White House unveils new initiative for small business owners, but something is missing

Yesterday President Obama unveiled a new initiative to encourage entrepreneurship in the United States. Dubbed “Startup America,” the goal of this new program is to encourage “high growth” entrepreneurship to increase the number of new jobs added to the economy.

The program brings together people from both the private and public sectors. According to the White House, leaders from the most innovative corporations, universities, and foundations will partner with government to help increase the number of new business start ups.

The program mainly focuses on expanding new businesses related to healthcare/medicine, clean energy, advanced manufacturing, information technology.

As entrepreneur myself, I applaud the President’s effort. But not being involved in any of those industries, I’m a little disappointed. Why not support all entrepreneurs across all industries? Where’s the initiative for women or minority entrepreneurs?

According to the Washington Post, it’s businesses owned by women and minorities that are going to fuel job growth in the coming years. Recent Census Bureau figures show that the number of women and minorities owned businesses is growing. As of 2007, women owned almost one third of all businesses in America, and minorities owned one in five.
Here’s some key statistics from the Center for Women’s Business Research.

  • 10.1 million firms are owned by women (50% or more), employing more than 13 million people, and generating $1.9 trillion in sales as of 2008.
  • Three quarters of all women-owned businesses are majority owned by women (51% or more), for a total of 7.2 million firms, employing 7.3 million people, and generating $1.1 trillion in sales.
  • Women-owned firms (50% or more) account for 40% of all privately held firms.

Clearly women entrepreneurs and minorities have a significant impact on our economy.
In order to be a true Startup “America” program, I recommend that the President Obama include all businesses types in this initiative. And here is what I suggest be included as far as benefits.

  1. Small business grants and loans for businesses owners who have shown consistency, promise and drive, or who have already made a significant impact in their community.
  2. Develop mentorship and education programs to assist small business owners in the crucial startup phase.
  3. Scholarship: Reward small business owners for investment in their communities by providing scholarships for extended learning.
  4. Legislation: Pass legislation that is favorable to small businesses owners, opening doors up for business ownership.
  5. Provide tax credits for starting a small business and for small business ownership.

These are just a few of my thoughts about what the White House could do to have a “Startup America” program that supports all startup business owners. Not just those who own companies in certain industries.

Small business is the backbone of America, and its small business that is bringing us out of the depths of recession. Let’s support all startups in America Mr. President, it just makes sense.

Previous Article
startup mistakes

Avoid the Top 4 Startup Mistakes When Incorporating

Next Article
public relations

What is Small Business Public Relations Anyway?

Related Posts
home-based businesses
Read More

The Value of Home-Based Businesses to Economic Recovery

The challenge of America’s economic recovery, in the wake of the COVID-19 pandemic, is to spread it to every community – and especially those that have been historically excluded. The key to meeting that challenge is to appreciate the civic and economic value of an overlooked resource: home-based businesses. There are about 16 million home-based...
Read More

WJR Business Beat: Job Switchers Rewarded with Higher Pay (Episode 406)

On today's Business Beat, Jeff Sloan talks about how it's going to be more difficult and costly for small businesses to hire the best talent because job switchers during the pandemic have seen significant salary hikes. Tune in to today's Business Beat for more:   Tune in to News/Talk 760 AM WJR weekday mornings at...
startup team
Read More

5 Strategies for Building a Great Startup Team

The way you treat your employees, their time, skills and abilities in the early phases of your union as a team influences the rest of your company's course of action. Mark Zuckerberg once said, "The most important thing for you as an entrepreneur trying to build something is, you need to build a really good...
pitch videos
Read More

How Pitch Videos Can Help Your Startup Get Funding

When you’re about to launch a startup, gaining the interest and support of startup investors is an important element in becoming a successful brand. These days, videos are a great way of communicating information and landing you anything from seed funding to crowdfunding. After all, a great pitch video can grab your investors’ and consumers’...