We’re very excited to partner once again with Michael Dermer and The Lonely Entrepreneur. Their newest project, The Hispanic Entrepreneur Initiative is of major interest to Acceler8Success Group as we continue to build upon a growing list of clients from Mexico and Latin America whose interests focus on entrepreneurship in the U.S. 

With a goal of empowering 100,00 Hispanic entrepreneurs, Hispanic entrepreneurs will be provided with free access to The Lonely Entrepreneur Learning Community – a one stop shop for the knowledge, tools and support an individual needs to start or grow a business. This access is provided free due to the financial contributions of corporations, philanthropies, individuals, and economic development organizations. 

Supporters include UPS, Microsoft, US Hispanic Chamber of Commerce, HISPA and Molson Coors and the initiative has been endorsed by over 50 Hispanic leaders including: 

• Dr. Juan Andrade, Jr. (President, US Hispanic Leadership Institute, Recipient – Presidential Citizen’s Medal) 
• Luis Ubinas (Investor, Entrepreneur, Past President – Ford Foundation, Past President – Pan American Development Foundation)  
• Dr. Loui Olivas (Professor Emeriti, W.P. Carey School of Business At Arizona State University)  

The challenges for entrepreneurs in general are great. The challenges for Hispanic entrepreneurs are even greater. And there isn’t just one “Hispanic” entrepreneur – there are entrepreneurs from various countries that face some of the same – but some different – challenges and opportunities.

In addition to lack of access to capital, many Hispanic entrepreneurs possess passion and great ideas but lack access to the knowledge and support they need to succeed.

With the help from corporations, philanthropies, individuals, and economic development organizations, the Hispanic Entrepreneur Initiative will change that by putting the tools in the hands of 100,000 Hispanic entrepreneurs.

How it Works

In this initiative, organizations sponsor a certain number of Hispanic entrepreneurs who receive free access to The Lonely Entrepreneur Learning Community – a one stop shop for the knowledge, tools and support a current or aspiring Hispanic entrepreneur needs to start or grow a business. The platform addresses both the business and personal issues Hispanic entrepreneurs face and provides multiple ways for Hispanic entrepreneurs to get the answers they need:

• Knowledge: 500 learning modules that cover both the business and personal issues entrepreneurs face including issues Hispanic entrepreneurs face

• Tools: 100s of templates (e.g., business plans, legal agreements) and reviews of the top vendors and solution providers they need (e.g., accounting software) including Ongoing Support via Two Channels: multiple ways to solve their pressing challenges, Guidance from the TLE Team in Our Community: where entrepreneurs can ask questions and get answers from members of the TLE Team, Group Coaching: entrepreneurs can sign up for an unlimited number of group coaching sessions on the various business and personal issues they face. If they miss sessions, recordings are available for future reference at any time.

• Funding Sources: 150+ funding sources available for entrepreneurs

• Vendors: 50+ vendor reviews, discounts and a list of “vetted vendors” (including some free resources)

• Procurement Opportunities: 150+ opportunities made available by large organizations

• Business and Personal Issues: our program not only covers business issues, but all the personal issues entrepreneurs face (dealing with stress, ego and humility, leading)

• Daily Perspective: an entrepreneurial “tip” sent to every individual each day

• Access: 24/7 access from any desktop or mobile device

Having the Learning Community at every step of the journey significantly increases their chance of success.

The Needs of Different Hispanic Entrepreneurs

There isn’t just one “Hispanic” entrepreneur. There are native born and immigrant entrepreneurs from various countries that face some of the same – but some different – challenges and opportunities. In addition to providing answers for the issues facing all Hispanic entrepreneurs, the initiative addresses the issues and opportunities faced by the different Hispanic entrepreneurs, including entrepreneurs from: Mexico, Puerto Rico, Brazil, Colombia, Argentina, Venezuela, Guatemala, Cuba, Chile, Spain, El Salvador, and Peru.

Program Supporters

The initiative has gotten off to a fast start with programs launched by major corporations including:

• Microsoft empowering Hispanic entrepreneurs in El Paso Texas as reported in El Diario Mx and on television

• UPS launching its program at the L’Attitude 2021 conference to empower Hispanic entrepreneurs

• US Hispanic Chamber of Commerce

Benefits of the Program

There are multiple benefits to the program:

• Help Entrepreneurs: provide individuals with the knowledge, tools and support they need

• Proven Success: the program has been implemented successfully by a vast array of corporations, governments and charitable organizations

• Scalability: the ability to put the tools in the hands of a large number of individuals quickly

• Branding: various elements of the program would be branded including landing pages, access to the leaning assets and a group in the online community.

• Minimal Effort on Your Part: the program is turn-key and is executed with minimal lift on your part

• Turn-Key Execution: you are investing in a program that delivers turn-key execution

• Marketing Opportunities: making a program like this available and the success stories that come from it are powerful marketing opportunities

• Flexibility: to apply to the specific type, geography or group of entrepreneurs

• Measurement: the ability to measure activity and impact of the program

The program provides the opportunity to quickly get tools in the hands of a large number of current and aspiring small business owners.

Integrated Marketing to Highlight Impact

The TLE Team works with supporter marketing teams to maximize the impact on their public image:

• Public Relations: coordinated communications with media outlets to highlight supporter efforts

• Social Media: ongoing social media activities to show the impact supporter is having

• Success Stories: to be used in marketing and to inspire supporter audiences

Endorsements from Leaders

A coalition of stewards of the Hispanic community have endorsed the Hispanic Entrepreneur Initiative:

• Yvette Donado (former Chief Diversity Officer of ETS; Hispanic Magazine, 50 Most Influential Hispanics)

• Marcel Portmann (Latin America Advisor for +70 global brands; liaison to Inter-American Development Bank (IADB); former Vice President of Emerging Markets, International Franchise)

• Dr. Pilar Nava-Parada, (Philanthropist and Leader For Women Entrepreneurs with Mexican Origin)

• Dr. Joy Nicole Martínez (Raised $240m for nonprofits; inaugural member of Peace50 Community; Director, World Woman Foundation)

• Andrés Guardado, (Mexican Football star and his wife Sandra De La Vega)

• Sheila Ivelisse Borges, (Managing Director, Research, at Rutgers University; former Assistant Director – NYU Adjunct Professor/STEM Educator/Diversity & Equity – Columbia University in New York City)

• Gabriel Brodbar, (Social Impact Leader; former Executive Director, NYU Social Entrepreneurship Program)

• Nepherter Estrada (Charlotte Business Journal 40 Under 40 Honoree)

• Catherine Milone, (President, Junior Achievement of New Jersey)

• Ivonne Díaz-Claisse (Founder/CEO, Hispanics Inspiring Students’ Performance and Achievement (HISPA)

… and other notable Hispanic leaders.

Measuring the Impact

Three different areas are measured to ensure that current and aspiring entrepreneurs are getting the value of the Learning Community and moving toward the achievement of business results:

• Engagement – engage with the Learning Community and fellow entrepreneurs

• Achieve Key Business Activities – achieve business activities and improvements that are necessary steppingstones to achieving business results (e.g., form a company, prepare financials)

• Achieve Business Results – achieve key business results (e.g., increase revenue)

Each day, entrepreneurs in the program improve their chance of success.

For more information about this exciting initiative, please reach out to me or Acceler8Success Group president, Erik Premont here on LinkedIn. Or, if you prefer, please send either of us an email to Paul@Acceler8Success.com or Erik@Acceler8Success.com. We look forward to helping to make a difference for Hispanic Entrepreneurs everywhere.

Have a great day. make it happen. make it count!

It’s 4:30 AM and the internal alarm clock triggers the entrepreneur’s eyes to pop wide open as if an explosion had been heard close by. Without nary a thought of needing another hour or two of sleep, or even a thought about what day it is, the day begins for the entrepreneur.

You see, an entrepreneur’s mind immediately kicks into ‘business mode’ with a flurry of thoughts and questions firing away like short, rapid bursts, one right after the other without pause. This continues through whatever is a typical morning routine. It is a productive time as many ideas find their way through right up until the mental fog dissipates.

Seemingly, as the second or third cup of coffee is finished, self-motivation kicks in with a reveille-type ‘let’s do this’ announcement. Albeit it’s one that no one else hears. Often, this charge ahead moment feels like leading the charge into battle, only to sprint a few yards onto the battlefield when the reality of the moment kicks in – there’s no one else around, there’s no one but the entrepreneur on the battlefield, despite the sound of guns and cannons close by. It’s a frightening moment. It’s a lonely moment. And it’s a frustrating moment.

What’s frustrating is despite unparalleled commitment and extreme effort, challenges remain. Correction – the SAME challenges remain. The same ones that are addressed day after day, without change. The same ones that are written weekly at the top of the priority list as if a motivation point, yet often viewed as to-do items that never seems to get done.

Ironic is the fact that these challenges are preventing success. Other things are addressed during the day, week, and month. After all, there are deliverables to produce. There are calls scheduled. There are meetings. Conferences. There are so many things to do!!! It’s exhausting. A question comes to mind. The same question asked repeatedly over the past year, but more often of late as frustration seems to be mounting. Why go on?

I’ve asked that question of myself so many times that it clearly is a broken record. Yet, one that continues to play. I know all too well that a successful entrepreneur is one who knows that ideas are not enough. It takes action to make the ideas work. To make them a reality. And especially when failure is not an option.

Sure, I could easily go down the path here of spewing out quote after quote – persist until you succeed, winners never quit, etc. But the real motivation is thinking about one’s own WHY. Yes, that’s motivation but it’s not the answer. It brings to mind that being busy is not necessarily being productive. Being productive means achieving results and in order to do so, definitive action must be taken.

Of course, I know all too well that there are the orders of the day – deliverables, meetings, calls, etc. but what I’ve done of late, is to shift from 80% focusing on order of the day to 80% focusing on the top priorities. In order to do so, it also meant prioritizing the priority items!

My tipping point was when I realized that my ‘priorities’ had turned into a long laundry list. Many were not even priorities, just items that required attention. I’ve found myself making lists for the sake of making lists. It made me feel I was being productive and getting things done. Yes, I was sorely mistaken. I thought about the infamous quote, “Insanity Is Doing the Same Thing Over and Over Again – but Expecting Different Results.”

Believing that I’m not insane, I knew I had to shift gears and refocus my efforts, my attention to the things I know will make a difference. Funny thing… They are the ones I’m most passionate about, the ones that will generate significant revenue, and ones that will make a significant difference in the lives of others – all the stakeholders in my life including my family, my partner, his family, our clients, their families, and even people we’ve yet to meet.

So, why go on? Well, that’s easy to answer. It’s because an entrepreneur cannot stop being an entrepreneur. An entrepreneur does not go off into the sunset. An entrepreneur does not quit. An entrepreneur doesn’t decide to take the easy path. But still, an entrepreneur MUST realize, understand, and focus on true priorities – the ones that will make a difference, and especially to those that depend upon us!

Have a great day. Make it happen. Make it count!

An entrepreneurial community is one that is developed to cultivate and support entrepreneurs within a well-defined geographic area, typically focused on the main thoroughfare or center of town, or within the center of a larger geographic area. The community definition is not much different than that of a residential area except it’s centered around commerce and local businesses.

Master planned developments in relative proximity to a city with significant population could be considered entrepreneurial communities as can small rural towns. College towns and areas built around military bases would fit the bill. Towns centered around beaches and ski resort areas, as well.

In order for an entrepreneurial community to thrive and grow, there must be local resources for entrepreneurs including banks and local professional services providers. The local government must be pro-business and not look to stall growth. There must also be an aggressive residential development plan with the entrepreneurial community helping to attract families to the area. The same is true to attract companies and startups alike.

Essentially, the community should work to support itself through community loyalty. That said, local businesses must give back to the community while also interacting with local residents and businesses for common goals.

In 1978, my then new wife, Laureen and I left Staten Island, New York to move to Boerne, Texas not only to be close to her family who had retired there, but to get away from NYC and find an area where we would feel comfortable raising children. The population of Greater New York City was approximately 9 million at the time. Boerne’s population was several thousand if the immediate areas outside the city limits were also taken into consideration.

It was in Boerne where I realized an entrepreneurial community. It was a quintessential small town that truly was built upon community. Of course, there was Main Street running right through the center of town with several major cross-streets intersecting Main Street at various points along the 2–3-mile stretch.

The entrepreneurial community fed off each other with business owners doing business with fellow business owners. Their kids went to school with each other until such time when many of them entered the family business, and the cycle continued. Community activities such as the two major fairs in the area saw local business owners volunteering and sponsoring the events. Truly, everyone knew each other’s name.

Unfortunately, we witnessed the entrepreneurial community breaking down when Walmart opened on the end of town. A major grocery chain, HEB settled in, as well. Their presence created a major shift on Main Street leaving the far end of town somewhat of a ghost town with shuttered stores and an empty shopping center. The local banks were gone as larger banks took over.

At some point as I was looking back, I was wondering if were possible for community entrepreneurs to survive after the arrival of big box retailers, etc.? After all, Main Street in Boerne quickly saw the old businesses, ones that had been there for 20-40 years or more close their doors for good. To me, it was very sad.

Ultimately, Boerne rebounded, and then some as San Antonio grew closer. Boerne became a very desirable bedroom community and quite frankly, is a prime area to raise a family in the Texas Hill Country. However, how many small towns don’t rebound? I was now thinking, how could these small towns survive? What would have had to happen for them to survive?

I recall back in the ’80s the big thing in California and Arizona were Auto Malls. Well, they really weren’t malls, just auto repair centers consisting of multiple auto-related repair shops surrounding a restaurant and children’s play area. The premise was to have a customer bring his or her car or truck to the center and essentially have it move from one business to another for repairs and maintenance while grabbing a meal and letting the kids play while their vehicle was being tended to.

It seemed like a great idea except it failed, and miserably. Why? There was no community within the Auto Mall. Instead, there was often competing businesses and cut-throat competition. Instead of attracting customers to the Auto Mall, each business did their own thing. It was a huge, missed opportunity. In no time at all, the Auto Malls became nothing more than u-shaped shopping centers with the same businesses as any other shopping center.

Thinking back to Boerne, marketing as a community had withered away over time. But in my opinion, Walmart was more the nail in the coffin as opposed to being the driving force. To me, the driving force was the younger generation starting to look outside Boerne to settle down and raise families. People were leaving and there wasn’t much to attract new ones.

So, what enabled Boerne to recover? Over time, Main Street became a mecca for antique stores and gift shops. Cafes and restaurants soon followed. But what made it flourish was becoming known again as a community. Visitors came to town not so much for a particular business, but for the town. Fredericksburg, Texas experienced the same when wineries started opening, ultimately attracting visitors and then families to take up residence. Of late, Johnson City, Texas is following suit.

In all the examples above, key was the local government and entrepreneurs focusing on the community more than business just for the sake of business. These towns have become hotbeds for entrepreneurship and especially as the entrepreneurs decided to live locally and become part of the community.

If you were to look back in time, similar things happened around college towns and in towns with a military base close by. One can’t help looking at the booming College Station market. Home to Texas A&M University, this once sleepy stop on the local railroad has become even more of a community than for those just interested in the University. Although, there are the school’s maroon & white colors everywhere, the city and neighboring Bryan, Texas are becoming much more than college towns.

Now, add the pandemic to the equation. More and more workers were homebound on one Zoom call after another. Without needing to go to the office, many families started to move out of the big cities and immediate suburbs and into a further ring of outer suburbs and small towns. Community entrepreneurship is happening as we speak as pockets of communities have begun to spring up and small towns are bustling once again.

It’s been said repeatedly that entrepreneurship will drive our nation’s recovery. Well, I believe that it will be mostly fueled by entrepreneurial communities consisting of a mix of seasoned entrepreneurs leaving the larger cities coupled with families entering the world of entrepreneurship. Mom & Pop operations, whether as independent businesses or as franchises will create a foundation of growth within these areas.

The business owners will drive the notion of community and just like in Boerne, Texas when we moved there in the late 70s, community will come together on Friday nights to support the local high school team, even if they don’t have kids going to the school. That just doesn’t happen in the big cities. Communities and especially, entrepreneurial communities will be our country’s driving force.

Thomas Paine, an English-born American political activist wrote The Entrepreneur’s Creed. He also authored two of the most influential pamphlets, Common Sense (1776) and The American Crisis (1776-1783) at the start of the American Revolution and helped inspire the Patriots in 1776 to declare independence from Great Britain.

I find it interesting that Paine somehow looped in entrepreneurship with the politics of the day. It almost sounds similar to what’s going on across our great country today. Especially, as it’s been repeatedly stated that entrepreneurship is the backbone of American ingenuity, and it will be entrepreneurship that will drive our country’s recovery.

Yes, it’s interesting in that I see things coming full circle since 1776. It’ll be even more interesting to see if the next 250 years will parallel American History. Freedom. Independence. Entrepreneurship. The combination of the three… What a novel idea!

The Entrepreneur’s Creed

“I do not choose to be a common man,

It is my right to be uncommon … if I can,

I seek opportunity … not security.

I do not wish to be a kept citizen.

Humbled and dulled by having the

State look after me.

I want to take the calculated risk;

To dream and to build.

To fail and to succeed.

I refuse to barter incentive for a dole;

I prefer the challenges of life

To the guaranteed existence;

The thrill of fulfillment

To the stale calm of Utopia.

I will not trade freedom for beneficence

Nor my dignity for a handout

I will never cower before any master

Nor bend to any threat.

It is my heritage to stand erect.

Proud and unafraid;

To think and act for myself,

To enjoy the benefit of my creations

And to face the world boldly and say:

This, with God’s help, I have done

All this is what it means

To be an Entrepreneur.”

First and foremost, Happy Father’s Day!

To all fathers who fulfill their responsibilities as a parent and are always there for their children, thank you.

To all grandmothers & grandfathers that help to raise their grandchildren, thank you.

To all stepfathers who treat their wives’ children as their own, thank you.

To all relatives & friends who have taken on the father-figure role in a child’s life, thank you.

To all mothers doing it all alone on behalf of a child, thank you.

To all of the above, today is for you… Thank you!

Sundays at Acceler8Success Cafe

Sundays at Acceler8Success Cafe is the time for looking back over the past week. It’s a time for review as with so much going on at Acceler8Success Cafe I know it’s easy to miss a newsletter or two. Possibly my Question of the Week slipped by without you noticing, or an announcement I may have made just seemingly got lost amongst the busy news feed.

Just like an experience at your local cafe, I really want Acceler8Success Cafe to be conveniently located when you desire or need to relax, enjoy a cup of coffee, and catch up on some reading. My goal is for Acceler8Success Cafe to be your virtual cafe. A place where you may frequently visit to enjoy a few minutes to yourself. I’d like the experience to be memorable by providing learning opportunities, by presenting a different perspective & insight, by spurring thought & reflection, by encouraging interaction, and by spotlighting topics that, frankly, may not be as front and center as they should or need to be.

Acceler8Success Cafe is open for business seven days a week. For the benefit of current & aspiring entrepreneurs, this daily newsletter is delivered each morning. As a way to jumpstart the week ahead, a weekly review is delivered each Sunday morning listing and linking to the articles you might have missed during the previous week. My goal is to provide an opportunity for you to begin the new week informed and with ideas that possibly could accelerate your success.

Are franchisees responsible for their own success or failure, and are franchisees entrepreneurs?

A while back I had posted a question on LinkedIn, “Are Franchisees personally responsible for their own success or failure?” In today’s Acceler8Success Cafe newsletter, I’ve listed several of the responses from a cross-section of professionals that I believe provide some very interesting perspectives. I’ve also asked whether franchisees are entrepreneurs. Thanking you in advance for your perspective on both questions.

Flag Day 2022

On Tuesday, June 14, 2022, we honored Flag Day, the annual holiday that celebrates the symbolism and history behind the American flag each year.

Sales Success by the Numbers

I’m often asked to help salespeople succeed. Whether in business or franchise brokerage, or in any professional sales setting, the fundamentals are essentially the same. Listed within today’s newsletter are various points I make in a typical sales training workshop including 30 Rules of Sales Success and 5 Degrees of Failing followed by two sets of questions about why salespeople fail and whether you were born to sell.

Inspiration vs Motivation

Is there a difference between inspiration and motivation? Yes, I know there is. But does it matter when in the moment of being inspired and/or motivated?

Question of the Week: What inspires and motivates you?

When does the New Normal shift to the Here & Now?

Are current problems experienced by business owners recurring over and over again because they’re being addressed from the perspective of how things were done prior to the pandemic as opposed to addressing things based upon what really has become a changed business environment? Has the new norm ended and instead of evolving, key parts of the business have changed almost overnight? Will moving forward be based upon reacting to recurring issues, or should a proactive approach be taken to address what has clearly become the here and now, the way it is… now?

Entrepreneurial Success: Perception or Reality?

Considering the popularity of TV reality shows like Shark Tank, The Profit and Undercover Boss along with series like Billions and Succession and how business moguls (entrepreneurs) are depicted in the movies, it’s easy to realize how entrepreneurs in general have been stereotyped into the minds of many considering entrepreneurship today. But is it doing more harm than good?

Announcement: The Acceler8Success Group has partnered with Benetrends Financial to help jumpstart your entrepreneurial journey!

Funding is one of the most important aspects of buying a franchise or business. Benetrends has been funding America’s entrepreneurs for over 35 years, offering a comprehensive suite of funding options covering nearly every type of business situation. The most popular programs are the Rainmaker Plan® (IRA/Rollover) and SBA small business loan programs.

And Benetrends continues to provide out-of-the-box funding solutions with The Rainmaker Advantage Plan®, a corporate capitalization strategy modeled after the Rainmaker Plan, that is designed to mitigate or eliminate the taxes due on the sale of a business. Benetrends also offers Securities Backed Line of Credit and Equipment Leasing.

Explore your business funding options and find out your “fundability” HERE!

“Holding on to anger is like grasping a hot coal with the intent of throwing it at someone else; you are the one who gets burned.” – Buddha

If for nothing else but to maintain one’s own mental health, it’s worth heeding this advice.

Have a great day (and week ahead). Make it happen. Make it count!

Freedom to do what I want to do. Control my own destiny. Spend more time with my family. Take more vacations. Play golf as often as I’d like. To be able to answer to no one. These are just some of the statements I hear all too often from individuals that want to be an entrepreneur. Or think they do!

When I ask them to define entrepreneurship, almost all respond with their thoughts of glory, reverence and the materialistic aspects of success. I ask them to tell me what they believe an entrepreneur looks like. It’s interesting to hear most describe a middle-aged male wearing dark, fashionable clothes. They describe this person as having a tan and wearing sunglasses. Seemingly, they wear sunglasses all the time. Many reference the look of Mark Cuban and Ralph Lauren.

They describe entrepreneurs as being very cool and relaxed. Open collar shirt or expensive t-shirt is the order of the day along with a dark sports coat or suit jacket. Yet, they’re emphatic that it’s not what had been previously labeled as traditional business wear. Definitely no ties. Several were adamant that a golf-type shirt was unacceptable, especially with a country club logo. Although, a polo shirt with a name brand logo would be acceptable some days.

Interestingly, the responses are very similar from those 30-55 years old. The under-30 crowd are more inclined to describing a young celebrity appearance as their entrepreneurial success look. More interesting are the similar responses from men AND women. When I push women a bit to share their thoughts about the look of a successful female entrepreneur, I have found they tend toward explaining how the female entrepreneur acts, as opposed to how they look. It seems like they’re describing the Meryl Streep character in the movie, A Devil Wears Prada.

Considering the popularity of TV reality shows like Shark Tank, The Profit and Undercover Boss along with series like Billions and Succession and how business moguls (entrepreneurs) are depicted in the movies, it’s easy to realize how entrepreneurs in general have been stereotyped into the minds of many considering entrepreneurship today. Even across the Real Housewives franchise where some of the wives and most of the husbands have achieved varying levels of entrepreneurial success, the influence about entrepreneurship is front and center.

Sadly, what isn’t realized or showcased is the work and effort it takes to achieve entrepreneurial success. And what about the risks and hardships of being an entrepreneur? Dare I mention failure as an entrepreneur and its potential ripple effects?

That has me thinking, is entrepreneurship ultimately being harmed by misperception of what entrepreneurship is really about – launching ideas, taking risks, solving social problems, innovating, creating jobs, etc.? As such, are tomorrow’s entrepreneurs being set up to fail due to these misperceptions? That’s a scary thought considering the popular opinion that it will be entrepreneurship that will save our great nation.

I know I’ve shared this video before, but I believe it’s worth sharing again… and again, and again.

Have a great day. Make it happen. Make it count!

The hit ABC reality television show Shark Tank continues to be one of the highest rated shows on television today. The show’s panel typically consists of its recurring millionaire and billionaire venture capitalists: Kevin O’Leary, Robert Herjavec, Daymond John, Barbara Corcoran, Lori Greiner and Mark Cuban with appearance by others with similar backgrounds and experience.

The premise of the show is for these venture capitalists being presented with new ideas, inventions, products and services from individuals and partners that are seeking investments. The people that enter the “Tank” are given the chance to present these VCs, or “Sharks” as they are known on the show, with an opportunity to invest in their companies.

Many of the people who walk into the “Tank” are told by the Sharks that their business is not a business and that they are not even entrepreneurs. Some are dumbfounded when they hear this because they believe that they are serious entrepreneurs — not just another businessperson looking to make a buck.

So, what differentiates an entrepreneur from a businessperson? Therein lies the basis of our Question of the Week but let’s set some groundwork that possibly could help answer the question.

An entrepreneur is defined as, “a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.” A businessperson is defined as, “a man or woman who works in business or commerce, especially at an executive level.” Although the two seem closely related, they actually differ on a major level. In order to understand this concept, we’ll have to use the Sharks themselves as examples.

Kevin O’Leary earned his way to fame and fortune by building his educational software company SoftKey, right out of college. As his empire grew, he eventually acquired The Learning Company for over $600 million — taking the name as well. Eventually, O’Leary sold his business to a company called Mattel for $3.8 billion in a stock swap. In 2003, O’Leary moved on to his next venture, Storage Now, which was later acquired for $110 million.

O’Leary now sits on several boards and operates as an advisor to many companies. O’Leary eventually made his way to the Shark Tank after the success of his other show Dragon’s Den, which Shark Tank is modeled after. O’Leary is known as “Mr. Wonderful” on the show for his outlandish and often brutal honesty — as he so puts. He approaches his investment decisions with the cold hard truth that he believes some ideas are just not meant to be businesses.

Robert Herjavec got his start by building up his Internet security empire, BRAK Systems, until he eventually sold it to AT&T Canada in 2000. After an early retirement, Herjavec found his way back to the Internet security world when he founded The Herjavec Group in 2003, where he currently operates as the CEO. Herjavec also started out on Dragon’s Den with O’Leary and now holds a recurring spot on Shark Tank. Herjavec appears to be more optimistic than the other “Sharks”, with more of a sensitive side. Maybe it’s the fact that his working-class father immigrated to America in pursuit of the “American Dream” and taught him that hard work pays off — which he’s used as the model for his success.

Daymond John, who is most famously known for his start-up company FUBU, which he grew with the help of celebrity endorsement and a mortgage from his mother’s house. John built FUBU into the global empire it is today, with global sales at over six billion to date. Although he is known to be a more reserved Shark, taking careful consideration before jumping on a deal, John is known to have a compassionate side and one that has been seen before on Shark Tank.

Barbara Corcoran built her empire with nothing more than a mere $1,000 loan that she used to start her real estate company The Corcoran Group — which she co-founded. In 2001, Corcoran sold her company to NRT Incorporated for $66 million. Corcoran is responsible for pioneering many revolutionary techniques that changed the real estate market. Corcoran is a wild one — the fun-loving Shark, who astounds the others with her business decisions but somehow always proves that she still has her business swagger.

Lori Greiner began her career with the invention of a revolutionary jewelry box that was capable of holding over 100 earrings. Greiner is now known as the “Queen of QVC”, since she has helped launch hundreds of products via the network and holds over 120 U.S. and international patents. She is also the president and CEO of the company For Your Ease Only. Greiner is a savvy investor who has helped grow hundreds of companies. She is a force to be reckoned with — despite her physical appearance she is not to be underestimated.

Mark Cuban, the richest of the Sharks, made his billions despite some claims that were ultimately defeated in court, with the start of his company MicroSolutions in the 1980’s. In 1990, Cuban sold his company for $6 million. After that, Cuban moved on to his next venture AudioNet, which became Broadcast.com and eventually sold to Yahoo! for $5.7 billion. Cuban is probably the deadliest of the Sharks, with the biggest bite. He’s known for his ruthless execution and ability to swoop in at any moment and steal a deal right from another Shark’s mouth. Although this is true, Cuban has been known to drop out of the race if he feels he can’t contribute more than another Shark.

As far as the term “entrepreneur” is concerned, assuming that it’s not as subjective an idea, but more literal: Mark, Kevin and Robert seem to fit this definition best and more so than Barbara, Lori and Daymond. The reason for this is due to the fact that these individuals have started their companies, sold them and started new ones, continuing this trend indefinitely. Daymond is sort of in the middle since his claim to fame is mostly FUBU. Barbara and Lori predominantly gained success from one business, which generated most of their wealth, later allowing them to invest in future companies.

At some point in their lives I believe that all of these Sharks were full-time entrepreneurs but as time progressed and success achieved, Barbara and Lori, and to some extent, John actually “switched” positions and became businesspeople, just managing their day to day operations, investing in some other companies, but letting others follow through on the vision, actually passing the entrepreneurial torch on to the next eager person, or better stated, igniting the entrepreneurial torch for others.

I don’t believe it could be argued that an entrepreneur is a businessperson. But I do believe it can’t be argued that not all businesspeople are entrepreneurs. So, what differentiates an entrepreneur from a businessperson?

As always, I look forward to your response. I appreciate all comments and perspective. Thank you in advance for taking the time to share your thoughts.

Have a great day. Make it happen. Make it count!

An obvious answer to the question of how to stimulate local economies is job creation, but that’s only a fraction of the answer. Steady growth of local business improves communities as well as the overall economies and ecosystem of these communities – small cities, college towns, rural markets, and essentially, areas beyond larger cities and the first ring of suburbs.

If there was a silver lining in the pandemic, it’s the realization that work could be efficiently and effectively performed away from the office. Mind you, I’m not a big proponent of all work being performed remotely, but the flexibility of a hybrid work structure would enable individuals and families to live further away from urban areas and close suburbs. It provides opportunity to reside 50-80 miles or more away from the office as commuting would be limited to a couple of days a week. Thus, many, if not most wouldn’t mind a longer commute if it wasn’t required every day.

As well, college towns like Auburn, Alabama and College Station, Texas, always attractive to its alumni and former students, but lacking opportunities for a wide range of careers beyond those at or related to the local university. Yet, being able to live there was a consideration, but really not much of an option. But the dream remained.

Even with the flexibility to live further away from the ‘big’ city and crowded suburbs, how does a small town attract individuals and families to their area? There must be amenities. There must be conveniences they’ve grown accustomed to. There must be good schools for their children. There must be restaurants and movie theaters. And the list goes on.

Unfortunately, many small towns have seen better days, but a renaissance of sorts has started. City and county economic development departments are extremely busy looking for ways to showcase their local market. Sure, a few may become a destination such as what’s going on in Johnson City, Texas as a growing Texas wine market.

But truly, what is sustainable for towns over the long-term? How do they achieve balance as opposed to having all their eggs in one basket? The answer is local entrepreneurship.

Businesses move their headquarters there or open a branch in the region. This attracts executives who want to work for these companies. It’s a ripple effect that makes local entrepreneurial growth the gift that keeps on giving. Said Daniel Isenberg, founding executive director of the Babson Entrepreneurship Ecosystem Platform, Associate at the Harvard Kennedy School of Government, and Adjunct Professor at Columbia Business School, “There is not one greatest impact these programs create; that’s what makes it so self-sustaining and a true ecosystem: it is self-organizing.”

Ultimately, local entrepreneurship has great potential as an economic development strategy for rural communities with or without stagnating or declining economies. A thriving local economy can substantially alter a city’s image, making it a more attractive place to work and to live. Local entrepreneurship also stimulates a sense of community. Think back to Main Street of yesteryear where neighbors and friends often see each other in the local grocery store or cafe. Small business owners all knew each other, often referring business to each. Local sports teams were sponsored by local business owners.

Similar to Main Street was the town square. Often Main Street ran into the town square but in some small cities, town sqaure was the town with businesses surrounding a common area for meetings, events, and relaxation in a park-like setting. It was the center of the community. A common place for all but one that was supported by local business owners, and entrepreneurs of the day. The same can hold true today. Actually, it must hold true for tomorrow.

Business owners and entrepreneurs are not the only players responsible for building up the economy. “If everyone doesn’t participate in the growth, then it will not spread and take root,” said Isenberg. “There is one entrepreneur on the stage but there is also a cast of characters, orchestra pit, and the audience. Without those ecosystem stakeholders, change will not be successful.”

Isenberg has witnessed firsthand how big influencers are coming around, realizing they must invest in growth for the greater benefit of not just business, but of the entire ecosystem of a region and of themselves. Change takes a village, but once it has taken a hold of a region, growth will be substantial and impactful.

Shared from CameoNetwork.org… A shift is needed to move from old strategies that may have worked for a different economy to a new innovative, creative and flexible method that will work for today’s economy – strategies that are based on creating jobs locally and based on building a Local Entrepreneurial Ecosystem.  This will create a strong and diversified infrastructure of many small, locally owned businesses that will be a major source of job creation, economic stability, and community success in the new economic reality.

“Connected economies have higher median incomes, lower-income volatility, more high-wage service jobs, lower median ages, higher population growth, and greater educational attainment than their isolated peers.” – “The Challenges and Opportunities of Running a Small Business in Rural America,” John Lettieri, Economic Innovation Group

There’s a lot of work to do but I believe small town USA will be the driving force behind recovery for our great country. Resources must be committed to assisting current and aspiring entrepreneurs alike. A return to Main Street is inevitable. It’s already begun. But it must be stimulated further, proactively. The time is now.

Today’s Entrepreneurs. Are you one of them?

The world around us has become so noisy that it’s easy to not hear opportunity knocking. In the past, opportunity presented itself in only a few ways… a job offer, a referral, an ad in the paper. Business was regimented… 9 to 5, straight forward processes, slow to change, staying inside the box.

Well, technology along with our lost feeling of security, job and other has provided us opportunity and reason that we must keep our eyes open, explore beyond our comfort zones and maintain an open mind to create things of value, to control our own destiny, to diversify our income, to take calculated risk, to think and act outside the box (of complacency, fear and procrastination).

We’re in an environment where the visionaries continue to create the playing field but it will only be doers who will win… the ones will act swiftly, yet deliberately – often throwing caution to the wind, caring little about what others think of them and their decisions, maintaining a laser-focus to succeed. Those doers are today’s entrepreneurs.

Have a great day. Make it happen. Make it count!