How can the next president better help small business and entrepreneurs thrive?
Answers (1,442)
Just like Tiger Woods or Bret Favre everyone needs a seasoned coach to keep them focused, develop core values and stay on track. There is a brain pool of retired experienced baby boomer's like myself that will be looking for things to do. In addition they will want to leave a legacy and make a difference for their grandchildren and community. Why not do like they do in sports, and start the recruiting, grooming and training, & coaching early. Let’s have every retired business person adopt and coach a young entrepreneur. The funding should go to a worldwide web exchange that is tied into the (2 year) technical colleges, high schools, junior highs and universities, businesses, local, state & federal governments and retired executives/business people for the sole purpose of creating, assisting, and training, an independent self sustaining small business person/persons that produces products or services. The funding would be incentives for all these groups to create an incubator entrepreneurial environment. When you can apply learning to real life where you are actually working & learning how to run your own business in real time, you will have intrinsic motivation. School will have meaning and be fun. The ecommerce or internet concept would be a G to E to B to R to C system. (Government to Education to Business to Retired Executives to Consumer). The world is flat and anyone with an idea, computer, internet service, proper training & a small investment can have a business competing globally in one day. Our motivated kids would be leaving school with real survival tools for our new flat world.
Hello Senator,
I could see almost a 1000 answers for your question. Since I have not read any of those at length, I would not know if some of my suggestions were mentioned earlier. However, I will try my best to be creative and will be happy to answer any related questions that you may have. Here are my two pennies
a) Set up "Business Clinics" across the country with an ambitious aim of providing the required funding and incentives for anything that is not tried and tested. We want leaders not followers. These "Business Clinics" should be run by entrepreneurs themselves who have the vision to make things happen. Make them responsible and accountable for the committed targets. Follow the "Carrot & Stick" policy.
As you would realise, there is more to the "Business Clinic" concept. Pls get in touch with me to know more
b) Remove bereaucracy from the system. I see this as the biggest bottleneck in any governance. Get into the world of E-Governance where information should be at your fingertips. Engage best of the best IT companies to come out with solutions. If Senator would like to see small business and entrepreneurs thrive, he has to pave way for simple and faster solutions - Can you beat technology or electronicism in that field ? No way !!!
c) Management by business - Senator, it is your government. It is your business to make sure that every business runs profitably. It is your management that is at stake. If you have to manage this, manage it like a business...
For now, I stop with 3 points really. I have a few more in mind but do not really want to spill the beans out all at one go...Anyways, all the very best !
Allow chlild care to be 100% tax deductible to Small Business owners. When starting a small business, one of the most important considerations an individual takes into account is how they are going to keep their own "financial house" in order. As a result, when one opens a small business, their spouse becomes an equal partner - often by ensuring they have a job that provides adequate healthcare for their family. For people with children, this of course requires that they have adequate childcare.
When opening my business, it struck me as very odd that if I hired an administrative assistant for example, their wages are of course entirely tax deductible. Yet, when employing a childcare provider, only a portion of their salary is deductible. Considering that hiring a childcare provider is giving employment to another individual, and requires payment of the 7.5% FICA tax, their salary should be entirely tax deductible in the same way any other job created by my business would be. Indeed, many small business owners would likely consider this the first and most important hire they would need to make.
Allow small companies the ability to advertise openly that they are seeking investment without violating SEC regulations.
Senator Barack, sir, what kind of protection would you consider to prevent exploitation of cheap labor overseas from inhibiting entrepreneur growth?
Cheers
Vonda
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Vonda C. Alexander
vonda.alexander@gmail.com
http://www.Employmentavenue.net
Ivan S
Writer and editor in financial services and information technology
Best Answers in: Advertising (1), Planning (1)
Suppose the next president enacted legislation granting tax-code simplification for small businesses and entrepreneurs along with low-cost, universal health care. Sounds like paradise for small business, no?
Well, maybe not. Here's one scenario:
1. Lowered barriers to entry for startups. If you operate a small business now, you do so despite the obstacles and the risks. Success means working on your own terms, while failure means you have to take a company job until you can try again. Lowering the risk will lead, on average, to larger numbers of competitors and lower returns for risk-takers.
2. Exodus from corporate life. Currently, someone working at a company thinks twice about leaving a safe job for an unknown cash flow. To the degree that you reduce the risk of leaving, you'll see the most talented people heading for the exits to start or join small businesses.
3. Baby Boom neutron bomb in the workplace. Extending on point #2. Many boomers still working need the health insurance for their families, but the second they get a chance to switch to part-time in order to take up painting, long cruises or playing with the grandkids, they'll take it.
4. Wage inflation. Faced with an accelerating exodus of workers, companies will raise salaries, lobby for higher levels of immigration, or both. In the short term, it won't be enough, leading to increased offshoring of high-skilled positions, reduced competitiveness relative to non-U.S. firms, or both.
5. Price inflation. Following #4, and keeping in mind that companies will have to hire as freelancers (at higher rates) their former employees, there will be upward pressure on prices.
6. Equilibrium. Eventually, the increased competition in small business will push the less-capable players out of a very competitive and innovative entrepreneurship-based small-business economy. But unlike now (where, as noted earlier, failure means getting a corporate job), Corporate America will have been hollowed out, the major players overseas hiring only the best and brightest.
Policy recommendation:
Complicate the tax code, keep entrepreneurship risky, and lower the cost of failure by making sure that big employers stick around to catch the falling stars.
Rajib Lochan M
Sr VP, Technical & Projects, IPTV, CableTV, DigitalTV, HITS, MobileTV, STB, Broadband, VoD, iTV, VAS, CAS, FTTx, IP, NGN
Best Answers in: Facilities Management (1), Business Development (1), Starting Up (1)
Dear Barack,
It is technology, which has brought us so close to communicate so openly. It is technology, which comes from human beings, the thoughts, ideas, and the implementing the whole things to work amazingly for the growth of human beings.
Your question has lots of values and if one thinks it in different angle, it is to bring more such new ideas to live. Most of the ideas are wasted because of lack of funds or right approach. Thinking of the small business and entrepreneurs, you are in the right direction to bring others people to equal rights and opportunities.
In my humble opinion, the root cause of these companies/ entrepreneurs failing within 1 to 5 years is mainly because of fund and cash flow. If something can be done to fund these companies, to whoever comes with plans to start his/her business need to be assisted to take it further to bring the company/entrepreneurs to the successful floor. The team/department has to be created to study the plans, ideas, projections, and grand the fund based on this to start immediately. Of course the same team will have to monitor the activities of such small company/entrepreneur.
This is one of the best ideas, I have seen coming from a presidential candidate from any country. If things are taken positive and planned accordingly, the empty minded people can get jobs, and people think in a positive direction than devil minded. When there are opportunities to each and every person, and people are engaged to work, there will be lesser people with devil mind, and we see growth and a peaceful world.
I wish you good luck, and come with flying colours to keep your promises and words for the people.
Yours Sincerely,
Rajib lochan Mahalik (raj_mahalik@yahoo.co.uk)
http://www.linkedin.com/in/rajiblochanmahalik
http://www.ecademy.com/user/rajmahalik
http://www.viadeo.com/personalinvite/002193wrut0xbfcn
https://www.xing.com/profile/RajibLochan_Mahalik
http://www.facebook.com/profile.php?id=895985084
Increase the cap on H1B visas and make it easier for qualified professionals to get green cards.
Focus on local economies. Help open international markets for US professional services, consulting, and technical support firms. Position US as the global export leader of high value services.
Help local service providers better serve large corps with local market tax breaks for individuals and businesses buying services.
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Our next President can proportion more tax dollars contributed to small businesses since they account for the largest percentages of all business sizes. Funds can be distributed to provide more programs to educate on how to save and invest money and how to increase business. It's common knowledge that 90% of most business fail in their first year. Although reducing taxes and health care are nice, educating people is more important. As a famous Chinese proverb says "Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime".
By sticking to proven personal core values and mapping those to small and medium business.
Having had the privilege of working in various locations in the world; I was impressed when living in Atlanta that (as in my native Africa) folks one came into contact with were considered neighbours (or even neighbors;) This was refreshingly similar to an African society after living in England where my neighbours were considered to be those with a house to the left and right of mine
In a business sense if the President can offer leadership to help break down barriers, to recognise that nurturing that which is small and promising could lead to great things; that self-interest may be better served by global growth, despite borders, making for larger and more vibrant markets. Deploying aid to help growth, rather than merely helping survival (laudable though that is).
In the business sense, let small business within America, and small bushinesses globally, see American leadership and administration as a good neighbour, facilitating growth and redrawing boundaries, not just enforcing old and existing boundaries to the perceived benefit of established businesses.
My $0.02 worth stimulated by the question (and not having had time to read all responses :)
Best wishes
Stef
Just a thought...Imagine a "free zone incubator" in various cities throughout the country where taxes and certain regulations are reduced or even eliminated for a certain "incubation" period of time and then are guided by private businesses (services/legal/accounting/marketing,etc) who bid for such work to get them running in the land of the free...sorta like the good old internet days...
Mr. Obama,
Thanks for asking.
Three solutions come to mind:
1- Offer accessible Government Grants and Loans to help small business owners get started.
2- Create a zoning law against large businesses duplicating services/products in the same zipcode as a small business.
3-Assess a flat tax to small business owners - a set percent of their annual profit.
PABLO A. A
Innovation, Internationalisation, Mobil(ity). Travel, Tourism. Europebased worldwide.
Foresting small companies networks. Regards from Europe, P
The US president could significantly improve small business conditions in the USA by these four actions:
- remove or reduce barriers to trade that are currently existing between the USA and other countries. The USA is an ultra-protectionist economy. This was built up to save jobs but had the adverse effects of lowering product quality as well as increasing the prices of goods (which lowers the value of people's revenues).
- improve massively the US infrastructures. Energy and transportation infrastructures are in an alarming state in the USA. This dramatically hampers small business which is relying heavily on these infrastructures.
- last but not least, US tourism (which feeds many small US business) has been badly hurt by several US recent policies. These are some specific (abusive) anti-terror laws, which make entering the US territory a very unpleasant experience for many, but also the perception by many around the world that the USA is becoming an arrogant, imperialistic police state. This is obviously an overreaction, but which is fueled by facts and actual US regulations.
- deeply change the healthcare system. The USA have fantastic doctors and hospitals (maybe the best in the world). Despite this, a huge part of the US population has poor or no access to proper healthcare and those who have are paying outrageously high prices for it. This puts the USA at a lower rank in the World Health Organization list than a country like Portugal. More importantly for small business, it means that people have to dedicate a higher part of their revenues in unnecessary health costs when they could use this to consume goods, leisure or services in US small business...
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Reduced paperwork, more incentives ( less tax ) is the obvious answer.
But how about improving their cashflow by the simple expedient of making their clients ( usually large companies ) legally have to pay bills to small companies within 3 months.
"Ask not what your country can do for you ..." may sound corny. But I still believe in supporting small businesses that try to combine economic success with social responsibility. Check out Tom's Shoes for an example. Are there more ways to help enable and encourage small businesses to participate in programs like this?
Good luck!
Lane
Links:
Stephen B
Technical Business Analyst
Best Answers in: Education and Schools (2), Using LinkedIn (2), Personnel Policies (1), Change Management (1)
To quote from a former UK Primeminister: "Education, Education, Education"
Not just the kids though.
Big businesses can afford to train their staff, they have the funds and they have the capacity that if someone is out of the office for a week other people can pick up the work. Small businesses don't, if they have 10 employees then they probably need 11 to be at work. Promoting ongoing education (free or at least with some sort of subsidy) will greatly help not just small companies and entrepeneurs but also the country as a whole. A well educated population tends to be more productive and more active in general, they also tend to be more aspirational and can-do, when they know there's somewhere to go they want to make the trip.
Good luck on '08
Stephen
Understand the global workforce better. Wide scale collaboration and communication technologies drive the successful business model today, both locally and internationally by leveraging global knowledge transfer. This allows innovation to become faster, more reliable and less expansive. Businesses around the globe should be under a common base of guidelines / legislation such that we create value, not under cut one another.
Perhaps by appointing you as her Vice President
Incentives to small business to develop in areas that have been hit hard by the mass exodus of manufacturing. Forward thinking in promoting small businesses within the technology, healthcare and environment segments. Access of universal health care initiatives allow owners of small business to expand their employee base.
Increasinig worldwide cooperation, supporting mutual openness of european and american economies,enforcing strong antitrust rules, removing obstacles to R&D private investments (and their cooperatin with universities),taking people as whole, consumers,citizens,business actors as reference and not single classes or cathegories.....Making education and spreading of innovation the cemter of our growth
Foresure also law and order enforcement in critical area is important
clearly going vacation
Mister future President, I think that there are three simple things you can do to help this.
Firstly, foster an environment in which American small business, entrepreneurs and workers will be on a level playing field.
My dad and his generation had the attitude "Buy American." "Made in the America" was something to be proud of and we bought American not only for the superior quality but also because it was employing Americans. A simple premise, but my father's generational attitude has largely disappeared in the current generation.
Corporate America has in many cases moved business operations and manufacturing offshore under the guise of "free-trade" or "sustainable development." These concepts are good and worthy when initated properly and for the right reasons. However, they have often become catch phrases for, in essence, cost cutting. In many of these countries, corporations avoid environmental regulations and paying workers equitable wages. They would not be able to do this in the US.
American small business, entrepreneurs and workers can more than compete when on a level playing field.
Rather than relying on tax cut initiatives, as many other postings to your question suggest, I would suggest putting in place and enforcing minimum standards for products entering the country.
Secondly, the infrastructure in the country continues to erode. To be highly competitive in the world today requires an educated workforce. This is only attainable with adequate infrastructure. Please work with business to identify the skills that will be needed in the coming decades to re-invigorate American manaufacturing and work with educators so that we are providing young people the educational training necessary to obtain these jobs.
Lastly, continue to invest in advanced technologies and provide protection to American companies' patents. America continues to be the world's innovator in technology with more patents awarded to Americans and more nobel prizes awarded to American scientists than any other country.
Mister future President, foster an environment that provides these three things ( a level competitive business environment, a superior education system, and investment in technology) and small business, entrepreneurs and workers will flourish and "Buy American" and "Made in America" will become common phrases in the country again.
Ensure a level laying field in the legal system, in the protection of patents and copyrights, in the subsidy allocation system between SME's and large corporations
SME's can outsmart BIGCo's anytime, as long as their management time and financial resources are not eaten up by ensuring enforcement of their rights and lost in paperwork.
Mark van Huijstee (3dg - Concepts to profits)
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Mark V also suggests these experts on this topic:
No Tax for the first 3 years of business. and a rebate on tax on each hiring.
Links:
Policy has to be adapted to the change which has occured in the global economy. Efficiency is the key; it is not so much about money any more but more about response time... Please read the web resource and feel free to connect... I'm available to discuss any time...
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Answer: He ask the Danish Prime Minister to loosing up on the demand for adminitrative burdens for the newly settled businesses. We are not in business to do adminitrative work for the government - we in business to do business with the americans ;-)
Clarification added September 13, 2007:
Yours Ken (from Denmark)
James Frederick B
Photographer in Austin TX; Medical Imaging consultant; James@jamesfbland.com
The USA has the second highest tax rate on business in the world. We must stop the social engineering, change, and simplify the way business and individuals are taxed. Taxes have become the currency of the Congress. If we are to be taxed, it should be paid by all as a condition of citizenship, with the exception of those who are the most in need. [Minimum income exemption of $40K or a consumption tax]. People would save thousands of dollars by just avoiding the need to hire accountants and lawyers to understand and file taxes.
1. Reduce and simplify the regulatory burden
2. Simplify the tax codes.
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