MadeInUSA.Com

https://www.cbsnews.com/video/made-in-america-small-business-saturday/

It’s easy to shop online for American-made merchandise.  Try this website out, and BUY AMERICA on Made in America: Small Business Saturday Today is ” Small Business Saturday” — a day when consumers are encouraged to do holiday shopping at small, locally-owned stores and businesses.

See Entrepreneurship Power Pack sold at cost by the ultimate small business entrepreneur, your editor below.  Give a young adult a huge boost into success by gifting the Power Pack to them for our cost of $30, all shipping and delivery courtesy of Amazon.com.

Gift a Young Adult a Career.

Did You Know?

Your editor, Clint Day, is a published entrepreneurship author.  He wants to reach as many as possible this holiday season so all this publications are grouped together and sold on Amazon as “the Entrepreneurship Power Pack” at cost or $30 for four.  It can be used to plan and succeed at startup using the Silicon Valley evidenced-based method of customer development (Steve Blank’s design).  Because the end-user plays a pivotal role in the process, it is inherently successful.  All the wannabe entrepreneur needs to add is….desire.

Motivation of Persistence.

We even help with this critical element by drawing the student to Positive Psychology by Martin Seligman and Dr. Flow (Mihaly Csikszentmihalyi…”Csik-zen-mihali”).  Seligman proves using the scientific method that people are happy with a purpose and doing what they love while Mihaly showed people (entrepreneurs) loose track of time and love to go to work when they are “in the flow” of a passionate interest.  Add this positive psychology to the “lean” startup method of entrepreneurship and a young person can literally change the course of their life.

Help them out his holiday through buying and sending the Power Pack far and near.  Amazon will do the wrapping and shipping, and we’re starting early to get theses valuable packages out to young people in time to change their lives!

Here’s the Amazon Entrepreneurship Pack sitehttps://www.amazon.com/Entrepreneurship-Power-Pack-Everything-Entrepreneur/dp/1631835653

Peers and Entrepreneurship

Workplace Peers and Entrepreneurship

Introduction

What role do social influences play in the decision to become an entrepreneur? A growing literature in entrepreneurship has examined this question, with an aim to better-understand the mechanisms that drive the entrepreneurial process. One line of argument suggests that variation in rates of entrepreneurship is due to differential access to both information and resources that might arise from one’s social networks (Gompers, Lerner, and Scharfstein, 2005; Lerner and Malmendier, 2008; Saxenian, 1994; Sorenson and Audia, 2000). Other work has examined the role of social networks in shaping individual career aspira- tions and attitudes toward entrepreneurship independent of the knowledge required to run a business (Giannetti and Simonov, 2009).

We examine whether the likelihood of entrepreneurial activity is related to the prior career experiences of an individual’s co-workers, using a unique matched employer-employee panel dataset. We argue that co- workers can increase the likelihood that an individual will perceive entrepreneurial opportunities as well as increase his or her motivation to pursue those opportunities. We find that an individual is more likely to be- come an entrepreneur if his or her co-workers have been entrepreneurs before. Peer influences also appear to be substitutes for other sources of entrepreneurial influence: we find that peer influences are strongest for those who have less exposure to entrepreneurship in other aspects of their lives.

What role do social influences play in the decision to become an entrepreneur? A growing literature in entrepreneurship has examined this question, with an aim to better-understand the mechanisms that drive the entrepreneurial process. One line of argument suggests that variation in rates of entrepreneurship is due to differential access to both information and resources that might arise from one’s social networks (Gompers, Lerner, and Scharfstein, 2005; Lerner and Malmendier, 2008; Saxenian, 1994; Sorenson and Audia, 2000). Other work has examined the role of social networks in shaping individual career aspira- tions and attitudes toward entrepreneurship independent of the knowledge required to run a business (Giannetti and Simonov, 2009).

In this paper, we focus on a particularly important form of social influence that has not received much attention in the entrepreneurship literature– the role of workplace interactions in influencing the decision to become an entrepreneur. Given the fact that an increasingly large share of productive time is spent at the workplace, co-workers are likely to be an important source of social influence for potential entrepre- neurs. Moreover, the vast majority of entrepreneurs launch their new ventures following a period of em- ployment in established organizations (Bhide 2000; Burton, Sørensen and Beckman 2002). This fact has sparked a growing interest in the role that the workplace plays in shaping entrepreneurial activity (Gom- pers, Lerner, and Scharfstein 2005; Dobrev and Barnett, 2005; Sørensen 2007a; Elfenbein, Hamilton and Zenger, 2009). However, most of the work in this tradition has focused on how formal, structural charac- teristics of the employing organization shape the rate of entrepreneurial entry. Much less attention has been paid to the characteristics of the people who work in these settings and, in particular, to how the ca- reer experiences an individual’s co-workers may relate to the decision to become an entrepreneur. The role of these social influences in the workplace is the focus of our study.

One particularly salient aspect of what co-workers bring to the workplace lies in the nature of their career experiences, since these experiences influence their knowledge and attitudes. Prior research has shown that an individual’s career experiences affect his or her own entrepreneurial behavior and outcomes through their impact on access to information and ideas (Shane 2000; Sorenson and Audia 2000; Klepper 2001) and access to resources (Burton, Sørensen and Beckman 2002). We argue that these career expe- riences not only exert a direct effect on the individual, but could “spill over” to co-workers by influencing the informational and normative environment in which individuals make entrepreneurial entry decisions. In this sense, the career experiences of one’s colleagues may indirectly influence individual rates of en- trepreneurial activity.

Testing claims about the influence of co-workers poses important challenges. First, a convincing test of these claims demands unusually comprehensive data characterizing the work histories of an individual’s workplace peers. This data challenge is especially daunting given the fact that entrepreneurship is such a rare event, so that sufficient statistical power demands large samples of potential entrepreneurs, and hence correspondingly larger amounts of information on each of these individuals’ co-workers. We use a unique matched employer-employee panel dataset from Denmark to examine the relationship between the characteristics of an individual’s workplace peers and the propensity to become an entrepreneur. Our dataset has annual observations on the entire labor market, allowing us to track individuals as they move between spells of employment and self-employment over time. In addition, since we are able to match individuals to firms, we also know who each individual’s colleagues are in every year, and can measure their prior career experiences. The richness of the data allows us to directly assess the posited relation- ship between career histories of co-workers and entrepreneurship, in order to move beyond prior studies looking at such a relationship but measuring them only at a regional or firm-level (e.g. Saxenian 1994, Gompers Lerner and Scharfstein 2005; Giannetti and Simonov, 2009).

The second challenge is inferential. With data in hand, it may be straightforward to establish a correlation between certain peer characteristics and rates of entrepreneurship. But this simple correlation is potential- ly spurious: the observed peer effects may reflect unobserved differences in firm characteristics that in- fluence the kinds of people who work for a firm or may reflect unobserved differences in individual dis- positions that drive both the choice of employer and eventual entry into entrepreneurship. While we do not have the benefit of random-assignment of co-workers or a natural experiment in our study, we under- take several additional tests to outline the sources of such endogeneity and to control for such spurious correlations.

The remainder of this paper is organized as follows. In the next section we develop our theoretical arguments linking the career experiences of workplace peers to entrepreneurship. We then discuss our data sources and the construction of the sample for our analysis, as well as the construction of measures. Following a discussion of the findings (where we outline our steps to control for unobserved heterogeneity), we briefly consider the implications of the results for our understanding of entrepreneurship.

Peers&Eship      ✓Open download here.

PDF of white paper by Nanda (Harvard Business School) and Sorensen (Stanford Business School), courtesy of ELI, Entrepreneurship Learning Initiative Mentor OH

 

 

National Entrepreneurship Month Proclamation

Every day, American entrepreneurs combine passion, resilience, and ingenuity to solve hard problems and create products and businesses that improve our lives.  American entrepreneurs create and scale new technologies, products, and services.  They build businesses and, in some cases, entire industries.  Their work helps grow our economy, creates good jobs, and increases our prosperity.  Entrepreneurs have repeatedly risen to meet our Nation’s and our world’s complex challenges, and during National Entrepreneurship Month, we celebrate our Nation’s entrepreneurs — both past and present — who exemplify the American spirit and recognize their important contributions to our people, our economy, and the world.

The COVID-19 pandemic has posed historic challenges to our country and our Nation’s entrepreneurs.  Many businesses closed, and main streets became quiet.  Despite these setbacks, American entrepreneurs showed incredible fortitude, finding innovative and effective ways to adapt their businesses as we fight a once-in-a-century crisis.  To help our Nation’s businesses and entrepreneurs recover during the pandemic, my Administration ensured that nearly $300 billion in forgivable Paycheck Protection Program loans went to our smallest businesses, with more than 95 percent going to businesses with less than 20 employees, and provided over $28 billion in support to over 100,000 businesses through the Restaurant Revitalization Fund.  In the midst of the economic disruption caused by the pandemic, Americans started more than 4 million businesses last year, a 24 percent increase from the year before — the highest number of monthly business applications on record — and start-up rates growing the most among immigrants and Black, Latino, and Asian, Native Hawaiian, and Pacific Islander Americans.  This is important for our future success, as small businesses are the engines of our economic progress — and the heart and soul of our communities.

My Administration is committed to supporting all of our Nation’s entrepreneurs to ensure that they can continue to play a key role in strengthening our economy and our society for years to come.  My Administration’s Build Back Better framework will deliver on the crucial infrastructure investments that form the foundation for success for entrepreneurs across the country.  From investing in universal, affordable broadband to making the largest-ever Federal investments in public transit, passenger rail, and bridges, we will reinvigorate communities and their local economies.  My Administration’s framework will also provide much needed support for our entrepreneurs, including new loan and venture capital programs targeting the smallest businesses, small manufacturers, clean energy start-ups, and others, as well as investing in childcare, health care, and workforce development.  We will also provide more support to businesses seeking to participate in the hundreds of billions of dollars that the Federal Government spends each year in procuring goods and services and investing in research and development.  My Administration will fully implement the $10 billion State Small Business Credit Initiative, which will allow States to set up new small business loan and venture capital programs, established by the American Rescue Plan.

Collaboration among entrepreneurs, innovators, and the public sector has led to some of the most important technologies and industries in the world, including cellular communication, energy storage, agricultural technology, and advanced manufacturing.  My Administration is proud to support entrepreneurs and innovators throughout this country — from the hardworking women and men who start a business to meet the needs of their communities to the visionaries who strive to change the world.  Together, we are partners in solving challenges big and small, global and local — and will work to increase American competitiveness around the world and meet the challenges of the 21st century.

I call upon all Americans to commemorate this month with appropriate programs and activities and to celebrate November 16, 2021, as National Entrepreneurs’ Day.

JOSEPH R. BIDEN JR.

How Raise a ‘Unicorn’.

It’s considered a milestone for a privately held company to reach a valuation of over $1 billion; in the industry, that’s known as a “unicorn.” And in an episode of Exchanges at Goldman Sachs, two startup founders explain how they engaged with investors to achieve that status. At last week’s Builders + Innovators Summit in Sonoma County, California, the Investment Banking Division’s Kim Posnett sat down with Kabir Shahani, the CEO of Amperity, which makes customer-data applications, and Kate Ryder, founder and CEO of Maven, a virtual health clinic for women and families. Shahani told Posnett that Amperity ditched the traditional pitch deck in favor of a 35-page narrative to explain the company to potential investors. “We literally just documented everything about the company: the good, the bad, the ugly,” Shahani says. “There wasn’t a sales process because we wanted investors that understood the long view that we have on our company and that they’re part of developing that business with us, not trying to sell them on some immediate opportunity.” Ryder adds that Maven was also looking for lasting partners. “We really wanted someone who cared deeply about the longer term in women’s and family health because our market is so underserved,” she says. “We wanted an investor who understood the longer-term vision and wasn’t going to push us into an IPO within the next year or two.”

LISTEN TO PODCAST…

Facebook Small Business Online Learning Guide

Step-by-step online guide can help a good idea be found by customers online.  One can learn new skills at their own pace with free courses designed to help get a business online and discovered by  customers.  This guide can show you ways to:

1.  Establish an online presence. –  Set marketing goals, understand target audience, and select right social media channels.

2.  Reach more customers.  –  Understand how to get more customers aware of your business and reach more people with contents that helps you get noticed.

3.  Engage with your audience.  –  Build lasting customer relationships through conversations, create engaging mobile-first content, and use free products such as live to engage your audience.

GUIDE

https://www.facebook.com/business/learn/IndiaSMBGuide?content_id=RIzusm5dg1ApCux

Small Businesses Hunker Down for a Tough Winter

The global economy is recovering—but don’t tell that to small businesses. Faced with inflation, a labor shortage and supply chain snafus, small business owners have become increasingly pessimistic about the post-pandemic future, explains Goldman Sachs’ Joe Wall of the Office of Government Affairs. On a new episode of Exchanges at Goldman Sachs, Wall shares the results of a recent 10,000 Small Businesses Voicessurvey, noting that only 31% of small business are “very confident” that they would be able to access capital if they needed to and 44% have less than three months of cash reserves. “The reality is [that] more relief might be needed just given where things are today,” Wall says. Khari Parker, co-owner of Connie’s Chicken & Waffles in Maryland, tells host Allison Nathan he’s particularly worried about a slowdown in sales heading into winter. “We’re trying to do as much as we can right now by finding efficiencies within the business and setting more aside,” Parker says. Other business owners say they are overwhelmed. “We’re used to being able to pivot and kind of adapt to different things. But now it’s like, ‘Oh my gosh, I’m only on one toe because I’m trying to balance everything on my hands and legs,’” says Ruby Bugarin, co-owner of Margaritas and Pepe’s Mexican Restaurants in the Los Angeles area. And some small businesses think the outlook ahead may not be so rosy. Rosemary Swierk, president of Direct Steel and Construction in Crystal Lake, Illinois, notes: “We’re hearing projections that [supply chain delays are] going to stay another 12 months and that’s going to have a major detrimental impact on small businesses.”

Listen to Podcast  –  https://youtu.be/UGdgoLuOCAk

Courtesy of Goldman Sachs

Common Sense (in Entrepreneurship) Podcast.

https://theheretic.org/2021/common-sense/

Years ago, at a session with the leadership team at Pearson, one of the participants showed a slide which read:

“It is not complicated. It is just hard.”

It is a good reminder that in many situations, common sense really ought to prevail. But as the saying goes, “common-sense ain’t common practice”, we often have a tendency to go for the complicated and/or complex. This might be due to our educational upbringing (“it can’t be right if it’s easy”), a sense of importance and value we get from devising something elaborate, or an insecurity around standing one’s ground based on a “simple” answer.

My invitation for you is to start with common sense. And only if you see it failing you, look for the more complex or complicated answer. You will be surprised who often the simplest explanation turns out to be the correct one.

Listen to the podcast –  https://theheretic.org/2021/common-sense/.

Courtesy of the Heretic (Pascal Finette, co-founder of Singularity Univerity)

See, Do, Repeat: The Practice of Entrepreneurship

You can choose yourself. And you can say I am going to be successful, because I have decided I am going to be successful. – Jeff Civilico

This week is an exciting one for me.  My new book See, Do, Repeat: The Practice of Entrepreneurship, which will be available in early September, 2021, is now online for pre-sale purchase here!  Over the past year,  I decided to choose myself and work on a passion project that has been on my “to do” list for many years.  That is, to share what I have learned in more than 30+ years of teaching, researching and practicing entrepreneurship in a way that is accessible to everyone.  And here we are!  Getting within sight of the finish line!  This week and over the next month or so I will share a few excerpts from the book.  I hope you enjoy!

Entrepreneurship is empowering and transformative. It is also democratic. I fell in love with entrepreneurship education because I saw the power it has to transform lives and people on so many levels. As so many of the entrepreneurial stories shared in the book have shown, entrepreneurship can provide a pathway to income and wealth, for anyone who wants to invest in the practice.

Entrepreneurship doesn’t require a specific degree or experience, and it doesn’t discriminate by age or demographic. Entrepreneurship is available to anyone. It can be practiced on a very small and intimate scale, or it can be pursued as a change agent for the world. It can be practiced within an organizational environment or be a venue for creating a new organization. It can be applied in a not-for-profit environment, or it can provide extreme wealth. A single entrepreneurial effort can provide one job or thousands of jobs.

The practice of entrepreneurship is transformative to anyone who chooses to take the journey, and it is also a pathway to changing the world. Regardless of how it is applied, the principles of entrepreneurship remain the same. It is a learning and doing practice, that is skill-based. The goal is not mastery of every aspect, the goal is to keep learning and to execute past failure, to reach your definition of success.

When he was a young man, Jeff Civilico fell in love with juggling. It wasn’t so much the act of juggling that he enjoyed. He loved the way people who watched him seemed to feel. They were smiling and laughing. His performances seemed to bring joy to others. So, he would juggle anything he could pick up around his house, often much to the chagrin of his mother and grandmother!

Jeff continued to juggle for fun and the occasional performance while he went to Georgetown University. After school, while the rest of his friends went on to pursue professional careers as corporate lawyers, bankers, or doctors, Jeff decided to pursue a different path. With a lot of hard work, Jeff turned his passion for performance into a career and his highly acclaimed Vegas shows have been 3-time winners of the “Best of Las Vegas” awards and has been named one of the “Top 10 Things to Do in Vegas.”

But performing in one of the top show cities in the world wasn’t enough. Jeff is someone who practices the See, Do, Repeat model.  He also has created a thriving business doing corporate entertainment and a philanthropic performance business, Win Win Entertainment, a national nonprofit, that brings smiles to the faces of children, by arranging in-person and virtual visits from entertainers, athletes, and celebrities.

When I had the chance to interview Jeff on the En factor podcast about his entrepreneurial career as a performer, we talked about the challenges of this career. Performance can be anything but democratic. There are thousands of talented performers, who are finding ways to make money elsewhere because they have not been able to attain a coveted role as a performer. For many years performance meant you had to be discovered. But Jeff, and others like him, those with an entrepreneurial mindset, always find a way.

Jeff looked for opportunities, took action, and persisted through many challenges, some that could have destroyed his career, had he let them. Even during the pandemic, which closed in-person performances, Jeff found a way to offer performances, corporate entertainment, and juggling lessons virtually. Jeff decided early on to pursue his passion, even though it was a far cry from what might have been expected of him, and he decided to choose himself and not wait to be chosen.

Courtesy of Dr. Rebecca J. White, Author   Rebecca J. White