The Critical Thing Entrepreneurs Rarely Consider…Until It’s too Late

You may have heard the phrase, “Starting something is not as important as finishing it.”

This axiom holds true for virtually every element of life – whether it’s physical, emotional, spiritual, personal or professional. 

However, “finishing” is one of the last things that entrepreneurs and business founders consider when starting a business and running it. They typically don’t give much thought to succession planning until they’re ready to retire.

In fact, a study conducted by Wilmington Trust found that nearly 60 percent of privately held businesses have not even considered succession planning. Additionally, a statistic from Wisconsin-based estate planning firm, the Walny Legal Group, found that 60-70 percent of small business owners want to pass their operations on to their progeny, but less than 15 percent ever do. Read more at Entrepreneur.com.

A Message from Acceler8Success Founder, Paul Segreto

Entrepreneurs and Mental Health: Awareness and Action is a Must!

Some, but not nearly enough has been written about entrepreneurship and mental health. Loneliness and depression, continue to occur within the ranks of entrepreneurs at an increasing rate and although failure (or fear of failure) may be a driving force it’s often not the sole deciding factor.

Is it the quest for perfection? Is it a blinding passion that nothing else is visible? Or, a control issue where no one can do it better so it’s dealt with alone?

Michael Dermer has written a great book, The Lonely Entrepreneur and has developed a membership site that is a great resource for entrepreneurs.

Strategic Coach has developed a great program for entrepreneurs. There are others, as well.

But are current efforts enough to slow down the alarming rate of suicide among entrepreneurs? As successful as they were, what were deciding factors leading to the suicides of Anthony Bourdain and Kate Spade?

This is a topic that must be brought front and center as we continue to grow as an entrepreneurial society* with approximately 60% of the labor force in some type of self-sustaining endeavor whether it’d be as freelancers, sole practitioners, professional service providers, contractors, solopreneurs, etc.

I look forward to thoughts on this with hope the discussion continues. Thanks.

Entrepreneurial Society

While the previous generation had an average of four employers over the course of their lifetimes, the current generation will hold an average of four different jobs by the time they reach 30. One of their employers will be either someone they know or they will be self-employed. Over two-thirds of US college students will be their own boss at some point in their lifetime. Entrepreneurship is good, but not just for individuals. It is also the link to growth, jobs, and competitiveness in a global economy. The too often missing link in communities, cities, states, and entire countries plagued by rising unemployment and stagnation is entrepreneurship.

Entrepreneurship saved the United States from going under in a sea of imports flooding in from Japan and Europe. It has also emerged as the positive and proactive response to globalization. In the leading developed economies, globalization and technology have triggered a shift away from traditional capital towards knowledge. This book argues that the entrepreneurial economy is the strategic response to this shift. It aims to provide an understanding and interpretation of the emergence of entrepreneurship policy. Visit Oxford.universitypressscholarship.com to order the book, Entrepreneurial Society by David B. Audretsch.

39 Entrepreneur Statistics You Need to Know in 2021

Small businesses and ambitious enterprises are at the heart of every industry. Not only do they immensely contribute to the overall revenue of a country, but they also have a beneficial effect on the workers themselves. 

Employees who decide to make the switch and become independent employers feel more fulfilled and motivated to work. There are a lot of inspirational entrepreneur statistics out there that show us the US is still the best place in the world to become your own boss and start something new.

Now, young entrepreneurs are mostly concerned about the risks that come with new businesses, including funding, staff, and success rate. Indeed, a large number of business owners rely on loans to keep the company operational and often have to use their personal funds to tie some loose ends. Read more at SmallBusinessgenius.net.

Perceptions of barriers may keep budding entrepreneurs from building businesses

Teaching people to become entrepreneurs requires more than just passing on entrepreneurial skills, according to a team of Penn State Berks-led researchers. Would-be entrepreneurs also need to understand—and negotiate—the barriers that they might face.

In a study, researchers built a multidimensional model to measure the effectiveness of entrepreneurship education. The model not only includes teaching entrepreneurial skills, but also addresses the students’ intentions to start a business and their perceptions of the barriers they might encounter when starting a business.

“There are a lot of studies in the literature that focus on, for example, how entrepreneurship education influences the students’ competence in starting a business,” said Abdullah Konak, professor of information sciences and technology. “But, our model does not look at it from one perspective. We look at it from three perspectives—competencies, intentions and barriers. What we found was that entrepreneurship education helps to increase the students’ skills. If those skills help to reduce the barriers, then it increases their intentions to start a business.” Read more at phys.org.

Money and Entrepreneurship: Making the Connection

When you’re an entrepreneur, you’re going to hit rock bottom. But there is a way you can control just how low you go. Being able to build a successful business requires thought that goes beyond just the initial start-up, and you’ve got to be prepared to take the punches the business world might throw at you.  

Take it from James Altucher, our recent guest on Making Bank. A podcast host, Altucher used to be a serial entrepreneur and had a lot of skin in the business game. However, he lost it all in the late ’90s. In a matter of months, he built himself back up and started a new approach to his life. This has led to his success, but more importantly, his happiness. Learn about some of the most important things he’s learned when it comes to money and business. Read more at Influencive.com.

Ask The Entrepreneurs: 16 Ways to Master Your Work-Life Balance as an Entrepreneur

Ask The Entrepreneurs is a regular series where members of those involved in the Young Entrepreneur Council are asked a single question that aims to help Lifehack readers level up their own lives, whether in a area of management, communication, business or life in general.

Read more in this edition of Ask The Entrepreneurs at Lifehack.org.

What do you think entrepreneurs do on weekends?

Finding work-life balance is so incredibly important, especially when you’re a one-woman or one-man show. Amazingly enough, when you do find it, things seem to turn out to be a lot easier. You start to pick-up new ideas and link older ones together, eventually becoming highly valuable to your clients and customers. Read more at EverydayPower.com.

Connecting the Right Brands, People & Opportunities!

The uncertainty of 2020 created the perfect time to diversify and expand. After all, it’s been said that necessity is the mother of invention. To that end, Acceler8Success Group was formed mid-year, building upon Acceler8Success principles and methods that have proven successful since 2014. Group services include:

• Entrepreneur & Leadership Coaching
• Management Consulting
• Small Business Consulting
• Franchise Consulting
• Restaurant Consulting
• International Business Development Consulting
• Business & Product Brokerage
• Social Media & Digital Marketing Coaching & Consulting

Widely recognized as industry leaders & experts, Acceler8Success Group leadership have extensive experience as entrepreneurs in small business & restaurants, as senior-level executives within nationally recognized brands, and as franchisees within successful franchise systems. Learn more at Acceler8Success.com.