The more serious entrepreneur...are we ready?

Small business, entrepreneurship though not synonymous are the trend that's been developing for some time now. People who have seen what their parents went through when their parents lives rattled along like a speeding train without much input of what choices they would like for their lives are saying no more. We want choices in life and will not live like they, our parents, did.

Some opt for the path of self-employment where they believe that whatever the outcome, it was their choice. They had a say in the matter. Still, others who are even more creative want to create lasting life-changing legacies. Whatever the choice they make, they share a common bond. They are frustrated by the financial systems.

Many of these business people are not just going to the financial institutions hand in glove to beg for an opportunity, but are using the information that they've gained over their lifetimes go approach the funding agencies better prepared.

These business people have done their research, they are armed with business plans (which they paid for), they are putting together leadership teams (not being the one-man operation), they are seeking information about doing business right. Yet, some financial entities are painting them all with a broad brush used from times gone where the financial assessment methods seem obsolete. Sure the numbers are calculated correctly, but the finance entities rather than structuring the entities to succeed, instead seem to sound the death knell before the entities are started.

Entrepreneurs are tokenized by competitions which speak to innovation, and yes we read about the prize winners who came through the process, frustrating as it was. But then what, where are the businesses of the winners today? Were they taught how to use the prize money to accelerate their businesses? It is almost like so much focus is placed on the wedding, there's no councilling for the marriage.

The criteria need to evolve. Gone are the days where business owners will have large amounts of collateral. They do have more sound backgrounds and exposure to education. They need information that is accurate and timely from the governmental agencies with which they have to register. The systems of incorporating an entity need to become more efficient. Registering a charity/not for profit, the process can be simplified.

Our environment has changed but we're working with outdated models for doing business. Let's wake up and do better as a people so that we can build a better nation and expand our borders. The term business banker does not mean just interacting with the business community, but having knowledge and competence about what is required to gear a business towards financial and operational success.