Business

Helping young entrepreneurs succeed | Calvin Goings

All across the country, there are young men and women dreaming of opening their own business. Some are looking to start the next social media phenomenon, while others are focused on a business idea that fills an important niche on their campuses and in their communities.

At the U.S. Small Business Administration (SBA), we know that young entrepreneurs are a valuable source of American innovation which is why we launched our Young Entrepreneur Series (YES). The SBA has the tools and resources to help these entrepreneurs succeed.

SBA appreciates that young entrepreneurs have different sorts of needs – they’re not just online and mobile; they’re starting all kinds of businesses while working out of cafes or even dorm rooms. We’ve launched a new set of online tools, with links to resources and online courses, geared specifically toward young entrepreneurs at http://www.sba.gov/content/young-entrepreneurs.

And the SBA online community puts articles and advice from tens of thousands of small business owners and entrepreneurs online and available for perusing on our website. Join the community at www.sba.gov/community.

SBA has many other tools available for young entrepreneurs and small businesses alike.

We like to call these our “three C’s” and include capital, contracting, and counseling.

We provide a government guarantee on SBA loans that are given by lenders to increase access to capital. One great example is SBA’s microloan program. It provides low- cost, low-dollar loans to entrepreneurs and small business owners who require a small infusion of capital to start or expand their business.

Opportunities available for small businesses in federal contracting include special efforts for women, veterans and disadvantaged businesses.

And we offer counseling and training to over a million aspiring entrepreneurs each year through our resource partner network including: SCORE, Small Business Development Centers (SBDC), Women Business Centers, and Veterans Business Centers.

As young entrepreneurs build their small businesses, SBA resource partners are there for them to provide mentoring, coaching and advice for every stage of their business, from starting up and writing a business plan, to accessing capital and expanding.

 

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