5 New Obstacles For Entrepreneurs
The BrandMakerNews team caught up with small business consultant, Denise Beeson to get her take on the real state of small business in America. As a mentor and advocate for small businesses, she was quickly able to identify
5 new obstacles facing today’s entrepreneurs:
- Recent legislations have not “trickled” down to small business. It is important to note that over 95% of Small business out there are of 5 or less employees (including the owners) so they continue to struggle.
- Banks are NOT lending and the SBA programs that rely on preferred lenders are not able to assist small businesses under programs that were open last year. We had a waiver of SBA fees that really assisted the small business. Now, SBA lending is the most expensive money in the marketplace.
- The local resources for small business are under terrible financial restraints. The Small Business Development Centers (SBDC) and the Service corps of Retired Executives (SCORE) offer free (or nearly free) consulting services for small businesses. Their budgets are limiting services when those services are needed more now than ever.
- Community colleges are offering small business management classes, however in some states i.e. CA fees are increasing and are hindering some small business owners from attending. Emphasis is placed on the transfer student and not necessarily the student that is interested in improving their skill base.
- High tech companies may find angel funding or funding through early seed venture companies, but not lifestyle businesses. Commercialization of technologies only applies to a small part of the small businesses. In the United States most businesses are service oriented or “lifestyle” businesses not high tech.
When asked to sum up what American entrepreneurs need to grow their businesses, Denise Beeson replied, “Small businesses need financing, education and inexpensive community resources to assist them.”