Entrepreneurs: Why They Are So Important And Why We Need Them

Simply put, entrepreneurs are the innovators that stimulate job growth, economic growth and development that allows Americans to compete with and in the global economy. Entrepreneurs are vital to the future of our economy. Entrepreneurs have an attitude and behavior that benefits local communities and advances human welfare.

Who is an entrepreneur?

An entrepreneur is an individual who organizes and operates a business or enterprise, taking on the financial risks to do so.

That may sound simple, but let's take a closer look...

One of the most important things that entrepreneurship provides is employment. The unemployment rate has been at historic levels but recently there has been job growth. We feel that a big part of that job growth is due to the rate of starting small businesses. Entrepreneurs create fresh small and large-scale employment opportunities; as the business grows so do the number of employees. Entrepreneurs significantly reduce the problem of unemployment.

Entrepreneurs have changed the way we live, the way we do things. Their innovations have made life easier and increased the standard of living. Most entrepreneurs start their businesses because they wanted to do something they love, or were inspired by an idea they truly believe in. The positive effects of working in an environment that's important to you paves the way for innovations and advances in technology that increase economic development for our country. And on a much larger scale, when production of these good spreads worldwide, they make us competitors in the global economy.

Entrepreneurship is often called "economic gardening." It's a foundation that can continue to grow and year after year provide wealth to a community. Local communities benefit greatly from small businesses by tapping into existing assets and strengthening it socially and economically. On the whole, entrepreneurship has the potential to increase the wealth of communities.

Entrepreneurship is an exciting venture, and can quite literally change a person's life. There are so many great advantages to taking on such a project. To start a business you need motivation, talent and desire. You also need a strong business plan based on solid research. Entrepreneurs are capable of starting and growing a successful small business with the proper amount of education, hard work and experience.

If you have a business plan and want to become an entrepreneur, we can help you. A lot of important decisions need to be made when starting and nurturing a new business. We will use our education and experience with numerous others just like you to guide you in the formation and growth of your business. The foundation of a business is built on solid contracts and agreements. As business attorneys, we can draft contracts that will help protect your assets and help keep you out of court.

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7 Reasons Why Entrepreneurship Development Must Be Massively Supported

Entrepreneurship happens to be a subject I am very passionate about, right from age 15 till date. The challenge of building businesses from scratch, negotiating deals and investing in other people's business thrills me. Since the age of 15, I have been devoted to the lifelong study of entrepreneurship and investing. But even as an experienced entrepreneur, I still look up to my mentors for guidance and inspiration.

Now let's proceed with the business of the day. The word "Entrepreneurship" might sound unimportant or common to your ears, but I will advise you spend a little time on this article and get the tits and bits of what I am about sharing. The word entrepreneurship suggests several meanings and if a poll were to be conducted, I bet we will come up with 101 definitions of the term entrepreneurship.

Now what is entrepreneurship? According to Stevenson, "Entrepreneurship is the process of creating value by pulling together a unique package of resources to exploit an opportunity". It can also be said to be the readiness and skill of either an individual or group of personalities to sniff out investments opportunities, start business ventures and run enterprises successfully. But the definition I find thrilling is still that of Howard Stevenson, a college professor, "entrepreneurship is the pursuit of opportunity without regards to resources currently controlled". I feel this definition is the best so far and I thank my mentor, Robert Kiyosaki, for bringing it to my notice. So if the term entrepreneurship is now clear, then you may ask, "Why stress the need for entrepreneurship development? Well, entrepreneurship development must be massively supported because it has the potential to achieve the following:

1) Create jobs through the formation of new business ventures.

2) Utilize available manpower and resources that might have remain idle and put them into productive use.

3) Entrepreneurship development makes it possible for individuals to create wealth, independence and status for themselves.

4) Stimulates growth in other sectors with increase in demand and supply.

5) Increases productivity by means of innovation.

6) Facilitate and increase the need for technology.

7) Boost the economy and increases the nation's GDP. 8) Entrepreneurship development can reduce dependence on social security and Medicare. With this few points, I hope I have been able to throw more light on the need for individuals to embrace entrepreneurship as a way of life and a means to better the society. Join the entrepreneur's train and I will see you at the top.

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Minority Grants For Small Businesses

The US Federal Government recognizes the issue of improving disadvantaged people's lives. Their constituents have voted congressmen and senators to power. Their primary election campaigns are based on the promise to minorities for their economic empowerment. t is these promises, which drive the politics of grant giving by Federal and local State governments.

Grants for Small Business:

A grant is a direct financial contribution made by certain organizations to the needy. It is made for very specific outcomes with no expectations of repayment. These grants are based on certain criteria and are designed to encourage entrepreneurs to start or expand their small business ventures. Millions of dollars in the form of small business grants are available for any minority group of Americans. They may be African Americans, Asian Americans, Hispanics, Indian Americans or any other minority.

Minority Grant Programs:

Government minority business grants are listed on all the government grants assistance programs. They allocate funds for lending to minority entrepreneurs, student business training, unemployed, community-based business opportunities, real-estate ventures and investment, research work and inventors, amongst others. A woman entrepreneur or an ethnic minority is entitled to funds specially earmarked for their business development.

Any entrepreneur seeking the fund for any type of business or any personal project must have a viable business plan. They should focus on how well their business would survive independent of these programs. Eventually, your aim should be to build a successful business. Have some sort of maturation plan in place to succeed without minority funds within three to five years. A lot of far-sightedness, hard work and perception of market need of your business are very important. If your business maturation plan is not in place, you are in a great risk of either business failure or being bought out. A good financial opportunity goes waste. So apply for these minority business grants and funding for a great opportunity to start your own venture and improve your social and financial status.

Types of Grants:

Ever since the Federal government has launched this minority grant for small businesses, the minority business has grown four times faster as overall US firms. Since 1992, the increase has been from 2.1 million to 2.8 million firms. These grants can be availed for:
o For initial business start-up, you can avail up to one billion dollars from minority business grants.

o Grants in millions available for expanding the existing business

o Receive $9,000 in minority grants for free legal advice.

o Millions available for purchase of your first home

o Up to $75,000 available from minority grants to remodel your home

o Receive $6,000 in minority grants for college tuition.

o Receive free monthly grant finances for emergency assistance.

o Receive special assistance for woman entrepreneurship program. There are many more listed priorities to receive these grants.

The federal government and local state government Active Affirmative Action has given a big opportunity to minor ethnic communities to start their small businesses. This will lead to their economic empowerment and social integration.

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Changing Demographics in Entrepreneurship

Over the last 10 years, entrepreneurship has become a growing trend with growing importance within the global marketplace. In fact, according to the Global Entrepreneurship Monitor (GEM), about 330 million people, or 14% of the adults in the 35 countries surveyed, are involved in forming new businesses.

Whether it is the desire to be your own boss, pursue your own ideas or the hope of financial rewards, people are changing their outlook on how to do business. Within the scope of entrepreneurship there are four demographics that are increasing faster than ever.

Women Entrepreneurs

In 2002, the most recent year the U.S. Census Bureau collected business ownership data, there were 6.5 million women-owned businesses. That number is up 20% from 1997. Traditionally, women-owned businesses were most prevalent in the health care and professional services industries. But surprisingly, the fastest growing areas of women-owned businesses are construction (up 30%), agricultural services (up 24%) and transportation (up 20%).

Minority Entrepreneurs

The number of minority-owned businesses has also risen sharply over this same period. Growth in African-American owned businesses is up 45% from 1997 to 2002. Both Asian-owned businesses and Native American-owned businesses have also increased, at a rate of 24%.

Senior Entrepreneurs

Although the U.S. Census Bureau does not specifically collect data on senior-owned businesses, there is strong evidence to suggest more seniors are getting involved in entrepreneurship. This dramatic increase can be attributed to corporate downsizing, growing worries that seniors are going to need more income to cover future health care expenses, and an increasing desire for older workers to obtain personal fulfillment in their lives after retirement.

Young Entrepreneurs

Perhaps the fastest growing demographic of entrepreneurship is young people. According to a Gallup study, 7 out of 10 high school students want to start their own companies. Interest in entrepreneurship is also growing on college campuses. Presently there are 1992 two and four-year colleges that offer at least one course in entrepreneurship. This number is up from just 300 colleges in 1985.

No matter who is starting all these new businesses, entrepreneurship is undoubtedly a growing trend throughout the world. As the economy is struggling and people are getting laid-off, more and more people are realizing the benefits of entrepreneurship. The desire to become a corporate eight to fiver is losing steam, when are you going to jump on board?

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