Entrepreneurship is the process of designing, launching, and running a new small business.
An entrepreneur is the specific person operating a small business.
And today is National Entrepreneur’s Day!
Unlike previous years, the cause for celebration is tainted by nearly 100,000 small businesses never reopening from COVID19 shutdowns across Main Street USA, according to the Yelp: Local Economic Impact Report.
“Yelp closure data shows that businesses providing home, local and professional services have been able to withstand the effects of the pandemic particularly well. But despite bright spots in some sectors, restaurants and retail continue to struggle and total closures nationwide have started to increase.”
Sure, restaurants, for example, were able to commandeer parking spaces to be refitted for tables & tents to create outdoor dining during the summer. But the cooler weather will freeze up that option.
Now that the election is over and we know what President Trump has/has not done for entrepreneurs and small biz, let’s look at Joe Biden’s plans.
(These are excerpted from a commentary by Rhonda Abrams, writing in USA Today. )
1- Grants, not loans.
2- Guarantee every business with fewer than 50 employees can get relief.
3- Ensure minority-owned businesses get accounting support and legal advice so that they are not shut out of federal aid programs.
4- Unleash $50 billion in public/private venture capital to entrepreneurs in disadvantaged areas by funding state, local, tribal, and non-profit financing initiatives.
5- Establish a $400 billion federal procurement program to “buy American” designed to give greater federal contracting opportunities for certified small businesses.
6- Set up a national network of business incubators to help nurture startups. This includes business development programs at every public community college as well as two-year HBCUs (Historically Black Colleges and Universities), TCUs (Tribal Colleges & Universities), and MSIs (Minority Serving Institutions).
7- Redirect any unused funds.
I won’t say there is a light at the end of the tunnel. But maybe these can serve as searchlights on the road to recovery for entrepreneurs and small biz.