No, that title is not a typo. “Business of one” is yet another term for the single-person business. Anita Campbell cited some statistics from the U.S. Census on single-person businesses. I was surprised to learn that as of 2005, 78% of all businesses in the U.S. are businesses with no employees. Their relative contribution to the GNP is very small. The average gross revenue for these businesses is $46,600.
The number of these businesses is growing 4 times faster than the U.S. population. I believe this says something important about the state of employment in the U.S. More and more Americans seem to be finding that the risk of self-employment is no greater than the risk of working for an employer. People believe that if they have to quit their own business, it is their decision alone.
Campbell’s data goes from 2002 to 2005. Those were fairly lean years in the U.S. economy. It will be interesting to see if these numbers continue to grow during the good times.