In our most recent post, we discussed the most endangered species of all; Entrepreneurs. This post if the follow-up.
It has often been said that the business of government is Business. The American Entrepreneur is the symbol of progress and success. It serves as the engine of our economy. Yet, is threatened with extinction. What can policy makers do, or not do, to encourage entrepreneurial efforts in this new decade? Here are a few recommendations.
First, reduce the pressure on taxpayers (Small Business) by drastically reducing Federal Spending. By doing so, the demand for more tax revenue is diminished. In addition, more capital is available for small businesses to use in growing employment.
Second, completely revise the tax code to encourage entrepreneurs to innovate and create. The current tax code punishes achievers and forces them to bear an inordinate share of services. Small businesses are forced to support millions who contribute little to the cost of services.
Third, eliminate useless federal regulations and remand control of business to the individual states. This fuels competition between states and promotes creativity and innovation.
Fourth, enforce employer compliance to hire only workers legally here to work.
Fifth, encourage state and local school administrators to engage local business owners to create education platforms that prepare local graduates for responsible work.
Sixth, allow small businesses to pool risk (Health Insurance, Life Insurance, etc.) with other small businesses to reduce benefit costs.
Seventh, enact tort reform to stop encouraging people to use small businesses as their own personal lottery. There is already so much risk involved in starting and running a small business. Individuals need to be discouraged from bringing frivolous actions against small business. This type of defensive management drives up costs and restricts the number of employees a business can hire.
We must act to protect this species. Without it, our society will be missing an integral part of the economic engine, and that’s a part we can ill afford to lose.