intrapreneurship

Surge Rate of Hispanic Entrepreneurship

Hispanic Entrepreneurs Are Beating Expectations and Bolstering the U.S. Economy

This point obviously seems to be missed in our current political debate. And the conclusions here are driven by numbers and data, not rhetoric. Hispanic entrepreneurship helps drive our economic growth.

The Partnentrepreneurship, hispanicership for a New American Economy and the Latino Donor Collaborative’s 2014 report, Better Business: How Hispanic Entrepreneurs Are Beating Expectations and Bolstering the U.S. Economy,” shows how the number of Hispanic entrepreneurs in America has grown exponentially over the past two decades, powering the economy during the recent recession. Hispanic immigrants in particular are now more likely to be entrepreneurs than the average member of the U.S. population overall.

Key findings of the report include:

  • In recent decades, the number of Hispanic entrepreneurs has grown exponentially. From 1990 to 2012, the number of Hispanic entrepreneurs in America more than tripled, going from 577,000 to more than 2.0 million. This surge far outstripped population growth among the working-age Hispanic American population. It also dwarfed the growth in the number of self-employed non-Hispanics during that period, which grew by just 14.0 percent—roughly one eighteenth as fast as the Hispanic rate.
  • Hispanic immigrants, particularly those from Mexico, played a key role in this growth. Between 1990 and 2012, the number of Hispanic immigrant entrepreneurs more than quadrupled, going from 321,000 to 1.4 million. At the same time, the number of self-employed Mexican immigrants grew by a factor of 5.4, reaching 765,000. Entrepreneurship became so established among Mexican immigrants that by 2012 more than one in 10 such immigrants was an entrepreneur.
  • There are far more Hispanic entrepreneurs today than expected. In 2012 the rate of Hispanic-American entrepreneurship was more than one whole percentage point higher than we would expect based on factors like population growth, language proficiency, and family structure. Hispanic immigrants overcame obstacles that hinder entrepreneurship at even greater rates: Among that population, the entrepreneurship rate was 2.1 percentage points higher than expected, resulting in an estimated 251,000 additional entrepreneurs in 2012.
  • Hispanic entrepreneurs helped power the economy during the recent recession. While entrepreneurship rates among non-Hispanic, U.S.-born individuals dropped during the decade that included the recent recession, the number of Hispanic entrepreneurs grew by 71.5 percent. That made a notable difference on the U.S. unemployment rate: If the 581,000 Hispanic immigrant entrepreneurs who created businesses from 2000 to 2010 were instead unemployed in 2010, the unemployment rate would have been 0.4 percentage points higher, topping 10 percent.
  • As entrepreneurship levels have dropped in recent years, Hispanics have increasingly focused on founding new businesses. In 2012, the rate of self-employment dropped to its lowest point in decades, reaching 10.0 percent. But from 2010 to 2012, the number of Hispanic entrepreneurs grew by 160,000 people. For the entire 1990 to 2012 period, Hispanics added new entrepreneurs almost 10 times faster than the population overall.
  • Hispanic immigrants now have higher entrepreneurship rates than the U.S. population overall. While 10.2 percent of the U.S. population was entrepreneurs in 2010, 11.0 percent of Hispanic immigrants were. By 2012, that gap had widened to 10.0 percent and 11.7 percent, respectively.

You can download a copy of the full report on the Partnership for a New American Economy website at Report: “Better Business: How Hispanic Entrepreneurs Are Beating Expectations and Bolstering the U.S. Economy,”

While I have seen similar numbers before, I expect this will provide new insights for many, and also reinforce the point that numbers and data, rather than rhetoric, should drive our conclusions.

Paul B. Silverman

Paul B. Silverman is Managing Partner Gemini Business Group, LLC (www.geminibusinessgroup.com), a new venture development firm. He has four decades senior corporate management, management consulting, adjunct professor, and entrepreneurial management experience. He writes about entrepreneurship, healthcare, analytics, strategy management. Author of “8 Building Blocks To Launch, Manage, And Grow A Successful Business.   Follow his blog at http://paulbsilverman.com/blog/

 

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Entrepreneurship-Interview-Aug 7th

Untitled design(2)Interview and Book Review published in Ocean City Today – August 7th  issue:

Interview/Review- Ocean City Today Aug 7th

I shared why I wrote the new book- to help entrepreneurs create successful companies, moving beyond basic “start your own your business” guidelines to reach the critical five year survival milestone.

I also shared some key points, such as why clearly defining your business model and strategy up-front, is critical, and discussed what readers are saying.

I emphasized that statistics show entrepreneurs are a major force to spur job creation, and economic growth. New policies/programs to directly help entrepreneurs; proposed new university programs to more tightly link to the business community and leverage university assets and IP; and national entrepreneurship initiatives are my vision that I shared during the interview

I will be expanding on these points in upcoming interviews  and presentations. Stay tuned…comments always welcomed.

 

Paul B. Silverman writes about entrepreneurship, healthcare, analytics, and strategy management and serves as Advisor, Speaker, Educator, and Managing Partner of the Gemini Business Group, LLC, a new venture development firm, and author of “8 Building Blocks To Launch, Manage, And Grow A Successful Business.” He also serves as Adjunct Professor in the R.H. Smith School of Business at the University of Maryland. See more at Paul B. Silverman Blog and sign up for Entrepreneurship Today! email updates to track latest new venture developments.

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How To Build The Perfect Sandcastle- Tips From Italian Architect

Good tip for summer vacation time – check out famous Italian architect’s tips for building the perfect sandcastle … analysis, planning, design, execution, observe, evaluate, make adjustments- sounds like what #entrepreneurs do when launching a new #venture. And many do not have much more than sand to work with when they start

Check out   http://tinyurl.com/o6c6jge

Enjoy your summer vacation ..

Paul B. Silverman

Illustration of sandcastle building by Son of Alan

 

Paul B. Silverman writes about entrepreneurship, healthcare, analytics, and strategy management and serves as Advisor, Speaker, Educator, and Managing Partner of the Gemini Business Group, LLC, a new venture development firm, and author of “8 Building Blocks To Launch, Manage, And Grow A Successful Business.” He also serves as Adjunct Professor in the R.H. Smith School of Business at the University of Maryland. See more at Paul B. Silverman Blog and sign up for Entrepreneurship Today! email updates to track latest new venture developments.

– See more at: http://paulbsilverman.com/blog/#sthash.X5SfmIHD.dpuf

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NEW FACEBOOK PAGE

New Facebook Page – will focus on #entrepreneurship, #predictive analytics, #new ventures, #healthcare

More to follow. Check out http://tinyurl.com/m8t5z4g
Paul B. Silverman writes about entrepreneurship, healthcare, and strategy management and serves as Advisor, Speaker, Educator, and Managing Partner of the Gemini Business Group, LLC, a new venture development firm, and Adjunct Professor in the R.H. Smith School of Business at the University of Maryland.

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Comments on Business Models at “For Entrepreneurs”

Excellent summary by David Skok on new business models we now see in the entrepreneurial arena. If you are interested in understanding the variety of business models we now see in the market this is a good place to start. I contributed comments on Data Intensity Models or “DIM” which I am looking at for new ventures- very exciting area using analytics. Check out David Skok’s site and my comments at  http://www.forentrepreneurs.com/business-models/    Copy of my comments below:

David
Excellent summary on business models – good work. Glad to
contribute here. I am focusing on a related models in the new venture arena looking at how companies create value based on their customer and ‘community of interest’ data. The Data Intensity Model (“DIM”) goes beyond lead generation models to increase revenue and looks at the value created by understanding customer needs using analytics. Mint.com is the widely quoted example here but other directions are emerging. Sounds far out but the DIM model may shape how you manage your wardrobe- check out http://paulbsilverman.com/2012… Obvious opportunities in finance arena similar to Mint.com but major opportunity I foresee is in healthcare arena. Check out my post/exchange about new business models on Accenture blog http://paulbsilverman.com/2013…. The excellent contribution you are making to educate entrepreneurs is I am sure appreciated by all.

Paul B. Silverman

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Failure Is Often A Key Driver for Success: Check out “Failing Forward — 3 Tips for Failing Your Way to Success”

Most entrepreneurs are familiar with the story of Thomas Edison’s invention of the light bulb. To outsiders, looks like a waste of time and effort- we see about 10,000 failures and one success. Thomas Edison saw it differently in his widely quoted views on success and failure: “I have not failed 10,000 times. I have not failed once. I have succeeded in proving that those 10,000 ways will not work. When I have eliminated the ways that will not work, I will find the way that will work.”

I agree with Thomas Edison and always define failures as “Learning Experiences” — this works for me.

I recommend checking out “Failing Forward — 3 Tips for Failing Your Way to Success” – an excellent perspective on success and failure from Marshall Graham, Managing Partner at Indian River Advisor, LLC. Excellent insights here for all entrepreneurs.

 

Paul B. Silverman writes about entrepreneurship, healthcare, and strategy management and serves as Advisor, Speaker, Educator, and Managing Partner of the Gemini Business Group, LLC, a consultancy firm, and Adjunct Professor in the R.H. Smith School of Business at the University of Maryland.

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Posted “Emerging Business Models Driven By Predictive Analytics” in Business Model Innovation Forum

Agreed to serve as a member of the Business Model Innovation Forum. Good discussion here on all aspects of business models and where we are heading. I posted following comments today as an initial contribution – more information in the Forum at www.businessmodelhub.com. I am pleased to share a copy of my posted comments:

Emerging Business Models Driven By Predictive Analytics

I am pleased to contribute to the Forum and look forward to discussions with other members.

Two areas related to business models in my view should be discussed. First, predictive analytics which is reshaping traditional business models and changing the competitive landscape. These new tools analyze millions of “information records”, develop “rules” to explain the outcomes with major improvement in speed and accuracy. Note information records may include traditional databases, as well as unstructured “text analytics” from news feeds, messaging, maybe doctors notes related to an electronic health record (EHR). Seamless analysis of both traditional structured and unstructured data is a powerful new direction and where we are heading.What we are seeing are new services emerging, creating new markets, many driven by entrepreneurial firms. New clinical diagnostic services to improve healthcare outcomes and reduce costs- results show dramatic improvement. Technology Assisted Review or TAR, using advanced analytics in the legal arena to assist in identifying relevant and priviliged documents reviewing millions of documents for class action and other major legal cases. Continuous Audit, Continuous Monitoring or “CA/CM” using real time analytics in Fortune 1000 companies to identify problem, possibly fraudulent transactions pre-audit saving time and money and reducing exposure.

I have been involved in these and can cite many others. Key point- we are creating new business models here- some based on outcomes, others based on client savings maybe linked to longitudinal or total costs. So today what looks like a traditional software product, services, or solutions business may be competing with “transaction based” players, oftentimes entrepreneurial firms using creative business models and pricing structures.

Secondly, while we often focus on the internal, company- centric elements of the business model which are essential, lets keep in mind that external factors play a major role in shaping a firm’s business model and strategy. In 2013, I made this point in comments on an excellent business planning post by Accenture. You can see my comments and the Accenture link at http://tinyurl.com/ozugkl9

Bottom line here- we can expect to see many new, creative business models emerging which “push the envelope” demanding that management acquire new business planning and analysis skills. “Business as usual” will not be a successful strategy. Many of these new emerging business models in my view will be driven by agile entrepreneurial firms creating both new investment and value creation opportunities as well as challenges for traditional players,

Paul B. Silverman writes on entrepreneurship and management topics. He is former CEO of public and private companies, and Executive Advisor,Author, Speaker and Adjunct Professor in the R.H.Smith School of Business at the University Maryland Blog. www.paulbsilverman.com/blog. Follow @ globalbizmentor

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Data Marketing 101: New Directions. Infographics +Predictive Analytics

Excellent article by Shannon Byrne on how startups can use Infographics – good insights here. Check out http://thenextweb.com/dd/2014/08/18/data-marketing-101-startups-can-put-data-work/

Coupling Infographics with predictive analytics pushes the boundary here and I shared some thoughts – here is copy of my posted comments

Shannon. Excellent post. Thanks for sharing. Infographics is an exciting area and I see predictive analytics pushing the boundary further and opening new possibilities. For example as you say need to ‘mine data that’s helpful to your audience’ and you suggest several questions to address.
But suppose we mine data and use PA tools to identify drivers that are not known – predicting the ‘unknown-unknowns’ and showing these in Infographics provides exciting and powerful capabilities. For example, suppose you are showing attributes of your customers and show typical data, e.g., sales by region, sector, customer size and so on. But suppose you can also identify and show that the highest sales are driven by sales staff with certain backgrounds who sell to certain sectors. Or you identify and show how sales rank based on variations in the sales process; I.e., response to RFP, sales call center query, direct sales call, and so on.
Key point here- the relationships I suggested here and the questions to ask will be defined by the PA model not the Infographic data modeler- that is the real power of predictive analytics ‘technology and a concept still not fully understood by many.

In the healthcare sector for example, we use PA tools to optimize clinical treatments based on data going well beyond a patient’s condition and symptoms. Mining data using PA defines ‘ inferences’ and the rules between business metrics. Fast forward here and we can envision many exciting Infographic applications that will push the boundary enabling us to improve clarity and communications of complex and insightful business metrics

Paul B. Silverman is an Adjunct Professor in the R.H. Smith School of Business at the University of Maryland, former CEO of public and private companies, Managing Partner Gemini Business Group, LLC. He can be reached at paul@paulbsilverman.com or blog at http://paulbsilverman.com/blog/, or twitter at @globalbizmentor.

 

 

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SaaS Metrics 2.0 – A Guide to Measuring and Improving what Matters- Post By David Skok

Excellent post by David Skok at http://www.forentrepreneurs.com/on using a using analytics to manage a SaaS business. I posted comments also emphasizing need to use analytics to assess changing markets/external factors for #entrepreneurial ventures. Also strongly recommend the site – http://www.forentrepreneurs.com/- excellent resource for entrepreneurs

Below is a copy of my posted comments – you can review the original post at http://www.forentrepreneurs.com/saas-metrics-2/

Here is a copy of my posted comments..

David

Excellent article- thanks.

Several months ago I was invited to do a guest blog post and serve as an Advisor for Funding Profiles, a Santa Clara-based company offering a powerful suite of financial analytic tools that “integrates with existing business applications to continuously translate traditional financial metrics into the language of business strategy”. For companies with thousands of products, infrastructure, and processes spanning the globe, the ability to ‘drill down’, examine ‘what-ifs’, and assess how and if global LOBs meet KPIs and support the strategic plan, is a powerful planning tool. Your post reinforces this point.

But markets and technology are moving quickly, consumer power is increasing, and external global factors will impact all global businesses which creates risk and uncertainty. In fact, one study shows macro-environment, competitive and corporate positioning factors account for about 80 percent of ROA variation among LOBs. So optimizing the company’s internal resources, processes, and KPI’s really address only 20 percent of the planning challenge based on these findings. My post “How Analytics is “Raising the Bar” for Corporate Strategy: Understanding the External Environment” talks about how new analytic tools can provide a competitive edge, creating what Tom Davenport (Author- Competing on Analytics: The New Science of Winning) defines as “analytic competitors”.

Bottom line- while emphasis of the above is larger corporations, my view is entrepreneurs that also understand how to analyze markets, external opportunities and threats, and how to use analytics with Porter’s Five Forces Model, STEEP, and competitive benchmarking tools can achieve a competitive edge. Properly used, external market analytics provide a competitive edge for evaluating, strategy positioning, and managing entrepreneurial ventures. During the past six months, I have looked at ventures in areas of wearable healthcare monitoring devices, clinical analytics, analytics for fraud detection, legal analytics, and solar energy among others. To accurately gauge outlook and opportunity for these and others, venture evaluation must go well beyond the typical “size of market, expected market share” and ‘drill-down’ to understand external market threats and opportunities. We have a way to go yet in educating the entrepreneurial community but I believe today’s “hyper competitive” dynamic global markets will help accelerate the adoption of these new analytics capabilities.

Paul B. Silverman is an Adjunct Professor in the R.H. Smith School of Business at the University of Maryland, former CEO of public and private companies, Managing Partner Gemini Business Group, LLC. He can be reached at paul@paulbsilverman.com or blog at http://paulbsilverman.com/blog/, or twitter at @globalbizmentor.

 

 

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Healthcare Monitoring – Fast Company Market Perspectives

Healthcare Monitoring – Fast Company -“Why We Don’t Talk About “Wearable Software”

Revolution is coming in the wearable healthcare monitoring arena as we move from devices to software/ ecosystems and new predictive analytics are fully embraced. Excellent Fast Company Labs article by Tina Amirtha summarizing directions. I see significant opportunity here not covered in the article  – why pharmas will play a key role, role of wearables in telemonitoring/Telehealth, tracking medication compliance,adverse drug reactions. And wearable healthcare monitoring coupled with analytics is spawning many exciting entrepreneurial ventures

Check out the Fast Company article at http://tinyurl.com/klzncnl. My comments shown are shortened due to space – here is a complete copy:

Tina- great article. As former CEO of a public predictive analytics company pleased to share comments. First, analytics is indeed the “Holy Grail” but my view is the real opportunity drivers here are not individuals but pharmas who have the incentive to establish and grow ongoing patient relationships. Healthcare monitoring/analytics is ideal strategy to help pharmas achieve this objective. Last time I looked the 3 to 4 major pharma chains represent about $200 billion or 75 percent of the market and about 24,000 locations- independent pharmas account for the rest of the locations and market. Secondly, health monitoring devices can make a substantive contribution to Telehealth/ telemedicine – I have done work in this area and telemonitoring proponents have not fully embraced these technologies- in my view and they are missing a real opportunity. We are seeing new entrepreneurial ventures addressing this market- my experience is creating sustainable business models addressing hardware, software, analytics dimensions is a real challenge for some of the reasons you noted.

Finally, in a late 2012 blog post “Buy Health Monitoring Devices Off The Clothing Rack      http://tinyurl.com/nhyp9uy 
I suggested we may be buying health care monitors in Lands End, and discussed how this will impact traditional retailer strategies. Sales staff questions may move from “What size and color jacket would you like to see?” to “Can I show you our blood pressure-only monitoring jacket or our top of the line full featured model tracking glucose, oxygenation and includes a USB port?”And what about health care coverage. Expect to see some interesting issues emerge here- are you buying a jacket or a medical device; where do you draw the line? Clothing may also be an external driver to grow this market

Bottom line here- the real opportunity, which translates into hard dollar cost savings and improved healthcare quality, is using wearables and the software ecosystem to track medication compliance, adverse drug reactions, drug efficacies, and similar data. My vision is coupling wearable healthcare monitors with predictive analytics will dramatically reshape today’s healthcare system- refocusing the emphasis of today ‘ s wearable discussion and educating industry players on the possibilities here are the challenges and next steps needed to make this happen

Paul B. Silverman

 

 

 

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