Whether it's their innovation or economic and social impact, there are plenty of reasons to celebrate entrepreneurs any day of the year. Still, they deserve a special shout-out on National Entrepreneur's Day on Nov. 16.

The idea of setting aside this annual day of recognition began in 2010, when entrepreneur Siamak Taghaddos began petitioning for it, according to National Today, a website that pulls together information about holidays and other occasions celebrated around the world.

"He didn't understand how America, though considered the most entrepreneurial country in the world, didn't already have a day dedicated to recognizing entrepreneurs," says National Today.

Taghaddos' efforts, which included six months of gathering thousands of signatures, paid off. In 2012, President Obama proclaimed National Entrepreneurs Day as part of November's National Entrepreneurship Month. 

Here are a few facts and ideas to help you acknowledge and celebrate this year's Entrepreneur's Day, Nov. 16.

Why Entrepreneurs Are So Important

Entrepreneurs have become known for their innovation and contributions to the economy and society.

Whether they're improving on an existing product or service or creating new ones, "the result serves the greater good of consumers and the marketplace," notes National Today.

Their big ideas and creations inspire other entrepreneurs and business owners. Plus, their companies translate into millions of jobs and provide a boost to local economies.

"Away from the attention-grabbing headlines, many economic development agencies have increasingly recognized that new businesses are reliably effective in shoring up the economic foundation of a community or region," writes Kerby Meyers in Currents, the newsletter published by the Kauffman Foundation.

"More than 95 percent of those businesses have historically remained small in scope while playing a key stabilizing role in their communities, according to Maria Meyers, founder and executive director of SourceLink, a university program that provides technologies and consulting to communities building entrepreneurial ecosystems, in the article.

How You Can Celebrate

If you're an entrepreneur, throw a party to celebrate the occasion.

Stage an event at your business or at a local venue to acknowledge the importance of entrepreneurship and local small businesses in your community in honor of Entrepreneur's Day, which falls on the third Tuesday of November each year, or another day that week.  

Alternatively, attend an event organized by a local business or group such as the Chamber of Commerce or a similar organization within your industry. It could be a fun way to network and even find partnerships with like-minded entrepreneurs and small business owners.

Theme a Promotion Around the Day

Use this month's Entrepreneur's Day as a marketing opportunity for your small business.

Promote a special sale for one of your products or services in honor of the day, or create a one-day-only sale and promote via social media and other marketing media you use.

If you have a physical location, be sure to decorate - hang a few balloons and a banner outside to bring attention and foot traffic to your store.

Acknowledge Your Mentors, Others On Your Journey

Starting a business is not an easy endeavor - it takes a lot of support, advice, and inspiration to get a business up and running.

Use Entrepreneur's Day to think about those who played, or are still playing, a key role in your business. Contact the mentor, family member, partner or investors to relay how important their help and influence has meant to you. You could reach out via phone, email, or even make it a lunch occasion.

Tell Your Story To Help Would-be Entrepreneurs

Determine how you can share your startup story with others. Your experience and encouragement could help inspire new entrepreneurs.

Reach out to a local school or college to see if they would be interested in having a guest speaker to mark Entrepreneur's Day as a way to educate and encourage students about starting their own business.