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Forbes 2015: Millennials Want To Be Entrepreneurs, So Why Aren’t They Starting Businesses?

I am reviewing all my blog posts and other materials for a new book on how smart cities will accelerate disruptive innovation, create exciting new investment opportunities and reshape today’s entrepreneurial revolution. I found a 2015 Forbes article  Millennials Want To Be Entrepreneurs, So Why Aren’t They Starting Businesses? and my posted comments. Five years old but most still applies today- thought you may find helpful.

 Stay safe.  All the best,

  Paul

Posted comments at

https://www.forbes.com/sites/jaredmeyer/2015/07/20/millennials-entrepreneurship-starting-businesses/#9a916401d637

Direct link to Forbes article:

https://www.forbes.com/sites/jaredmeyer/2015/07/20/millennials-entrepreneurship-starting-businesses/#9a916401d637

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Message for Young Entrepreneurs

Here are words of wisdom I often share with young entrepreneurs. I used this in the intro in a recent book for young entrepreneurs:

“Twenty years from now you will be more disappointed by the things you didn’t do than those you did. So throw off the bowlines. Sail away from the safe harbor. Catch the wind in the sails. Explore, Dream. Discover.”

Mark Twain

Young adults recognize the entrepreneurial opportunity. In a 2017 Gallup/Operation Hope report measuring student attitudes about entrepreneurship, here are some key findings:

  • Nationally, about four in 10 students (41%) agree they plan to start their own business, but the percentage of schools offering classes in how to start and run a business has decreased since 2011 — from 50% to 43%.
  • Half of students from lower socioeconomic backgrounds agree that they plan to start their own business, compared with 35% of students from high socioeconomic backgrounds. However, students from lower socioeconomic backgrounds will potentially face more obstacles — such as a lack of social or financial capital or other resources — than their peers from high socioeconomic backgrounds.
  • “Our index shows students remain optimistic but lack the financial literacy to compete globally with other students. This is bad news for America,” said John Hope Bryant, founder, chairman and CEO of Operation HOPE. “We need to prioritize the economic engagement of today’s youth and promote financial literacy, financial dignity and entrepreneurship in underserved communities.”
  • Gallup Chairman and CEO Jim Clifton noted, “There are some promising signs, however. About 40% of students want to start a business or invent something that will change the world. The problem is, only 5% of these students are in internships in companies or organizations. This is arguably the single biggest failure of our leadership. Not Washington’s, not the public schools’ — but yours and mine.”

Check out my comments on a Washington Post article Teaching High School Students Entrepreneurship Drives Jobs And Economic Growth in October 2011- progress has been made but much more can be done (https://paulbsilverman.com/2011/10/25/teaching-high-school-students-entrepreneurship-drives-jobs-and-economic-growth/)

Young entrepreneurs fuel today’s entrepreneurial revolution. We have some challenges but their opportunity outlook is positive, exciting and unbounded- that is my message. 

Best to all and stay safe.

Paul

Using Systems and Analytics To Beat Covid- Italy’s Experience

Using Systems and Analytics To Beat Covid- Italy’s ExperienceLessons to be learned here. Data and science based decision rules drive the process. Well defined, standardized systems communicated to all. No one ‘makes it up’ as you go along- you stay with the plan and modify as needed. Management discipline, analytics coupled with a cohesive reporting and execution, solid management- that is a winning formula. The numbers and results in Italy speak for themselves.

Is this a surprise? Not to any senior management executive who has managed major programs, launched new ventures or addressed critical business issues and understands management analytics and how they are used. No question we are in tough challenging times, but there are proven ways to win here and the Italy experience provides one blueprint on how it can be done. Let’s get moving,, all working in the same direction, save lives and get back to normal. Too much tine and too many lives lost which could have been avoided.

https://www.thedailybeast.com/italy-finds-tens-of-thousands-of-covid-19-casesliterally-at-random?ref=scroll

Paul B. Silverman

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Forbes-Roundup Analytics,Big Data,BI, IOT

IOTExcellent article in Forbes on big data, analytics, and business intelligence. You can see my comments (top comments section)  and the Forbes article at Read More








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Global Logistics Report:IOT /Analytics Impact

cargo shipsExcellent global logistics report by Colliers – check out last several sections on “Last Mile Innovations” in U.S., Europe, EMEA, and Asia Pacific

Further reinforces the outlook I and many others share – significant opportunity ahead for innovative integrated analytics and IOT applications that change business processes to lower costs, increase revenue, and improve strategic position. Read More








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Seeking Healthcare Analytics Ventures

4I am working with a New York City-based colleague and several major investors seeking investment opportunities in the healthcare analytics sector. Any level of investment will be considered.

If you have any questions or want to discuss a specific opportunity, drop me a note or give me a call. Thanks.

Paul B. Silverman

 








Quote for Entrepreneurs

There is only one corner of the universe you can be certain of improving, and that is your own self. So you have to begin there, not outside, not on other people. That comes afterwards, when you have worked on your own corner.

                                                                                                                         – Aldous Huxley








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Comments on Forbes Article – Millennials Want To Be Entrepreneurs, So Why Aren’t They Starting Businesses?

Posted comments today on Forbes article by Jared Meyer on why millenials are not pursuing their “entrepreneurial dreams” and reinforced the same points I am making in other forums:

— 50% of new ventures fail within five years- we need to educate entrepreneurs, provide tools and ‘best practices’ to create more ‘Survivor’ entrepreneurs

— We do a poor job of offering entrepreneurial education curriculum that really addresses the skills needed to develop winning entrepreneurial management strategies and improve the probability of success

You can see a copy of the Forbes article and comments at http://tinyurl.com/nb9qmzk– here is a copy of my posted comments:

Jared:

Thanks for insightful article- good discussion. Glad to share four perspectives on entrepreneurship based on my experience and publications.

First, serving as an Adjunct Professor at 3 leading universities since 2002 teaching mostly Capstone courses, at the first class I always ask for a show of hands on the question “How many of you would like to be an entrepreneur?” after graduation. My survey results shows 50 percent or less answer yes, and sometimes much less. While they see upside, most also understand the challenges here and life’s realities on the need for a steady income, and I am sure this drives these numbers much lower.

Sec1ondly, entrepreneurs must invest time, resources, maybe take a second mortgage on a home, max credit card debt, and if really fortunate, may attract some investors and capture customers. But statistics show half of these new ventures are doomed to fail within five years. Looking deeper, SBA statistics show what drives all business failures: Management Competence (46%), Lack of Managerial Experience (30%), and Lack of Market Sector Experience (11%). Summary- entrepreneur commitment and risks are high, the probability of success are modest.

Third, in my view we are failing in educating entrepreneurs to meet today’s new venture challenges.

Today’s market, technology, and competition challenges are tougher than ever and savvy investors know that. New players emerge and are attacked by newer players using even newer technology. Teaching entrepreneurs how to start and manage a new venture really is the easy part – from business idea, business plan, resources, and launch – the skills needed here can be learned. In a recent book (8 Building Blocks To Launch, Manage, And Grow A Successful Business), I defined these “SYOB” (“Start Your Own Business”) skills as Entrepreneurial Management 1.0, and these skills are not sufficient to meet today’s challenges

Finally, simply put, yesterday’s skills do not meet today’s entrepreneur’s needs. Recognize that Fortune 500 companies develop new ventures using some SYOB techniques, but before committing resources to pursue new ventures, major firms do more- they look at strategic issues; identify value chain metrics; identify peer group competitors; assess market attractiveness using Five Forces Models; identify alliances and global strategies; assess how venture metrics impact overall ROI given 3 to 5,000 other products and services, and so on. And these new skills are the foundation for what I call Entrepreneurial Management 2.0, a new entrepreneurial management discipline I developed building on SYOB tools, drawing upon Fortune 500 firm techniques for launching and managing new ventures, and my experiences working with many early stage companies. Entrepreneurial Management 2.0 is a portfolio of new entrepreneurial management skills organized into 8 Building Blocks to meet today’s business challenges to help manage and grow new ventures. (see “Half of All New Ventures Fail Within 5 Years- What Is Driving This Sobering SBA Statistic?”) The objective here- help entrepreneurs launch, manage, and grow successful ventures and reduce new venture failure rates.

I share your view on the role entrepreneurship plays in driving economic growth and working on several proposed programs to meet this need (national and regional level), and also exploring a new venture development fund. In 2009, I developed and managed a new Step Up Program to bridge the academic and business community and help educate entrepreneurs- more info and press interview at George Mason University Step Up Program and Paul B. Silverman – Press Interview. This is a representative direction I foresee, coupled with creative new venture financing options.

Summarizing, we can be doing much more to educate and motivate entrepreneurs, jumpstart and grow our entrepreneurship sector- these actions will also drive positive economic growth

Paul B. Silverman

 

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 School of Business at George Mason University. 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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Half of All New Ventures Fail Within 5 Years- What Is Driving This Sobering SBA Statistic?

A new press release was issued today announcing the publication of “8 Building Blocks to Launch, Manager and Grow a Successful Business”  and availability on Amazon (Print and Kindle).

8b3_copy(4)Here is a copy of the press release…

‘8 Building Blocks To Launch, Manage, And Grow A Successful Business’ Now Available On Amazon

Half of all new businesses fail within five years. SBA statistics show what drives all business failures: Management Competence (46%), Lack of Managerial Experience (30%), and Lack of Market Sector Experience (11%)-new book offers success solutions

July 15, 2015RESTON, Va.8 Building Blocks to Launch, Manage, and Grow a Successful Business” is now available on Amazon (US and global markets)- print and Kindle editions. Targeted to entrepreneurs, the book walks readers through the many steps needed to not only launch a business, but stay in business and succeed. The new book received positive pre-publication reviews from invited senior level reviewers

“SBA and other statistics confirm what I’ve seen so many times,” said author Paul B. Silverman. “You can have a great idea, market need, solid team, funding and maybe a customer or two, and then five years later you’re out of business. “Understanding the challenges, and helping you develop winning strategies and succeed in today’s explosive and exciting entrepreneurial arena is why this book is written,” said Silverman.

“8 Building Blocks to Launch, Manager and Grow a Successful Business” provides a step-by-step guide to all the key elements an entrepreneur needs to tackle to meet today’s challenges, understand and use Fortune 500 new venture ‘best practices’, profitably stay in business, and create value for shareholders. The book delves into the reasons why most businesses fail, how to prevent common pitfalls, and create winning strategies.“8 Building Blocks to Launch, Manage, and Grow a Successful Business” .…. READ PR AT PRESS RELEASE- 8 BUILDING BLOCKS

Here are some related links:

Reviews – I appreciated the support and comments of the pre-publication reviewers- reviews at What Readers are Saying

Link to new book page-  Book Page: * Building Blocks To Launch, Manage, And Grow A Successful Business

 Read Book Excerpts at https://paulbsilverman.com/books/excerpts/

Link to Amazon to order the book  Amazon Link; 8 Building Blocks to Launch, Manage, and Grow A Successful Business

Link to blog    paulbsilverman.com/blog/

Media Kit for Press at  Media Kit -8 Building Blocks-071515

Sign up for new Entrepreneurship Today! email updates on areas I am tracking such as crowdfunding, Reg A+, cybersecurity, healthcare, IOT, and analytics . The email updates will cover new venture developments, blog posts highlights, upcoming interviews with leading entrepreneurs, guest posts by investors and entrepreneurs, and new Entrepreneurial Management 2.0 techniques. More info and sign-up page at https://paulbsilverman.com/contact/ 

I am ramping up speaking engagements and plan on doing several interviews related to new venture development and entrepreneurship and glad to address any group where I can contribute and schedules work

If you have any questions or comments, please contact me anytime and I will be glad to help.

All the best,

Paul B. Silverman

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 School of Business at George Mason University. 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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New Book Release: “8 Building Blocks To Launch, Manage, And Grow A Successful Business”

I am pleased to advise publication of “8 Building Blocks to Launch, Manager and Grow a Successful Business”  – book is now available on Amazon (Print and Kindle).

8b3_copy(4)Here is press release…

HALF OF ALL BUSINESSES FAIL WITHIN FIVE YEARS

New book offers solutions for success

Reston, VA, July 3, 2015 – “8 Building Blocks to Launch, Manage, and Grow a Successful Business” is available today on Amazon (US and global markets) and Kindle (July 8th). Targeted to entrepreneurs, the book walks readers through the many steps needed to not only launch a business, but stay in business and succeed.

“SBA and other statistics confirm what I’ve seen so many times,” said author Paul B. Silverman. “You can have a great idea, market need, solid team, funding and maybe a customer or two, and then five years later you’re out of business.”

8 Building Blocks to Launch, Manager and Grow a Successful Business” provides a step-by-step guide to all the key elements an entrepreneur needs to tackle to meet today’s challenges, profitably stay in business, and create value for shareholders. The book delves into the reasons why most businesses fail, how to prevent common pitfalls, and winning strategies…. READ PR AT PRESS RELEASE- 8 BUILDING BLOCKS

Here are some related links:

Reviews – I appreciated the support and comments of the pre-publication reviewers- reviews at https://paulbsilverman.com/books/reviews/

Link to new book page-  Book Page: * Building Blocks To Launch, Manage, And Grow A Successful Business  

 Read Book Excerpts at https://paulbsilverman.com/books/excerpts/

Link to Amazon to order the book  Amazon Link; 8 Building Blocks to Launch, Manage, and Grow A Successful Business

Link to blog a paulbsillverman.com/blog/

Sign up for new Entrepreneurship Today! email updates on areas I am tracking such as crowdfunding, Reg A+, cybersecurity, healthcare, IOT, and analytics . The email updates will cover new venture developments, blog posts highlights, upcoming interviews with leading entrepreneurs, guest posts by investors and entrepreneurs, and new Entrepreneurial Management 2.0 techniques. More info and sign-up page at https://paulbsilverman.com/contact/ 

I am ramping up speaking engagements and plan on doing several interviews related to new venture development and entrepreneurship and glad to address any group where I can contribute and schedules work

If you have any questions or comments, please contact me anytime and I will be glad to help.

All the best,

Paul B. Silverman

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 School of Business at George Mason University. 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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