Biz tip of the week: Resources for millennial entrepreneuers

Nearly a quarter of all new U.S. entrepreneurs come from the 20-34 age group, according to the Kaufman Foundation’s Index of Entrepreneurial Activity. And millennials account for 153,262 people or 29 percent of Pima County’s population, county statistics show.

Caron Beesley, a small business owner, works with the SBA.gov team to provide this list of resources for the next generation of entrepreneurs, small business owners and job creators:

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• The SBA’s Young Entrepreneur Guide (tinyurl.com/ketxuxp) offers a great place to get started, including online business planning tools and a free course, “Young Entrepreneurs: An Essential Guide to Starting your Own Business” (tinyurl.com/z5a8rop), that walks you through turning your idea into reality.
• Get advice, counseling and mentorship from someone who’s walked in your shoes. The local Southern Arizona Chapter of SCORE hosts regular free workshops in Pima County and provides free one-on-one mentoring that helps you get your business off the ground (mentoring@scoresouthernaz.org or call 505-3636).
• The SBA and the White House partnered last year to launch My Brother’s Keeper (whitehouse.gov/my-brothers-keeper) to help young people harness their talents and to learn entrepreneurial basics and financial literacy.
• Other local resources include the Small Business Development Center (335 N. Wilmot, Suite 410, 620-1241), Business Development Finance Corp. (335 N. Wilmot, 623-3377), and the Microbusiness Advancement Center/Women’s Business Center (330 N. Commerce Park Loop Suite 160, 620-1241).
• If you need capital to start your business, check into the SBA loan programs (tinyurl.com/hc4lywu), business lines of credits and small, local, business-friendly banks and credit unions. A surprisingly large number of small businesses get started with money from those they know well: friends and family. Crowdfunding offers another resource for funding. The SBA offers resources into how to do it: “Introduction to Crowdsourcing” (tinyurl.com/ocpr3gb) and “Crowdfunding Sites: Top 3 Tips to Get Funding Once and For All” (tinyurl.com/jbpu8rt).
• If your federal student loan debt is holding you back, find out how the Income-Based Repayment Plan (tinyurl.com/kfquakt) can help you lower your repayments.

See tinyurl.com/hyo5xqc for more details.