The Pandemic Sparks an Entrepreneurial Boom
Historically speaking, many wildly successful companies have been founded during lean times, says Andrew Zacharakis, the John H. Muller Jr. Professor of Entrepreneurial Studies at Babson College. General Electric was started during a recession in the 1800s, and Revlon was born during the Great Depression. More recently, Warby Parker and Airbnb began during the Great Recession.
“There is a history of world-changing companies starting in these time frames,” Zacharakis says. “It is the next Amazon that is being born today. It is the next Microsoft that is being born today. In 10, 15 years from now, we will say 2020 is when these great companies were started.”
Multiple factors are driving the current increase in new businesses, chief among them being the large number of people who are unemployed. Unable to land a new position, many are deciding to take matters into their own entrepreneurial hands and pursue self-employment, Zacharakis says. Read more at entrepreneurship.Babson.edu.
16 Podcasts for Entrepreneurs and Innovators
Podcasts can provide entrepreneurs with expert advice and practical strategies to launch, manage, and grow a brand.
For a list of podcasts for entrepreneurs and innovators please visit practicalecommerce.com. There are shows that provide skills, such as growing an audience and managing a team. There are also shows that profile established businesses, detailing their journeys and breakthroughs. All of these podcasts are free.
The Government Wants You to Become an Entrepreneur
It’s been a little over a year since the beginning of the coronavirus pandemic and so much has changed in such a short period. More than four million businesses have closed in the last nine months, and as of January, more than 10 million people in the United States are still unemployed. The biggest question for many is, “What do I do now?” The good news is, there’s one solution that the government favors: entrepreneurship.
The government favors entrepreneurship, but why? One of the biggest reasons is job creation. When the government wants to encourage specific behavior, they can either do so by force or by policy. One of the ways this is done is through the policy of the tax law. So, rather than spending a lot of money trying to create jobs, it’s a whole lot cheaper for the government to provide tax benefits that encourage business owners to create them. Government can get even more specific in the types of jobs they want the market to create by giving specific tax breaks for farming, green energy and more. For example, during the pandemic the CARES Act encouraged employers to keep employees on their payroll with the Employee Retention Credit. With the refundable tax credit, 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by Covid-19, helped reduce the number of jobs lost due to the pandemic. Read more at Entrepreneur.com.
A Message from Acceler8Success Founder, Paul Segreto
Why is there reluctance to say, I am an entrepreneur? I’ve been asked that question many times. Heck, I’ve asked that question of myself on more than one occasion. It seems, at times we’re more proud to call ourselves, Founder or CEO or to say, I’m a business owner. Why is that?
Are those titles more respectful than, entrepreneur? Yet, we hear of late, we’re in an entrepreneurial economy. So, is that a bad thing or a good thing, and especially if we have a hard time fully admitting to entrepreneurship? Or, should we just be entrepreneurial in how we approach our work, whatever that truly means?
Are we claiming to be in an entrepreneurial economy to justify the disappearance of the lifelong career at one company and this is just a way to say we need to create and prove ourselves over and over again, and forget the gold watch?
Back to the reference of being an entrepreneur… Is there a stigma of being a dreamer, always looking for something better, bigger, faster as opposed to what some believe is mundane, repetitive work with the security of a paycheck? Often I hear it’s mostly due to yesterday’s immigrant mindset of being thankful to just have a job, yet it’s that same immigrant mindset that is the epitome of entrepreneurship.
Actually, I believe it’s because of fear – fear of failure, fear of what other people think, fear of the unknown, fear of the what if, fear of starting over, fear of change… But it’s when those fears are hit head-on and the adrenaline rush of success far outweighs those fears because you know, deep in your heart that you have a deeply ingrained talent that can and will make a difference.
Does that mean failures aren’t possible? Hell no, but it’s working through those failures, those blips, those aberrations that provide experience and resiliency to improve and innovate to make the next step, the next task, the next venture successful. That is entrepreneurship. And, it’s when I don’t consider what I do as entrepreneurship, is when failure mostly occurs. Conversely, it’s when I focus on what I do as an entrepreneur, complete with that thinking outside the box and failure is not an option perspective, and when focused more on results as opposed to opinion of others, THAT is when success mostly occurs.
Yes, I’m an entrepreneur. My focus will stay as such as it is not only good for me, it’s good for my family and for those that rely on me to help them achieve their wishes, hopes and dreams! Why? Because I believe in possibilities, as without them, there are none.
How Generation Z Is Altering the Face of Entrepreneurship for Good
For the longest time, my generation, the Millenials, were touted as the Entrepreneurial generation. For the most part, we have lived up to the billing. However, as the world evolves, the art of business evolves with it, and it turns out that Generation Z has more to do with this evolution than many care to admit.
Generation Z entrepreneurs are springing forth at such a startling rate that a recent Gallup Student Poll found that 40 percent of students surveyed from grades five to 12 stated they wanted to run their own business. Then, 24 percent said they have already started. At this rate, it isn’t at all challenging to see Generation Z take over as the most Entrepreneurial Generation. Read more at Entrepreneur.com.
15 Powerful Quotes On Success
Eager to build a successful business? Shared at Forbes.com are the quotes of those who have made it, and the DNA and definition of what it takes to be a successful entrepreneur.
Bookmark them, screen shot them, and use them to fuel your own journey.
1) Success is No Accident
Famous soccer athlete, Pele who appeared to be born with plenty of natural talent, continues this quote by adding “It is hard work, perseverance, learning, studying, sacrifice and most of all, love of what you are doing.”
2) Success is Not Final, Failure is Not Fatal: it is the Courage to Continue that Counts
This quote by Winston Churchill really puts the life cycle of an entrepreneur in perspective. Failure won’t kill you, if you don’t let it. Experiencing this can give you more courage to try again. Even when you ‘make it’ and raise a lot of money or sell your company, life isn’t over. You might unfortunately, have a much clearer picture of the struggles, but then you get to start again with a new startup, or become an angel investor yourself.
How Defining Success is the Key to Being Successful
Could you imagine getting into a car, planning to go somewhere, and yet have no idea as to when you’ve arrived? This seems absolutely ridiculous. How could you get anywhere without being aware of the destination? Yet, the truth is, this is how many of us work towards success. We have the idea in our mind that we’d like to be successful, but there is no clear picture of what this success would be. In other words, we have no destination.
I played college baseball, so this failure to define success was quite evident within myself. Before a game, I would say that I wanted to play well, as most athletes do. But what I failed to realize was what playing well truly meant. Without pinpointing what a successful day would be, I’d be lost in all the ways it went wrong. As a result of having no clear definition of success, I succumbed to all sorts of negative forms of thinking.
Like clockwork, I could always find areas where I fell short. However, that all changed once I learned a valuable skill. As a result of learning how to define success, I freed myself from much of my perfectionism and anxiety, along with developing a clear picture of what it meant to be successful. Read more at Addicted2Success.com.
2020 State of Latino Entrepreneurship
This is the sixth annual State of Latino Entrepreneurship report where we have collected robust survey data from Latino-owned businesses across the country to provide a timely account on the fastest-growing segment of the U.S. business population. This year, we administered our national survey amid a global pandemic and vast social unrest, and the unique disruptions businesses faced over the past year are clearly visible in the survey responses.
This report highlights the impact of Latino-owned employer businesses in the U.S. economy and compares their experiences to those of White-owned employer firms in the United States. This year, we not only surveyed U.S. Latino business owners but also a comparison group of White business owners to identify similarities and differences in their experiences. We collected a sample of 3,500 White-owned businesses and 3,500+ Latino-owned businesses. Additionally, we captured time-series data from a smaller cohort of Latino-owned firms over the months of March, June, and September 2020, to capture the progressive impact of the pandemic on Latino-owned businesses. Read more and download the report at gsb.stanford.edu.
Hispanic entrepreneurs own 1 out of every 7 small businesses in the United States.
It is SCORE’s mission to support all entrepreneurs in the United States, including the 4.6 million Hispanic-owned businesses. We’ve been providing resources to all entrepreneurs for over 50 years and are proud to have the nation’s largest network of volunteer, expert business mentors. For more info please visit SCORE.com.