In a November 2020 article, Entrepreneur asserted that the American Dream was still alive. The author, Kim Perell, further proclaimed that “now is a great time to start your own business”. She offered both tips and warnings to readers seeking to do just that during the challenging times following the pandemic. Motivating prospective new business owners, the author asserted that at the time of the posting of that article, “Americans [were] starting new businesses at the fastest rate in over a decade.”
This November, as we celebrate another National Entrepreneurship Month, interest in starting new businesses continues to remain high. Census.gov figures found using the Business Formation Statistics Data Visualization Tool support this assertion.
See the chart shown below. It displays a graph of new Monthly Business Applications in Pennsylvania (2005 – 2021). This graph, copied from the Business Formation Statistics site at Census.gov on October 21, 2021 (click here to view on the U.S.Census Bureau website), demonstrates that the number of new business applications submitted in recent months far exceed what was seen prior to the onset Covid-19. To explore Census.gov statistics for yourself, visit https://www.census.gov/econ/bfs/data.html
Maybe you, too, have been dreaming about becoming one of the nation’s newest entrepreneurs. What does it take to make that happen? A Forbes article titled “How to Become an Entrepreneur” provides some guidance. It recommends taking the following actions:
• Conduct research (to learn what it means to be an entrepreneur)
• Evaluate the risks
• Pick a business idea
• Test your ideas
• Raise money.
The Library is a great place to do complete many of these actions.
Start by exploring our catalog. It is filled with books like the following:
Read digital versions of magazines such as Forbes and Entrepreneur. (Forbes can be found in Flipster and Entrepreneur can be found at Overdrive.)
Explore our databases for reputable articles. I found the following using Gale Power Search:
“Entrepreneurship Leading the Frontier for Adaptation During the Pandemic”
Need help creating your business plan? Check out the examples offered in the Business Plans Handbook volumes. The Library provides access to digital versions in Gale eBooks. See https://www.dcls.org/ebooks
For those of you who need to conduct market research for your new venture, examine the resources and tools offered by Data Axle Reference Solutions. What is Data Axle Reference Solutions? It is the “premier source of information for reference and research.” You can use it to create mailing lists, research competitors, discover business news, explore demographics, or find jobs or business opportunities. A library card, PIN, and internet connection is all that is needed to use this valuable resource. Find Data Axle Reference Solutions at https://www.dcls.org/businesstools
Once you have done your homework, and are ready to get started, check out our Business & Investment Tools page for even more great resources. Look for links to Small Business Resources like PA Business One Stop Shop and SCORE. They provide guidance on creating small businesses in Pennsylvania. I wish you much success!
Cremades, Alejandro. “How to Become an Entrepreneur.” Forbes, 25 May 2019, p. NA, https://www.forbes.com/sites/alejandrocremades/2019/05/25/how-to-become-an-entrepreneur/?sh=685f8f968a6c . Accessed 27 Sept. 2021.
"Entrepreneurship Leading the Frontier for Adaptation During the Pandemic." Business World, 30 Aug. 2021, p. NA. Gale OneFile: Business, link.gale.com/apps/doc/A673681479/GPS?u=pl3414&sid=bookmark-GPS&xid=6a936a2a. Accessed 21 Sept. 2021.
Perell, Kim. “The American Dream is Still Alive: Now is a Great Time to Start Your Own Business.” Entrepreneur, 4 Nov. 2020, https://www.entrepreneur.com/article/386772. Accessed 21 October 2021.
Submitted by: Ann Marie Megoulas, Information Services