Bill Overview
Title: Golden-preneurship Act
Description: This bill establishes the Golden Entrepreneurs Training and Demonstration Curriculum within the Office of Entrepreneurial Development of the Small Business Administration to provide small businesses owned by individuals who are 60 years of age or older with tools to accelerate the growth of those businesses.
Sponsors: Rep. Kim, Young [R-CA-39]
Target Audience
Population: people aged 60 or older who own small businesses
Estimated Size: 6930000
- The bill targets individuals who are 60 years of age or older and already own small businesses.
- According to recent data, a significant portion of the U.S. population is aged 60 and older, indicating a sizable potential target group.
- Globally, the aging population is on the rise, suggesting that there would also be a large number of individuals aged 60 and older who own businesses outside of the U.S.
Reasoning
- The target population is individuals aged 60 or older who currently own small businesses. This is a significant group which could mean a sizable impact if the program reaches them effectively. Given budget constraints, not all potential 6.93 million beneficiaries can be fully supported, hence the impact will be selective.
- The well-being of these individuals can be enhanced with opportunities for training and business growth, but practical improvements will depend on the accessibility and the effectiveness of the program.
- Since the program is designed to assist with business growth, it's likely to affect economic factors such as business success, financial security, and personal fulfillment.
- Factors like regional business climates, existing economic hardships, and personal health will affect individual outcomes.
Simulated Interviews
Owner of a local craft store (Texas)
Age: 62 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 10/20
Statement of Opinion:
- I think this initiative could help me navigate the world of online sales, which is new to me.
- I appreciate the recognition of older entrepreneurs; we have different needs than younger owners.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 8 | 6 |
Owner of a small farming business (Florida)
Age: 67 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 8/20
Statement of Opinion:
- Learning about sustainable practices and new technology would definitely help my business.
- I hope this program can help make technology less intimidating.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 4 |
| Year 5 | 7 | 4 |
| Year 10 | 7 | 3 |
| Year 20 | 6 | 3 |
Retired, considering a new venture in consulting (California)
Age: 70 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 2.0 years
Commonness: 12/20
Statement of Opinion:
- A program like this might give me the push and security to start my business.
- Helpful to have tailored resources for older entrepreneurs.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 5 | 4 |
Restaurant owner (New York)
Age: 75 | Gender: male
Wellbeing Before Policy: 4
Duration of Impact: 0.0 years
Commonness: 5/20
Statement of Opinion:
- I'm not sure how much this policy can help at my age since I'm nearing retirement.
- Additional support couldn't hurt, but I might be too late in my career to fully benefit.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 4 | 4 |
| Year 2 | 4 | 4 |
| Year 3 | 4 | 4 |
| Year 5 | 4 | 3 |
| Year 10 | 3 | 3 |
| Year 20 | 3 | 2 |
Tech startup entrepreneur (Illinois)
Age: 61 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 4/20
Statement of Opinion:
- Access to additional training and networking could accelerate my business growth.
- I do worry if it will be focused enough on tech fields, though.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 9 | 8 |
| Year 5 | 9 | 8 |
| Year 10 | 8 | 7 |
| Year 20 | 7 | 6 |
Owner of a boutique cinema (Oregon)
Age: 65 | Gender: other
Wellbeing Before Policy: 6
Duration of Impact: 7.0 years
Commonness: 7/20
Statement of Opinion:
- The program might help me find niche ways to market my cinema against bigger chains.
- It's a relief to see a focus on older business owners.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 5 |
| Year 20 | 7 | 5 |
Runs a landscaping business (Georgia)
Age: 60 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 9/20
Statement of Opinion:
- I can see how this might help with employee management and business expansion.
- It sounds promising but I am cautious about the execution.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 8 | 4 |
| Year 20 | 7 | 4 |
Owns a family-run grocery store (Ohio)
Age: 68 | Gender: female
Wellbeing Before Policy: 4
Duration of Impact: 15.0 years
Commonness: 6/20
Statement of Opinion:
- This could help me modernize our store to remain competitive.
- We've been falling behind because we don't have the resources to innovate.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 6 | 4 |
| Year 3 | 7 | 4 |
| Year 5 | 8 | 4 |
| Year 10 | 8 | 4 |
| Year 20 | 7 | 3 |
Owner of a ski rental shop (Colorado)
Age: 73 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 1.0 years
Commonness: 3/20
Statement of Opinion:
- I likely won't benefit since I plan to sell soon, but it's a good move for those staying in business longer.
- Maybe it will help me increase the value of my business before selling.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 4 |
| Year 3 | 5 | 4 |
| Year 5 | 4 | 3 |
| Year 10 | 3 | 2 |
| Year 20 | 3 | 2 |
Owner of a local art gallery (New Mexico)
Age: 64 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 8.0 years
Commonness: 6/20
Statement of Opinion:
- Learning effective digital marketing could help rejuvenate my business.
- I hope the program offers practical and up-to-date courses.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 9 | 5 |
| Year 20 | 8 | 4 |
Cost Estimates
Year 1: $250000000 (Low: $200000000, High: $300000000)
Year 2: $200000000 (Low: $150000000, High: $250000000)
Year 3: $200000000 (Low: $150000000, High: $250000000)
Year 5: $200000000 (Low: $150000000, High: $250000000)
Year 10: $210000000 (Low: $160000000, High: $260000000)
Year 100: $220000000 (Low: $170000000, High: $270000000)
Key Considerations
- The training program must be effectively targeted to ensure participation among older entrepreneurs who would benefit most.
- Coordination with local entrepreneurship bodies could improve reach and effectiveness.
- The impact of such a policy is often hard to measure accurately in the short term, as entrepreneurship success hinges on multiple external factors.