Emphasis on Small and Self-Employed Businesses
The 20 by 20 goal for small, emerging and self-employed is 10 million. This sector is currently under-exploited. With government hiring incentives, low cost loans, tax deductions, and other support, this sector should flourish.
Small business is the US economic backbone. There are 6 million US small businesses and 21.7 million self employed businesses that:
- Employ 70 million US citizens
- Represent 99% of US firms
- Generate 90+% of all new jobs
- Pay 45% of total US payroll
- Produce 13 times more patents than large firms
- Produce 30% of all exports
These small businesses and self employed businesses produce $6 trillion annual revenues, which equates to the 2nd largest economy in the world.
The Jobenomics top initiatives in this important category are: establishing community-based business incubators, incentivizing the growth of women-owned businesses, developing a national direct-care program, developing a real estate owned (REO) private equity/property management initiative, and encouraging the establishment of business ministries.