What exactly is a “small business?”

We occasionally hear political discourse about the need to support small business in America. Regardless of which side of the political aisle you find yourself — and admittedly the size of that aisle is cavernous these days — we find a common definition of “small business.” The small business of which Washington DC speaks is one with 12 full-time employees and $5 million a year in annual sales. Now, many entrepreneurs want to get to that point. But I believe the truth of the matter is that the vast majority of small businesses in America support one person, the owner; the average small business delights its owner when it crosses into six figures of revenues.

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