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Senate Commerce Committee Statement to Senate Joint Resolution, No. 30 (October 22, 2020)

Summary

A statement of the Senate Commerce Committee to the Senate on Senate Joint Resolution No. 30 of the State of New Jersey, dated October 22, 2020. The committee reports the joint resolution favorably. The joint resolution designates the second week of June of each year as "Kids Entrepreneurship Awareness Week." The statement says that young people rarely receive information about business ownership as a career option and that New Jersey parents, teachers and community leaders should work together to prepare the State's youth. It states that the Legislature and the Governor can help ensure that the future of entrepreneurship in the State is defined by innovative and confident business leaders.

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“Senate Commerce Committee Statement to Senate Joint Resolution, No. 30 (October 22, 2020).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-10-22-scm-sjr30-s1-160ac99b7b/, SHA-256 9880b34fbf7197ad3f65a8408102099a23d2aba9f7b791840eaa28b1515217c6.

Full text

     SENATE COMMERCE COMMITTEE

                   STATEMENT TO

 SENATE JOINT RESOLUTION No. 30

 STATE OF NEW JERSEY
                   DATED: OCTOBER 22, 2020

    The Senate Commerce Committee reports favorably Senate Joint
Resolution No. 30.
    This Joint Resolution designates the second week of June of each
year as “Kids Entrepreneurship Awareness Week.”
    Entrepreneurship is the capacity and willingness to develop,
organize, and manage a business venture, along with any of its
risks, in order to make a profit. Through the power of ownership,
entrepreneurs are their own bosses, free to design jobs that are the
most        fulfilling,    flexible,     and      meaningful      for
them. Entrepreneurship holds great potential in establishing an
individual’s pathway to wealth and prosperity, particularly for
people in low-income communities.
    As small business owners, entrepreneurs also play a significant
role in driving America's economy and building its
workforce. According to the U.S. Small Business Administration,
the nation’s 25.8 million small businesses employ more than 50
percent of the private workforce, generate more than half of the
gross domestic product, and are the principal source of new jobs.
    Despite the many benefits of entrepreneurship, young people
rarely receive any information about business ownership as a career
option or any formal education on how to achieve such a goal. This
lack of focus on entrepreneurship education may be the reason why,
according to the Ewing Marion Kauffman Foundation, New
Jersey’s rate of start-up growth dropped from 64.89 percent in 2015
to 51.52 percent in 2016, ranking the State 20 th among the survey’s
25 evaluated states.
    Many experts believe that the skills of entrepreneurship must be
developed over time through experience and instruction. Therefore,
it is vital for New Jersey parents, teachers, and community leaders
to work together to prepare the State’s youth to be responsible,
enterprising individuals, immersing them in real life learning
environments where they can take risks, manage the results, and
learn from the outcome. The lessons of entrepreneurship also
include highly transferable skills sought by all employers, such as
time management, leadership development and interpersonal
competency, so those lessons are meaningful for all children, not
just future entrepreneurs.
                                 2

   New Jersey legislators and the Governor are uniquely positioned
to lead the effort to educate our State’s youth about the possibilities
of a career in entrepreneurship and the skills needed to run a
thriving business. In doing so, the Legislature and the Governor
can help ensure that the future of entrepreneurship in this State is
defined by innovative and confident business leaders who are
capable of advancing successful careers that contribute to New
Jersey’s economic growth.

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