SBA launches 2014 National Small Business Week | FYI | Selective
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5/14/2014 - SBA launches 2014 National Small Business Week

For more than half a century, America has been officially celebrating entrepreneurs through the annual Small Business Week.

With 99.7 percent of the country's employer firms made up of small businesses, entrepreneurs and their companies are the lifeblood of the U.S. economy. And, for the next week, the small business will take center stage.

For the past 51 years - after being formally recognized by President John F. Kennedy - the country has celebrated National Small Business Week, which honors the accomplishments and achievements of companies that serve a vital interest to America's economic framework and consumers' daily necessities.

"Small businesses represent an ideal at the heart of our Nation's promise - that with ingenuity and hard work, anyone can build a better life," said President Barack Obama in the White House's official National Small Business Week proclamation. 

He added that 50 percent of U.S. adults are employed by small businesses, which create two out of every three of the country's new jobs.

From May 12 through May 16, national celebrations and events will take place from coast to coast, including in San Francisco and Boston. For those who can't attend but would like to take advantage of some of the festivities, a number of webinars and online events will be available through the U.S. Small Business Administration's website. 

Planning and entrepreneurship go hand in hand
In order to thrive as an entrepreneur, organizations need to plan accordingly. At SBA's website, business owners can create a strategy that maps out what they want to accomplish both in the short term and long term. Additionally, there's an online tool that allows users to get an idea of who and what their competition is in their area. Known as SizeUp, it helps managers see how their company "stacks up" to contemporaries within their industry.

Based on SBA numbers, approximately 1 in 3 business establishments survive 10 years or more. What can have a heavy influence on companies' sustainability is the appropriative business owners insurance policy.

"Starting your own business is exciting, but it's also hard work and involves planning and making key financial decisions," said Loretta Worters, vice president for the Insurance Information Institute (III). "Along with choosing location, logo and letterhead, you need to think about financing and determining the legal structure of your business, and writing a business plan, which includes having the right type and amount of insurance. 

III has a web video that provides entrepreneurs with the information they need to know about small business insurance so they can be prepared for the unexpected.

Selective offers a comprehensive suite of coverage-related services to thousands of companies, including hotels, aging services, professional offices and restaurants, just to name a few. For more information, contact a local Selective Agent.

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