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Business formation training, turning unemployed to entrepreneurs

Unemployed Georgia residents tired of the job hunt may be excited to learn about a training program that's aimed at supporting those who want to launch a business of their own. This concept for promoting business formation and reducing jobless rolls is called the Entrepreneurial University, or ETPU.

Several other states have already adopted the ETPU program. What it does is provides free training and up to $10,000 in funding loans for unemployed individuals to get their businesses up and running. Some observers offer that in states where unemployment is a challenge (where is it not?), such a program may help create jobs.

The program as offered in one state currently is designed for individuals who have been collecting unemployment benefits for 26 weeks, or those who are no longer eligible. Upon completion of the 60-hour training program, individuals may be eligible to borrow up to $10,000 in start-up money. The director of the Intersect Fund, which leads the program's effort in New Jersey states that it is designed to equip participants with the tools they need to be profitable.

Knowing how to find and market to one's customer, how to manage revenues, and how to plan for growth are all important components of the business formation process. Programs such as ETPU may help equip individuals to be successful, profitable, and helpful to the overall economy. Supporters of the program note that more businesses mean more jobs, and being properly equipped for success is a critical component.

Georgia is considered one of the top states for starting a business, as we wrote about recently. So far, three states have adopted programs like ETPU. It's not known whether or not Georgia might be joining their ranks. Perhaps it is something under consideration at the state capitol.

One thing is for certain: Business formation can be a complex process without the right support and background information for implementation. And even with such training as may be provided by ETPU, it's a good idea to have the help of a trusted attorney in getting a business started.

Source: The Huffington Post, "Entrepreneurial Training Programs For Unemployed On The Rise," Alicia Ciccone, June 15, 2012

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