Author Archive
The Entrepreneurial Bug
I think a majority of people imagine what it would be like to own a business, or at least be self-employed at some point in their life. The rewards include freedom, prosperity and being your own boss. There are also some real and imagined obstacles, including risk, viability, age, timing, money, and the list goes on.
Here are some facts from the Kauffmann Foundation that may cause you to reconsider just what a typical entrepreneur looks like, and when would be the best time to start a business.
Is now the right time to start a business?
Well-over half of the companies on the 2009 Fortune 500 list, and just under half of the 2008 Inc. 500 Fastest Growing Companies list, began during a recession or bear market (Full report).
Companies started during recessions or bear markets include Hyatt, FedEx, Microsoft, The Jim Henson Company, CNN, Trader Joe’s, and Wikipedia.
Is the risk as great as you think it is?
I genuinely wonder which is the greater risk; putting all of your energy in the direction of looking for a job, or to build a business? I often hear that people can’t afford to start their own business, kids, bills, etc. Who says that a job search will bring a faster, or more certain return on your time and effort? I don’t even think they need to be mutually exclusive, and one can certainly lead to the other.
“Hundreds of thousands of individuals do not wait for others to ease their economic pain—they create jobs for themselves and others.”
As Dan Pallotta states in his Harvard Business Review article Discover Your Inner Entrepreneur, “We have to re-shuffle our notions about security. The danger isn’t where we think it is. The danger is in not being entrepreneurial. If you’re not creating the future, then someone else is, and that someone else will change the face of the world as you know it. But that’s not the greatest danger. The greatest danger is arriving at the end of our lives and feeling like we haven’t really lived. Risk is the currency of life. Without risk, there is no life. We have to be willing to risk failure in return for a sense that we are living. And it’s when we’re really living that we really have a shot at changing the world.”
Maybe it’s not as challenging as you think.
In Making of A Successful Entrepreneur, The Kauffmann Foundation asked company founders to rank the challenges they faced in starting their businesses. The factors that a majority considered a challenge were the “time and effort required, capital/financing, and experience.”
What is perhaps most interesting, the entrepreneurs questioned perceive the challenges to be much greater for others than what they personally faced. This would imply, either the majority of them were coincidentally lucky, or that in fact the anticipated challenges are not as great as the actual challenges. In other words, it is somewhat easier than anticipated, or it looks harder for others than it actually is.
Do you have what it takes?
The four most important factors for entrepreneurial success, according to our respondents, are prior work experience, learning from successes and failures, management teams, and luck. Do you create the luck by becoming an entrepreneur, or does it just happen?
Think you are too old to start a business?
Contrary to popularly held assumptions, Kauffmann Research reports; over the past decade or so, the highest rate of entrepreneurial activity belongs to the 55-64 age group; nearly 5,000 companies that began in 2004, two-thirds of firm founders are between the ages of 35 and 54.3; the average age of the founders of technology companies in the United States is a surprisingly high 39 — with twice as many over age 50 as under age 25.4. Too young maybe, but not too old.
Barriers to entry
It doesn’t look like there are large sources of external financing for first time entrepreneurs. Only 11 percent received venture capital, and 9 percent received angel financing for their first startups. However, given the fact technology and the internet reduce many costs and barriers to entry, financing may not be as big of an issue, at least for some businesses.
Entrepreneurs are spiritual
What struck me the most was the answer that entrepreneurs were allowed to write in. I think it points to the fact that we think we are somehow different than other people in our field, position, or role. I might be spiritual but most other entrepreneurs are not. They are harder, colder, etc…
“We allowed entrepreneurs to write in factors that they considered important but were not included in our list. The most commonly mentioned factor was the importance of faith and God. Many considered this extremely important to their success. That’s it Entrepreneurs are spiritual.”
Think you might have The Entrepreneurial Bug. Join us for a free teleclass on May 3rd @ 7 PM EST
For more details on the research mentioned visit www.kauffmann.org
The Sandra Bullock Trade
NY Times Op-Ed Columnist David Brooks does a fine job job of analyzing whether it is worth trading a professional triumph for a personal blow.
If the relationship between money and well-being is complicated, the correspondence between personal relationships and happiness is not. The daily activities most associated with happiness are sex, socializing after work and having dinner with others. The daily activity most injurious to happiness is commuting. According to one study, joining a group that meets even just once a month produces the same happiness gain as doubling your income. According to another, being married produces a psychic gain equivalent to more than $100,000 a year. (Read More)
The Upside of Getting Laid Off – Lemonade
Losing or leaving a job or career is not always bad. In many ways it can be the best thing that ever happened to you. I know that from first-hand experience. While it took me some time to get my footing, it has taken me places, and provided opportunities beyond what Ithought i was capable of. Most of all it asked me to become more of who I truly am, to be authentic. I wouldn’t change it for the world. In this short film Lemonade, it focuses on laid off executives from the Advertising Industry, although these stories and their message is for everyone.
Many of those profile started their own businesses. However, the most powerful piece of wisdom really speaks to those that are seeking work. “Be the person doing something interesting not a blinking light on someone’s voice mail.”
Some other words of wisdom from Lemonade include:
- Enormous opportunity in front of you.
- It’s not a pink slip, it’s a blank page.
- Don’t have to quit your job to change your life. Incorporate more of what you love into your everyday and it makes all the difference.
- I would never go back and lose this independence
- I am falling i haven’t hit the ground yet. Getting laid off was not a bad thing, it’s the world of possibilities.
- If it werent’ for losing my job my life would be awful, because my life is great now.
- I got laid off from a big ad agency and it’s awesome.
Has your company got the blues?
If morale at your company or organization seems like it is at an all time low, you are not alone.
Last week, The Conference Board reported employee morale is at the lowest level since they started tracking it 22 years ago. Less than half of all workers are satisfied with their jobs.
With that news it can’t be a surprise that so many companies are performing poorly. The model of the past looks as if organizations go out of their way to make their employees unhappy. They rule by fear, indifference, and ask you to be grateful for having a job.
Not all companies are bad places to work. Just this week Fortune published their 100 Best Companies Places To Work. Other companies in corporate America are catching on as well. Sue Shallenbarger points out in her WSJ Article ” Thinking Happy Thoughts At Work” , these companies are bringing in coaches and other experts to teach happiness to the employees. Some of the happiness inducing modalities used are meditation, inner peace, gratitude, and other techniques,which have wide ranging influences from positive psychology to Hinduism.
There have been many research studies over the years which show the positive impacts of happy employees, including less absenteeism, lower turnover, higher productivity, and more creativity. So get this, happy employees can improve your bottom line. Try it as an experiment, see what happens.
Here are some tips to get you started:
1. Catch your employees doing things well and right. Then tell them. What we dwell on grows. Focus on what is working well, what people are doing right, and watch things improve.
2. Bring in a coach, or other specialist to empower the people you work with how to be happier. The full impact of a practice such as meditation is not even known, but what we is known is that it reduces stress, clarifies thinking, people have reported being more creative, and feeling more alert.
3. Make a gratitude list every day for what, and who you are grateful for at your organization. Now go out and tell the people on the list you are grateful for them, their work, and their contribution. Be specific. It might be worth sounding a little crazy, to make a real difference.
Best Companies To Work For
Fortune released it’s annual list of the top 100 companies to work for in the U.S.
If you are thinking about making a move and not sure where to start, this list may point you in the right direction. At least 14 companies on the list pay 100% of their employees health care premiums. Other companies have perks that include home buying assistance, paid sabbaticals,and even wardrobe assistance.
Topping off the list at #1 is North Carolina based software developer SAS, who catapulted forward form #20 last year.
Google – which has long been known as a special place to work – hangs steady at #4. I wonder how long that will last, with this week’s announcement that founders Larry Page and Sergey Brinplan to divest their majority stake in the company over the next 5 years. As the wall-street types take control of the company, will they keep intact the environment which foster creativity, innovation, and attracts amazing talent? or, Will they look to make cuts the first time the stock price drops?
With investment adviser Edward Jones at #2, and Wegmans Food Markets at #3; rounding out the top 5 is a giant leap for Dreamworks Animation jumping from #47 to #5. To find out what makes these companies so great to work at Check out the full list here.
Talkin' Bout A Dream-Job
Yes. I really did buy a goat today. But this isn’t about me, and no the goat isn’t in my apartment. Read on, and you can buy a goat too, or a chicken if you prefer.
I believe that the best jobs are created, they are not found, filled, or posted on job boards. This is the story about an individual who did just that. Meet Barton Brooks. He says “….traveling to take pictures and collect souvenirs started feeling a bit hollow, and it was in Cambodia where I finally was inspired to make a difference.”
Many people feel a similar tug, or even strong pull when they are moved by certain stories, events, or causes. It only takes a split second for most to be overwhelmed by the hundreds of objections of their rational mind -- rent, work, mortgage, family - as to why they couldn’t do it. Barton Brooks story is different, it is one of inspiration and doing something about it.
Brooks started Global Colors, an organization that bypasses bureaucracies to bring aid directly to communities in need around the world. It is not a story of politics, advocacy, ego, it is really a story about action.
Guerrilla Aid is Global Colors current project. It has Brooks spending 52 weeks to circumnavigating the globe creating grassroots aid. Not only is he having direct impact, the endeavor demonstrates just anyone like you or me can go somewhere and make a difference. Take a look at his blog, he may have one of the best jobs in the world.
It is not always glamorous, earliers this year in Batwanna, Uganda Barton was critically injured after being hit by a truck. He even made that look like an adventure. On the mend, he is back in Batwa helping the villagers buy goats, chickens, seeds, and chalkboards for schools.
There is a striking contrast to the hot news topics of U.S., and other developed nations. Are these villagers having a recession, or are we? Where is there a health care crisis? What does 10% unemployment really mean?
Most of all if you are spending an inordinate amount of time worrying about things that will never happen, perhaps the ideal prescription to eliminate that anxiety is immersing yourself in taking action for a cause or purpose that speaks to your soul. I can’t imagine being in Batwa, or with another impoverished community and fretting over whether the stock market was up or down.
Following Global Colors efforts for over a year and Guerrilla Aid since it started, I kept planning to donate, to reach out, and see how I can be of help. Today I bought the villagers of Batwa a goat.
Barton has a plan, some of which he has accomplished, there is still much more to be done. Here’s how you can help:
- One acre of land -- $4,500
- Chicken coops (lumber, chicken wire, tin roofing, and all tools) $215 each.
- One chicken is $10.00
- Chicken feed for one month -- $35.00
- A GOAT! $50.00
- A new dress purchased at a shop in town is $15.00
- A thumb piano is $15
- Material for one beehive is $25.00 (including bees is $45)
- Chalkboard for the school $150.00
- Wood for a school bench is $30.00
- A milk cow is $285.00
- Seeds for a garden- any amount towards “seeds” would be great
Or you could fly over and meet Barton in the midst of his 52 Worldwide Guerrilla aid tour to help some of the poorest nations in the world. I started investigating going myself. Dancing with pygmies of Batwa looks like it is worth a trip around the world.
Talkin’ Bout A Dream-Job
Yes. I really did buy a goat today. But this isn’t about me, and no the goat isn’t in my apartment. Read on, and you can buy a goat too, or a chicken if you prefer.
I believe that the best jobs are created, they are not found, filled, or posted on job boards. This is the story about an individual who did just that. Meet Barton Brooks. He says “….traveling to take pictures and collect souvenirs started feeling a bit hollow, and it was in Cambodia where I finally was inspired to make a difference.”
Many people feel a similar tug, or even strong pull when they are moved by certain stories, events, or causes. It only takes a split second for most to be overwhelmed by the hundreds of objections of their rational mind -- rent, work, mortgage, family - as to why they couldn’t do it. Barton Brooks story is different, it is one of inspiration and doing something about it.
Brooks started Global Colors, an organization that bypasses bureaucracies to bring aid directly to communities in need around the world. It is not a story of politics, advocacy, ego, it is really a story about action.
Guerrilla Aid is Global Colors current project. It has Brooks spending 52 weeks to circumnavigating the globe creating grassroots aid. Not only is he having direct impact, the endeavor demonstrates just anyone like you or me can go somewhere and make a difference. Take a look at his blog, he may have one of the best jobs in the world.
It is not always glamorous, earliers this year in Batwanna, Uganda Barton was critically injured after being hit by a truck. He even made that look like an adventure. On the mend, he is back in Batwa helping the villagers buy goats, chickens, seeds, and chalkboards for schools.
There is a striking contrast to the hot news topics of U.S., and other developed nations. Are these villagers having a recession, or are we? Where is there a health care crisis? What does 10% unemployment really mean?
Most of all if you are spending an inordinate amount of time worrying about things that will never happen, perhaps the ideal prescription to eliminate that anxiety is immersing yourself in taking action for a cause or purpose that speaks to your soul. I can’t imagine being in Batwa, or with another impoverished community and fretting over whether the stock market was up or down.
Following Global Colors efforts for over a year and Guerrilla Aid since it started, I kept planning to donate, to reach out, and see how I can be of help. Today I bought the villagers of Batwa a goat.
Barton has a plan, some of which he has accomplished, there is still much more to be done. Here’s how you can help:
- One acre of land -- $4,500
- Chicken coops (lumber, chicken wire, tin roofing, and all tools) $215 each.
- One chicken is $10.00
- Chicken feed for one month -- $35.00
- A GOAT! $50.00
- A new dress purchased at a shop in town is $15.00
- A thumb piano is $15
- Material for one beehive is $25.00 (including bees is $45)
- Chalkboard for the school $150.00
- Wood for a school bench is $30.00
- A milk cow is $285.00
- Seeds for a garden- any amount towards “seeds” would be great
Or you could fly over and meet Barton in the midst of his 52 Worldwide Guerrilla aid tour to help some of the poorest nations in the world. I started investigating going myself. Dancing with pygmies of Batwa looks like it is worth a trip around the world.
What Are You Hardwired To Do?
“You have to do what you are hardwired to do. Live your own dream. Everybody has their own river to swim in. If you swim in someone else’s you will drown.”
After posting this quote on my Facebook page, a friend asked “How do you know what you are hardwired to do?”
Myfirst reaction was “oh brother, I set myself up for that one.” It is actually a fair and great question. I am not even sure if there is an answer, let alone can tackle it in under 140 characters on a Facebook posting.
Hardwired is a term most often used with regards to technology, computers, and other electronic devices. Loosely defined, it is about being built, or pre-programmed, with capacities to perform certain functions. In using the term to reference a person, it is not much different. You are one-of-a-kind, alchemy of DNA, experiences, beliefs, knowledge, ideas, creativity. You bring something to the world that has never been here before, and will never be exactly replicated again. The first step is to acknowledge your individuality. In doing so, you understand that if you haven’t been here before, there wouldn’t be some path laid out for you, which you are inherently supposed to know. Don’t wait for it, no one is coming to tell you, nor for will it to show up in an assessment somewhere. Go out and create it based on your innateness, talents, desires, and what is most important to YOU. Here are some steps that may help you on your way.
1. Discover what makes you tick?
Make a list of the times in your life when you were operating in the “zone” or “flow.” You know those the activities you were doing, where you were so engaged, that you didn’t even realize time was passing. They do not have to be work-related. What made these activities meaningful for you? What are the character traits, qualities, skills, that you had to exercise in order to perform these tasks successfully?
2. Meditate
SLOW DOWN. STOP TRYING. If you liken the mind to a car engine, and the average mind is spinning at 100 RPM’s, many people especially in big cities, and fast paced cultures are going at 140, 160, and even over 200 RPM’s, it would be virtually impossible to have the clear thinking to notice what is truly important to you, and you are naturally talented at. If you slow your mind down to about 75 RPM’s, that is where insight, creative inspiration, quality, and grace emerge. My friend Barry always says “anyone can meditate for three minutes a day.” If you don’t already have a technique, or a novice, you can start with the simple formula of sitting still, notice your breathing in and out through your nostrils, take deep breaths. When you notice that you have taken your attention off your breathing, just come back to it. Try this for 30 days and see how it impacts your life. If you like the result makes it a life time practice.
3. Use the “Law of Attraction.”
You don’t even need to know what you are hardwired to do. Take a few deep breaths, close your eyes, and imagine just for a moment that you did know what you are hardwired to do. How do you feel? Remember, you want to know how you feel, not what you don’t want to feel. If your thought is that you are feeling “less anxious”, what is the opposite of anxious for you? Is it calm, peaceful, free? Just try to imagine the feeling in your body, create it. Now take it a step further, imagine that you are getting paid handsomely every day for doing what you are hardwired to do, in an environment that you truly love. How are you feeling having that in your life? Just imagine that too. This is not about thinking, it is about what it feels like in the body, that is where you create the vibration to attract similar vibrations.
Join us for the FREE live TeleClass on this topic, this Monday. December 14, 2009 7 PM EST.
Standing Out
One of the big challenges I often hear from executives and entrepreneurs is about standing out. Everyone wants to stand out, stand out in their career, industry, job search, community, among the competition, and even in life. I admit, I have even thought about it on more than one occasion.
So last spring when Executive Coach Alan Cohen and I, were invited to present at Fordham’s Graduate School of Business, we tackled the subject head on. Looking at people who do stand out and what are the determining factors. We presented a series of 8 points that if practiced would help you stand out.
Since then, I have had the opportunity to present on the topic a number of times, each time the topic has evolved. Most recently, I presented it to about 45 Business Owners for the Manhattan Chamber of Commerce and TD Bank. As most of my presentations are dialogues, I often learn as much as the audience and it helps shape my views on the topic.
What really has become apparent is that it is not as much about the “how” as it is about the “what”. What are you willing to take a stand for? What are you willing not to compromise on, saying this is what I want? This is what I must have?
Standing out is not something to be achieved, it is not a destination. It is a choice, a way of life, and an attitude. While it can feel lonely at times, it doesn’t separate you as better than. Standing Out ultimately connects you and makes you feel part of. Standing Out can’t really be done alone, and even if it could, it could never be sustained alone.
I see a lot of people who take a stand for personal and professional freedom as an example. They eitherlost their job or get fed up at work, realize they are not being true to themselves and want the independence and autonomy that come with being your own boss.
What are you willing to take a stand for? What is that you are willing to put it all on the line for, in your life? Get clear on that, reorient your life around it, and standing out happens naturally.
Remember, STAND is an attitude and a lifestyle. If your answer is “I don’t know”, consider taking a stand for figuring it out.
Life Is Not A Multiple Choice Test
Are you one of those people that treat life as a multiple choice test? Do you navigate your life by picking from a pre-existing list of answers; maybe you pick the best answer, even if it is not the best answer for you; or, maybe you just guess the answer, and hope it will work out.
Back in school I think I preferred multiple choice tests, because there was the understanding one of the answers was going to be the right answer. Life is not a multiple-choice test, and there is no assurance the options you are selecting from has the right answer.
Human beings are creators, the mind thinks in pictures. Anything that has ever come to fruition in the world has been a thought, or an idea in someone’s mind first. Why not leverage that part of yourself and create the career and life you want.
You can think of your life as the essay portion of the test, or even an art project. Come up with a visual, or an idea, then sketch it out or write out the narrative. You don’t need the whole picture to begin. Start with what you do know; What do you want your surroundings to look like? Where do you work? What are the people you work with like? What are your feeling? What are you experiencing?
Play with this and have fun. Remember, this is a creative project, use your innate power to create. Think of it as a continuous work in progress, a first draft, an outline, you can come back and revise it, any time.