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How to Incentivize Entrepreneurs to Fuel Economic Growth

What is the key to economic growth? That seems to be the trillion-dollar question. Some people believe the U.S. should adopt more of a Canadian or Scandinavian model of a welfare system. But Bold TV host Philip Michael wonders if this system would work: creating micro-welfare systems where people can create jobs and grow the entrepreneurship community. Are entrepreneurs the answer to sustaining a successful economy? Joining Michael is Ami Kassar, the CEO and co-founder of MultiFunding. They discuss the power of the entrepreneurs and how to incentivize them to take the leap.

Economic growth comes from the entrepreneur

Kassar believes economic growth comes from the entrepreneur, someone who takes a risk to buy, grow and expand a business. But not everyone believes they’re cut out for the risk of starting a business. How can we encourage them? Tax incentives, mentoring and guidance could help aspiring entrepreneurs get on their feet. 

How to incentivize entrepreneurs

How could incentives help? People will want to take out a loan if there’s a good deal. Or they may want to acquire a business or buy new equipment because they can get payment relief. If they hire a certain number of employees, they may get certain tax incentives. 

Getting started

Kassar also believes mentoring and guidance are key to cultivating sustainable entrepreneurs. If you have an idea to start a business, he advises you to write a one-page paper about what you want to do. Share it with potential customers and see what they think. They may have ideas for making your business better.

I think there’s a lot of opportunity out there, and people are just waking up and starting to take it … We need to do everything we can to encourage those people to take risks and to rebuild and to grow.

Ami Kassar, CEO and co-founder of MultiFunding

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