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Puerto Rico Small Business 120,000 Strong
By Jose Carmona There are more than 120,000 small businesses in Puerto Rico, which together generate more than 60% of all new jobs and nearly half of the island’s gross domestic product, according to data from the U.S. Census Bureau and other federal and local government agencies. Small businesses are indeed the heart of Puerto Rico’s economy.
In addition, when we talk about small businesses, we really are talking about small. U.S. Census Bureau data shows 95% of all businesses in Puerto Rico employ less than 50 workers and 60% have one to four employees. Since many have been displaced, laid off, got tired of working for others, or are simply looking for bigger and better economic opportunities, each year, scores of local entrepreneurs decide to start their own business.
Unfortunately, a considerable number of them fail in their attempts because they lack the preparation, planning, or foresight. In 2004, there were 13,237 bankruptcy filings in Puerto Rico, of which 718 were commercial bankruptcies.
What is more, recent statistics from the U.S. Census Bureau and the U.S. Small Business Administration (SBA) indicate 40% of new business start-ups fail within a year and 80% within five years.
Frightening as they are, these statistics demonstrate it takes a little more than determination, luck, and a great idea or product to make a business successful.
Starting a business is no walk in the park, even in the best of circumstances. Starting or expanding one during a soft economy like we have in Puerto Rico today is even more challenging.
Statistics and those entrepreneurs who already have been down that path indicate that now, more than ever, businesses that are prepared–which entails finding a niche, analyzing the competition, developing business and marketing plans, and seeking financial and technical assistance–have a much better chance of succeeding in the long term than those that don’t
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