Problem: It is difficult for small businesses in LMI (Low and Moderate Income) and HubZone areas to hire recent college graduates. It is difficult for the recent graduates to afford to work for these businesses, particularly given high student loan payments. Solution: Provide loan forgiveness for recent graduates who go to work for a small business in an LMI or HubZone area. Benefit: Reduces loan burden for recent ...more »
Simplify tax reporting. As a business owner, between state and national taxes, we file over fives different returns for a single business. You have to be a tax expert or hire outside experts just to file taxes in the right way. The barrier is very high for new enterprises with this complexity.
Reform partnership and LLC laws to encourage start-ups and collaboration across state lines. With so many new technologies making virtual collaboration so easy, ours, and many other start-ups work from across the country. Yet the forms, fees, and confusion, related to working in multiple states has made it a huge burden for us. We shouldn't have to pay an LLC fee every year to each state we have people in, especially ...more »
Problem: Early-stage startups lack cash to compensate advisors or employees. These startups frequently compensate with stock in-lieu of salary. As a C Corporation, it is difficult to avoid triggering a taxable event when compensating with stock. This is particularly problematic when the stock is an illiquid asset. Solution: Defer taxes on all stock-in-lieu-of salary transactions (whether gift or granting of options) ...more »
Prohibit the payment of Payroll taxes for one year for start-ups that employ 3 or less employees and have an annual income of $100,000 or less.
How about reducing the Federal Tax of 34%? I'm being taxed as two people, Employer and Employee, how fair is that?
Entrepreneur's who are trying to start and scale companies need more low cost yet knowledgable resources available that are easily accessible, written in an easily understandable manner and sorted so that it makes sense and the answers are easily found. I deal with thriving entrerpeneur's everyday that simply don't know WHERE to start. Or more networking opportunities online in an Entrepreneur's helping Entrepreneur's ...more »
Bring the concept of Babson's entrepreneurship dorm, ETower, into the real world. Entrepreneurial cities need to allow entrepreneurs to live in incubators. Zoning laws typically only allow artists to live where they work. Launching out of an apartment is not as effective as launching out of an incubator, but it's an added expense. Young entrepreneurs, frequently fresh out of college with flexible living requirements, ...more »
What would have really helped me get started is making the federal regulations easier to digest. As a soap maker, I had to bounce all over the web to try to cobble together which regulations apply to me - not only on the federal level, but at the state and local level as well. If there was a site that matched your business to a list of all the regulations that apply, I would be in heaven.
Offer incentives to communities and or groups of unemployed citizens to retool empty factories to produce goods here in the United States to compete with the imports and supply good paying jobs to Americans! The government could even offer incentives to Sears, Penneys, etc. for buying these American made products.
I would suggest a small tax credit for legal start up costs so a company can get off on the ground on the right foot. I work with entrepreneurs as an attorney and litigator in Austin, Texas and I see so many problems caused by improper entity formation (or lack thereof), inability to fully protect intellectual property, failing to document business relationships and using "handshake deals" and bad contracts, and failure ...more »
I have a thought: there is a certain set of things that every small business owner has to (or ought to) address in the very first stages of business development, such as registering the business, consulting with an accountant and an attorney about everything from liability to employee status and business structure, and some other often pricey professional services. And very frequently, the costs are too high and new business ...more »
Empower the SBA to give more of a voice to small businesses, especially with lobbying. Tax incentives for small businesses; make small biz loans more accessible, allow small biz owners to take unemployment if needed (or some other safety net).
Make it easier for foreign entrepreneurs to relocate to the US or for foreign students to stay in the US and start companies. See Act here: http://kerry.senate.gov/press/release/?id=4e6a51f6-fb2b-4212-b299-b0c46c7e6b58
Most SBA loans are difficult to obtain and take forever, and VC capital typically ins’t interested in funding anything for under than $5M USD; Angel investors have picked up some of the slack, but if the SBA started a micro-lending program, it could accelerate the growth rate of innovation.