Donald Trump told Larry King, just this week that, “They’re great times, as an entrepreneur. I don’t think I’ve ever seen better times as an entrepreneur. But the world is a mess, and the country is a mess… This is a time for entrepreneurial people.”
In March, President Barack Obama promised that the government would increase its guarantees on loans administered by the Small Business Administration. Obama said, “Small businesses are one of the biggest drivers of employment we have. This (more loans available to small businesses) is going to be a first step to help entrepreneurs.”
The plan specifically calls for re-implementing the Reinvestment and Recovery Act, which will then increase federal backing of SBA-guaranteed loans from 75 and 85 percent to 90 percent across the board. The plan also waives up to $75,000 in fees that that borrowers usually pay for the loans.
It is just this simple: someone will be making money during this down economy. There will be visionaries and entrepreneurs who find a way to use the current economic situation as a springboard for building a successful new business or growing an existing one.
Who Will Be the New Entrepreneurs?
According to a recent study conducted by Intuit, (the makers of Turbo Tax and Quick Books) with the help of the Institute for the Future, today and tomorrow’s new entrepreneur will include:
- More women.
- More diversity, including more immigrants to the US.
- More one-person businesses with no employees. Known as personal businesses, these entrepreneurs represent an important segment of the US economy.
- And more people who have sought education in the skills of entrepreneurship, whether through a business school, college program, or targeted training such as the educational opportunities provided by The Obvious Expert.
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