Mom and Pop shops are big business in Licking County

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NEWARK – Contrary to what you may think, small businesses are huge business. Statistics are a bit dated but according to the Small Business Administration (sba.gov), in 2018 there were 30.2 million small businesses in America.And, again according to the SBA, “Contrary to the popular opinion that the majority of new businesses fail during the first year, the Small Business Association has stated that only 30 percent of newly founded businesses are likely to fail within the first two years. Additionally, 50 percent of small businesses are bound to survive five or more years, and 66 percent would endure throughout the first ten years.”Interestingly, the definition of a small business may not be as straightforward as you might think.“That’s one of those things that depends on who’s looking at it,” explained Ed Lukco, a local business consultant and economics faculty member at Ohio Dominican University. “For the most part, anything under 500 employees qualifies as a small business. Some will do it on the basis of revenues and that can be anything less than $1 million to less than $5 million. It just depends on who you’re talking to.” Jennifer McDonald, president and CEO of the Licking County Chamber of Commerce, agreed. …

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