The change in the number of jobs over time is the net result of increases and decreases in employment that occur at all private businesses in the economy. Business Employment Dynamics statistics track these changes in employment at private-sector establishments from the third month of one quarter to the third month of the next. In the first quarter of 2019 (According to the Department of Labor and Statistics), firms with 1-49 employees had a net employment gain of 280,000, firms with 50-249 employees had a net employment gain of 150,000, and firms with 250 or more employees had a net employment gain of 149,000.
These statistics show a trend that has been growing for several years now. Small businesses and entrepreneurs are creating more employment opportunities than larger corporations. Small business it seems is the new business frontier. It is full of new and uncharted business models, business concepts, inventions (App-created businesses), and a crop of people making a living on the internet. I don’t know about you, but I know personally I could not believe it when I first heard just how much some of the top bloggers were making.
Tim Sykes – $1,000,000+/per month.
Melyssa Griffin – $200,000+/per month.
Jeff Rose – $138,000+/per month.
Yaro Starak – $40,000+/per month.
Out of the top 21 bloggers, Yaro Starak $40,000 a month was the minimum being earned.
Online business or e-business is any kind of business or commercial transaction that includes sharing information across the internet. The term “e-business” was coined by IBM’s marketing and 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 to creating online businesses.
Yet, they are not the only generation with an entrepreneurial spirit burning inside them. As the data from the Department of Labor and Statistics show clearly that small businesses are driving the economy with their high percentage of employment gains and are springing up at a rapid rate, with creative and thinking out-of-the-box business concepts. And Baby Boomers are a big part of this growth.
What defines a business as small?
Here is a table that serves as a useful guide to business size nomenclature.
Business size definitions: (by number of employees)
A study that examined the demographic of small businesses showed that the median American small business owners were above the age of 50.
The ages were distributed as:
Business size definitions: (by number of employees) 51% over 50 years old, 33% between the ages 35-49, and 16% being under the age of 35.
As for sex:
55% were owned by males, 36% by females, and 9% being equal ownership of both males and females. Generally, the smaller the business, the more likely it is owned by a female.
As for race:
72% were white/Caucasian, 13.5% were Latinos, 6.3% were African-American, 6.2% were Asian, and 2% as other.
As for educational background:
39% had obtained a bachelor’s degree or higher, 33% had some college background, and 28% received at least a high school diploma. It doesn’t matter if you are a Baby Boomer, Gen. X, Millennial, or Gen Alpha. If you have thrown your hat into the arena of small business ownership. Then you understand and believe—It’s ALL about business!