This is an exciting time for small business owners, and the same certainly holds true for those who desire to start their own. The last couple of decades has seen growth in the small business sector. As corporate America has downsized, the entrepreneurial spirit has blossomed.
The Role of Large Corporations
How often do we turn on the television, the radio, or open our favorite news website only to hear or read about some large corporation? Certainly, these entities are important, they employ many individuals and assist the “capitalist machine” as we have come to know it.
The “doom and gloom” that is often portrayed by the media when troubles arise within one of the larger corporations is justifiable, to some extent. However, to those of us with an inherent entrepreneurial spirit, we view these unfortunate circumstances as an opportunity.
The statistics from the U.S. Small Business Administration back this. Since 1990, large businesses have eliminated 4 million positions, and 8 million jobs were created by small businesses. Additionally, small businesses in the United States have grown by 49% since 1982.
These statistics demonstrate that the entrepreneurial spirit is alive and well in the United States. Regardless of what develops within the confines of corporate America, there is significant room in the marketplace for small business.
A good portion of the chatter leading up to the last year’s presidential election here in the United States revolved around how the economy would react to a Trump or Clinton victory. While it is early in the term, a look back at some observations bears mentioning.
Stanford economist John Taylor believes that a deviation from the economic policies that worked in the 1980s and 1990s is responsible for the slow economic growth we have experienced. Taylor based this theory on his research, and the research of others.
If Trump steers the country back to similar policies and has the cooperation of both political parties at his disposal, growth can not only meet but possibly exceed expectations within the economic sector.
A Helping Hand
For those who are considering the foray into business ownership, what often drives them away and back to the corporate world is fear. They worry about how they will finance their startup and would rather not empty the 401k to finance their ideas if they can help it.
There are options to help you finance your small business startup. What many individuals fail to recognize is that they can apply for a personal loan and use this capital for their business. If you have excellent credit and meet certain criteria, you can receive an unsecured loan at a low-interest rate. You can use some of the funding from this for personal use while utilizing however much is needed for your startup.
Knowing that you do not have to apply for a business loan for your small business is half the battle. Embrace your creative side, and take the action to launch the great American dream.