The Gift of Entrepreneurship

By SBE Council at 20 December, 2022, 12:09 pm

SMALL BUSINESS INSIDER

by Raymond J. Keating –

Christmas is a season for giving. And make no mistake, entrepreneurship is a gift to our economy, and it is the gift that keeps on giving. And what about gifts for entrepreneurs?

No matter the personal motivations, in order to succeed, entrepreneurs must fulfill the needs or desires of customers, and/or create new demands, and they need to do so in improved and/or more innovative ways than others in the marketplace. The undertaking of entrepreneurship, including the investors who provide essential funding for startups and business growth, is central to spurring economic, productivity, income and employment growth forward.

For the entrepreneurs themselves, while they confront considerable challenges, risks and uncertainties, the rewards can be enormous. Those rewards can be financial, but they also include personal fulfillment, increased enjoyment of one’s work, greater control over decisions and one’s career, more independence, and many others.

Encouragement and Support

Given the opportunities that come along with being an entrepreneur, among the gifts that family members and friends can give entrepreneurs and budding entrepreneurs are encouragement and support.

Yes, many entrepreneurs turn to family and friends for early funding of ventures, and the fact that so many family and friends come through is significant, and worthy of praise and appreciation. At the same time, though, many entrepreneurs are all too familiar with family and friends who actively discourage individuals from choosing the path of the entrepreneurship.

Talk to entrepreneurs, and more than a few will acknowledge that family and friends did more to discourage than encourage them in pursuing their entrepreneurial dreams. It’s not unusual to hear entrepreneurs noting that there are family members who don’t really get the entrepreneur thing.

So, here are some ideas for simple Christmas gifts for entrepreneurs from the friends and family members who don’t really get the entrepreneur thing but have important people in their lives who want to startup and/or build businesses.

● First, encourage rather than discourage.

● Second, try to understand that there will be ups and downs for any small business owner, and try to help the entrepreneurs in your life through the inevitable downs along the way – and certainly don’t say “I told you so.”

● Third, ask them what they might need, such as helping with the costs of a laptop, software, marketing materials, and so on.

● Fourth, if you know people who have built their own businesses, and those individuals are willing to provide guidance and advice, introduce those individuals to the entrepreneur in your life.

● And fifth, if you’re able and asked, make an investment in the business of this person you care about, thereby, showing that your support of their dreams, efforts, career and passion is serious.

Yes, entrepreneurs provide invaluable gifts to the economy – and that means to all of us either directly or indirectly – and the non-entrepreneurs in their lives can provide gifts that can make a real difference in the life and work of those entrepreneurs.

Raymond J. Keating is chief economist for the Small Business & Entrepreneurship Council. His latest book is The Weekly Economist: 52 Quick Reads to Help You Think Like an Economist.