Senate Commerce Committee Statement to Senate Joint Resolution No. 30, New Jersey, October 22, 2020

Summary

In a statement dated October 22, 2020, the New Jersey Senate Commerce Committee reports favorably on Senate Joint Resolution No. 30, which would make the second week of June each year "Kids Entrepreneurship Awareness Week." The committee writes that, according to the U.S. Small Business Administration, the nation's 25.8 million small businesses are the principal source of new jobs. It says the State ranked 20th among 25 states evaluated by the Ewing Marion Kauffman Foundation after start-up growth dropped from 64.89 percent in 2015 to 51.52 percent in 2016. It adds that entrepreneurship lessons such as time management and leadership development are meaningful for all children.

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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.

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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