ItzBiz Blog

 

Founders of 37 Signals and authors of one of the greatest books I’ve ever read, Rework, Jason Fried and David Heinemeier Hansson get it right when they encourage us to “make a dent in the universe.”  They go on to say that “what you do is your legacy…if you’re going to do something, do something that matters…Don’t sit around and wait for someone else to make the change you want to see” (rewording Gandhi).

 

I say, our families matter…our communities matter.  Rather than sit around and complain about the economy…about what this group or that group did or did not do, just take your economic future into your own hands by starting, growing or supporting a family business.  If enough of us did that, we could turn the economy around.  The following facts from the Cox Family Enterprise Center at Kennesaw State University in Kennesaw, Georgia support this idea.

 

According to them, the contribution that family businesses (using a broad definition) make to the economy of the United States can be found in the following 10 facts:  

1.     80% of the world’s businesses are family owned

2.     Family-run businesses account for more than half of the nation’s gross domestic

   product

3.     Nearly 35% of family-owned business are Fortune 500 and other large companies

4.     Approximately 60% of all public companies in the US are family controlled

5.     Family-owned businesses account for 60% of total US employment

6.     Family-owned businesses account for 78% of all new jobs

7.     Family-owned businesses account for 65% of all paid wages

8.     Many family businesses were started after WWII

9.     More than 25% of family firms expect the next CEO to be a woman

10.   More than 30% of all family owned businesses survive into the second generation

 

So, are you ready to create a family business legacy and make your dent in the universe? 

 

Take the Pledge!

 

 

Gloria Tinubu, Founder of ItzBiz