An Entrepreneur is often considered a risk-taker; some even say a gambler. However, with risks also come significant challenges. Entrepreneurship can be defined as the pursuit of opportunity beyond the resources you currently control.
Most new and established businesses could improve the business planning process, allowing them to grow and succeed. I have done that with Hi-Lite Enterprises Inc., which I started with a bucket and a squeegee over 40 years ago.
TheLaunchCoach.biz provides comprehensive business development and leadership training. We have several different program formats available. In addition, the curriculum can be tailored to meet your individual and group needs.
The 8(a) Business Development Program is a business assistance program for small, disadvantaged businesses. The 8(a) Program offers a broad scope of assistance to firms owned and controlled by at least 51% of socially and economically disadvantaged individuals. In addition, participants can receive sole-source contracts, up to a ceiling of $4 million for goods and services and $6.5 million for manufacturing.
8(a) firms also can form joint ventures and teams to bid on contracts. This enhances the ability of 8(a) firms to perform larger prime contracts and overcome the effects of contract bundling, the combining of two or more contracts together into one large contract.
Different eligibility requirements exist for a business that American Indians, Native Alaskans, Native Hawaiians, or Certified Development Companies own.
Before SBA can approve an 8(a) Business Develop program application, the disadvantaged individual(s) also must show (prove) how they are socially disadvantaged. To establish a social disadvantage, the individual(s) owners must ultimately show that such personal experiences had a negative impact on entry into or advancement in the business world.
Under federal law, socially disadvantaged individuals have been subjected to racial or ethnic prejudice or cultural bias within American society because of their identification as members of groups without regard to their individual qualities.
According to the SBA, for purposes of the 8(a) Business Development program, the following individuals are presumed socially disadvantaged (called "presumed groups" ):
In the absence of evidence to the contrary, an individual applicant is presumed socially disadvantaged if:
An individual not a member of one of the "presumed groups" can be admitted into the 8(a) Business Development program. The business must prove to the SBA that the individual(s) meeting SBA's ownership and control requirements is/are socially disadvantaged. The individual(s) must show personal experiences applicable to education, employment, and business history. The individual must also provide evidence to SBA proving one's social disadvantage.
Don't hesitate to contact us below if you want to start your business's 8(a) Business Development Program registration process.
The Woman Owned Small Business Program (WOSB) authorizes government contracting officers to set aside specific requirements for competition solely amongst WOSBs or economically disadvantaged women-owned small businesses (EDWOSBs). The main difference between these companies is that EDWOSBs are owned by financially disadvantaged women. The Small Business Administration defines “economic disadvantage” as having a personal net worth of less than $750,000, adjusted gross yearly income averaged over three years not exceeding $350,000, and the fair market value of all assets not exceeding $6 million. Businesses certified as EDWOSBs qualify for extra funding and may be selected in smaller set-aside solicitation pools than businesses certified as WOSBs. Contracting officers must meet annual contracting goals by limiting or setting aside specific solicitations for WOSBs or EDWOSBs.
According to the Small Business Administration (SBA), the federal government must award 5% (roughly $25 billion) of its prime and subcontract dollars to WOSBs/EDWOSBs. In 2012, over $9 billion was awarded to WOSBs over nearly 180,000 federal actions. Due to the newly signed National Defense Authorization Act of 2013, WOSBs have uncapped contracting potential allowing contracting officers to award contracting dollars above the original Small Business Act limitations. These uncapped contracts are valid to any WOSBs and EDWOSBs currently registered in System for Award Management (SAM).