Micro Business vs. Small Business
Micro Business and Small Business: is there a difference? While the two may seem similar, it’s worth distinguishing them from each other. Both types of businesses, Micro Businesses in particular, are forever redefining the American workforce and the economy as a whole. So which are you: a Micro or a Small Business owner?
A Micro Business can be described as a business that has only one owner, with a total of up to five employees including the owner.
More and more people of every age, particularly women and minorities, are starting their own Micro Businesses because of the upward mobility and flexibility that they provide. You can do things on your terms, according to your skills and your passions. As such, Micro Businesses are becoming too important to ignore.
Representing a staggering 92% of all U.S. businesses, Micro Businesses are changing the dynamics of income, wealth creation and quality of life in America like no other business factor.
They’ve had a profound impact on American job growth, contributing to the creation of over 26 million jobs, the most of any industry. As a result, they’ve also contributed to the creation of 1.9 million indirect jobs and 13.4 million induced jobs. In fact, if each Micro Business owner in America hired just one person, we would reach full employment in America.
A Small Business, can be described as a for profit business that is independently owned and operated and not dominant in its field. Small Businesses typically have more than five employees but can have as many as 500 employees, depending on the industry and the product produced.
Over 22 million Small Businesses exist in the U.S. They are responsible for creating 64% of new jobs in the last 20 years, and for providing the most new jobs in small communities.
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