all U.S. business operations.
The reasons are varied, with both new and historic challenges contributing to the problem. As you might imagine, the Great Recession of 2008-2010 has played no small role.
Small Business Owners Prepare for the Most Important Shopping Day of the Year
Mark your calendar, now in its seventh year, Small Business Saturday (November 26) is a day where every shopper can play a part to support their local economy and the small business owners who provide the majority of our economic growth.