Build Entrepreneurship by Researching in Large Public Libraries

There are more career resources at the library than you might realize.

You might dream of building your own small business. But how daunting is such an undertaking? Chances are you won’t find the needed resources at home   or even scanning popular business periodicals. Business News Daily’s Skye Schooley, Business Operations Insider and Senior Lead Analyst, says that:

“Although entrepreneurship can be a challenge, it’s not all doom and gloom: There are currently 31.7 million small businesses in the U.S., accounting for 99.9% of all businesses nationwide. Still, small businesses are the cornerstone of the American economy, and for good reason. If you have a great business idea and want to try your hand at entrepreneurship, weigh the pros and cons first.”

Also, remember that you’re not alone in your pursuit. Public libraries, especially the larger ones you find in urban settings, not only have books but also databases, highly skilled business librarians, and numerous other resources.

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What Does It Take to Start a Small Business?

We recommend a detailed yet comprehensible article in Forbes Advisor, “How To Start A Business In 11 Steps (2024 Guide).” Before You Begin: Get in the Right Mindset by absorbing the following advice:

Discover Your Best Business Concept

A business concept is a brief statement of the purpose and intent of a business idea. It is a summarization of the core elements that define a business. It describes the reasons for the potential functions, depth and breadth of market reach, and overall goals of a business. It also provides a rundown of the most crucial aspects of a more developed business plan and serves as a well-packaged resource to offer potential investors and partners.

Essentially, there are a few basic elements to include in a business concept:

• Describe your product or service.
• Find competitors and market analysts.
• Create an overview of consumer demand or market needs.
• Detail your unique value proposition (UVP).
• Make a planned outline to take to market and begin launching your strategies.

Choose Your Business Structure

• Register your business and acquire licenses.
• Get your finances in order.
• Fund your business.
• Apply for business insurance.

The opportunity to study local markets and populations is incredibly valuable for a small business. Libraries and library workers recognize this fact and will seek ways to make reference services available to patrons as they develop business plans. The Central Library of Rochester & Monroe County in New York founded its own Business Insight Center (BIC) to cater to this need. The BIC offers access to research sources such as IBISWorld, PitchWorld, and Frost & Sullivan, helping users survey their industry, find venture capital firms, and investigate emerging technology.

This reference center also provides market research reports, searches for trademarked logos, and helps review and file patent applications. The opportunity to obtain quality research while avoiding inconvenient or prohibitive costs makes the library an essential stop for any self-employed individual.

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Why Obtain a Professional Certification?

The following are five benefits to remember if you’re considering pursuing a professional certification.

1. Gain a Competitive Advantage

When you have training that your competitors don’t, it sets you apart. Certifications can differentiate you from other professionals in your field, showing that you have a demonstrated commitment to understanding and excelling in your profession. It can give you an advantage, which is particularly important in today’s competitive market. Stay on top of trends and learn how to use that new software or social platform before it becomes a household name.

2. Boost Efficiency

Professional certifications can also help give your business a solid foundation. The advanced training, information, and knowledge you gain from specialized coursework can provide you with up-to-date tools and technical strategies to guide and direct you in executing your projects, allowing you to manage all aspects of your work more effectively.

3. Increase Earning Potential

The time and effort invested in professional certifications often result in increased income. Most clients will understand the higher costs associated with specialized training and are willing to pay for consultants who have industry certifications. For example, Project Management Professional (PMP) certification recipients report median salaries that are 26 percent higher than those who are not PMP-certified.

4. Develop Knowledge and Skills

By acquiring new and updated industry information or techniques, you can hone current work habits that may be causing inefficiencies or quality issues with your output while increasing your competencies. Doing so can give you the skills and confidence to try something new, such as establishing the groundwork to implement a more sophisticated working environment for your consultancy.

5. Establish Professional Credibility

An increasing number of companies, nonprofits, and government organizations want (or may even be required) to engage independent consultants with certain certifications from recognized programs. Certification demonstrates your commitment to superior professionalism, upholding industry standards, and continued learning. These merits can help boost your professional credibility and prestige within your own network, with your current clients, and when pursuing new business opportunities or bidding on projects.

Certifications are often a worthwhile investment because of the many advantages they can provide throughout your career. As you move forward and your business evolves, keep your certifications up to date so you can continue to realize these benefits. Also, be sure to publicize your certifications on your website, marketplace, and LinkedIn profile.

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How Libraries Can Enhance Their Services for Small Businesses

The following six tips can help libraries build or expand their programs and services to meet the needs of small businesses and entrepreneurs:

1. Augment Your Library’s Small Business E-resources Collection. A healthy mix of databases, ebooks, and digital magazines can provide access to community demographics, industry trends, marketing insights, and other research.
2. Provide Access to E-learning Platforms. E-learning is a flexible option for busy entrepreneurs because they can access the content anytime, from anywhere. Consider e-learning resources that help them write business plans, create spreadsheets and presentations, code apps and websites, and master social media.
3. Offer Meeting Space. In addition to providing a quiet place to write a business plan, library meeting rooms give entrepreneurs spaces to hold focus groups to help refine a product or service idea.
4. Publish Regular Bulletins. Share articles about the latest business trends and promote your library’s small business services. Determine a cadence and invite patrons to subscribe.
5. Deliver Programming to Your Target Audience. Example programs include training courses, roundtable events featuring local small business owners talking about their entrepreneurial journeys, and networking events that help your community’s entrepreneurs make connections and form partnerships.
6. Map Your Community’s Entrepreneurial Ecosystem. Vital ecosystems allow entrepreneurs to find the knowledge and resources to succeed. Besides adding to the resources in your library, your documentation should include small business accelerators and incubators, entrepreneurship training programs and workshops, coworking spaces, makerspaces, colleges and universities, small business centers, pitch events and competitions, venture capital firms, civic organizations, community groups and any other resources that support entrepreneurs.

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