SBA Encourages Young People to Start Businesses
With unemployment rates exceeding 16 percent, the U.S. Small Business Administration (SBA) is encouraging young people to start businesses instead of toiling away with job searches. Americans ages 24 and younger have the highest unemployment rates, yet they often have the most drive and ambition to make a small business successful. However, with the start of any new Utah business come questions regarding business formation and organization.
The White House and the SBA recently partnered to announce a new program called the Young Entrepreneur Series (YES), which is designed to connect aspiring entrepreneurs with SBA officials, local business advisors and resources to help them start their own small businesses. While young entrepreneurs often lack the business experience to create successful enterprises, the SBA believes that providing information about microloans, business counseling and training, are useful to aspiring business owners.
In explaining the reasons for the series, SBA Deputy Administrator Marie Johns explained, "There is such a lack of awareness of the resources that are out there among young people. We need to grow the economy and create more jobs in this country. We need everyone who may have a dream or an idea to go out and do it." However, critics believe that even if a young person manages to create a business, their new job may leave something to be desired. In addition to dealing with high failure rates, studies indicate entrepreneurs typically work longer hours and have fewer benefits than company employees.
Johns also cautioned that running a successful small business is not easy. It may only last for so long, but entrepreneurs will learn important lessons in the process, that will help them in other businesses later in life.
How You Decide to Organize a New Business Can Affect Future Liabilities
After deciding to start a new business, you must decide how best to organize the new business. A Utah business law attorney can help you make the right decision. Tax and benefit liabilities and well as daily organizational issues need to be addressed right away.
Entrepreneurs in Utah are also encouraged to learn about the state's requirements for licensing, insurance protections, corporate governance and other business development provisions. An experienced business law attorney can help in creating (and maintaining) a successful enterprise.
