I wanted to share some statistics that may surprise you. I think the message in these statistics is that entrepreneurship is not only about hitting home runs and creating the next Google (as many VCs and Angel Groups would want), it is also about building more moderate businesses and still being plenty satisfied in what you created for yourself and others:
Small firms Represent 99.7 percent of all employer firms, Pay 44 percent of total U.S. private payroll, Have generated 64 percent of net new jobs over the past 15 years, Create more than half of the non-farm private gross domestic product (GDP), Are 52 percent home-based, produce 13 times more patents per employee than large patenting firms; these patents are twice as likely as large firm patents to be among the one percent most cited.
These statistics tell a great story but Martin “Buzzy” Schwartz in his book Pit Bull, told an even better one: When Buzzy was a new NYC taxi cab driver he would hear all the drivers talk about how well they had done at the end of each shift. One particular driver was the hero of all others. That driver would talk about how he would get fairs from the airports to the city, one after another.
A few months after becoming a cab driver, at the end of another shift, Buzzy finally reported how well he had done to the rest of the drivers. The amount blew away the reining champion. When asked how he did it, Buzzy said he tried to get the shortest fair possible. “Why?”, the others asked. He replied that that was the best way to capture the flat fare at the beginning and standard tips.
Sometimes you can make more doing less, more often.