Page 47 - EQ Mag-issue 5

BUSINESS DEVELOPMENT RESOURCE(Cont’d)

internet team in 1996.
Since that time millennials
have taken full advantage
of this e-business. Even
though they have been
referred to as part of the
gig economy (taking on
short-term contracts or
freelance work. (23% of
millennials expect to have
eight or more jobs in their
working life). Still this
generation is the most
aggressive when it comes
t o c r e a t i n g o n l i n e
businesses.

Yet, they are not the only
g e n e r a t i o n w i t h a n
entrepreneurial spirit
burning inside them. As
t h e d a t a f r o m t h e
Department of Labor and
Statistics show clearly that As for sex:
small businesses are driving the economy with their
high percentage of employment gains and are 55% were owned by males, 36% by females, and 9%
springing up at a rapid rate, with creative and
thinking out- of -the -box business concepts. And being equal ownership of both males and females.
Baby Boomers are a big part of this growth.
Generally, the smaller the business, the more likely it
What defines a business as small? is owned by a female.

Here is a table that serves as a useful guide to As for race:
business size nomenclature.
72% were white/Caucasian, 13.5% were Latinos,
Business size definitions: (by number of employees) 6.3% were African-American, 6.2% were Asian, and
2% as other.
A study that examined the demographic of small
business showed that the median American small As for educational background:
business owners were above the age of 50.
39% had obtained a bachelor’s degree or higher, 33%
AUS US CAN EU
had some college background, and 28% received at
Minute/Micro 1-3 1-6 1-4 <10 least a high school diploma.

Small <15 <250 1-99 <50
It doesn’t matter if you are a Baby Boomer, Gen. X,
Medium <200 <500 100-499 <250 Millennial, or Gen Alpha. If you have thrown your hat
into the arena of small business ownership. Then you
Large <500 <1000 >500 <1000 understand and believe—It’s ALL about business!

Enterprise >500 >1000 N/A >1000

The ages were distributed as:

51% over 50 years old, 33% between the ages 35-49,
and 16% being under the age of 35.

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