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The State of the Union for Small Business – Pointers for Renewing the Entrepreneurial Imperative

by Moderator on 02-02-2010 09:24 AM - last edited on 02-02-2010 09:30 AM

Watched by approximately 48 million people on TV and another 1.3 million via the White House's online feed, President Obama's first State of the Union address stressed the importance of collective responsibility.

 

In the President's words:

 

"I campaigned on the promise of change, change we can believe in, the slogan went. And right now, I know there are many Americans who aren't sure if they still believe we can change, or that I can deliver it. But remember this: I never suggested that change would be easy or that I could do it alone. Democracy in a nation of 300 million people can be noisy and messy and complicated. And when you try to do big things and make big changes, it stirs passions and controversy. That's just how it is."

This message of collective action and responsibility was not lost on the small business community.

 

In this article, published by Allbusiness.com - "*Attack, Don't Wait for Uncle Sam's Helping Hand" -  small business expert and fellow Business.gov blogger, Rieva Lesonsky outlined the President's proposals for small business", she also called for a renewed entrepreneurial imperative:

 

"...we entrepreneurs cannot sit around hoping the government will make good on its promises...General George Patton once advised, ‘Opportunities do not come to those who wait. They are captured by those who attack'....and, if you are the owner of the business...that proverbial buck stops with you."

Planning for Growth: Equip and Arm Yourself Now

 

So what can small business owners do to plan for recovery and growth?

 

Touching on the key points of President Obama's address, I've compiled a snapshot of some of the existing government programs, resources and tools that you can put to work for your business today!

 

1) Small Business Finance and Lending

Recognizing that small business is key to economic recovery, the President pledged to"... take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat."

Keep an eye on this one in the coming weeks as more details about this and other pledges, such as the proposed $5,000 tax credit for small business who hire new employees are unveiled.

 

 In the meantime, take the time to assess the state of your business and take a look at these business planning guides from Business.gov to determine what you can do to give your business a boost in the short-term.

 

From a financial perspective, many of the Recovery Act loan programs introduced last year are still available for small business owners struggling with debt, read "Managing Small Business Debt - Government Loans and Refinancing Lifelines" for more information.

 

Planning for the future? Take a look at these small business loans and grants resources, including this loans and grants search tool which can help match your business needs to available government loan programs as well as prepare your loan application.

 

2) We Need to Export More

 

Pre-empting an upcoming announcement about a "National Export Initiative" that will help farmers and small businesses increase exports and expand into new markets, the President has pledged to "... double our exports over the next five years."

 

If you see exporting in your future, take a look at this "Get Started in Exporting Guide" from Business.gov - it includes videos from experienced "exporting entrepreneurs" as well as information on export basics, finding opportunities and navigating trade regulations.

 

3) A Clean Energy Economy 

 

"...to create more...clean energy jobs, we need more production, more efficiency, and more incentives." How does small business fit into the President's vision of a clean energy economy?

 

The imperative isn't just on oil companies and energy giants, small business can participate in a number of ways.

 

 

This is just the tip of the iceberg, read more from the government on how your business can adopt green business practices.

 

ADDITIONAL RESOURCES

 

President Obama's State of the Union Address - Read key points from the President's address in this abbreviated version from The White House blog.

 

Recession-Beating Strategies:

 

Financing:

 

Exporting:

 

Green Business:

 

*Note: Hyperlink directs reader to non-government Web site.

Message Edited by CaronBeesley on 02-02-2010 09:30 AM

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About Small Business Matters
Provides helpful information about a broad range of small and home business issues, taking a deeper dive into topics on the minds of entrepreneurs, and including direct links to resources that every business owner looks for when navigating the government maze.
About the Author
  • Caron Beesley has over 15 years of experience working in marketing, with a particular focus on the government sector. Caron is also a small business owner and works with the Business.gov team to promote essential government resources for small business owners.
  • Hi, I'm Sean Gallagher. I'm a business journalist and freelancer, and a consultant to Business.gov. I've been a sole proprietor for 18 of the last 20 years, working as a freelance writer and technology consultant.
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