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.