Entrepreneurship and Small Business in America Today

An entrepreneur is a person who makes a new business to make money and grow, even though there are risks involved, by noticing and capitalizing on an new found opportunity.

Americans love entrepreneurs and successful entrepreneurs are often treated as role models.  Famous entrepreneurs, like Oprah, show us that anything is possible as others follow in their footsteps.  Education is also a reason for a boost in entrepreneurs.  Colleges offer business courses and people with educations are more likely to pursue entrepreneurship.  Working for yourself is ideal, so the independent lifestyle entrepreneurship can provide is becoming more popular, especially with those in early and mid adulthood.  Because there are 8.5 million people in this age range, economic and demographic advantages are obvious.  Technology advancements and the Internet, including international trade have also had a growing effect on the number of entrepreneurs today.  

Small businesses contribute allot to our economy.  99.7% of businesses are considered to be “small”.  Small businesses are those with less than 100 people.  52% of our countries workers are employed in these small businesses, which equals 45% of the total United States payroll.  Small business can be credited with providing more jobs than the big ones, equal to around 70% of jobs each year.  Small businesses also train new employees more efficiently, teaching skills to the newbies they may not receive at a large company.  

Small business owners can avoid failure by researching.  Education is key and is necessary before starting a new company.  Having a plan is very important.  Know about financing is important as well as keeping a good attitude and avoiding stress.  When starting a small business, entrepreneurs should think about 8 things:
    -Know your tax codes.
    -Liability protection (legal and financial)
    -Start up and long term costs
    -How much are you willing to share in form of ownership in trade for resources.
    -Deciding between self-management and hiring those who have management skills you may not.
    -Decide goals concerning growth of size and profits of company
    -Who will take over the business when you are done or have passed?
    -Weigh out cost of the form of ownership you choose.

Sole proprietorship is most popular because it is easy.  A small business owner who chooses the route of owning and managing makes all decisions solely.