By Karen Kerrigan –
Did you know that the United States is experiencing a big uptick in entrepreneurship? As measured by new business applications, the U.S. Census Bureau reports that in 2021 alone, 5.4 million people filed business applications, which is a 53% increase over the 3.5 million in 2019. People want flexibility and to be their own boss, and the pandemic economy has presented many opportunities for meeting new needs, along with new models of working and doing business.
But as I reported in a TIPPInsight blog post:
It needs to be pointed out that not all who file business applications will actually launch an enterprise. According to the Census Bureau, out of the total business applications filed in January 2022 (430,411), it is estimated that only 31,287 businesses will actually form over the course of a year, and 40,433 will form over two years. So, aspiring or “almost” entrepreneurs need as much encouragement as possible to take that next step toward launching the business, and the economic and policy environment will greatly influence whether this potentially great entrepreneurial boom actually goes bust.
How people think, their grittiness, and aptitude for risk-taking also determine if “wannabe” entrepreneurs actually open a business.
10 Ways of Thinking That Brand You as An Entrepreneur
Martin Zwilling, CEO and Founder of Startup Professionals Inc., pulls from the book “The Entrepreneurial Mind,” to list the key attributes, beliefs and habits of serious entrepreneurs. He writes that his list “will likely raise the hackles of many people outside this lifestyle, and many ‘wannabe’ entrepreneurs.” In a blog post, he writes:
“Even if you disagree with some of these, try to open your mind to the value of the seemingly backward way of thinking required to be a great entrepreneur – others seek refuge, they take risks; others want a job, they want to create jobs; others follow the market, while they define the market.” Read the 10 Ways of Thinking here.
Bonus Resources: 10 Essential Things to Do When Starting Your First Business, Inc.
Thinking, Doing and Learning
Continuous learning, embracing change and being smart about business decisions all play into successful entrepreneurship. This week’s roundup of Tips, Trends & Resources provides a broad array of resources and content for startup and business success. And ICYMI, last week’s roundup focused on digital tools and marketing. Consumers are “seamlessly using both digital and in-person retail options.”
Business owners and entrepreneurs need to continuously explore what customers want and prefer, and then meet those expectations (or someone else will!)
Cheers to entrepreneurship and continuous learning!
8 Tips to Engage Website Visitors and Reduce Your Bounce Rate, Crowdspring
As noted by John Hurley in his blog post for Crowdspring, “40% of your potential customers will leave after viewing a single page” of your business’s ecommerce website. He writes that it takes time to reduce bounce rates, but it’s doable:
“Fortunately, it’s not that difficult to do as long as you’re prepared to experiment with your value proposition, invest in high-quality website design, and understand your target audience.”
Study Shows Mobile Payments Gaining Traction, The Well News
“Failure to recognize the imminent influence of the digitally native Zoomer could result in a once perfectly shoppable brand witnessing slipping sales.”
As reported by The Well News: “The study, which surveyed 6,500 people aged 16-24 in 13 developed and emerging countries, found mobile wallets like PayPal, Cash App and Venmo are the fastest growing forms of payment used by this age group globally. And it found Gen Z was more likely to buy something because ‘TikTok made me buy it,’ referencing a popular meme that even has an Amazon store devoted to products seen and reviewed on the social media platform.”
BONUS Resource: Mobile Shopping on the Rise – Over 73% of U.S. Shoppers Will Embrace Virtual Cards for Online Purchases in the Future, Retail Today.
SCORE Webinar: Ask an Expert – Smart Money Moves for Your Business
April 14 – 1:00 p.m. ET
So you have finally started to see consistent profits. The next step is to learn money management strategies that improve your business’s cash flow.
Join SCORE for this LIVE Q&A session with expert presenter Justin Krane, dedicated to answering your questions.
In this webinar, we will answer questions about:
● Pricing
● How to set up your business to fund your personal financial life
● Increasing your profits
● Proactive cash flow planning
To register or for additional information, click here.
Inflation Help: 25 Ideas on Cutting Business Expenses, Big Ideas for Small Business®
Inflation is a top (if not THE top) challenge of business owners. In a blog post, small business expert Barbara Weltman list practical ideas for cutting expenses. Every penny, every nickel, every dime, and every dollar counts, and as Barbara writes in her piece about these cost-cutting strategies:
“Some are drastic, some are modest; all need to be tempered for your situation. These are in no particular order of importance or cost savings.” And she quotes Amazon founder Jeff Bezos for a little positive thinking:
“Frugality drives innovation, just like other constraints do. One of the only ways to get out of a tight box is to invent your way out.”
Seven Restaurant Trends that Will Define 2022, Modern Restaurant Management
On the heels of the pandemic, we have raging inflation and continued supply chain and labor challenges. This blog post reviews the trends that are being shaped by these forces, and as noted in the piece:
“Unprecedented labor and supply chain pressure will drive most of the restaurant trends that will define 2022, industry analysts say. This instability will push operators to trim costs by shortening menus and investing in labor-saving technology to free up cash for wage increases.”
“Restaurants will also explore delivery options beyond costly third-party partnerships, and hike delivery menu prices to make the channel more lucrative as off-premise demand holds steady.”
Read more about simplified menus, health-conscious food menus, green kitchens, ghost kitchens, delivery options and more.
Thousands Available in COVID Relief with These Small Business Grants, Small Biz Trends
Small Biz Trends updates a list of some current small business grant opportunities for building improvements, pandemic recovery, and more.
● A March 30 article also lists $409 million in small business grants available in Michigan.
● An April 2 piece showcases a $16 million grant pool in Maine, along with other programs in St. Louis (Mo.) North Carolina, Chatham County Georgia, Long Island (NY) and on Nantucket (Mass.).
Thwarting the Bad Guys Online: Small Businesses Must Strengthen Cyber-Defenses, SBE Council
In a Business Success Strategies blog post, SBE Council president & CEO Karen Kerrigan notes President Biden’s warning about Russian hackers, which is a reminder for small business owners to pay careful attention to cybersecurity matters. She writes:
“Every business has a role to play when it comes to our nation’s cybersecurity, and small businesses need to bone up on the basics and strengthen defenses, particularly those doing business with critical industries, such as energy, finance, health care, food and water. But, according to Jen Easterly who serves as director of Cybersecurity and Infrastructure Security Agency (as noted in a March 27 Politico article), ‘We should consider every sector vulnerable.'”
In the piece, Karen lists helpful resources and tips for business owners.
Resource of the Week: VERIZON’s Small Business Digital Ready
Online curriculum and training designed to give small businesses the personalized tools to succeed in today’s digital world. The program includes learning modules, expert coaching, peer networking and more. Register (or learn more about) the free online curriculum here.
101 Happy Easter Messages for Small Businesses, Small Biz Trends
Easter is almost here! Why not send a message to your customers and employees that expresses hope, positivity, and the beauty of spring. Here are some ideas.
Karen Kerrigan is president & CEO of the Small Business & Entrepreneurship Council.