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Colorado, a landlocked state in the Mountain West subregion of the Western United States, encompasses much of the Southern Rocky Mountains, the northeastern Colorado Plateau, and the western Great Plains. It achieved statehood on August 1, 1876, as the 38th state to join the Union, earning the nickname "Centennial State" in honor of the U.S. centennial that year. Coloradans, as the state's residents are properly called, support a vibrant economy where small businesses play a pivotal role. According to the most recent official data from 2021, Colorado is home to 715,576 small businesses, which account for 99.5% of all businesses statewide and employ about 1.1 million people, or 47.5% of the private workforce. Between March 2022 and March 2023, the state saw a net increase of 3,093 establishments, with small firms driving much of this growth through 28,467 openings.
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