Entrepreneurs are unique individuals with (usually) visionary ideas they are trying to develop into a real business or product.  Many articles have been written about the personality that is the entrepreneur, including that they are loners and intensely focused, somewhat socially inept, stay up late…all not typical of the successful leader.  In reality, the entrepreneur had to be able to bring people together and get them to buy into the vision.  He/she has to be a great marketer, financially astute, and have well developed interpersonal communications skills.  Being a great networker is vital to success.

One of the most difficult tasks, other than actually getting a product to market, or at least funded, is pulling together the individuals (with the skills needed) to move the vision forward.  The team that comes together to work on the project needs to work collaboratively and yet the individual member needs to exert influence in their field of expertise.  These team members also have to be flexible and not afraid of risk.

A major decision for the entrepreneur is whether to add a co-founder.  An article on the blog site www.onstartups.com discusses why you want a co-founder and how to choose one.  The article “Choosing a Minimally Viable Co-founder” by Dharmesh Shaw, first outlines the reason for one.  It can be summed up in the African proverb:  “If you want to go quickly, go alone. If you want to go far, go together.”   Having someone to share the ups and downs, to bounce ideas off of, and to help get things done, is valuable in the startup world.   So, the author writes, while you are on your quest, keep a sharp eye out for the awesome candidate that can help you “go far”. 

The article provides some key guidelines to help you in this search.  They are ideas such as: you have to be able to trust them, they have to be brilliant at building or selling, they commit to the company and not just the current idea, they are likeable, and they do stuff (not just think about it).  Also important as characteristics are whether they crank and grind (as hard as you do) and they are reasonable and rational. 

The purpose of the list, and the caution of the article, is to not waste time looking for “perfect” but recognize someone with great skills that line up with your goals.  One issue that comes up with co-founders is the same issue that comes up when entrepreneurs go looking for funding -  that you have to give up some control.  The end result is the key in both cases, having a successful startup that creates wealth, and that you get your share.

Tags: candidates, entrepreneurs, Executive jobs, hiring talent

If you google “the new entrepreneur” you’ll get pages of references to entrepreneurs with a twist – a mission to give back to society through new business ideas.  These new companies with a social mission have a wide range of solutions, and are successful in the process.  This may be your next great business idea.
For example and article in Bloomberg Businessweek highlighted winners of a contest:  “America’s Most Promising Social Entrepreneurs”.  Profiles of 25 finalists were posted on the Businessweek website in June.
Businessweek.com readers voted for their choice, and the winner was a San Francisco print shop that hires recovering addicts and ex-offenders . The company, Social Imprints, garnered 15.7 percent of the nearly 3,000 votes cast by readers.  Co-founded by Jeff Sheinbein and Kevin McCracken, who overcame heroin and alcohol addiction himself, the 3-year-old company employs seven people and had $2 million in revenue last year.
Dalberg, a New York-based consultant focused on international social and environmental problems, was second. Founded by veterans of McKinsey in 2001, Dalberg has sales above $15 million and 120 employees in 10 global offices.
Other companies included Intuary, the maker of an iPad app that helps people who can’t speak communicate. The 5-employee startup is launched the app, called Verbally, in March and is projecting sales of $200,000 this year.
Nest Collective,which sells healthy children’s food under the Plum Organics baby food brand and Revolution Foods lunchbox snacks was another winner. The 26-employee company, founded in 2007, had $15 million in revenue last year.
The list also included StayClassy, an online fundraising platform for small nonprofits. The 6-year-old company had $250,000 in revenue last year and has helped 2,000 nonprofits raise more than $5 million.
There are more winners listed on the Bloomberg site, but those listed above show the wide variety of ideas, and the money to be made, in helping improve all aspects of our society.  What is your great idea?

Tags: entrepreneurs, industry news

Where does job growth really occur, and how is it measured?  The news/predictions/projections vary so much, it is interesting to read the details behind these statistics.  Cruise through any business journal, and it is amazing how different the interpretations are.
First of all, there were months in which hiring increased and we were all excited.  Then we found out that many of these new hires were seasonal or temp jobs, such as the census workers who later rejoined the unemployed.  Some of those we count as employed are “involuntarily underemployed” meaning their hours were reduced by the companies who employed them.  An article in the New York Times this week said that retailers are not planning on adding large numbers of workers for the holiday season, and many of the positions offered are as a result of a previous reduction in force!
Prevailing opinions are that most job growth occurs in the small business sector, and stimulus money has been focused on this sector, but not much is happening.  The tech sector took a hit as renewable energy companies lost some of their investment and tax incentive support.  These were the green jobs that were supposed to save us all.  It seems that the projected growth in health care employment may not be as great as predicted, because the industry is waiting to see what effect the new healthcare programs passed by Congress will do to their bottom line. 
It is a vicious cycle…companies cut back on staffing because demand for their products or services has dropped, so people don’t have jobs or money to spend so they don’t buy the products that companies have to offer because they are trying to conserve…how will it end? Companies who do want to expand and might be willing to add jobs can’t get financing for the growth.
There is opportunity in the startup or new small business sector, as they can be more flexible in adjusting to economic change.  One business blog held that research shows that these companies are the real producers of new opportunity, and that more small business support should be focused here.
Such a conundrum!

Tags: entrepreneurs, Hiring Trends, industry news

Economic development folks always mention that new companies with new ideas are a good source of new jobs. An article in Inc. Magazine (July/August 2010) cites a statistic that young companies, (younger than 6 years old) provided the bulk of new jobs. In 2007 they accounted for 64% according to a Kauffman Foundation survey conducted in 2009. So, how do we support the folks that start these new companies—an average of 500,000 per year?

There were a number of suggestions provided in the article, and interestingly New Mexico was used as an example of how to grow a local investment community. The program created through the state committing funds to venture capital firms that opened an office in New Mexico greatly increased the number of VCs in the community. The presence of national venture capital companies has more than one benefit.

Initially of course this presence provides a more direct access to capital for local entrepreneurs. Add to that the fact that these representatives provide invaluable feedback to startup companies in the state and it does give entrepreneurs a leg up. It also makes it easier to attract investment from out of state, as the investor usually wants a local firm to partner with who knows the territory.

Another suggestion that New Mexico has also followed is having local non-profits that provide resources and training to entrepreneurs. Technology Ventures Corporation, University of New Mexico’s Science and Technology Corporation and local economic development groups can give entrepreneurs access to tools and learning to help them with their startup efforts.  The national laboratories, Sandia National Labs and Los Alamos National Lab offer tech support grants to small businesses, and encourage technology business development.

Other ideas were to expand microfinancing, fund big science, rework the SBIR and expand funding, cutting paperwork overall, and passing an energy bill. All these ideas would have a positive impact. Finally, for those who have been looking for their next job opportunity, there are opportunities to work for yourself building your dream company. Historically in times of high unemployment there are more small business startups. Good luck.

Tags: change management, entrepreneurs, Executive jobs, industry news