Why Entrepreneurship Is the Engine of Economic Development
We often hear that entrepreneurship is important, but it’s hard to overstate just how vital entrepreneurship is for the economy at large. Entrepreneurial activity, or in other words, the creation of new businesses, is what supports local economies, what supports our country’s GDP and what helps the stock market continue to grow.
So why is it that entrepreneurship is such a powerful engine of economic development?
It’s actually more complex than you might think.
First, the evidence suggests that small businesses created by entrepreneurs are disproportionately responsible for job growth. Small companies create more than 1.5 million jobs annually in the United States, which translates to 64 percent of total new job growth.
Why are new jobs so important? Economic growth is partially dependent on job growth. More available jobs lead to more people working, and more people working leads to higher GDP. On top of that, more people have recurring income and can better provide for their families.
This can also create a kind of cascade of entrepreneurship; more people work, have an opportunity to save up money and can then start businesses of their own.
12 Questions You Might Be Afraid to Ask About Entrepreneurship
Back when I was a naive college junior, sitting across from my soon-to-be boss in JP Morgan’s San Francisco high-rise office for my final interview, he handed me the floor to ask any lingering questions about the role. Darren reminded me that I was interviewing him and their company, just as much as they were interviewing me. Little did I know, those days of “ask me anything” interviews would end the moment I hopped off the Wall Street treadmill.
Entrepreneurship, in contrast, doesn’t have welcoming bosses-to-be, comprehensive detailed job descriptions, or any cohesive environment in which to get all your questions answered. It’s more like voluntarily throwing yourself into a chaotic body of rapidly flowing waters all alone, with only two choices: swim to safety or die trying. When the treacherous current kicks your brain into survival mode, you suddenly realize you’re all alone, with no one to answer the questions sprinting through your head.
If that’s how you view or experience entrepreneurship, you aren’t alone — most first-time or early-stage founders feel similarly like they’re flying blind, with no one to turn to. That’s why I’ve compiled 12 of the gnawing questions you may be too afraid to ask as you embark on the entrepreneurial journey.
5 Success Tips for the Serial Entrepreneur Entering a New Industry
The term “serial entrepreneur” isn’t very common in business circles, but I believe that some people are built for that kind of practice. A serial entrepreneur is an entrepreneur who continuously comes up with new ideas and starts new businesses. As opposed to a typical entrepreneur, who will often come up with a single idea, start the company, then see it through and play an important role in the day-to-day functioning of said company.
A serial entrepreneur will often come up with an idea and get things started, but then give responsibility to someone else and move on to a new idea and a new venture. This would have been a very bad practice in the days when the old cliché held sway, “a Jack of all trades is master of none.” In my opinion I think the 21st century has become “the century of the Jacks.”
As a serial entrepreneur myself, I know how challenging it is to leave the comfort of a thriving business and step out into the icy cold waters of starting a business again, much less in a different industry. However, in 2017, I decided to stop suppressing all my new and unique ideas and just get on with it.
An entrepreneur tends to bite off a little more than he can chew hoping he’ll quickly learn how to chew it. – Roy Ash
Here’s Why Entrepreneurs Make The Best Marketers
The best marketers are those who know how to build a brand, scale it for rapid growth, and cultivate long-term success. They understand the essentials of marketing because they have lived it first hand. I’ve learned countless strategies in the process of becoming an entrepreneur and evolving as a business leader.
Whether or not you are a founder yourself, you need an entrepreneurial mindset to be a successful marketer. Here’s what I mean: entrepreneurs are compelled to take their message and mission further because they are wholly devoted to its success. An entrepreneurial mindset means being totally sold on your company’s mission and having the ability to communicate it clearly.
But, if you’re a marketer reading this, you may not have the rounded experience of an entrepreneur. That’s okay – you just need to adopt the mindset. Here is what an entrepreneur-driven marketing strategy looks like, and how you can implement it for yourself.
How These 10 Latinx Small Business Owners Persevered and Overcame Challenges
Latinx entrepreneurs are making incredible contributions to the world of small business. According to a recent study conducted by The Stanford Latino Entrepreneurship Initiative (SLEI), Latinx entrepreneurship has grown 34% in just the last ten years.
Yet, that doesn’t mean that success comes easily. These ambitious Latinx entrepreneurs don’t just have to overcome self-doubt or know how to pivot quickly during moments of a business slowdown. They also face significantly less access to funding and can face discrimination in their communities.
Despite the obstacles, Latinx entrepreneurs consistently identify strategies to move their businesses forward, share their culture, and succeed on their terms.
New Moms Can Fix the Entrepreneurship Gender Diversity Gap, If We Help Them
Fix the gender diversity gap in entrepreneurship? Focus on supporting female entrepreneurs who are starting a family.
Sure, there are mentorship programs, female-focused incubators, books and podcasts to “lean in” or “lean out.” But how about policies supporting parents so they can actually found and grow companies, to ultimately diminish inequities in entrepreneurship.
Did you know the average startup founder is in their early 40s? And why are they mostly men? Because by the time a future entrepreneur cuts their teeth, builds the expertise, saves up to bootstrap, they’re right at the baby-rearing age window. And, by that “baby time” (let’s call it that, say) there are new choices that need to be made by women.
Women don’t have to make the same choices and considerations as men when deciding to start a family, I don’t care what you say.
I have not failed. I’ve just found 10,000 ways that won’t work. – Thomas Edison
15 Tips On Becoming a Successful Female Entrepreneur from MeetingPlay’s Owner, Lisa Vann
According to the US Chamber Foundation, only 2% of women-owned businesses have 10 or more employees. Only 1.3% of venture-backed companies have a female founder. And though technology is one of the fastest growing industries in the US – less than 25% of those who work in the tech industry, are female.
As the owner of an engagement driving event technology business with nearly 30 employees and growing daily, Lisa Vann continues to break through the barriers of women entrepreneurs in the technology industry.
Welcome to The Social Geek Radio Network.
Get in touch with your inner geek. Jack Monson and many special guests discuss social media and digital marketing trends for brands, small businesses, and franchises.
Social Geek Radio was listed as one of 20 Best Business Podcasts according to Emerge and was named to the Best Small Business Podcasts by FitSmallBusiness.com. Recently, Social Geek Radio finally made the Top 25 podcasts in the Marketing category of Apple Podcasts / iTunes.
- Franchise Facebook Podcast – every Monday
- Franchise News Podcast – every Wednesday
- Social Geek Radio Franchise Spotlight – every Friday
The Digital Entrepreneur
The Digital Entrepreneur is for people who want to discover smarter ways to create and sell profitable digital goods and services. Tune in weekly as Sean Jackson, Katy Katz, and a host of experts give you the strategies and insight you need to start building your digital business … the right way.
Entrepreneurs on Fire
Entrepreneurs on Fire is one of the leading business podcasts today. Hosted by John Lee Dumas, it has won the Best of Apple Podcasts award, and has over 2,500 episodes and 85 million downloads. What makes it exceptionally unique from most other podcasts is that new episodes are released every day.
Dumas aims to inspire and educate young entrepreneurs in this show. To that end, he interviews legends of business growth and financial freedom. Some of his guests include Tony Robbins, Seth Godin, and Tim Ferriss.
This podcast is for anyone who is looking for some inspiration to enhance their business and entrepreneurial journey. If you want to listen to real stories of the world’s top leaders and entrepreneurs, then we recommend checking out this show.
The Tim Ferriss Show
Tim Ferriss is yet another name we can’t leave out when talking about success in business and entrepreneurship. As an entrepreneur and author, he is most popular for his bestselling book titled “The 4-Hour Workweek.”
His podcast celebrates the successes of a variety of people. He interviews famous individuals like LeBron James, Malcolm Gladwell, and Ray Dalio to talk about how to be successful in the field you have chosen.
For people who’d like tips and guidelines on how to be successful in their businesses just like their favorite celebrities, this show is the answer!
How to Identify Your Entrepreneurial Skills and Redefine Them to Match Your Business?
Do you have what it takes to be a successful entrepreneur? What makes someone a successful entrepreneur, anyway? There is no one defining the characteristic of being an entrepreneur. It certainly helps to have strong expertise in a key area, but there is more to being an entrepreneur than being an expert on a particular subject matter.
No matter how you choose to define being an entrepreneur, getting there requires a lot of hard work and determination. So, let us take a delve into the makings of an entrepreneur. What makes a business person? How do you find out that you are destined to be an entrepreneur?
Though there have been many studies on the subject, researchers have not been able to find out one definitive answer. What they do know is that successful magnates have certain traits in common.
The Top 15 Traits That Guarantee to Make a Successful Entrepreneur
Starting your own business is a big step. You want your passion to be recognized and appreciated by people who share similar interests. Or, maybe they didn’t know they needed something until you introduced it to them! Yes, the process is intimidating, but being an entrepreneur also means you are the writer of your own success story. While you may not know where to start, remember that even the most successful entrepreneurs were in your shoes at one point in time. How did they do it?
43 Ways to Improve Yourself in Just 10 Minutes
We use the word busy way too much. We say it when friends ask us how we are doing, as if being busy is an emotion. We use it as an excuse to procrastinate on unpleasant tasks. We use it to sound important at work, because being busy somehow equates to being successful.
But you’re never too busy for 10 minutes, which is all it takes to improve yourself just a little each day. You can de-stress using meditation, yoga or reading. Track your unhealthy spending habits. Learn a new language. The possibilities are endless. Stop prioritizing the busy parts of your life and make time for the important things, such as the constant development of your mental, physical and emotional well-being.