Enhancing Entrepreneurship for the 21st Century Act

Enhancing Entrepreneurship for the 21st Century Act

Innovative Entrepreneurs Create Jobs

Entrepreneurs, with their reputation for being innovators and job creators, provide tremendous benefits to our economy. Similarly, small businesses play a key role in job creation as well as demonstrate the critical role entrepreneurship plays in a viable economy.

Innovative entrepreneurs have the distinct ability to look at problems differently and come up with innovative solutions that others may or may not be able to. In this way, they provide an endless stream of value to their business.

Entrepreneurs are the Cornerstone of the American Dream

 “The future belongs to those who believe in the beauty of their dreams.” —First Lady Eleanor Roosevelt, Diplomat and Activist

Entrepreneurs are risk-takers and dreamers that spur growth, create jobs, and expand opportunities. As entrepreneurs launch new businesses, they need to hire employees to sustain and grow their business. These new companies become drivers of job creation. According to the Small Business Administration, small businesses have created 62% of new jobs since the Great Recession. Small businesses have continued to account for about two-thirds of net new jobs since 2010. Taking it one step further, women own 4 out of every 10 businesses in the U.S. and, since 2007, the number of women-owned businesses has increased by 58%, while businesses overall increased by only 12%.

Entrepreneurs do more than hire employees and find innovative solutions for products and services. Their work benefits society by buying supplies and materials from local vendors and becoming active members of charities and organizations. The businesses that entrepreneurs form are the backbone that underlies the economic growth of a community.

However, being an entrepreneur and running a small business is no easy undertaking in today’s ever-evolving business dynamic. It’s a competitive environment out there. Sadly, recent research has found that rates of Entrepreneurship in the U.S. have fallen near a 40-year low.

Enhancing Entrepreneurship for the 21st Century Act

Revitalizing American entrepreneurship and achieving the more robust economic growth requires informed changes in public policy. On September 24th, Senate Entrepreneurship Caucus Co-Chairs Senators Tim Scott (R-SC) and Amy Klobuchar (D-MN) introduced the bipartisan Enhancing Entrepreneurship for the 21st Century Act.

The Enhancing Entrepreneurship for the 21st Century Act would require the Secretary of Commerce to work with partners at all relevant government agencies to conduct a comprehensive study into the underlying factors driving the current “startup slump.”

“Entrepreneurs are the innovators driving economic growth, but fewer and fewer new businesses are launched every year. This legislation would allow us to identify and evaluate the reasons for the lag in new business formation. With a better understanding of the causes of this slowdown, Congress will be able to work with entrepreneurs across the country to stimulate innovation and create jobs to move our country forward.” —Senator Amy Klobuchar

Joanne Sanders, president of our Alpharetta marketing firm, is an expert on this topic. In her 10+ years’ experience as an entrepreneur, she has noted, “Small business startups face challenges surrounding intellectual property protection, cybersecurity vulnerabilities, alternative finance limitations, federal procurement concerns, and workforce issues. Many of these companies do not feel that local, state, and federal officials are knowledgeable of emerging technologies and their critical importance for today’s economy.”

Joanne is proud to be a member of the U.S. Chamber Small Business Council that works every day to elevate the voice of America’s small business owners and highlight the vital role they play in the nation’s economy. She is a champion of the Enhancing Entrepreneurship for the 21st Century Act and was thrilled to attend the CO— Summit, hosted by the U.S. Chamber of Commerce, on October 16th and 17th in Washington, D.C.

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