National Small Business Week is celebrated during the first week of May every year and takes place from May 1 to 7 this year. The aim of this week is to honor the entrepreneurs of our country, who have played their part in bringing new ideas to life and growing our economy. Different events are hosted in different places, and top entrepreneurs from every state are given awards for their performances.
History of National Small Business Week
There are 31 million small businesses in the U.S., which roughly make up around 99% of all the businesses in the country. Since 1776, when the U.S. gained its independence from Britain, people living in the U.S. have shared one dream: to live the American Dream and make their fortune. People have come from all over the world and started out as small-scale business owners in the hope of making it big. Many came for the gold during the California Gold Rush and used their haul to start their own business in a different part of the country.
It is thanks to this custom that the catchphrase ‘Land of Opportunity’ was created, and many Americans still dream of being business owners. As mentioned, there are millions of small businesses in the U.S. and many of them have made a significant contribution to the country’s economy. In 1953, the Federal Government created the Small Business Administration (S.B.A.) to help and counsel small business owners to enable them to prosper and grow into sustainable businesses in the future.
In 1963, after the proclamation from President John F. Kennedy, the first National Small Business Week was celebrated to honor the top entrepreneurs in every state with awards and special recognition. After this inaugural celebration, the week became an annual practice to encourage other small business owners and enable them to learn from the success stories of the top performers. After learning about how the top performers achieved their success, newer business owners can emulate the same practices to ensure their own success.
Since 1963, the U.S. Small Business Administration has worked to assist and counsel small businesses to flourish in the land of opportunity. This has led to an annual increase in the number of small businesses in the country. According to statistical data, the probability of young people choosing to start their own business is 188% higher today than it was in 1970. Hence with small businesses coming and going constantly, the S.B.A. has made it its mission to encourage and assist as many small businesses as possible. The purpose of National Small Business Week is to spread awareness about this.
The BCBCC wants to recognize the critical contributions that small business owners make in our community each and every day.