November is Entrepreneurship Month

2022 National Entrepreneurship Month ~ November 14, 2022

November is National Entrepreneurship Month, a time to reflect on the concept of small business creation and their contribution to a healthy economy.  We celebrate the doers, dreamers, and job creators whose vision and girt fuel our economy and capture the essence of America.  Starting and owning a business has always been a key path to the American dream –a way to build wealth, serve your neighbors, and leave a mark in a community and on the world.  Requiring risk-taking and daring, entrepreneurs faced additional challenges during the pandemic and the economic crisis that it created.  Two years ago, hundreds of thousands of small businesses struggled to find workers and stock their shelves.  As we recovered, Americans have responded with entrepreneurial spirit, seizing the opportunity to build new businesses and launch new careers.

Today, American entrepreneurship is booming, A record 5.4 million new businesses were started in 2021, over 20 percent more than any year on record.  New entrepreneurship rates have increased the most among minorities, particularly in Hispanic and Black communities.  The American Rescue Plan distributed $450 billion in emergency relief to more than 6 million businesses at the height of the pandemic.  The Restaurant Revitalization Fund kept restaurants open.  Expanded State Small Business Credit Initiative is helping entrepreneurs tap $10 billion in investment and loans, and the Minority Business Development Agency is being made permanent to boost minority entrepreneurs’ access to capital and markets. 

Meanwhile, the Bipartisan Infrastructure Law is rebuilding America’s roads, bridges, railways, and ports so businesses can get goods to consumers quickly and affordably.  It is bringing high-speed broadband to small towns and rural areas so Americans anywhere can run a business online.  The CHIPS and Science Act is making historic investments in semiconductor companies that produce the tiny computer chips that power everything from smartphones to cars –benefitting thousands of smaller businesses along the supply chain.  The Inflation Reduction Act is slashing health insurance and energy costs for entrepreneurs, increasing research-and-development tax credits, and incentivizing manufacturers to American suppliers, creating good-paying jobs.  The government is. Investing in small business support and STEM education to give entrepreneurs access to the skills and workforce needed to thrive.  When the federal government spends taxpayer money to buy the things it needs, its buys them from American companies –including from small, disadvantaged businesses, to whom government has already awarded a record amount of contracting dollars.  

“I have long said that America can be defined in one word: possibilities.  Entrepreneurs’ willingness to take risks, work hard, and make possibilities come alive.  They turn vision into reality and ideas into products, profits, and national prosperity.  This month, we celebrate their contributions as a point of national pride and recommit to giving them the space and support to make sure America wins the 21st century.  Now, therefore, I, Joseph R. Biden, Jr., President of the United States of America, by virtue of the authority invested in me proclaim November 2022 as National Entrepreneurship Month and November 15th as National Entrepreneurs’ Day.”

The importance of entrepreneurs can’t be overlooked. Entrepreneurs identify and solve our most pressing problems, delivering products and services that increase our collective economic and national security, and our individual prosperity and well-being. They transform innovative ideas into new technologies and new markets and remain a steady presence in the daily rhythms of our communities. Ultimately, they catalyze growth, create jobs, and increase U.S. competitiveness. As we face ever more complex challenges—climate change, pandemics, growing inequality, deteriorating trust—entrepreneurs rise to meet them, inventing, deploying, and delivering innovative new technologies. Broadband undergirds our information-rich economy. Reliable supply chains via roads, rail, ports, airports, and innovative last-mile transportation enable product creation and delivery. Unique, cutting-edge testing and demonstration facilities at our national laboratories facilitate the transition of breakthrough technologies into markets and communities. The right kinds of capital available at the right times ensures that businesses have resources that match their growth needs. And human infrastructure, like childcare, healthcare, and workforce development systems, makes entrepreneurship more diverse, equitable, and inclusive.

Here are eleven ways to celebrate National Entrepreneurship Month:

  1.  Support with a purchase.  National Entrepreneurship Month is best celebrated by purchasing something from an entrepreneur. You can also show your support by recommending that small business or entrepreneurs to others.
  2. Connect with entrepreneurs on social media.  It goes without saying that most entrepreneurs have an online presence and use social media to promote their businesses and themselves. Follow them across social media platforms is a great way to support them.
  3. Patronize Crowdfunding Campaigns.  Consider looking at Kickstarter or another crowdfunding website to support an entrepreneur.  Kickstarter launched many household names, including Exploding Kittens, Tile, Fidget Cube, the Coolest Cooler, and Occulus.
  4. Start you own business.  Has starting your own business what you’ve always dreamed about? This month, make the leap!
  5. Become a mentor.  Mentor a new entrepreneur who is just starting out. Perhaps some of the knowledge you’ve picked up over the years will be of value to them, even if you think you don’t have much to share.
  6. Take up teaching.  Learn how to teach small business basics to your chamber of commerce by volunteering to help college students with their interview skills. As well as assisting others, you will gain knowledge for yourself as well. 
  7. Get involved politically.  Contact your local congress member and ask them to introduce or support legislation that will help entrepreneurs. You could ask them to defer tax liability for founders during the first couple years of business.
  8. Attend a conference.  By attending industry conference and events, you can connect with your peers, find partners, close deals, and rediscover your passion. 
  9. Make an Introduction.  There is a need for office space for startups. As well as marketing, materials, and advice.  They also need workers, beta testers, and, most importantly, customers.
  10.  Join (Start) an Angel Network.  Despite the popularity of venture capital, angel money backs more startups –roughly 64,000 each year, according to the Angel Capital Association.
  11.  Be Thankful.  It is important to thank your mentor, if you have one, for the guidance and support they provide. Send them a thank you card or take them to lunch as a special gesture. 

                Courtesy of the White House and Entrepreneur Magazine Author John Rampton

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