by Wendell G Davis, New England Regional Administrator, US Small Business Administration Every small business begins with taking a risk. Think about it, you have an idea for a product or service, you spend time, energy and money thinking and planning how things are going to go, but even the best ideas and the best laid plans require a leap of faith. When you start a new business venture, you are putting yourself on the line by risking your time, your money, or the security of being an employee verses an employer. But when you succeed in your risk, it’s empowering.
One of the best parts of my job as the U.S. Small Business Administration’s New England Regional Administrator is the opportunity I get to visit entrepreneurs in their element, at their businesses, talking to them and hearing their stories. It’s inspiring to hear about the risks they’ve taken and what they had to do to succeed.
Currently, there is a high-level of optimism and confidence in our economy. The National Federation of Independent Business just released its October report and the report found in part that “overall, small businesses continue to support the 3 percent plus growth of the economy and add significant numbers of new workers to the employment pool. Owners believe the current period is a good time to expand substantially, are planning to invest in more inventory and are reporting high sales figures.” Amidst this optimism, now is the perfect time to celebrate our nation’s risk takers and the American tradition of entrepreneurship and small business ownership. The President has proclaimed November as National Entrepreneurship Month and November 20 as National Entrepreneurs’ Day and the proclamation is well deserved.
National Entrepreneurship Month allows us as a nation to collectively take the time to celebrate the men and women of our country that have taken the risk to build something from nothing, create jobs and make our communities vibrant.
The implementation of the Tax Cuts and Jobs Act is fostering this spirit of entrepreneurship and helping business owners create jobs by easing their tax burden and expanding their access to capital. Americans are benefiting from the whole-of-government approach to economic growth. For example, the SBA, through its Women’s Business Center Program is providing access to training and counseling specifically for women in business. And the SBA is diligently working to revamp our web-based resources as well as new marketing materials to build awareness about the services available to help Hispanic job creators.
All of these efforts combined are yielding extraordinary dividends. The unemployment rate in October remained at its lowest level in nearly half a century. Businesses owned by African-American and Hispanic-American women are growing at a faster rate than any other category of female owned businesses.
With this economic climate and government efforts to expand access to capital to all business owners, there is less uncertainty with taking the risk on starting, growing or expanding a small business. This means that America’s business owners have more freedom to focus on what really matters --- doing what they love.
Please join the SBA in celebrating our nation’s entrepreneurs and innovators whose vision and drive help our nation flourish.
Wendell Davis is the New England Regional Administrator of the U.S. Small Business Administration who oversees agency activities in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.