It’s Time to Reclaim the Meaning of the Word ‘Entrepreneur’

Two hundred and ninety years ago, when the French-Irish economist Richard Cantillon first defined an entrepreneur as anyone who worked for unfixed wages, he noted that the one thing that linked all entrepreneurs—from wealthy merchants to beggars—was the risk they shouldered as the price of independence.

That cost is clearly visible on the faces of entrepreneurs everywhere today. Shut down by necessity and starved of customers, many small businesses are bleeding money and fighting to stave off failure. Forty-four percent reported a decline in revenue during the second week in June because of the pandemic, according to data released by the U.S. Census Bureau on June 18. As the boarded-up shops, restaurants, and stores around our neighborhoods already hint at, many won’t survive the crisis.

As a journalist, I’ve devoted my career to writing about entrepreneurs in the pages of this and other magazines, as well as in books, the latest of which is The Soul of an Entrepreneur. I know they’re a resilient bunch. And that gives me hope, because while Covid-19 is ending many small businesses, it’s already creating scores of new ones. The pandemic might have brought American entrepreneurship to the breaking point, but it also holds the key to its revival and a more equitable renewal—if we can get it right this time. Read more at bloomberg.com.

Reasons to Become an Entrepreneur in 2021

The financial troubles surrounding the COVID-19 pandemic have left many industries in dismay, and millions of workers around the world had to face uncertainty regarding the future of their job. Unfortunately, protecting yourself from such circumstances is not an easy endeavor, but there are some things you can consider to improve your current situation and keep yourself safe from black swan events in the future.

One thing to consider as a solution for troubles of this type is becoming an entrepreneur. Of course, this is not an easy task, and it will require a lot of planning, time, and money – but this should not discourage you. If you are still wondering whether this is the path you should take, then we have some additional advice for you. We will guide you through the top reasons to become an entrepreneur in 2021. Read more at ventsmagazine.com.

The Startup Surge? Unpacking 2020 Trends in Business Formation

The COVID-19 crisis plunged the U.S. economy into its quickest and deepest economic recession in modern U.S. history. In the near-term, how and when the country gets out of the disaster will primarily be determined by its public health response and the efficacy of rolling out the vaccine. 

Yet if history is any indication, the strength of the longer-term recovery will be determined in part by the vitality of American entrepreneurship. New business formation traditionally powers economic recoveries, as entrepreneurs and new growth companies take advantage of new market opportunities and the resources freed up by firms that contracted or failed during recessions. That mechanism broke down somewhat in the wake of the Great Recession, and the depressed startup rates that persisted throughout the 2010s may have contributed to the slow and uneven nature of the recovery that followed. 

A new Census Bureau dataset allows us to track early-stage entrepreneurial activity in almost real-time. For the duration of the pandemic, the Bureau’s Business Formation Statistics series has provided a detailed look at the number and character of new business applications on a weekly basis. Its findings suggest that the pandemic delivered a massive shock to American entrepreneurship that has seriously altered established trends in new business formation. Counter to expectations, 2020 shaped up to be the best year for business applications on record. Read more at eig.org.

Contrary to popular belief, middle-aged entrepreneurs do better

Bill Gates was 21 when he and Paul Allen registered Microsoft. Steve Jobs was 22 when he and Steve Wozniak launched Apple. Mark Zuckerberg started Facebook in his Harvard dormitory.

The biographies of these tech billionaires who achieved great success in their twenties has helped cement the perception that entrepreneurship is a young person’s game.

Not true. Such stories are the exception rather than the norm.

Starting young can have some clear advantages. For one thing, it gives you much more time to fail the several times most entreprenuers do before they put it all together and succeed. But overall, the research suggests, older age is associated with higher levels of entrepreneurial success. Read more at theconversation.com.

 “Successful and unsuccessful people do not vary greatly in their abilities. They vary in their desires to reach their potential.” – John Maxwell

8 Surprising Traits of the World’s Most Successful Entrepreneurs

We can all think of the names of some of the world’s most successful entrepreneurs. Richard Branson, Steve Jobs, Larry Page, Warren Buffet and many more.

In my interviews and studies of these successful entrepreneurs, I’ve come to notice several key traits that most share in common with each other. What makes them successful? Why do these people succeed at business when so many do not?

Every successful entrepreneur has their own individual quirks and idiosyncrasies, developed over years of experience within their own unique environments. Here are the 8 most surprising traits of the world’s most successful entrepreneurs. Read more at thebalancesmb.com.

10 Inspiring Women Entrepreneurs on Overcoming Self-Doubt and Launching Your Dream

As an entrepreneur and established businesswoman, I’m often asked if females still have to face the sort of obstacles and hurdles that males do not have to contend with. In other words, is it still a struggle for a woman to succeed in the world of business, an environment that many still consider to be male-dominated?

As is often the case with big questions, the answer is complicated. We’ve made positive progress in recent times when it comes to equality in the workplace. Still, the adversaries and struggles a woman has to contend with, particularly while growing a startup, cannot be underestimated. Having said that, I’m a firm believer in the adage that what doesn’t kill you makes you stronger. 

An entrepreneur of any gender needs a determined belief in what they’re doing and a cast-iron resolve to get things done if they’re to succeed in a highly competitive marketplace. Unfortunately, the evidence still seems to indicate that if you’re a female, you need that little extra something to break through the proverbial glass ceiling. Read more at entrepreneur.com.

Small Business Week 2021: How to Celebrate It (and Capitalize, Too)

National Small Business Week 2021 is an opportunity not only for celebrating your team and boosting employee morale, but for building your business. 

If you didn’t celebrate small business week last year, now is the year to start building your own annual small business week traditions.

Hosted by the Small Business Association (SBA), National Small Business Week is a celebration and appreciation of small businesses. With an emphasis on local shopping and supporting local entrepreneurs, it highlights the role small businesses contribute in the nation’s economy. 

It’s been going on for more than 50 years, with small businesses leveraging the opportunity to influence their local community, reward loyal customers and partner with other small businesses. Read more at fastcapital360.com.

Thinking It Is Too Late to Chase Your Dream? Then You Are the Killer

We all have dreams, thoughts on things we want to do or have in life. Most of us reflect on them often, imagining and wishing they could become reality. More often than not, people sit in their cubicle or on their couch in their pajamas daydreaming and then formulating reasons to keep those dreams just that: dreams.

Here are some of the thoughts that have run through my head as I contemplated pursuing my dream:

• People will think I’m crazy
• My life will be screwed if it doesn’t work out
• I’ll have to sacrifice too much to make it happen
• I’m too young
• I’m too old
• I’m too busy
• I don’t have enough money,
• I’m not smart enough, knowledgeable enough, tough enough…
• I’m not ready yet.

The list goes on, but you get the idea. I worked to relegate my dream to “someday”. Read more at lifehack.org.

10 Tips for Setting Your Greatest Goals

I’ve told people countless times that they’ve just got to ask for what they want. The problem is that most people don’t know what they want. You can’t ask for what you want unless you know what it is.

So I’m going to start you on a wonderful path of painting your dreams into reality. I’m going to teach you the secrets behind setting—and achieving—your greatest ambitions.

Before we set off on this path together, let me make one thing very clear: The word “goals” can be intimidating. It can feel so overbearing that it keeps people from even beginning the process. Instead, think of goals as a to-do list with deadlines. Read more at success.com.

10 Most Popular Small Businesses (2021)

Working for yourself can be a tough gig, but yet many Americans do just that. In fact, the US government estimates that there are over 32 million small businesses in the United States- about 99% of all businesses in America!!

This is because many Americans view small business as the key to financial and personal freedom. Here we’ll be taking a dive into the most popular kinds of small businesses, taking inspiration from a list created by the Small Business Administration, both so you can get a picture of what’s what, and maybe so you can get inspired to run a small business of your own!

And now really is a good time to consider opening your own small business. The economy is booming, the population is expanding, and potential clients are ready to spend dollars. Every single day new small businesses launch. Read more at mightycall.com.

Pros & Cons of Non-Brick-and-Mortar Service Brands

One thing franchisees learned during Covid is that recession-resistant brands are not necessarily pandemic-resistant. Not even service brands, unless they’re declared essential. Any service business requiring a physical, brick-and-mortar retail site – from hair salons to gyms – was severely affected by mandated closures and occupancy restrictions in 2020.

And while sit-down, dine-in restaurants were similarly afflicted, those able to quickly adapt by adding or expanding their takeout or delivery services managed to get through relatively unscathed, although buffet-style restaurants were hit hard with many closing permanently. And by now it’s common knowledge that in the “Year of the Drive-Thru,” QSRs and other food concepts were able to surf the pandemic wave successfully in 2020.

No matter how they fared in the past year, franchisees in all sectors took a step back to consider their fate in a future pandemic, which many predict is inevitable. Many are now exploring investments in “essential” businesses, many of which are non-brick-and-mortar service brands. These include home repair and maintenance, moving, junk removal, mobile pet care, senior home care, travel services, and many more. Read more at franchising.com.