WELLESLEY, Mass., May 9, 2016 /PRNewswire-USNewswire/ -- The third report from Babson College highlights progress made by more than 3,500 small business owners over the span of 30 months since completing the Goldman Sachs 10,000 Small Businesses program.
With nearly triple the sample size of the program's inaugural report, and now including data for participants two and a half years after they completed the program, results show that 10,000 Small Businesses graduates consistently grow their revenues and create jobs at rates that outperform the broader economy.
- 47.9 percent of participants reported adding new jobs only six months after completing the program. This number increased to 55.7 percent at 18 months, and to 60.9 percent at 30 months after the program.
- Such job growth represents a significant improvement when compared with the broader economy, as 23 percent of U.S. small businesses, surveyed by the National Small Business Association for its 2015 Year-End Economic Report, reported increasing their number of employees.
- 68.7 percent of participants reported increasing their revenues six months after completing the program. This number increased to 73.9 percent at 18 months and 81.9 percent at 30 months, after program completion.
- To again provide context on how this compares to the broader economy, 45 percent of U.S. small businesses surveyed reported increasing their revenues.
EXPANSION LEADS TO GROWTH
- Certain business changes reported by 10,000 Small Businesses alumni measurably impact revenues and job creation.
- Participants who reported pursuing new opportunities, either market-based (such as opening a new location, expanding their domestic market) or product/service-based (launching a new product or service or improving an existing product or service), more often reported growth in revenues than 10,000 Small Businesses alumni generally 30 months after completing the program.
EMPLOYEES CENTRAL TO GROWTH
- What's good for employees is also good for business.
- At 30 months after program completion, 86.2 percent of the graduates providing formal training to their employees reported revenue growth, and 84.8 percent of those providing medical and/or dental coverage to their employees reported revenue growth.
EMERGING SMALL BUSINESS MARKETPLACE
- The program fosters a marketplace where, at graduation, 85.3 percent of the participants are collaborating with each other, and those who do consistently report greater revenue and job growth.
- The peer learning approach is also instrumental in highlighting the importance of mentoring others and in advancing the skill set required to be both a mentee and a mentor.
- 18 months after completing the program, graduates of 10,000 Small Businesses are paying it forward by mentoring an average of eight people each.
"Based on these outcomes, Goldman Sachs 10,000 Small Businesses demonstrates the power of investing in small business owners," said Babson College President Kerry Healey. "If provided with the right mix of training and support, America's small business owners can grow their companies and create jobs in the communities where they live and work."
About Goldman Sachs 10,000 Small Businesses Program
With 31 sites across the United States and the United Kingdom, 10,000 Small Businesses has served over 6,100 small business owners. The program has reached business owners from all 50 states, Puerto Rico, and Washington, D.C. Goldman Sachs 10,000 Small Businesses is a public-private partnership to unlock the growth and job-creation potential of small businesses.
10,000 Small Businesses is guided by an Advisory Council on which Babson College President Kerry Healey serves, and is co-chaired by Goldman Sachs chairman and CEO Lloyd C. Blankfein, Bloomberg L.P. founder, president and CEO, and 108th Mayor of the City of New York Michael R. Bloomberg, Berkshire Hathaway chairman and CEO Warren Buffett, and the Initiative for a Competitive Inner City's Dr. Michael Porter.
Babson College leads on curriculum design and development, faculty, and business advisor training, alumni services, and program measurement, and to date has trained more than 200 faculty and staff who deliver the program primarily at community colleges throughout the United States, and through a national blended-learning program. Participating businesses are at least two years-old and employ a minimum of four employees. Babson Professor Patricia Greene is Academic Director Goldman Sachs 10,000 Small Businesses and 10,000 Women.
About Babson College
Babson College is the educator, convener, and thought leader for Entrepreneurship of All Kinds®. The top-ranked college for entrepreneurship education, Babson is a dynamic living and learning laboratory where students, faculty, and staff work together to address the real-world problems of business and society. We prepare the entrepreneurial leaders our world needs most: those with strong functional knowledge and the skills and vision to navigate change, accommodate ambiguity, surmount complexity, and motivate teams in a common purpose to make a difference in the world, and have an impact on organizations of all sizes and types. As we have for nearly a half-century, Babson continues to advance Entrepreneurial Thought & Action® as the most positive force on the planet for generating sustainable economic and social value.
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SOURCE Babson College