Are you part of a family business? Well pat yourself on the back because even though family businesses seemed to have been vanishing, they are not! The numbers are changing! Surprisingly, based on a recent poll in March of this year on Smallbiztrends.com, 90% of U.S. businesses are family owned and are growing.
Smallbiztrends.com debunks certain myths about family businesses...
Most assume that family businesses have fewer women leaders than non-family businesses when in reality 24% of family businesses have a female CEO's and 15% of all businesses have a female CEO!
Myth: Family businesses are not essential for economic growth.
Well, the reality is that 78% of new jobs come from family businesses!!
Myth: Family businesses only take care of themselves.
NOT TRUE! On average family businesses donate about $50 thousand a year! PRETTY GENEROUS, if you asked me!
When you think of small business do you think of a small 5&10 somewhere in Smalltown, USA barely making ends meet?
Well, if you aren't afraid to work, have a positive outlook and truly believe in the American dream, then your family business can end up like some of these "Small Businesses" did... WALMART,VOLKSWAGEN,FORD, KOCH INDUSTRIES, BMW, COMCAST, MAERSK and there are so many more that did not start at the top but started with an idea and they ran with it. If you rolled your eyes and pictured them on this high pedestal out of reach from your measly little business, PLEASE STOP! The only difference between you and them is that they made it and you are on your way! :)
If you are wondering what the deal is with the pic above... To me this is the epitome of the American dream. Oddly, I came across this picture while I was helping a friend move. He used worked for the CT Post (The Bridgeport Post back then) and kept a lot of old photographs. For some reason I was really drawn to this picture. I was first intrigued by the name of the business. FREEDMAN BROS. FURNITURE. Well, my uncle had an extremely successful furniture business called LUIS FURNITURE that was located at 585 East Mains St in Bridgeport. The secret to his success was his drive, determination and willingness to learn and learn and learn! When he was young, he picked up a job in Bridgeport at a furniture store called FREEDMAN FURNITURE. He started at the bottom and worked his way up to becoming a partner and then the owner. This photo is that actual shop! I would guesstimate this photo was taken about forty to fifty years before my uncle first walked through that front door. As a child I spent most of my time running around his shop and during my grade school years, I went to school a block away, so I went there everyday. I am proud to admit that I learned so many lessons from my uncle. He passed a few years ago and he will always be with me especially since I have this photo to look at daily and think of how his dream unfolded... :)
He is my inspiration everyday and I am proud to say that he was apart of building the backbone of my hometown, just like all of the other small business owners keeping that dream alive!