Note: This article originally
appeared on www.sbc.com, by By Caron Beesley, on February 23, 2015
Did you know that nearly a quarter of all new U.S.
entrepreneurs come from the 20-34 age group? (source: Kauffman Index of Entrepreneurial Activity)
And, as more and more millennials express enthusiasm about business ownership,
this number is sure to rise. In fact, back in 2011, a nationwide poll of 18-34 year olds found that 54
percent wanted to start a business or had already started one. But faced with
the stagnant economy of the time, many were holding back.
Now that that
economy is rebounding, entrepreneurship is once again an exciting proposition
for young people.
So, what better way
to celebrate National
Entrepreneurship Week (Feb
21-28) than to showcase all the great resources that help pave the way for the
next generation of entrepreneurs, small business owners and job creators! Check
them out below:
SBA’s Young Entrepreneur Guide
This one-stop
resource includes
information about getting started – including a free online business planning
tool, training links and more. For example, this free online course Young Entrepreneurs:
An Essential Guide to Starting your Own Business walks you through the steps of turning an idea into a
business reality. It also outlines what it takes to get started – making sure
your business is registered, structuring it legally, getting financing and
more.
Get help – whatever your walk
of life
There are numerous
resources and opportunities that can help young entrepreneurs get the foot up
they need:
- SCORE
Mentors – Get advice, counseling and mentorship from someone
who’s walked in your shoes. Whether you have a question that can be asked
over email or could benefit from regular in-person, one-on-one mentoring, SCORE is an invaluable
resource. With a network of over 11,000 mentors across the country (all of
whom have run their own businesses), SCORE provides free advice that can
help you get your business off the ground. SCORE also hosts regular
workshops, webinars and all sorts of good stuff!
- My
Brother’s Keeper – Despite the turnaround in the U.S. economy, many
millennials are still struggling. One in four are currently out of work
and people who grow up in underserved communities face very unique
challenges, including higher poverty and unemployment and, in some cases,
criminal records. In response to these challenges, the SBA and The White
House partnered last year to launch a new initiative – My
Brother’s Keeper. The initiative is still in its infancy, but
stay tuned for educational in-person and online resources aimed at helping
young people harness their talents and learn entrepreneurial basics and
financial literacy.
- Other
Resources – Small Business Development Centers, Veterans Business
Outreach Centers and Women Business Centers all provide entrepreneurs with
free business consulting and training services. Find one near you.
Get financial assistance
If you need capital
to start your business, consider these options to traditional bank financing
(which can be hard to secure – only 27 percent of small businesses get a loan
this way):
- Don’t
Qualify for Conventional Business Loan? Understand Your Options – FromSBA loan
programs to business lines of credits and small business
friendly banks and credit unions, check out your options.
- Tips for
Borrowing Startup Funds from Friends or Family – A surprisingly large
number of small businesses get started with money from those they know
well. Here are some factors to consider before you do so.
- Crowdfunding – SBA offers several
resources to help you learn more about this growing source of small
business funding including this Introduction
to Crowdsourcing, a self-paced course on the SBA Learning
Center, and Crowdfunding
Sites: Top 3 Tips to Get Funding Once and For All as well.
Get assistance paying off
student debt
If your student
loan debt is holding you back from starting your own business, find out how the Income-Based
Repayment Plan can help.
Designed for federal student loans, this government program can help you lower
your repayments.
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