- Mudslinging in politics and the press makes it a challenge to learn the facts about <strong>President Barack Obama</strong>’s record so far in office. You would think that healthcare policy is the only area in which he has had an impact. Being a business owner and concerned citizen, and knowing that entrepreneurship and business growth are ultimately going to be the driving forces of new job creation, I decided to go on a fact-finding mission to learn more about what President Obama has done for entrepreneurs and small business. Here are five facts that we never hear about in the mainstream press. <em>—Felicia Joy</em>
- <em> </em><strong>President Obama has implemented 17 tax cuts for entrepreneurs and small businesses</strong> including adding a business cell phone use deduction; increasing deductions for business startup expenses; and allowing a five year carry back of net operating losses. (Source: <strong><a href="http://www.politifact.com/truth-o-meter/statements/2011/jul/07/barack-obama/barack-obama-claims-credit-least-16-tax-cuts-small/">PolitiFact</a></strong>)
- <strong>President Obama created an approximately $12.5 billion annual revenue opportunity for woman-owned small businesses </strong>by clearing the path for the Woman Owned Small Business federal procurement contracting program. The program mandates that five percent of annual federal small business contracts must be executed with qualified woman-owned businesses in 83 industry categories in which women are underrepresented in federal government purchases. (Source: <strong><a href="http://www.sba.gov/content/contracting-opportunities-women-owned-small-businesses">U.S. Small Business Administration</a></strong>)
- <strong>President Obama cut in half patent fees for small businesses and entrepreneurs.</strong> For entrepreneurs working on new technologies, consumer products and other inventions, this is an automatic 50% savings. (Source: <strong><a href="http://www.whitehouse.gov/the-press-office/2011/05/16/white-house-releases-small-business-agenda-growing-americas-small-busine">White House</a></strong> and <strong><a href="http://www.uspto.gov/web/offices/ac/qs/ope/fee2009september15.htm">U.S. Patent and Trademark Office</a></strong>)
- <strong>President Obama has established the $13 million i6 Challenge competition and put up $33 million in grants for the Jobs & Innovation Accelerator Challenge program.</strong> Teams taking part in the i6 challenge can win up to $7 million for ideas that can be developed into scalable “green” product and service offerings, creating more jobs and boosting our nation’s competitiveness. Urban and rural entrepreneurs can team up in “clusters” to win grant dollars through the Accelerator challenge for business ideas that will create jobs. (Source: <strong><a href="http://www.eda.gov/InvestmentsGrants/Investments.xml">U.S. Economic Development Administration</a></strong>)
![Have the proper capital to invest to build a franchise system that lasts. “When you build a franchise system, there are a lot of hidden costs you may not be aware of,” he says. “You have to be able to have the right people, the right amount of capital to put into your marketing program and legal costs related to your FDD [Franchise Disclosure Document].” The FDD is a legal document which is presented to prospective buyers of franchises in the pre-sale disclosure.](http://cdn4.blackenterprise.com/wp-content/blogs.dir/1/files/2011/09/Money-ladder-620x480-90x100.jpg "Money-ladder-620x480")
