One More Time
The “Global Entrepreneurship Monitor” (GEM), a joint research initiative sponsored by the highly regarded Babson College, The Kauffman Center for Entrepreneurial Leadership and the London Business School, estimated last year that one in ten adult Americans was attempting to start a small business. Most of these aspiring entrepreneurs have no formal training in business management. The need for business management assistance and education is at record levels. This is due in part to dramatic changes that have occurred in our economy, spurred in large part by technology and globalization
As unemployment levels rise, so does self-employment. Men and women who are laid off as the economy slows and young people who have difficulty finding employment frequently turn to self-employment as a means of providing for themselves and their families. Moreover, as the economy slows, credit contracts, revenues from sales decline and small businesses fall on hard times. Improved management practices often help a small business owner survive a period of slow growth or an economic turndown.
Studies have confirmed that SBDC clients have a greater survivability rate than the average small business. Those who have lost their jobs frequently spend their pensions and/or life savings in an attempt to provide income for their families by starting their own businesses. Statistically many of these entrepreneurs will fail. However, many failures could be averted if the SBDC program, with its proven track record of success, had greater resources.
The SBDC program is the Federal Government's largest and most successful small business management and technical assistance program. It has an established, proven infrastructure without peer and a documented track record of responding to the needs of their business communities and the clients. SBDC clients are representative of the fabric of America, crossing all cultures, encompassing rural and urban populations, minorities and women. SBDCs currently assist 600,000+ small business clients annually.
The nationwide network of SBDCs are staffed with accredited proven professionals, dedicated to assisting start-up and growing businesses to overcome problems and pitfalls. SBDCs are in the knowledge business, tapping best practices bringing current strategies and solutions to the troubled entrepreneur and business owner. This is their chosen profession (management consulting) and they stay current with new strategies and trends by going through formal and informal training continually. They do this on a committed full time basis. It is their only job. Many hold Masters Degrees, have run their own businesses and have spent years in the private sector as management consultants. When business problems become catastrophic and overwhelming, some entrepreneurs have a tendency to listen to anyone and everyone. This can be a costly mistake resulting in loss of time and money, due to misinformation. Wouldn't you want the best doctor or specialist to treat an illness? Why should your business be any different? When seeking business advice look to the proven professionals, contact your local SBDC.…………..LIVE FREE AND PROSPER…V
By Vincent A. D'Elia, Regional Director, Bergen SBDC
