Small Business Saturday - Red Bank Army Store
985 views · Published 24 November 2012 · 5:53 · Indexed 26 October 2026
Channel: ArtisanTony · 2012 · Howto & Style
I was teaching Alex about Small Business Saturday and small business concepts today and decided to take him to the Red Bank Army Store.
It is important to teach our youth about capitalism in a free society. There are so many negative influences in the world today attacking our freedoms and this knowledge must be passed on.
How important are small businesses to the U.S. economy?
Small firms:
• Represent 99.7 percent of all employer firms.
• Employ half of all private sector employees.
• Pay 44 percent of total U.S. private payroll.
• Generated 65 percent of net new jobs over the past 17 years.
• Create more than half of the nonfarm private GDP.
• Hire 43 percent of high tech workers ( scientists, engineers, computer programmers, and others).
• Are 52 percent home-based and 2 percent franchises.
• Made up 97.5 percent of all identified exporters and produced 31 percent of export value in FY 2008.
• Produce 13 times more patents per employee than large patenting firms.
SBA defines a small business concern as one that is independently owned and operated, is organized for profit, and is not dominant in its field. Depending on the industry, size standard eligibility is based on the average number of employees for the preceding twelve months or on sales volume averaged over a three-year period. Examples of SBA general size standards include the following:
Manufacturing: Maximum number of employees may range from 500 to 1500, depending on the type of product manufactured;
Wholesaling: Maximum number of employees may range from 100 to 500 depending on the particular product being provided;
Services: Annual receipts may not exceed $2.5 to $21.5 million, depending on the particular service being provided;
Retailing: Annual receipts may not exceed $5.0 to $21.0 million, depending on the particular product being provided;
General and Heavy Construction: General construction annual receipts may not exceed $13.5 to $17 million, depending on the type of construction;
Special Trade Construction: Annual receipts may not exceed $7 million; and
Agriculture: Annual receipts may not exceed $0.5 to $9.0 million, depending on the agricultural product.
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