Summary: There are 32MM family-owned businesses generating 54% of the US private sector GDP according to the Family Enterprise USA. Most of these are small businesses and companies with under 500 employees employ 46% of the US workforce, contributing 39% of the total US payroll according to the US Census. Further, the SBA reported that small firms accounted for about 62% of new private sector jobs from 1995 to 2020 (41% from existing companies and 21% from start-ups). While Wall Street may be dominated by large publicly traded companies, the US economy is a small family affair. We can not be reminded enough how critical entrepreneurs big & small are to our economic foundation. Also, the huge size of the small business market testifies to how many have been able to step out on their own – if countless can do it, so can we! All this reinforces why it is so important that we advocate for economic policies that are favorable to small businesses.
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