Entrepreneurship is very popular in the US with over 500,000 new business enterprises started each year. The impact on the economy, however, is much bigger because those start-up businesses create jobs - a lot of jobs - over 3,000,000 new jobs to be exact. In a booming economy, that number can reach 5,000,000 new jobs.
Half of all start-up business owners are 50-88 years old, 33% are 35 to 49 and only 16% are under 35. Half of all start-ups form as S Corporations with only a quarter seeking LLC status. More than two-thirds of businesses are started at home.
The biggest myth of entrepreneurship is that you can get a "government grant" to start a business. That is truly a myth - the government does not and cannot give you money to start a business. In addition, no bank will give you a loan to start a business unless you have significant personal collateral to back it up - and then it is a personal loan, not a business loan.
Why do businesses fail you might ask? Mostly because of a lack of managerial experience. Just because you have been a waitress for 20 years does not mean you know how to manage a restaurant. A SCORE Mentor can help small business owners by either "starting smart" or "growing smart".
FEATURED IN THIS EPISODE
Richard Calcote is a CPA with a Masters Degree in Accounting and an MBA in Finance. He grew up in Brazil, Chile, Argentina and Peru and speaks fluent English and Spanish. He has spent his professional life as the CFO of major corporations as well as being an entrepreneur with his own CPA firm.
Dr. Michael Patipa
Michael Patipa is a noted surgeon having received his MD from the University of Miami after graduate work at the Brussels Medical School in Belgium. He is also a serial entrepreneur with a half dozen patents, he sits on the board of several healthcare corporations and is a successful tertiary care Oculoplastics surgeon.
John Turgeon has been a banker his entire career starting after receiving his degree from Florida State and later an Executive MBA from Emory University. his career was spent with SunTrust Bank rising from a Management Associate all the way up to the Corporate office as the Chief Operating Officer.
SCORE Palm Beach
SCORE Palm Beach is a non-profit whose mission is helping local small businesses, startups and entrepreneurs grow and thrive by offering mentoring, workshops, business consulting and counseling services, networking opportunities, events and partnerships within the Palm Beach / South Florida business corridor.
SCORE-ing Your Business's host Penny Pompei served as Chapter Chair for our local SCORE Palm Beach, located in beautiful downtown West Palm Beach.