Inspiration and Information for Starting Your Business

Archive for the ‘Launch My Business’ Category

Despite High Failure Rate, U.S. Remains Supportive of Small Business

In the true American spirit of never giving up, entrepreneurs are as active as ever when trying to start a business. In a recent study done by the Organization for Economic Co-Operation and Development (OECD), the U.S. scored highly in the creation of small business, exclusively in construction, retail, and professional services.

Although small businesses continue to pop up, the failure rate remains high. Bankruptcy rates are believed to be adding a negative connotation to entrepreneurship. However, 73 percent of Americans surveyed still see entrepreneurship in a positive light.

“Going forward, small business will be a very important mainstay of the American economy. We believe that businesses can still thrive with the right preparation and support,” said Phil Holland, founder of My Own Business, Inc.

A new study from the U.S. Chamber of Commerce shows that many small business owners appear to blame the government, in large part, for the high failure rates. Seventy-nine percent of small businesses across the nation want the government to decrease regulations, and 85 percent would like more economic certainty.

Economic uncertainty prohibits 55 percent of small business owners from hiring more employees. That uncertainly puts the future in a cloud of doubt, with only 20 percent of small business owners believing the country’s best days are ahead.

Start Small, Go Big: A Contest for Up-and-coming Professionals

http://www.bizfilings.com/blog/wp-content/uploads/2011/06/Contest-Image-iStock_000013694050Small.jpgDailyCandy.com is running a great contest for fledgling professionals called Start Small, Go Big.

Sponsored by ink from Chase, the contest promises the winner a trip to New York, a write-up in a Daily Candy e-mail — and most importantly, an introduction to a leader in the winner’s dream industry.

If your goal is to be a success in fashion, food-and-drink, health and beauty, or home, this is a fantastic opportunity!

Go to Daily Candy’s Start Small, Go Big contest for more information and to enter. Good luck!

May your business always experience abundance, growth and prosperity …

Amid Growing Space Privatization, Small Businesses Recognized

When people think of NASA, they probably envision a massive rocket spewing pyres of jet fuel as it ascends to the heavens somewhere in sunny Florida.

But the truth is many of NASA’s most spectacular and glorious moments may not have been possible without the help of small businesses. And they are likely to play an ever-increasing role in space exploration as the industry continues to privatize and NASA’s federal budget continues to decline.

Already, companies such as PayPal co-founder Elon Musk’s SpaceX and Amazon.com founder Jeff Bezos’ Blue Origin are stepping closer and closer to a world where individuals can pay to escape the earth’s atmosphere.

More importantly, NASA seems to be hastening this objective. The agency has been assisted by small business contracts for decades and, this week, took steps to acknowledge the sector’s contributions.

The Marshall Small Business Alliance in Huntsville, Alabama – the location of the Marshall Space Flight Center – was awarded NASA’s Small Business Administrator’s Cup Thursday for the second time in three years.

NASA Administrator Charles Bolden was on hand to deliver the award and credit small companies as instruments of space exploration and national economic viability as a whole.

Hiring Tips for an Improving Job Market

A recent survey by the University of Maryland and Network Solutions found 28 percent of small businesses plan to hire this year – a rate that equates to the addition of some 3.8 million new jobs.

This, combined with ever-increasing entrepreneurial activity, suggests employers may need to ramp up their hiring processes. But how does a business improve its hiring? After all, it is an inherently risky and incalculable process of forming a company.

Employers can start by rethinking what it is they’re looking for, as it may not be what one would assume. For example, hiring people who think alike is probably not a good strategy.

“Everyone thinking the same way creates efficiencies,” Stephen Shapiro, author and former HR executive at Accenture, told Inc. magazine. “But today, you want innovation and growth to be competitive, and that can’t happen in a monolithic culture.”

“When you’re an entrepreneurial organization, you especially need to make sure you hire people with a broad range of styles,” he added.

It’s also vital to consider how candidates fit in, not just with the position at hand, but with co-workers, managers and even the business community.

For more on this topic visit Toolkit.com:
Recruiting and Hiring
Avoiding Negligent Hiring
Hiring Employees

Encouraging Team Loyalty, Even in Tough Times

Team LoyaltyAccording to Daniel Pink, the nature of loyalty in the workplace has changed in recent years. The author of Drive: The Surprising Truth About What Motivates Us, Pink points to research suggesting that loyalty to the company itself—what he calls “vertical loyalty”—has been replaced by “horizontal loyalty”—commitment to colleagues and shared projects.

As a result of this shift, the traditional means of encouraging loyalty—providing security, good pay, opportunities for advancement—while still important, are less important now than building a genuine sense of team among immediate colleagues. A few ways to do this:

  •  Acknowledge and respect individuals. It may sound contradictory to build teams by emphasizing individuals, but it works. Don’t limit your praise for a job well done to a “go-team” message. Know how individuals contributed to a great outcome and thank them, specifically and individually, for those contributions. But it’s not just about thanks where thanks are due. There’s also the question of simple human respect. Saying “Good morning,” or better yet, “Good morning, Cindy!” can go a long way toward building a sense of genuine community.
  • Stay in touch with the team mood.  Face-to-face is great, but you also want to offer opportunities for anonymous feedback. A good old-fashioned questionnaire can do the trick. In addition to the usual engagement questions, Mary Ann Masarech of BlessingWhite suggests adding questions directed at personal satisfaction: What are the aspects of your work that you like most? What would you like to learn? What are your aspirations? Which of your talents gives you the greatest satisfaction?
  • Make jobs engaging. The 2011 Employee Engagement Report from BlessingWhite suggests that a sense of purpose, opportunities for mastery, and autonomy are among the features that encourage loyalty to a given job. The Work Foundation’s Good Jobs Report identified several additional features, including task variety, workplace friendships, fairness, and a good balance between effort and reward.
  • Keep team members in touch with the big picture. Remind them why their work is important. Build excitement for the company’s goals. Keep them in the loop with continual feedback about the impact their work is having on those goals.

Don’t allow your attention to the details of team loyalty to become something you do when you have time, or you’ll never do it. Make it a regular part of your job and the jobs of others who care about building a healthy and stable workplace.

Stay Optimistic in a Recovering Economy

Last week, the U.S. Labor Department reported that the national unemployment rate fell to 8.9 percent – its lowest rate in nearly two years – providing the strongest indication of an economy in recovery yet.

While the Federal Reserve has projected that the unemployment figure will likely hover around this number through the rest of 2011, other improvements in small business lending, business filings and consumer spending continue to bode well for the recovery.

Still, many businesses, particularly small ones, have been devastated by the recession and its aftermath. Accordingly, it is important for owners to remain confident and take a new look at their company. Take the downturn as an opportunity reinvest, relocate, trim down or restructure.

“There are many ways to learn about running a business,” writes Kevin Morris for AllBusiness.com. “Take night classes in management at a local university or community college; start and maintain a business or motivational reading list; check with your local Chamber of Commerce to see if there are networking events.”

Perhaps you may need to introduce a new product or service, or maybe its finally time to forge a serious social media campaign. Whatever it is, stay optimistic and always look at the glass as half full.

Lost Boy of Sudan Returns to Promote African Entrepreneurship

Earlier this week, the Kauffman Foundation announced that U.S. entrepreneurial activity reached its highest level in 15 years.

While that report comes as good news for American businesses, a number of social ventures are beginning to focus on spreading entrepreneurship into some of the world’s most economically disadvantaged areas.

One example of this trend is Cupertino, California-based New Scholars, a company that seeks to promote entrepreneurship in Africa through startup guidance and investment from some of Silicon Valley’s leading thinkers.

This week, New Scholars announced the five winners of its Entrepreneurial Safari project, awarding two Kenyan and three Sudanese companies with a five-week-long incubation process that will eventually bring new jobs and entrepreneurial opportunities to East Africa. New Scholars hopes the program will eventually spread to the rest of the continent.

“The pending independence for Southern Sudan opens up possibilities for so many of us who have dreams of building the future of our country,” said Garang Akau, co-founder of New Scholars. Akau is one of the original “Lost Boys of Sudan” who was displaced by the country’s decades-long civil war.

“With today’s announcement, we know we’ve identified five individuals who possess the leadership qualities and drive required of entrepreneurs; they are excellent role models for the African communities where they will build their businesses,” Akau added.

Startup Basics: Setup Shop Next to Your Biggest Competitor

Most experienced professionals agree: Forming a company is an exciting and inspirational endeavor. And now, as the economy begins to make its most significant improvements in recent memory – with February unemployment figures reaching the lowest point in nearly two years – entrepreneurial activity is set to take off.

What’s interesting is that this sector never really crashed as a result of the recession. In fact, it blossomed, reaching its highest level since the mid-1990s, as many unemployed Americans began to see entrepreneurship as a viable means of returning to work.

However, the resurgence of business filings is not without a caveat, as an abundance of new ventures usually results in an over-abundance of competition. With that in mind, new entrepreneurs may want to consider the location of their enterprise. This is especially true for retail startups.

How many times have you heard the most important part of setting up a business is location, location, location?  Would it surprise you  to learn that one of the best places to setup shop may be in your top competitor’s backyard?

“Quite simply, the best place to be is as close to your biggest competitor as you can be,” Greg Kahn – founder and CEO of Kahn Research Group in Huntersville, North Carolina – told Entrepreneur magazine. “By being in close proximity to your competitors, you can benefit from their marketing efforts.”

Of course, piggybacking off others’ marketing initiatives will mean nothing if you don’t have a superior product, so make sure that customer service is top-notch and your products unparalleled. Know and communicate the fact that your company is in its own realm.

Gen-Y Entrepreneurs: An Overview

Last January, holding company Employers Holdings released a survey finding 46 percent of Millennials – individuals aged 18 to 25 – plan to start a business within the next five years, while an additional 8 percent claim to have already started a business.

This report, along with a number of others, have prompted many analysts to take a look at the entrepreneurial drive of Generation Y. While the rate of startups among this age group is certainly impressive, most agree that it is their social or humanitarian drive that sets them apart from their predecessors.

“Back in the 60s and 70s many college students took to the streets to protest,” writes Rieva Lesonsky for AllBusinss.com. “This generation is still taking it to the streets, but they’re hyper-focused on creating social change.”

Whether such change comes in the form of the growing social entrepreneurship movement or through philanthropic initiatives, Millennials represent one of the most driven generations in quite some time.

However, the age group is not without its critics, as many argue they are largely self-entitled, disloyal and lack focus as a result of their technological upbringings. However, in the right light, these critiques can be viewed as advantages, as today’s technology-infused world needs multi-taskers, while entrepreneurship, almost by definition, requires a sense of independence and ambition.

Are you a Millennial who has started, or is thinking about starting your own business? We’d love to hear your story.

NYC Mayor: Renew Focus on Minority- and Women-Owned Firms

In his weekly radio address delivered Sunday, New York City Mayor Michael Bloomberg expressed the need for the city to invest in small businesses, particularly those owned by minorities and women, in order to advance the city’s already bustling economic recovery.

Bloomberg credited the vibrant small business sector as being the major reason the Big Apple was able to recover from the economic recession with relatively greater ease than most other cities and states.

“Our administration has actively encouraged city agencies to step up the business they do with qualified minority- and women-owned companies – and those efforts have paid off,” the mayor said. “Since 2006, more than 26,000 city contracts valued at nearly $1.9 billion have been awarded to businesses taking part in the City’s MWBE program.”

One of the measures Bloomberg announced Sunday is a program that will provide immigrant business owners with the opportunity to take business courses in their native Chinese, Russian, Korean or Spanish. The mayor also announced a new competition that will challenge communities to come up with ideas to help immigrant businesses compete on a level playing field.

A recent CheckPoint HR survey found 39 percent of small to mid-sized businesses in the tri-state area plan to hire this year, compared to a nationwide CareerBuilder survey which found only 21 percent of SMBs plan to add workers in 2011.

Additional resources on starting a woman-owned business:

Business Resources for Women Entrepreneurs
A Guide to Starting and Running a Woman-Owned Business