National Brand Day takes place annually on the fourth Monday in November and this year, it falls on November 27. It reminds entrepreneurs to celebrate their brands and to express gratitude and appreciation for being able to have a brand. Business owners pour a lot of their time, ideas, skills, and other resources into creating brands. It often takes many years for a brand to become fully established and turn into a household name. It is only fitting then that we have a day dedicated to recognizing the hard work that brand owners channel into their ventures. National Brand Day was created in November 2020 by Brand Camp U.S.A.
History of National Brand Day
In the Ashanti Empire of Ghana, successful entrepreneurs who accumulated lots of wealth and slaves, and distinguished themselves through heroic deeds received social and political recognition. They were given the title ‘Abirempon,’ which means ‘big men.’ By the 18th and 19th centuries A.D., the title ‘Abirempon’ was formalized and politicized to include those who conducted trade that benefited the whole state. The empire rewarded entrepreneurs who attained such accomplishments with ‘mena’ (‘elephant tail’), which was considered a heraldic badge.
Today, entrepreneurship ranges in scale from solo, part-time projects to large-scale undertakings that involve a team and create many jobs. Many high-value entrepreneurial ventures look for venture capital or seed money from angel investors to raise capital for building and growing the business. Businesses also receive financial and other support from specialized government agencies, business incubators, science parks, and non-governmental organizations such as charities, not-for-profits, foundations, and business advocacy groups. One of the most recent significant developments in entrepreneurship is the rise of millennial business owners. They are well equipped with the knowledge of new technology and new business models and have a firm grasp of such business applications. Many breakthrough businesses have come from millennial entrepreneurs such as Mark Zuckerberg, the founder of Facebook.
The study of entrepreneurship goes back to the work of Adam Smith and Richard Cantillon in the late 17th and early 18th centuries. However, entrepreneurship remained largely ignored theoretically until the late 19th and early 20th centuries. In the 20th century, the understanding of entrepreneurship grew due to the work of economist Joseph Schumpeter in the 1930s and other Austrian economists such as Ludwig von Mises, Friedrich von Hayek, and Carl Menger.
National Brand Day timeline
The word ‘entrepreneur’ first appears in the French dictionary entitled “Dictionnaire Universel de Commerce.”
In Germany, a craftsperson is required to have special permission to operate as an entrepreneur.
Schumpeter demonstrates that a changing environment continuously provides new information about the optimum allocation of resources to enhance business profitability.
Entrepreneurship is extended to include social entrepreneurship, where business goals are sought alongside environmental, social, or humanitarian goals.
National Brand Day FAQs
How many entrepreneurs are there in the world?
There are approximately 582 million entrepreneurs across the world.
What is the success rate of entrepreneurs?
80% of businesses survive through their first year.
How many new businesses start each year in the U.S.?
According to S.B.A estimates, more than 600,000 new businesses open each year in the U.S.
National Brand Day Activities
Support your entrepreneur friends
Entrepreneurship is a challenging endeavor. On National Brand Day, express your appreciation for the entrepreneurs in your circles and buy their goods and services.
Learn some history
Business and entrepreneurship have a long and rich history. Take time on this day to learn about the origins and development of business.
Talk to your loved ones about this day and its importance. You can also post on social media so that more people know about it.
5 Important Facts About Entrepreneurship
About 69% of U.S. entrepreneurs start their businesses at home.
American business growth
More than 600,000 startups are launched every year in the United States.
More women needed
Only 27% of small startup owners are women.
Research shows that less than 1% of entrepreneurs came from extremely rich or poor backgrounds.
Serious money matters
More than 80% of businesses fail because of poor cash management.
Why We Love National Brand Day
It supports entrepreneurs
Building a brand takes hard work and dedication. National Brand Day recognizes the efforts of business owners. Celebrate and appreciate them on this day.
It’s a time to reflect
Brand owners can take time to think about how far they’ve come in their journey. It’s a day of gratitude for what they’ve been able to achieve.
It’s good for families
When a business prospers, it benefits more than the economy. The brand owner and their family thrive as they’re well provided for.
National Brand Day dates