November: National Entrepreneurship Month
Small Business Administration, in recognition
of entrepreneurs – those wide-eyed, eager, ambitious intrepid business people –
and National Entrepreneurship Month, is stepping up its wide array of help to
get them on their way to fulfilling their dreams.
Entrepreneurs are
as American as apple pie and the backbone of the American economy. They boost economic growth by introducing innovative technologies, products, and services. Increased competition from entrepreneurs
challenges existing firms to become more competitive. Entrepreneurs provide new
job opportunities in the short and long term.
Entrepreneurs are
important to market on Main Street USA and national economies because they
can act as the wheels of the economic growth of the country. By creating
new products and services, they stimulate new employment, which ultimately results
in the acceleration of economic development.
The United States
excels because it is strong in so many areas that matter.
Entrepreneurship plays a crucial role in the US economy and as result policy
initiatives are created to encourage entrepreneurial behavior. This, coupled
with the culture of determination and motivation, makes the US a great place to
be an entrepreneur."
Entrepreneurship
is important to the economy because it:
1. Spurs economic
growth
When entrepreneurs
build businesses, it affects every part of the economy. Unemployed people get
jobs through it directly or indirectly. New services and products developed by
entrepreneurs increase the exchange of money in the country and abroad as well
which spurs economic growth.
2. Adds to the
national income
As new businesses
or enterprises boom, it creates opportunities for people. A large number of
people get employed through it. An increase in employment adds to national
income in the form of tax revenue and higher government spending. This amount
can be used by the government for the betterment of other struggling sectors.
3. Generates
employment opportunities
Business
enterprises are one of the biggest sources of jobs in a nation.
Entrepreneurship firms not only empower an individual but also creates
opportunities for many people. A startup requires various people with different
skill sets to run smoothly creating job opportunities for several people in
various fields.
4. Is about Innovation
Entrepreneurship
is like an incubator of innovation. In this competitive world innovation is one
thing that will separate you from the rest. To create an outstanding product,
build a stronger network, reach out to consumers quickly, you need to innovate.
To fulfill the demands of the people and to cope up with the market
competition, entrepreneurs come up with creative ideas and services. And this
brainstorming to fill the consumer needs makes them innovative thinkers.
5. Impacts on
community life
The establishment
of an enterprise helps promote numerous retail facilities, a higher level of
homeownership, fewer slums, better sanitation standards, and higher expenditure
on education, recreation, and religious activities.
They invest in
community projects and provide financial support to local charities. This
enables further development beyond their ventures.
Thus,
entrepreneurship leads to more stability and a higher quality of community
life.
6. Contributes to
a Better standard of living
The standard of
living is a concept built on an increase in the amount of consumption of a
variety of goods and services over a particular period by a household.
And it depends on
the availability of diversified products in the market. Along with that by
creating job opportunities increases the income of the people resulting in the
enhancement of their standard of living.
Ownership of
luxury cars, computers, mobile phones, the rapid growth of shopping malls, etc.
are some factors that indicate the rising living standards of people, and all
this is due to the efforts of entrepreneurs.
Economic
development means a process of upward change whereby the real per capita income
of a country increases over some time. Economic growth has always been a
serious issue and in the last 6 months, it has become a worldwide problem.
There is a sudden decline in the economic growth of every country due to this
pandemic.
Entrepreneurs
serve as catalysts in the process of industrialization and economic growth.
Entrepreneurship has historically spurred minorities, women, and immigrants to
create better lives for themselves and their families. Currently, minorities
own 15 percent of all U.S. businesses, accounting for $591 billion in revenue.
Women are starting businesses at one-and-a-half times the national average and
currently own 40% of all businesses, producing nearly $1.3 trillion in revenue.
America’s
entrepreneurs not only contribute greatly to their local communities, but they
are also drivers of the national economy as a whole. That, in and of itself, is
worth celebrating. November is National Entrepreneurship Month in the U.S. It
is a time to applaud the achievements of the small business community. But it
is also an opportunity to position current and future small business owners for
success in the years ahead. That is the mission of the SBA. We offer a variety
of resources that entrepreneurs can leverage to help them start and grow their
businesses.
• SBA Resource
Partners: When your goal is
to build a business from scratch, or take the one you have to the next level,
you need people in your corner who have been there before. That is what you’ll
find in an SBA Resource Partner like SCORE. SCORE mentors provide no-cost
counseling and a wide range of services such as training and webinars. You can
also enlist the help of your local Small Business Development Center, Veterans
Business Outreach Center, or Women’s Business Center. For those in underserved
communities, the Community Navigator Pilot Program can connect you to financial
assistance, industry-specific training, and more.
• Funding
Programs: All small
business owners have to start somewhere. For many, it begins with obtaining
funding through the SBA. With guaranteed loans, the SBA reduces risk for
lenders, ultimately enabling easier access to capital. SBA-guaranteed loans
carry competitive terms and unique benefits such as lower down payments and
flexible overhead requirements. Once you’ve calculated your startup costs, just
use the Lender Match tool to find a lender that is right for you. The SBA can
also connect small business owners with investors through licensed Small
Business Investment Companies (SBICs).
• Learning
Platform: Entrepreneurs
reach their full potential when they are empowered and educated. To that end,
the SBA’s digital learning programs can give America’s small business owners
the tools and know-how they need to launch their businesses and see them
thrive. SBA Learning Center courses teach the ins and outs of business
ownership, from market research to day-to-day operations. Group-specific
programs, such as Ascent for Women and Boots to Business for transitioning
service members, are tailored toward helping their attendees navigate their
unique entrepreneurial journeys. For established business owners, T.H.R.I.V.E.
Emerging Leaders Reimagined is designed to accelerate growth.
America’s
entrepreneurs have done great things, and with continued support, the sky is
the limit. National Entrepreneurship Month is an excellent time to learn more
about resources available to you at www.sba.gov.