Acceler8Success Cafe Weekend A/V Edition

This is interesting… While it’s natural and oh so tempting to want to announce big goals, it’s smarter to keep them to yourself. In a 2009 experiment at New York University, 163 subjects were given a difficult work project and forty-five minutes to spend on it. Half the subjects were told to announce their goals, while half were told to keep quiet.

The subjects who announced their goals quit after only an average of thirty-three minutes, and reported feeling satisfied with their work. Those who kept their mouths shut, however, worked the entire forty-five minutes, and remained strongly motivated. (In fact, when the experiment ended, they wanted to keep working.)

Telling others about your big goals makes them less likely to happen, because it creates an unconscious payoff— tricking our brains into thinking we’ve already accomplished the goal. Keeping our big goals to ourselves is one of the smartest goals we can set.

“If you aim at nothing, you will hit it every time.” – Zig Ziglar

As part of our commitment and dedication to entrepreneurial success at all levels, Acceler8Success Cafe Weekend A/V Edition has been developed to provide current and aspiring entrepreneurs a relaxing way to stay motivated and inspired, while also staying informed. – Paul Segreto, Acceler8Success Founder

NOTE: Please pause video before moving from one to another. Thank you!

Golden Rules of Goal Setting

Have you thought about what you want to be doing in five years’ time? Are you clear about what your main objective at work is at the moment? Do you know what you want to have achieved by the end of today?

If you want to succeed, you need to set goals. Without goals you lack focus and direction. Goal setting not only allows you to take control of your life’s direction; it also provides you a benchmark for determining whether you are actually succeeding. Think about it: having a million dollars in the bank is only proof of success if one of your goals is to amass riches. If your goal is to practice acts of charity, then keeping the money for yourself is suddenly contrary to how you would define success.

To accomplish your goals, however, you need to know how to set them. You can’t simply say, “I want” and expect it to happen. Goal setting is a process that starts with careful consideration of what you want to achieve, and ends with a lot of hard work to actually do it. In between, there are some very well-defined steps that transcend the specifics of each goal. Knowing these steps will allow you to formulate goals that you can accomplish.

Read more and watch the video at MindTools.com

Do you have an emergency business plan in place in case of another pandemic or similar event?

The coronavirus of 2020, the H1N1 (bird flu) of 2009, the Zika virus of 2016, seasonal flu, and other inevitable illness threats, have something in common: They are reminders to businesses of the importance of an epidemic/pandemic business continuity plan.

Regardless of how serious, or benign, coronavirus might be for the population as a whole, the fact is that it’s infecting and affecting the business supply chain and everything connected to it. Whether or not disease fears are justified, they’re real when they affect your business. 

It’s better to have an emergency plan and not need it than to need an emergency plan and not have it.

Read the complete article and learn how to create an epidemic/pandemic business plan at KnoxNews.com.

Note: Please respond to the question by clicking on the image above.

Acceler8Success Cafe Friday 6.18.21

How to Grow Your Personal Brand for Long-Term Success

Growing your brand can yield life-changing opportunities. If you’re interested in creating content based around your passion, it’s something to consider as an investment of time. Depending on your industry, a strong personal brand may even be a requirement for your field.

A personal brand could include your areas of expertise, colors or patterns you associate with yourself, catchphrases, or specific teaching methods. Your brand expresses how you do things differently than everyone else, and it defines your style while you do it.

While your voice and passions may change over the years, your brand also goes through a natural evolution, especially in fields like marketing, which are dependent on constant innovation. Your brand can attract interactions with other influencers, phenomenal networking opportunities and more.

Read more at Entrepreneur.com

Personal branding is the art of becoming knowable, likable and trustable. – John Jantsch

Personal Branding – Why Now is the Time to Build Your Personal Brand

Business-level branding has been a key part of the economy since the Industrial Revolution. Today, children who are not yet old enough to read can recognize popular brands like McDonald’s and Nike.

That said, brands used to be only for businesses. Employees were expected to uphold and support the principles of the brand. Some of us in marketing were even lucky enough to help our businesses build their brands. But as trust has eroded away from corporations and government institutions, we are seeing the ushering in of a new era: the personal brand.

Those of us who understand how to yield the power of our networks will achieve greater levels of professional success. And those who know how to use social channels to deliver helpful messages will ride the wave of this new era in personal branding.

Now, more than ever, is your time to shine as a positive voice in the crowded media marketplace.

The rise of branding on a personal level has been more recent. For a long time, personal branding was better left to athletes, models, and Hollywood celebrities. Today, personal branding is a key to succeeding in many different parts of life.

Read more at MarketingInsiderGroup.com

6 Reasons Why A Personal Brand Is Important For Entrepreneurs

There is a saying in sales, people buy YOU and not really your product. They buy into who you are and what you represent. And this is no more important than today’s convoluted marketplace. In the present global economy where anyone can sell anything, or anyone can copy what others are offering, having a strong personal brand is crucial in order to stand out. And not just to stand out, but to be trusted, that is the key.

People trust something they can relate to, like a person, and not just a brand. With that trust comes loyalty, and with loyalty comes fans who proudly recommend your brand to others. Think of free advertising on social media and word of mouth from strangers, who are willingly advocating that you (and your product or service) is the best they have ever had. And we all know a third-party testimonial or review is the most powerful one there is.

Having these online reviews serve an even greater purpose. According to a study by Kredible, 52 percent of online vendors lost potential sales because of information (or lack thereof) about them online. This clearly underlines how important customer reviews are, for you and your brand. More than that, it shows how a strong personal brand can make or break your business.

Learn more at EntrepreneurshipFacts.com

A great brand is a story that’s never completely told. A brand is a metaphorical story that connects with something very deep – a fundamental appreciation of mythology. Stories create the emotional context people need to locate themselves in a larger experience. – Scott Bedbury

Defining What a Brand Is: Why Is It So Hard?

A lot of people – even those in branding – struggle with answering the question: So what’s a brand, anyway?

The term “brand” first emerged more than half a century ago as a way for cattle ranchers to identify their animals. In the late 1880s, packaged goods like Coca-Cola started taking off. Brands were used to differentiate them from the generic competition.

But as branding progressed, marketers realized there was more to the brand of Coca-Cola than just a non-generic name.

David Ogilvy, the “Father of Advertising,” defined brand as “the intangible sum of a product’s attributes.”

The Dictionary of Brand defines brand as “a person’s perception of a product, service, experience, or organization.”

Marty Neumeier, author and speaker on all things brand, defines brand by first laying out what a brand is not: “A brand is not a logo. A brand is not an identity. A brand is not a product.” Neumeier goes on to say that “a brand is a person’s gut feeling about a product, service, or organization.”

Learn more at EmotiveBrand.com

Great companies that build an enduring brand have an emotional relationship with customers that has no barrier. And that emotional relationship is on the most important characteristic, which is trust. – Howard Schultz

What’s the difference between branding and marketing?

Although often mentioned interchangeably, branding and marketing are two separate things. Knowing the difference between the two is key to mastering both parts of your business. Branding and marketing are both equally important to the success of your business. Being strong on both sides will put your company on a path to success.

Ask around and you will get various answers regarding the distinction of the two, and some may even tell you they are the same. This will explain how and why they are distinct and, most importantly, how to build them both into an advantage over your competition.

Marketing can be described as an activity a company takes to promote its products or services. Marketing’s primary goal is to generate interest for the product or service. Marketing is a set of actions that are designed to communicate the benefits of a company and what it has to offer to its target consumers. 

Marketing can be carried out in many different forms that will cost varying amounts of money depending on the potential customers that each specific activity can reach. To develop and manage a successful marketing plan a business will first need to determine the message it wants to convey and that target audience to serve that message to. 

Branding, in comparison to marketing, is more internalized. It is about defining who you are. Defining your brand is paramount to the success of your marketing efforts and your business in general. 

The characteristics that make up your brand, including your name and logo, should easily identify your business to consumers and be distinct from competitors. Taking it a step further, the colors and fonts you use will become a part of your brand so the small details cannot be overlooked. 

Branding needs to be clear, concise, and consistent. Staying consistent in all aspects of your brand will allow for recognition and an easier path to building a solid reputation.

Learn more at BrandingCompass.com

Branding demands commitment; commitment to continual re-invention; striking chords with people to stir their emotions; and commitment to imagination. It is easy to be cynical about such things, much harder to be successful. – Sir Richard Branson

Where Marketing Ends, Branding Begins

So you’ve got a business and you’re ready to push your branding efforts online. The first question you encounter is “How do I go about with branding?”

What I’ve noticed from my years of experience in online marketing is that you probably think branding involves the following:

 Logos, color schemes, and website design – What should my logo be? What colors represent my business best? How do I go about with my web design?
● Brand mentions, links, and social popularity – I have to be as visible online as possible, because this promotes brand recall
● SERPs visibility, ad campaigns, and other promotional efforts

If you answered any of the above, then you’re looking at branding the wrong way. The items I mentioned are all marketing tools and strategies, and they only scratch the surface of branding.

Learn more at NeilPatel.com

Three Marketing Tactics Every Budding Entrepreneur Must Employ

As an entrepreneur, the art of marketing is at the forefront of your strategy. To grow, you need to employ thorough marketing tactics towards the right consumers. And in today’s business world, there’s a wealth of information at your fingertips. Visit your local bookstore, and there are likely shelves upon shelves of marketing advice. A simple search online will yield millions of results. But with a wide breadth of resources, it can be difficult for entrepreneurs to navigate.

For this reason, biographies and how-tos are popular in the business world. Business owners want to hear advice from people who have been there and done that. They want to learn more about the tried-and-true methods of the successful.

Read more at DazeInfo.com

Advantages of digital marketing for entrepreneurs

Most of us enjoy the security that comes with doing a 9 to 5 job. The monthly or weekly salary is a safety net that keeps our financial life balanced. But out of this lot, there are few who just can’t stand it. They hate the routine and work under someone. So what do they do?

They become entrepreneurs. Instead of working for someone, they have others work for them. While it may seem easy from afar, a lookup close will prove otherwise. If you are an entrepreneur, then you know what I’m talking about. But sometimes along the busy schedule, digital marketing might get pushed back. Which is why I’m here to tell you it shouldn’t. In case you forgot why it’s important here are advantages of digital marketing for entrepreneurs you definitely should know about.

Read more at VebudoVision.com

9 Reasons Why Every Entrepreneur Should Be On Social Media

As an entrepreneur, you are constantly trying to find an advantage. A new tool that can make you more productive, a way to save more money, a market trend you can capitalize on…

The list goes on and on, as I am sure you know. What if we told you social media is one of the biggest advantages an entrepreneur can have. Even better, it is free. Regardless of where you are on your entrepreneurial journey, pre-launch to post IPO, social media can literally be the difference in success and becoming just another failed company. You might already be active on social media, but the question is: are you taking advantage of all the benefits?

Learn more at eclincher.com

Acceler8Success Cafe Thursday 6.17.21

The Traits That Lead to Entrepreneurial Success

While no natural-born skill is a prerequisite, some characteristic are good predictors.

  • In the trade-off between management experience and industry experience, the winner depends on the venture’s level of risk.
  • Social capital – i.e., good connections – can help bring entrepreneurs to the startup stage, but only strong networking skills correlate with success.
  • Entrepreneurs are generalists, not specialists – no single area of expertise can predetermine success.

What does an early-stage investor look for in a company? E. Keller Fitzsimmons, serial entrepreneur and angel investor behind the book Lost in Startuplandiaevaluates the founder themselves with a question of her own: “Do they have the ability to ride out the roller-coaster ride of entrepreneurship?”

Learn more at BusinessNewsDaily.com

“There is only one success: to be able to spend your life in your own way.” – Christopher Morley

Top 5 Barriers to Crush if You Want to Become an Entrepreneur

The satisfaction of running your own business and working for yourself is a dream for many.

Unfortunately, our own attitudes and flaws get in the way. This can keep us from truly reaching financial freedom and success.

Whether you’ve been dreaming of entrepreneurship, or already knee-deep, here are some factors that can prevent you from reaching that magic plateau.

Imposter syndrome is real. It can begin as early as high school. Some may not feel they’re on the same level as the other students. Even if they get good grades, they may believe it was a fluke or luck.

According to an article in Forbes; Imposter syndrome can be clear in both those who are just starting out and those who have already achieved success and feel like a fraud.

To conquer imposter syndrome, appreciate your successes. Acknowledge them even if you don’t believe in them.

Read more at Medium.com

The Building Blocks of Entrepreneurial Success

When you think of an entrepreneur, the kind of person that has started and grown numerous companies, what words come to mind describing them? Some that I think of include bold, creative, hustler…

In the development of the Entrepreneurial Edge assessment, we did a study to see how over 400 entrepreneurs compared with non-entrepreneurial professionals on 12 competencies that are important for entrepreneurial success. Of those competencies, three stood out as the biggest differentiators:

  1. Innovation:The ability to formulate and shape novel ideas.
  2. Risk-Tolerance:The level of comfort one has with taking calculated risks.
  3. Visionary: The ability to conceptualize an idea in order to develop plans and set direction.

In my work, I’ve been fortunate to work closely with several serial entrepreneurs. These intrepid business people have started and operated as many as four companies at a time and have all found success to varying degrees. I’ve gotten to see the highs and lows of the entrepreneurial experience from this perspective and learned some great lessons along the way.

Read more at MHS.com

“When in doubt, bootstrap. Using your own personal resources is the easiest way to start a business. You don’t have to convince investors about the merits of your idea. You just have to convince yourself.” -Ryan Holmes, Co-founder of Hootsuite

Entrepreneurial Success Requires Stamina

People who aren’t runners assume that they can’t perform at the level of trained marathoners. New entrepreneurs do look at experienced entrepreneurs and assume that they can perform at that level.

Experienced entrepreneurs perform at the level they do because they have years of training. We’ve fallen into enough holes to know how to climb out of them, we’ve learned how to pace ourselves for the marathon, and we have successful environments that keep us rolling when times get tough.

I’ve done a lot of things in my life, and few things have been more full-contact than being an entrepreneur. It tests your emotional resolve. It changes your social networks. It strips away the security you once had in a steady, predictable paycheck. You have to learn to embrace uncertainty and deal with what comes.

And that’s when times are good.

When times are bad, you will want to quit. You’ll start fantasizing about getting a job, showing up, doing what you’re told, and going home to have some peace and tube time. You’ll hate the plans, projections, gambles, and opportunity-making that you have to do every day.

Learn more at ProductiveFlourishing.com

Diversity In Entrepreneurship: What We Can Do To Create A Level Playing Field

What inspires someone to become an entrepreneur?

I’ve often wondered what gives some people the energy and focus to take their idea and turn it into reality. I know so many others who dream but don’t ever take action to venture out on their own. They love working and contributing to an organization as part of a team and enjoy the security that comes with it.

But for some of us, entrepreneurship is like an itch that demands to be scratched. For me, it’s the challenge of creating something that makes an impact on people’s lives.

Creating a viable business requires more than just a great idea. There are the long hours and a commitment to doing the work without knowing if your work is going in the right direction or not. Of course, it also requires capital, sound decision making, strategy, the right team and luck. Without these ingredients, the business starves and fails. And even with these, the odds are the business will not make it.

Despite all the roadblocks, obstacles and low likelihood of success, 93% of entrepreneurs ultimately believe the journey is worth it, according to a new study commissioned by NPR’s “How I Built This,” The Secret Lives of Entrepreneurs.

Read more at Forbes.com

The Importance of Diversity in Entrepreneurship

It’s 2020, and the world is going to look very different in the coming decades. As of this writing, we are at the end of this phase of COVID-19 and countries throughout Europe as well as states across America are slowly beginning to reopen. The pandemic may have thrown the world for a loop, but the crisis did accelerate several trends already underway, particularly here in the United States.

While entrepreneurship has become mainstream the faces of those leading the business world have been changing (not fast enough according to some people), and now with Zoom and other digital tools at our disposal, communication gaps have been closed. When looking towards the next few decades in business, we will see leaders from a variety of nationalities and genders building the next generation of businesses.

We still have a way to go as the number of entrepreneurs who are female, African American, or of Hispanic American descent is not where it should be. However, there are encouraging trends, as fundera.com indicates that “40% of US businesses are women-owned”and that “64% of new women-owned businesses were started by women of color last year.” 

Increasing the number of entrepreneurs from these backgrounds is important for several reasons we will explore below. Particularly when it comes to education, the great modern equalizer, we can all do our part in order to bring up and work with entrepreneurs from a variety of different backgrounds. It’s not a political statement or a good PR campaign to double down on diversity when looking at the entrepreneurship space, it’s simply good for business.

Read more at Entrepreneurship.uconn.edu

The Outsized Impact of Black and Latinx Entrepreneurs

Black and Latinx entrepreneurs are a major economic force. From mom and pop shops to multimillion-dollar enterprises, minority-owned businesses generated close to $700B in revenue last year. Over the past decade, Black- and Latinx-led companies started more than 1M new businesses across the United States, leading to millions of net-new jobs. 

These dynamic Black and Latinx entrepreneurs are inspirational leaders. They defy systemic financial and institutional barriers to achieve their dreams. These trailblazers meet market needs, create their own destiny and help their communities thrive.

But too often their stories and economic contributions are not celebrated as they should be.

Let’s fix that and recognize the might of minority business leaders in the U.S. today – as well as the inequitable challenges they face.

Did you know…

Latinx entrepreneurs are leading the way. Over the past ten years, the total number of Latinx-owned business owners grew by 34% – outpacing any other ethnic group. More than 40% of Latinx entrepreneurs are millennials, and Latina women start businesses at five times the rate of their male counterparts (Who run the world? Girls!). Consider the grit and tenacity of these Latinx leaders, who strike out to be their own boss while paving the way for generations to come.

Black-owned businesses give back. Black entrepreneurs have 12 times more net worth than peers who work for an employer. Their donations of time, money and services further strengthen neighborhoods nationwide. They provide strength in numbers and power to the community.

Learn more at ey.com

10 Ways to Stay Motivated as an Entrepreneur

If you’ve just started on your quest to entrepreneurship, then you are probably finding it hard to set yourself tasks and goals without an employer or colleague supporting you. On the other hand, if you have been on this adventure for some time now, you have probably come in contact with some bumps in the road that have set you back. You may also find it hard to balance the multitude of entrepreneurial tasks you have with your personal life.

Either way, as an entrepreneur, it’s easy to lose motivation. The key is to not give up and to find ways with which you can lift yourself up on those longer, more grueling days. 

You’ve probably created your business with specific goals in mind, objectives you want it to achieve, and of course, some core values you want it to live by. The problem is, many who start their own business forget to create their own personal goals. It is crucial that you write down your reasons for becoming an entrepreneur in the first place.

Whether it be on your computer, a piece of paper, or on your phone, have them handy so that you can read them whenever you feel you have lost motivation.

Learn more at Entrepreneur.com

Entrepreneurs Define the Meaning of Business Success

Many new business owners start with a goal of “being successful.” But what does “being successful” really mean? The simplest (and most accurate) answer is that small business success is different for everyone. As with everything else for your business, it’s up to you to define success.

The journey to greatness is a different experience for each business owner. Hope Wilson, a senior marketing specialist at Skidmore, Owings & Merrill LLP, said she views business success as something larger than herself and her company.

“Success is running a profitable firm that conducts business with honesty and integrity, makes meaningful contributions to the communities it serves and nurtures high-quality, balanced lives for its employees,” Wilson told Business News Daily. “As business owners, we must think outside our own doors. We must think about the potential impacts we have on those around us as well as future generations.”

Read more at BusinessNewsDaily.com

Growth to greatness: Smart growth for entrepreneurial businesses

Business growth is one of the most talked about subjects in the entrepreneurial world. Unfortunately, much of that talk is based on faulty assumptions or erroneous beliefs about business growth. For the past ten years, I have been on a journey, along with some of my colleagues, trying to discover the “science” of business growth. The purpose of this article is to share with you some of what we have found. 

If you think about business growth, what comes to mind? Well, growth is good; in fact, businesses either grow or die. Yes, and growth is a nice linear function that depends in large part upon a business’s strategy. And growing bigger is always better.

Those beliefs are common. What do we know about them? We know that there is no basis in any science for those beliefs and that, in fact, they are not always true in the business world. At best, they are half-truths. At worst, they are pure fiction.

Learn more at IveyBusinessJournal.com

Acceler8Success Cafe Wednesday 6.16.21

The Difference Between a Freelancer and an Entrepreneur

Which are you? Are you sure?

A freelancer is someone who gets paid for her work. She charges by the hour or perhaps by the project. Freelancers write, design, consult, advise, do taxes and hang wallpaper. Freelancing is the single easiest way to start a new business.

Entrepreneurs use money (preferably someone else’s money) to build a business bigger than themselves. Entrepreneurs make money when they sleep. Entrepreneurs focus on growth and on scaling the systems that they build. The more, the better.

The goal of a freelancer is to have a steady job with no boss, to do great work, to gradually increase demand so that the hourly wage goes up and the quality of gigs goes up too.

The goal of the entrepreneur is to sell out for a lot of money, or to build a long-term profit machine that is steady, stable and not particularly risky to run.

Learn more at AmericanExpress.com

PRO Act Would Threaten Entrepreneurship in America And Hurt Freelance Professionals

Entrepreneurship is ingrained into America’s identity, and entrepreneurs are the most resilient people you’ll ever meet. I’m privileged to see that firsthand every day, as the CEO of Entrepreneur Media, where I watched entrepreneurs and small business owners across America do everything they could to survive during this pandemic. It’s why I’m so dismayed that, just as businesses are getting back on their feet, lawmakers in Washington are trying to pass the Protecting the Right to Organize Act — a law that would cost people their income, livelihoods and small businesses, and it would devastate entrepreneurial investment, especially among womenminorities and veterans.

Too few entrepreneurs are aware of this law, which is why I’m speaking up against it. This community may have weathered a pandemic, but it doesn’t deserve the self-inflicted harm now threatened by Washington.

The PRO Act would drastically restructure our nation’s labor laws in favor of union bosses and at the expense of small businesses. Included in the PRO Act is the now infamous “ABC” test, which voters in California overwhelmingly rejected for app-based drivers, and which the California Legislature has seen cause so many issues in other professions that it has now had to add exemptions for more than 100 types of careers to its ABC Test law. The ABC test presumes employment unless a certain set of conditions are met. This structure advances organized labor’s goal of widening the eligible pool of union employees as much as possible, by making it legal to unionize independent contractors, which would have the very real, damaging effect of restricting independent and flexible work arrangements.

Read more at MorningConsult.com

“Success is stumbling from failure to failure with no loss of enthusiasm.” – Winston S. Churchill

What Covid can teach us about entrepreneurship?

Covid-19 is a big multi-faceted shock. But these types of random events are grist to the mill for people trying to learn about economic forces. In other words, it often takes something out of the ordinary for us to learn about the ordinary.

I had been waiting for research along these lines and we have just got one new paper in my own field of entrepreneurship. The work by Cathy Fazio, Jorge Guzman, Yupeng Liu and Scott Stern examines new business starts in the US over the past 18 months. In particular, it looks at where businesses were started and how this was impacted by the three waves of stimulus in the United States. The NYT has a nice summary of the results.

The broad question of interest is not about Covid-19 but about what constrains entrepreneurial ventures. Is it, for example, a lack of opportunities? This has been a strong hypothesis in the past since new business starts tend to decline in recessions and increase in booms. Well, Covid-19 wasn’t your ordinary recession. The hit to economic activity was asymmetric. To be sure, there was a change in opportunities for some new businesses — opening up a restaurant or a physical store was not likely a good idea. But for services and online ventures the opposite was true.

Read more at Substack.com

America: White Males Are Now The Minority in Business Ownership

Are you discouraged by the anemic ‘risk capital’ flows towards women and minority groups? Well, consider this broader milestone: White men are no longer the majority of business owners in the U.S. But granted that most small businesses, which include agencies and mom-and-pop shops, aren’t tech firms (albeit some productize to become one)—modernizing businesses may still offer hope. 

But what events could have caused this shift? What does it mean for the future of American entrepreneurship? Will white males dominate the business sector again?

According to Forbes, as based on The New Builders book by Levine and MacBride, of the 30.5 million total number of business owners, 12.5 million or 41% are white men, a number that’s been declining since 2015. 

The authors gathered these data with the help of Stanford University researchers, where two sets of data from the U.S. Census Bureau’s 2017 survey were utilized, which includes both employer and non-employer businesses.

This yielded results similar to the Annual Business Survey on minority-, veteran-, and women-owned businesses, although from a different perspective.

Learn more at GritDaily.com

The COVID Pandemic And Its Impacts On Culturally-Significant Businesses

In the American public sphere today, there is a lot of talk about culture and its significance in our everyday lives. In U.S. urban centers, the loss of traits that make communities unique and meaningful, particularly to long-term residents, is often due to the impacts of gentrification, redlining, environmental injustices, and the lack of sustained, community-based investment.

Yet, the exact meaning of ‘cultural significance’ is not definitively understood. This lack of a clear definition makes it difficult to support direct investment into culturally significant businesses such as COVID-19 relief that can be critical to business owners and the community members who patronize them.

Given this broader context, our study had two important goals. One was to arrive at a meaning for culturally significant businesses that allow designation to drive programs and investment across different communities. We hope that stakeholders, community leaders, lenders and policymakers can use this definition to craft policies, programs and legislation that support culturally significant businesses. These are the businesses that are critical to defining and promoting communities that have faced obstacles in the face of natural disasters, economic recessions and systemic inequality.

The second goal was to uncover and disseminate information on how these culturally significant businesses fared during the COVID-19 pandemic. Culturally significant establishments are essential to their communities. Their continued presence can offer critical support for well-being by providing access to safe and welcoming spaces for the community. These businesses are also crucial to the availability of strategic, required or highly valued goods and services near residents.

Read more at NCRC.org

Don’t get distracted. Never tell yourself that you need to be the biggest brand in the whole world. Start by working on what you need at the present moment and then what you need to do tomorrow. So, set yourself manageable targets. – Jas Bagniewski, founder and CEO of Eve Mattress

Nearly Half of Small Businesses Unable to Fill Job Openings

A record-high 48% of small business owners in May reported unfilled job openings (seasonally adjusted), according to NFIB’s monthly jobs report. May is the fourth consecutive month of record-high readings for unfilled job openings and is 26 points higher than the 48-year historical reading of 22%.

“Small business owners are struggling at record levels trying to get workers back in open positions,” said NFIB Chief Economist Bill Dunkelberg. “Owners are offering higher wages to try to remedy the labor shortage problem. Ultimately, higher labor costs are being passed on to customers in higher selling prices.”

Sixty-one percent of owners reported hiring or trying to hire in May. Owners have plans to fill open positions with a seasonally adjusted net 27% planning to create new jobs in the next three months.

A net 34% of owners (seasonally adjusted) reported raising compensation, the highest level in the past 12 months. A net 22% of owners plan to raise compensation in the next three months, up two points from April.

Small business owners continue to report finding qualified employees remains a problem with 93% of owners hiring or trying to hire reported few or no “qualified” applications for the positions they were trying to fill in May. Thirty-two percent of owners reported few qualified applicants for their positions and 25% reported none.

Eight percent of owners cited labor costs as their top business problem and 26% said that labor quality was their top business problem, the top business concern.

Forty percent of small business owners have job openings for skilled workers and 27% have openings for unskilled labor. In the construction industry, 51% of job openings are for skilled workers. Sixty-six percent of construction businesses reported few or no qualified applicants.

Click here to view the full NFIB jobs report.

The #1 Reason Small Businesses Fail – And How to Avoid It

Cash flow.

Mention those two little words to almost any small business owner, and you’ll see them flinch. 

Very few business terms get as cool a response. And sadly, those two little words (both of them four-letter words, interestingly enough), are the #1 reason small businesses fail. They take out more small businesses than any other factor.

In fact, 82% of small businesses fail due to cash flow problems.

And while most small business owners agree cash flow is the #1 risk for small businesses, cash flow is also a blanket term – a symptom, if you will – of several underlying causes.

Learn more at Score.org

7 Common Small Business Problems and How to Overcome Them

So, the business of your dreams is finally within your reach. Maybe you’ve even arranged your financing so all that’s left is to research what it takes to run a successful operation. Part of that research is investigating the most common small business problems that arise during the first few years so you can circumvent them.

Guidant Financial teamed up with LendingClub to survey more than 2,600 current and aspiring business owners nationwide to find out the most common problems entrepreneurs face. From lack of capital/cash flow to difficulty navigating federal regulations… read more at GuidantFinancial.com for the 7 most common small business problems and how you can overcome them.

4 Small Business Tech Trends to Watch in 2021

Widespread remote work has turned small businesses on their heads. Over a matter of weeks or even days, organizations were pushed to develop, execute and maintain remote work policies that affected every aspect of operations.

This major shift will define 2020 for years to come, but the effects of widespread remote work won’t end when the calendar turns to January. Many of the trends, solutions and tools that have been utilized during the pandemic will continue to help small businesses increase efficiency and streamline productivity for years to come. 

Read more at BizTechMagazine.com

How Technology Enables Small Business

Small businesses are a cornerstone of the American economy, contributing $6 trillion in economic output and employing 85 million Americans. Unfortunately, small businesses are also heavily impacted by the COVID-19 pandemic, with one in five closed either temporarily or permanently. With social distancing restrictions in place, small-business owners more than ever count on technology to reach consumers, market their products, and grow their business. Tech has been a critical lifeline for small businesses and consumers alike during the COVID-19 crisis.

Examining the use of digital platforms as a whole in the United States before the pandemic, the national small business survey finds that the use of digital platforms by small enterprises is ubiquitous:

  • 84% of small enterprises are using at least one major digital platform to provide information to customers;
  • 80% are using at least one major platform to show products and services, as well as to advertise;
  • 79% are using digital tools to communicate with customers and suppliers; and
  • 75% are using tech platforms for sales.

Now, during the pandemic, everything from the way consumers find and purchase products and services to the way small businesses market and ship their wares is enabled by technologies. 

Learn more at USChamber.com

Acceler8Success Cafe Tuesday 6.15.21

Special Franchising Edition

Buying a Franchise vs. an Independent Business: What Are the Pros and Cons?

You would love to operate your own business, and over the years you’ve set aside money to invest in a company to fulfill this lifelong dream. And when it finally comes time to running a business of your own, you’re left with two options: buying a franchise or buying an independent business.

While both options put you at the top of the corporate ladder, they each have their own unique advantages and drawbacks.

Franchises are essentially ready-made businesses. You don’t have to develop a new service or product that fulfills an existing problem. Instead, a franchisor provides the business model, training, assistance, and even market research. The products and services have already been developed, and the business typically has an established brand and customer base. When it comes to jumping into a more managerial role with established work processes, marketing strategies, and advertising, a franchise definitely has its benefits.

So, what is left for you to do as a franchisee? Of course, you’ll still have a lot to manage within the business just like within a standalone business.

Read more at AllBusiness.com

To Buy Or Not To Buy – Taking On A Franchise Versus Going It Alone

Type “Start your own Business” into Google and not only will an overwhelming amount of business start up information and advice appear before your eyes, but you’re also likely to be bombarded with details about a myriad of franchise opportunities to explore.

Buying into a franchise can be seen as a shortcut to business success and, as a franchisor myself, I am of course a huge advocate of the benefits of franchising opportunities – if the correct research and due diligence has been done and franchisor and franchisee are a good match for each other.

But for anyone considering taking the first steps towards launching their own enterprise, what are the advantages and disadvantages of buying into a franchise opportunity with an already established brand versus striking it out on your own?

Learn more at Forbes.com

Ultimate Guide to Business Franchising

Franchising is a great way to start a business, but before you decide to spend the thousands of dollars needed to buy one, you must do your due diligence. It is critical to understand what a franchise is and how it differs from a chain. Owning a franchise does not work the same way as a business that comes from an original idea you have.

A franchise is a business that is owned by one or more people who, under that business, provide a solution following the branding and rules set forth by its corporation. As a part of ownership, the corporation assists its franchisees and charges a flat fee along with fees based on profits or sales of its franchisees.

The International Franchise Association defines a franchise as a “method of distributing products or services involving a franchisor, who establishes the brand’s trademark or trade name and a business system, and a franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor’s name and system.” 

Read more at BusinessNewsDaily.com

Do I need business experience to run a franchise?

Typically, franchisors are offering a franchise package that delivers a training programme to allow ‘inexperienced’ people to run their own businesses. This may include both business skills and appropriate service or product training.

Often, the franchisor would prefer someone with no experience in the specific sector and/or preconceived ideas of how to run the business. While a franchisor may be happy to take someone into the franchise who has no previous experience of running a business, there still need to be levels of capability. It is probable that, in a white collar franchise, it will look for someone who has a form of experience in a white collar role.

Most franchisors will take the approach that they can teach someone the practicalities. What they can’t teach is attitude. Everyone can follow the plan, but do they have the right mindset to follow the plan?

Read more at What-Franchise.com

The 6 Best Financing Options for Franchising a Business

Offering both the flexibility and independence of being a small business owner, plus the support and infrastructure of a large corporation, a franchise can be the ideal opportunity for anyone interested in becoming an entrepreneur.

Even so, opening a franchise requires a significant investment of capital — often including a hefty franchise fee along with ongoing royalties and advertising costs. Not everyone has access to that kind of cash. So, if you need a business loan to fund your franchise investment, you might find it challenging to navigate the various options available.

Read more at Entrepreneur.com

5 Ways Cutting Corners Hurts Your Franchise Business

Becoming a franchisee has immediate advantages that make it an attractive business opportunity for entrepreneurs — established brand/reputation, tried tested and true templates to follow, franchise support services and a pre-existing customer base are just a few of the benefits.

While these are critical components to the success of any business, franchises run a risk of depending heavily on these factors to be successful. 

Read about five ways that contribute to a mindset that can cause a franchisee to cut corners within their franchise, hurting their business in the process at Entrepreneur.com.

Is Franchising A Fit? Three Considerations Before You Jump Into A Franchise Opportunity

The franchise industry is expected to add more than 800,000 U.S. jobs by the end of 2021, totaling 8.3 million jobs nationwide. According to data shared to webinar attendees by the International Franchise Association (IFA), this will be the largest yearly growth in franchise establishments ever. This growth equates to 26,000 new franchise businesses in 2021, increasing the total number of U.S. franchise establishments to 780,188.

Keyser is a commercial real estate brokerage that serves tenants and occupiers of space, and our retail department that works with retailers, franchisors and franchisees has seen so much activity surrounding franchising. Why? Because franchises are proven concepts that allow for expansion backed with corporate training and support. They are accompanied by an almost guaranteed success model. If you’ve been in the market for a new business venture, franchising may be in your future.

Learn more at Forbes.com

Transitioning From Corporate America to Franchise Business Ownership

The new year is here, so many people are taking stock of their personal and professional lives to determine their direction for 2020 and beyond. Will this be the year you finally run that 5K? Is 2020 when you’ll tackle that home remodel you’ve been discussing for years?

Is it finally time to open that franchise business you’ve dreamed about?

Taking on a 5K is a terrific goal, and home improvement projects bring lots of happiness, but neither is as life-changing as abandoning life as an employee for the thrill of entrepreneurship. That’s something I’ve helped people do for more than two decades now, so I understand how hard it can be to break the chains of traditional employment – especially when that job is in corporate America.

Corporate jobs are often loaded with fringe benefits, making it difficult for employees to leave. Health insurance, retirement plans and company vehicles are just a few of the perks I’ve heard candidates discuss as reasons they were apprehensive about going out on their own. I like these perks as much as anyone, but I’m not going to limit my potential as a business owner to keep them. And with a whopping 30.2 million small businesses open in America today, there are obviously others that agree.

Read more at Business.com

Should You Invest in a Food Franchise?

Food franchises are everywhere. With new locations popping up each day, more food is being served to hungry customers, more opportunity is available to ambitious entrepreneurs and more jobs are being added to the economy. Big name brands like McDonald’s, Wendy’s and Chick-fil-A have helped drive the growth of the food and beverage franchise industry. As the most popular segment in all of franchising, the food industry now represents more than a third of all existing franchises — and it is only expected to grow. 

People love food and hold true affinities for their favorite brands. So it’s no surprise, as entrepreneurs look to franchising, they flock to their favorite food franchises.  

But, be warned. Though the right entrepreneur can join a highly satisfied group of franchise owners in the food and beverage industry, the wrong operator could succumb to the compounding challenges of the famously difficult and fiercely competitive industry: high investment costs, razor-thin margins, long exhausting hours, ever-changing customer tastes, and near-constant employee turnover. 

Learn more at FranchiseBusinessReview.com

The Pros and Cons of Owning a Part-Time Franchise

Franchise ownership is a goal shared by many; however, successfully transitioning from working a full-time job to running a full-time franchise may seem dauntingly difficult. The bills still need to get paid, the children still need to eat, the risk might be too great. However, there is another option that makes franchise ownership more attainable: going part time. And, better yet, it’s an option offered in franchise categories ranging from hair cutting to interior decorating to fitness.

Learn more at AllBusiness.com

The Definitive Guide to the Best Franchise Marketing Podcasts

While franchising is a large and important driver of the U.S. economy, industry insiders realize and appreciate that in many ways franchising is a relatively small ecosystem of brands and suppliers.

Moreover, franchising has never been accused of being on the “bleeding edge” of new technologies and unproven ideas.

So, it should come as no surprise that podcasting is an underdeveloped franchise marketing resource.

There are currently more than 600,000 active podcast shows available online. Based on conversations with franchise industry experts and my own research, I’ve featured the top franchising podcasting series below.

Why should you consider listening to podcasts? You’re already being bombarded with “new” marketing opportunities from your colleagues and suppliers every waking moment.

For one, you decide when and what content to consume without anyone selling you. Additionally, you can listen to podcasts while you work out, travel to and from work, or in the evenings after you get home. They are relatively short (versus books on tape for example), free, self-paced and no one is offended if you skip episodes or drop off at your leisure.

Learn more at FranchiseGator.com

Funny, Inspirational Quotes About Franchises

Franchising is a business model that born in the U.S. with the Singer Sewing Machine Company in 1851. In many countries around the world, America is best known and often characterized by its pervasive all-American franchises.  Many of the largest U.S. retail and restaurant chains are completely dependent on their franchise locations and franchise owners for their success.   

What do consumers, business leaders, and famous founders think about franchises and franchising?  

These are funny and inspirational quotable quotations about franchises, franchising, franchise owners, and specific franchise chains like McDonald’s, Burger King, Taco Bell, Wendy’s and KFC.  These franchise quotes are arranged in no particular order.

Click the links to find out more about an individual company or quote author at TheBalanceSMB.com.

Acceler8Success Cafe Monday 6.14.21

Monday Motivation To Start The Week Off Right

Mondays are commonly considered to be the worst day of the week. They’re the days where it can feel the most difficult to get out of bed. We all know the dread that Sunday night can bring. Luckily, Mondays don’t always have to be this way. On the contrary, with the proper guidelines and motivation, they can quickly turn into one of the best days of your week. So, let’s cut to the chase. Here’s everything you need to know to have an awesome Monday and start your week off right!

No matter what you’re experiencing in life, motivation will bring benefits. Below, we’ll discuss some common benefits of motivation.

Motivation prompts action and allows us to exceed our own self-expectations. If you don’t have sufficient motivation to enjoy being involved in your daily activities, they can seem like a pointless and tiring chore. When you don’t care whether you do anything or not, you may even find yourself lying in bed all day. Then, after you find your motivation, you’ll wonder how you let yourself waste so much of your time!

Read more at BetterHelp.com

“Either you run the day or the day runs you.” – Jim Rohn

Do These 8 Things on Monday to Start Your Week Off Right

Garfield the cat got two things very right: First, lasagna is delicious. Second, Mondays can be a real drag. It’s not merely the transition from playtime to the work and school week. Many of us stay up later on weekend nights and sleep in during the day, messing up our circadian rhythms and making us grumpy and irritable when the alarm goes off on Monday morning.

The stress of starting the week may even affect our health. A 2004 study found that blood pressure tends to be highest on Monday mornings, while another concluded that Monday is the most common day of the week for heart attacks. All of this may make you want to hit snooze and spend Mondays under the covers.

Fortunately, you can reverse the trend and set yourself up to have a positive, healthy start to the week. Here, experts weigh in on eight ways to make this a reality. (P.S. If you don’t work a traditional Monday-to-Friday schedule, this advice is adaptable to whenever you switch from off- to on-duty.)

Learn more at RealSimple.com

6 Ways To Become A More Creative Entrepreneur

Entrepreneurship and creativity go hand in hand. Unfortunately, creativity can easily be overshadowed and stifled by business processes, leaving it simmering on the back burner rather than being a driving force. The truth is, creativity actually helps every aspect of business, so it’s something that needs to cultivated and maintained.

To get some advice on how to tap into creativity as an entrepreneur, I talked to Edmond Huszar, better known by his stage name OVERWERK. Huszar is a Grammy award winning DJ, producer, and designer. Creativity is at the heart of everything he does from creating music to managing his business.

Storytelling is the ultimate creative tool, a powerful way to capture someone’s attention and connect with them. “It’s important to just try and connect with what you’re putting out in the world and think about the impact it will have. Connect with the authenticity of the story that you’re trying to tell,” advises Huszar.

As you create content, think about how it makes you feel as you’re creating it, and how it might make other people feel as they experience it. Don’t just go through the motions. According to Huszar, “If you’re just doing it, if you have ulterior motives or some other agenda when you’re being creative, people can sense it in the work and it just doesn’t turn out as well.”

Read more at Forbes.com

Business Hacks: 21 Simple Mindset Hacks for Entrepreneurs

Do you ever wonder why some people have the ability to bounce from success to success, without falter?

To be clear, no one has that ability, but it can seem like that.

Not surprisingly, we need more than motivational quotes to succeed. There are many mindsets, skills, and attributes required for success as an entrepreneur.

Fortunately, most of them can be learned, strengthened, and nourished through diligence and a willingness to grow.

Having the proper success mindset as an entrepreneur will enable you to deal more effectively with the day-to-day of your business. Because you will be thinking – and acting – like a true entrepreneur.

Business mindset: a way of thinking that enables you to uncover and see problems as opportunities, and then turning those opportunities into a business. It is an understanding that everything around us is the result of someone having an idea and then executing it.

Read more at HackTheEntrepreneur.com

5 Startup Mistakes Every Entrepreneur Should Avoid

Entrepreneurship is all about taking new initiatives while investing your finances in the hope of earning profit. With the advancement of time, many people are jumping in this river for a good name and better lives. This increased number of businesses is taking the world’s economy to another level.

But everything has some rules and regulations for its perfect operation to do the entrepreneurship. As a business consultant, I have observed many things responsible for leading to a business failure.

If you intend to take a business initiative, you must have proper planning for that. Don’t behave like an unguided missile going in any direction. Make a strategy for everything, set your objectives and goals to go smoothly.

Learn more at Medium.com

6 Reasons Why A Personal Brand Is Important For Entrepreneurs

How many smart and talented people do you know who are struggling financially or career wise? Chances are… quite a few. Despite having the skills and expertise, they somehow fail to jumpstart their businesses or careers. A big reason for this is that they lack the credibility outside their current circle of influence. This is where personal branding helps.

A personal brand is quite simply a strategic presentation of a person’s talents, skills, and expertise designed to first, expand his or her circle of influence, and second, increase his or her credibility in that expanding circle. Think of it as a “Credibility Bank”, where constantly working on your personal brand gives you an opportunity to make small daily and weekly credibility deposits. And over time, as you further increase your circle of influence, you also increase your credibility to more and more people.

Why do you want to increase your credibility you might ask? Well, people will naturally want to do business with you when they trust you. If you’re having trouble getting people to purchase your product or do business with you then building up your personal brand is something worth considering.

“All of us need to understand the importance of branding. We are CEOs of our own companies: Me Inc. To be in business today, our most important job is to be head marketer for the brand called You.” – Tom Peters in Fast Company

Read more at EntrepreneurshipFacts.com

How to Build a Personal Brand (Complete Guide to Personal Branding)

For freelancers and entrepreneurs, building a personal brand has never been more important than it is today. Anyone with access to the internet and social media can build an audience, position themselves as an expert, and start attracting clients for their business. And that’s exactly what a lot of people are doing.

A recent study by Upwork revealed that the freelance workforce is growing at a rate 3x faster than the overall workforce in the U.S. By 2027, freelancers are expected to make up the majority of the U.S. workforce.

While it’s great to see that so many people are embracing their entrepreneurial spirit, this also means that every self-employed freelancer, independent contractor, and entrepreneur will soon face more competition than they already do. The key to differentiating yourself from your competition is building a personal brand.

When you’re building a business around your area of expertise (as an author, speaker, coach, consultant, freelancer, etc.), the concept of building a personal branding probably comes naturally to you. When you’re the face of your business, building your personal brand makes perfect sense.

Read more at Thinkific.com

Why Personal Branding Photography is a Must for Entrepreneurs

In today’s marketplace, building a personal relationship with your clients is key. People want to know who they are buying from and why they should do business with you verses all the others who are selling similar products or services.   Photography plays a big part in building that relationship and getting the word out about your brand.

Personal branding involves influencing the way potential customers see you and view your products or services, which is why personal branding photography can have such a massive impact. Professional photos are an asset and will serve you for years to come. Here are a few of the ways that you would benefit from taking professional personal branding photos.

  • Send them with your press releases. If you usually send out press releases or are planning to in the coming year, professional photos will help your submission stand out.
  • Use them throughout your website. Businesses that feature professional photos of real people inspire more trust than those that use stock photos. Real photos also help tell your business story more authentically. At the very least, you should always have a professional headshot on your website so that potential customers know who they are doing business with.

Learn more at lifeinpinkphotography.com

“The greater danger for most of us lies not in setting our aim too high and falling short, but in setting our aim too low and achieving our mark.” – Michelangelo

Acceler8Success Group: Connecting the Right Brands, People & Opportunities!

Acceler8Success Cafe Weekend A/V Edition

If you could do one thing to transform your life, it’s highly recommended it be to find something you’re passionate about, and focus a significant amount of your energy toward the same.

Now, this isn’t as easy as it sounds, but it’s well worth the effort. If you dread going to your job or business, or find yourself constantly lacking motivation, or find what you’re doing dull and repetitive, you need to start looking for a new direction. Staying where you are will not only continue to make you unhappy, but you are not realizing your full potential in life.

If you’re thinking about doing something different in life, think no more and follow Nike’s slogan to, Just do it!

“When you keep hitting walls of resistance in life, the universe is trying to tell you that you are going the wrong way. It’s like driving a bumper car at an amusement park. Each time you slam into another car or the edge of the track, you are forced to change direction.” – Suzy Kassem, Rise Up and Salute the Sun: The Writings of Suzy Kassem

As part of our commitment and dedication to entrepreneurial success at all levels, Acceler8Success Cafe Weekend A/V Edition has been developed to provide current and aspiring entrepreneurs a relaxing way to stay motivated and inspired, while also staying informed. – Paul Segreto, Acceler8Success Founder

NOTE: Please pause video before moving from one to another. Thank you!

Did I Choose Entrepreneurship, or Did it Choose Me?

Perhaps the buzzword of the internet in the 21st century, Entrepreneur is a term that is thrown around quite loosely nowadays. With the abundance of opportunities to start businesses online with little to no capital, more and more people are choosing the path of creating their own destiny. Much like myself.

When it comes to being an entrepreneur, there are a lot of things that people don’t consider. For one, it requires a lot of self-discipline and accountability – which not many people have. Fortunately for me, I developed a lot of the characteristics and habits of a high-performing entrepreneur through playing golf at an elite level.

Read more at GoodMenProject.com

Should restaurants and other businesses look to fill open positions with early retirees and senior citizens?

After all, this age demographic is typically very dependable and responsible. They may not be able to fill all positions or work 40-hour weeks but many believe they could help to address the labor challenges many business owners are facing today. It may even prove effective long-term.

Please submit your response by clicking on the image above. Thank you.

10 Reasons To Hire and Retain Workers 50+

It’s time for a cultural wake-up call. Here’s the business case for hiring and retaining workers 50+. The beauty of it is that everyone wins from companies to workers, and, you bet, the economy.

When it comes to hiring, smart employers know that it’s not about age. Really. An innovative company wants talented people, period. And in a tight labor market, now more than ever, employers need to open their eyes to the possibilities of wooing those with decades of hard-wired knowledge.

Learn more at Forbes.com

Acceler8Success Cafe Special Edition

Whatever you decide to do or have to do this weekend, be sure to do something, at least one thing specifically for you. Here’s a bit of inspiration and motivation to help you think about and plan for next week. Have a great, safe weekend. Make it happen. Make it count!

“Never give up, and be confident in what you do. There may be tough times, but the difficulties which you face will make you more determined to achieve your objectives and to win against all the odds.” – Marta

There’s a huge difference between goals and wishes but they’re often confused as the same. Why? Because the desired end results appear to be the same and especially if they’re articulated with what appears to be passion. However, the difference comes down to action. Wishes are nothing but talk with no definitive action plan. Goals are real, but only with a definitive action plan. Dennis Waitley states it best, “A goal without a plan is just a wish.

“Whether you’re almost to the top or just barely hanging on, your next move will most likely require an extraordinary effort. Are you mentally and physically prepared to make that effort?”

A Message from Acceler8Success Founder, Paul Segreto

I recently watched “Rounders” for what was probably the 100th time I’ve done so. If you’re not aware of the movie, it’s basically about the dark side of underground high-stakes poker. Movies like this also seem to make a correlation to business for me. For instance, the main character, Michael McDermott says, “Why do you think the same five guys make it to the final table of the World Series of Poker EVERY YEAR? What, are they the luckiest guys in Las Vegas?” That makes me think of the same entrepreneurs that start one business after another, and all succeed. Do you think that’s luck? Hell, no! It’s knowing when to take a calculated risk, understanding the odds, hedging bets when necessary, being patient, exploring opportunities to increase your bankroll and knowing when to take a competitor head-on. It really is a mindset… But we must always remember, “You can’t lose what you don’t put in the middle. [pause] But you can’t win much either.”

Act swiftly. Act decisively. Make it happen. Make it count. #Acceler8Success

Acceler8Success Cafe Friday 6.11.21

Entrepreneurship is the Future of Employment

We are in the midst of a job revolution due to industry change and rapid evolution of technology. Exponential technologies like AI, robotics and automation are predicted to replace many jobs and new inventions will make old technology obsolete. The McKinsey Report states that 15-30% of jobs could be displaced by 2030.

However, it does not mean jobs will disappear entirely; they will be replaced by new jobs in new industries. In addition, the structure of “work” will change. In fact, it has already started. With “gig economy” jobs, like driving for Uber or delivering for InstaCart, traditional full-time employment is becoming less of the go-to standard, both for employers and employees.

What this means is that regardless of the industry in which you currently work, you would be wise to pay attention to changes in the marketplace and where your industry is going. Many people will need to re-tool their skills to pivot into new industries, as old ones fall away.

There is no need to panic though; we have been here before. And with each new wave of innovation, old technologies and industries have fallen away. But every single time industries have died, new ones have been born.

The electric refrigerator disrupted the ice industry. The gasoline automobile replaced the horse and buggy. In the same way, robotics are automating jobs once held by people, and smartphones have replaced the need for CDs, newspapers, books, magazines, cameras, calculators, GPS, and more.

Read more at Addicted2Success.com

Employment As A Pathway To Entrepreneurship

From the United Nations Sustainable Development Goals (SDGs), to municipal government policies, youth employment is recognized as one of the most pressing issues facing the Middle East and North Africa (MENA) today. With a youth unemployment rate of 30%, the MENA region continues to be the hardest place in the world for young people to land a job.

Nearly 60% of the region is under 30 years old, and governments face certain social and economic crisis if they fail to generate economic opportunities. There is an equally dramatic potential upside, too, if youth are enabled to contribute to economic growth and stability in the region. If the region can grow employment by just half a percent, real GDP growth would accelerate to 5.5% per year, and real per capita income would rise annually by 3.8%, according to the IMF.

With 5.5 million young people entering the labor market annually in a region that creates only 3.6 million jobs each year, many posit entrepreneurship and self-employment as an antidote to the current and growing youth employment crisis facing MENA. The International Monetary Fund (IMF) estimates that 27 million new workers will enter the labor force over the next five years. With public payrolls decreasing, and low levels of investments creating new jobs, it is natural to look to entrepreneurship to create employment opportunities that currently do not exist.

After all, in most developed economies the majority of new jobs are created by small business. In the United States, for example, 64% of new jobs were created by small businesses over the last decade, with most jobs added by firms with fewer than 20 employees. A report by Endeavor Insight posited that for every ten successful new enterprises, more than 2,500 jobs are directly created. So, the question becomes: how do we equip the MENA’s tremendous youth population to succeed in becoming job creators?

Read more at Entrepreneur.com

“Start as small as you can. When I started SkinnyMe Tea, I had $24 in the bank, and I was entirely self-funded. If you are not embarrassed by the first version of your product; you’ve launched too late.” -Gretta Rose van Riel, Founder of Hey Influencers

9 Reasons Why Being an Entrepreneur Is the Best Job

Most of us harbor dreams of becoming entrepreneurs and make it big in the business world, but not all of us actually make those dreams come true — very few of us are bold enough to do what it takes to become entrepreneurs.

There’s no denying that it takes immense dedication, discipline, and hard work to just survive, let alone make it big, in the business world. However, running our own businesses also allows us to follow our passions as well as empower us enough to do so.

Some may say that it’s all about the drive that makes certain people want to quit their jobs and strike out on their own. Having said that, it would only be natural for wannabe entrepreneurs to wonder as to what some of the world’s most renowned and successful business owners had on their minds when they decided to be their own boss and run their own show. There are several answers to that.

Learn more at AllBusiness.com

Do These 10 Things Before You Quit Your Job

If you are starting your own business and planning to quit your job, you are a brave person. Everybody wants freedom. But just like all the other great things in life, it has its own cost. Only a few people can pay for it. 

Entrepreneurship involves certain risks. You have to make new plans, new teams, and make decisions at the right time. Therefore, proper planning is necessary. You should be familiar with all the pros and cons of the whole process. Otherwise, the plan might backfire for you.

Learn more at StartupMindset.com

Preparing for Entrepreneurship

Let me get this straight — entrepreneurship is not for the faint hearted. Taking risk is not something people should go into at the drop of a hat. The life of a Startup founder requires a lot of preparation and intent. Dropping everything to start your own company is always a dream for many people who want financial independence and progression. However, it is always necessary for you to critically prepare yourself for the lean years, before you leave your day job, and leap into entrepreneurship.

The first and foremost thing that you need to accept to become an entrepreneur is yourselves. Prepare yourself mentally. It isn’t about the product although it is a part of the process. Most of the startup success or failures have and emotional aspect connected. However big a small the profit you make, reality is you never stop riding the tiger. It’s always not about your expectations. Its practicality.

Consider most of your businesses is bound to fail before we even 3 quarters. Would you be emotionally ready to see your passion fall apart? Are you willing to put in more work and responsibility than you ever would? Are you prepared to leave your day job working for someone else and work for yourself with 10 times the most sincerity you had with your boss? Chances are you will end up working twice as hard and you will be responsible for not just yourself but your entire group of employees. Before you leap in and take entrepreneur journey of faith, make sure you are prepared to handle any circumstances that surprise you.

Read more at Medium.com

Role of Motivation in Entrepreneurship

Entrepreneurs are known for their tenacity and commitment – to lofty ideals, long hours, and success. They are hard workers who go into a project passionately and find success because they can convince other people of the value of their ideas. A key factor in sustaining this kind of energy, creativity, and drive is motivation. The role of motivation in entrepreneurship is foundational to their ultimate success.

Motivation services as the reason, or reasons, that compel someone to continue striving and working. It provides hope and clarity when circumstances become hard and discouraging. Entrepreneurial motivation, then, is fundamental in someone’s decision to embark on the journey of creating a business.

Motivation is also important to those that entrepreneurs work with and interact with. Entrepreneurs need to understand, tap into, and sustain their own motivation for starting a business, but they also need to be able to motivate others to buy into their idea. Whether it’s motivating investment groups to provide startup funding or motivating eventual employees during the early days, motivation is key to keeping everyone on the same page about the mission of the new business and working towards fulfilling that.

Learn more at TechFunnel.com

Entrepreneurial Motivation

Entrepreneurial motivation is the process of transforming an ordinary individual to a powerful businessman, who can create opportunities and helps in maximizing wealth and economic development. It is defined as various factors stimulate desires and activates enthusiasm in entrepreneurs which make them attain a particular goal. Entrepreneurship is the process of identifying strengths and opportunities which help in the realization of one’s dreams for designing, developing and running a new business by facing threats and risks effectively.

To become an entrepreneur one should identify their strengths and opportunities from the external environment. Here motivation plays a major role in identifying their own strengths to become strong leaders or powerful entrepreneurs which make them to accepting risks and face uncertainty for the purpose of reaching pre-described goals.

Motivation makes entrepreneur by fulfilling higher level needs such as recognition, esteem, and self-actualization. Various theories explained motivation as an influencing concept, it can bring out hidden talents and creativity, and it contributes to the individual goals and society development. Maslow’s need hierarchy theory, Hertzberg’s two-factor theory, and David MC Clelland’s acquired needs theory proved that motivation can bring energy, enthusiasm, creativity and efficiencies in fulfilling the desired objectives.

Read more at MyVenturePad.com

Acceler8Success Cafe Thursday 6.10.21

The quote below is tough to read with conviction because we’ve all been victim to that nasty thing that truly prevents us from achieving more – excuses! Sure, at times we justify our actions by listing reasons why something wasn’t done but were the reasons actually excuses that we eloquently dressed in their Sunday best so they would not stick out like the proverbial sore thumb, soon to be forgotten?

Hey, we all make excuses. If you don’t think so then you’re making an excuse right now, this very second. So, the next time you try to come up with a reason to justify an action or inaction, think long and hard about whether or not it’s actually an excuse that you may be looking for to… sleep late, not exercise, push off that project, stay in your job, plan that visit to the doctor, make that call, continue your education – well, I’m sure you get the picture. If not, there you go again justifying with reasons when they’re really excuses. Have a great day.

Aspirations And Goals: What’s The Difference?

Aspirations and goals are crucial to your pre-MBA strategy. Think of them as your true north, your guiding star in the application process and even throughout your time in business school. Why? Knowing the reasons for pursuing an MBA will help you choose the right program for you – and help you get the most out of your MBA experience.

Let’s face it: An MBA is a serious investment of your time and money, so understanding exactly what you want to get out of it is critical. Plus, most adcoms will also be looking to see that you have described a clear, realistic goal in your application.

You’re likely motivated by both goals and bigger-picture aspirations. What’s the difference? What is an aspiration?

  • goal is something that you plan to do or accomplish in a specific period of time. One way to look at it is this: Industry + Function + Timeframe = Goal. Example: “Immediately upon earning my MBA (timeframe) I plan to become a consultant (function) at a top strategy consulting firm (industry).”
  • An aspiration (or vision) is broader both in impact and timeframe. Example: “As a manager, principal, and partner (function + timeframe, since this shows career progression) at a major consulting firm (industry), I envision developing an enhanced form of consulting where clients rely on our firm to take initiative – to prevent and foresee problems, and not just solve them after they occur; to inform them of opportunities, and not just evaluate those they may have discovered (broad impact). In addition, I would like my consulting experience and business acumen to benefit Favorite Cause X. My management skills and my proactive approach would allow Organization Y, where I have volunteered for the last two years, to make the most of its limited resources and have a far greater impact on Favorite Cause X (broad impact).”

Read more at PoetsAndQuants.com

“Don’t set your goals by what other people deem important.” – Jaachynma N.E. Agu, The Prince and the Pauper

Why more and more young Americans are becoming entrepreneurs

Are Americans becoming more and more entrepreneurial? New research may point to a growing trend.

According to a new survey, out of a pool of 1,000 millennials, 1,000 Gen-Xers, and 1,000 Baby Boomers, millennials were found to be most likely to have some type of small business. By a long shot.

Nearly one in three millennials (30 percent) said they have some type of small business or side hustle, with 19 percent saying it’s actually their main source of income.

One in five Gen-Xers also have some type of small business, but only 11 percent of boomers were able to say they run their own small business.

Millennials were also by far the least likely to say they had no interest in starting a small business, with only 28 percent saying this. For comparison, three in four boomers (74 percent) said the same.

The survey, conducted by OnePoll on behalf of GoDaddy, undoubtedly pointed to one clear fact: young Americans are ready to be their own boss.

Read more at NYPost.com

Young Entrepreneurs are Redefining the American Dream

For young entrepreneurs, the American dream has changed.

There has been a massive shift in values.

Rather than looking for a job with good benefits and the opportunity to become a homeowner - young entrepreneurs are seeking freedom. Freedom of time and location.

This shift in values is shaping what the future of work will look like. It’s almost to the point that if an employer wants to hire and keep high-quality employees, they have to deliver more rewarding, flexible, and innovative opportunities that allow employees to build a lifestyle around their job.

As the new-normal shifts and technology continues to evolve, remote working opportunities and the ability to earn money online are becoming easier to obtain and more prevalent across the world. The vision baby boomers once held near and dear to them is not the dream of any generation proceeding them.

Read more at Entrepreneur.com

What Is A Startup?

Startups are young companies founded to develop a unique product or service, bring it to market and make it irresistible and irreplaceable for customers.

Startups are rooted in innovation, addressing the deficiencies of existing products or creating entirely new categories of goods and services, thereby disrupting entrenched ways of thinking and doing business for entire industries. That’s why many startups are known within their respective industries as “disruptors.”

You may be most familiar with startups in Big Tech—think Facebook, Amazon, Apple, Netflix, Google, collectively known as FAANG stocks—but even companies like WeWork, Peloton and Beyond Meat are considered startups.

Learn more at Forbes.com

The Most Important Factors for Startup Success

Growing a successful startup takes time, talent, and solid business acumen. It is well-known in entrepreneurial circles that approximately one quarter of venture-backed startups will find long-term footing in their respective industries, and 50 per cent of those will make it past their fifth anniversary.

These statistics don’t mean only 25 per cent of all entrepreneurs have worthwhile ideas. While it’s understandable why some people want to tie the future of a startup venture entirely to the idea behind it, the ultimate success or failure of a startup is actually driven by a complex and diverse set of factors, decisions, and circumstances.

Read more at Salesforce.com