INFOGRAPHIC: America Runs on Small Businesses
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Here at FreeEnterprise.com, every week is Small Business Week. Nevertheless, it's important to note that June 17-21 is officially the 50th Anniversary of National Small Business Week.
To mark the occasion, yesterday we wrote about the importance of world trade to small businesses and the barriers they face in tapping overseas markets.
Today, we recognize the crucial role small businesses play in growing America’s economy and ensuring our competitive edge globally. Small businesses generate, on average, two out of three new private sector jobs, and half of all employed Americans work for small firms. America’s 27.9 million small businesses generate a median annual revenue of $182,700 – that’s a $5 trillion contribution to the nation’s economy each year.
Purchasing local goods and services and supporting local small businesses help spur local job creation. In San Francisco, for example, if residents were to shift 10% of their spending to local businesses, they would help create $192 million in economic growth and generate 1,300 new jobs.
This infographic created by Sage provides a window into America's small business community.