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Promoting Young Adult Entrepreneurship in High Schools With Partners

Pleased to announce first book in the Doc Larsen Business Adventure SeriesTM,  Freddie and Billie’s New Business Adventure, will be available in bookstores, libraries and institutions in early 2021. Delayed due to COVID-19.

Many efforts are  in-progress to promote ‘financial literacy’ among high school students (e.g., balance checkbooks, budgets, how credit works, etc.)- these provide real benefits.

But a Gallup study shows 40 percent of students are interested in exploring how to start a new business. My objective is to create ‘entrepreneurial literacy’ motivating and educating young adults to explore entrepreneurship. We can do much more in this area which provides significant benefits to students, families and regional economic development. In my view this needs a local, regional and national effort

And a key target includes minority and particularly women entrepreneurs who statistics show are growing new businesses 1.5 times the national average of all U.S. businesses.

I am creating the program and reaching out to partners who share my vision- brokerage and banking firms are ideal ‘win-win’ partners gaining access to a next generation of young entrepreneurs.

I am also fine-tuning my message to young entrepreneurs – take a look at what teens read when they click on the ad below which is now posted.

Check out : https://paulbsilverman.com/great-new-business-idea/

This is a ‘…takes a village effort’. If you are interested in playing a role in my efforts or have comments drop me a note at paul@paulbsilverman.com.

All the best and stay safe,

Paul

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Let’s Jumpstart Young Entrepreneurs- Remember This Garage?

Now designated as a historic site, 2066 Crist Drive in Los Altos, California was the hangout for the founders of Apple, Steve Jobs and Steve Wozniak- friends, and students at Homestead High School.

But pass by and it looks like any other garage in the suburbs. And that is the point. 

These two teenagers, motivated and energized to ‘push the envelope’, challenge traditional thinking created a new computer, the Mac®. And, after many ups and downs, launched Apple®. Two teenagers taking an amazing journey, disrupting traditional thinking, taking risks, creating massive economic value.

We need more ‘garages’ where young adults are motivated to push the envelope and develop pursue new business opportunities. We achieve that objective with a two-pronged approach using Motivation and Empowerment. Motivation to open young adults to opportunities and benefits of entrepreneurial thinking. Empowerment giving young adults the tools and education helping them succeed no matter what career path they choose.

Teaching and working with hundreds of early stage ventures confirms to me young adults are excited about ‘doing their own thing’. But many also recognize the difficult road developing a new business and the high risk – 50 percent of new ventures fail after 3 years.  

And young adults do recognize the opportunity. Key findings in a 2017 Gallup/Operation Hope report showed strong student interest in entrepreneurship but they faced challenges. Some study highlights:

  • Nationally, about four in 10 students (41%) agree they plan to start their own business, but less than half of all schools offer classes in how to start and run a business. And this number 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. But students from lower socioeconomic backgrounds 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.”

What is also less reported is the role of minorities in today’s entrepreneurial revolution. The U.S. Census Bureau reports that while the total number of businesses in the U.S. declined from 2007 to 2012, the number of Latino-owned businesses grew by 46 percent. In a 2015 study, the Stanford Latino Entrepreneurship Initiative (SLEI) reported that Latino-owned businesses tend to start small and stay small, representing just 6 percent of all U.S. employer firms. In 2016, Latino-owned employer firms generated over $400 billion and employed almost 3 million people, which, in magnitude, is much lower compared to white-owned firms. White-owned firms generated over $10 trillion and employed 17 times the number of people, or over 52 million people. Today’s young Hispanic entrepreneurs are fueling the next generation of Latino-owned businesses.

I am encouraged talking with business leaders who share my vision on the opportunity to motivate and empower young entrepreneurs. But we can do more to fuel growth of young entrepreneurs. Developing creative programs to promote entrepreneurial motivation and empowerment among young adults, we can help create the next generation of ‘garages’ driving today’s entrepreneurial revolution and economic growth. Let’s get moving!

Paul B. Silverman

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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