http://www.gaebler.com/News Latest small business news and information. en-us Copyright 2009 Gaebler.com. - The contents of this feed are available for non-commercial use only. http://www.gaebler.com/News/Small-Business-Startup/New-study-uncovers-keys-to-entrepreneurial-success-19469853.htm Kauffman Foundation, "Making of a Successful Entrepreneur," could have useful news for entrepreneurs; it provides insight into company owners' views about what influences the success or failure of a startup business.

According to the study, entrepreneurs identified prior work experience as highly important, with 98 percent of respondents claiming it factored significantly in their success.

Previous endeavors also proved invaluable to successful entrepreneurs, with 88 percent of respondents citing lessons from prior successes as essential and 78 percent citing lessons from prior failures as key.

Other important factors included professional networks, an ambitious management team, and plain old luck.

The biggest barrier to success was fear of risk, which the Kauffman Foundation cites as the main reason entrepreneur ranks remain small.

"If we, as a nation, respond to this data by developing policies that encourage entrepreneurship, we have the potential to increase the numbers of high-growth companies that will create jobs and accelerate economic recovery," says Robert E. Litan, vice president of research and policy at the Kauffman Foundation.

It may be wise, as Litan suggests, for entrepreneurs to consider these findings as the U.S. Small Business Administration reports that net job creation comes from small, entrepreneurial companies.

Small Business News from gaebler.com]]> Fri, 20 Nov 2009 21:54:00 EST http://www.gaebler.com/News/Small-Business-Startup/New-study-uncovers-keys-to-entrepreneurial-success-19469853.htm http://www.gaebler.com/News/Small-Business-Marketing/MA-SMBs-cling-to-tech-savvy-young-workers-19472141.htm
A MassInc survey of 800 residents between 25 and 39 showed that one in five expect to leave the state within the next five years. One reason for their departures was because Massachusett's business tech community has frequently passed up social media like Facebook and Twitter, reports The Journal of New England Technology.

In an effort to keep young people engaged in the Massachusetts business community and to update corporate social communication, Cambridge voters elected 31-year-old Leland Cheung to the Cambridge City Council to help keep young startups from leaving the Boston area.

Cheung told the journal that he plans on starting a group for young entrepreneurs to be held at various "chill techie hangouts" throughout the city. The meeting group, called Pokin' Holes, will meet weekly at bars and colleges around the Boston area. While Pokin' Holes does not deny admission to the over-30 set, the forum is distinctly Gen-Y.

Young workers, who are more likely to be in tune with the latest social media, could be key to SMB success. Clara Shih, author of The Facebook Era, told The New York Times that with "300 million people on Facebook, and still growing, that's increasingly where [small business'] audience is for a lot of products and services."

Small Business News from gaebler.com]]> Fri, 20 Nov 2009 20:21:00 EST http://www.gaebler.com/News/Small-Business-Marketing/MA-SMBs-cling-to-tech-savvy-young-workers-19472141.htm http://www.gaebler.com/News/Small-Business-Finance/SMB-sales-and-optimism-are-up-19472136.htm Adminstaff report suggests SMB hiring and sales are up this quarter.

In a poll of the 5,900 businesses served by Adminstaff, 28 percent of SMB owners are adding new positions, up from 23 percent three months ago. The SMBs also reported that, on average, their commissions increased by 4.1 percent; this is the first report of an increase in sales that Adminstaff has found in one year.

Researchers found the percentage of respondents who felt the economy was their top concern decreased to 76, down from 83 percent last quarter.

Adminstaff executives hope that these results could be another indication that America is at the beginning of the end of the recession.

Raymond Keating, chief economist at the Oakton, Virginia-based Small Business and Entrepreneurship Council finds the survey results promising. But he thinks they also demonstrate the need for SMB owners to up their game to bring about economic recovery.

"I think what you've got to see is a shift, in terms of private sector risk taking," Keating told Inc. magazine. "Private sector investment, private sector business start-ups … once that shifts to positive, everything else will follow."

According to a report by the Kauffman Foundation, 98 percent of entrepreneurs identify lack of willingness or ability to take risks as the greatest barrier to economic success.

Small Business News from gaebler.com]]> Fri, 20 Nov 2009 20:12:00 EST http://www.gaebler.com/News/Small-Business-Finance/SMB-sales-and-optimism-are-up-19472136.htm http://www.gaebler.com/News/Small-Business-Startup/First-time-entrepreneurs-fill-vacant-storefronts-19472130.htm
According to the Brookline Tab, the neighborhood had 40 empty retail locations at the start of fall; now, the majority of those stores have been filled by some unlikely SMB owners. Roger Lipson, the former president of the Brookline Chamber of Commerce, characterizes the new owners as "people who [were] thinking about being an entrepreneur, and suddenly they see a vacancy and they go for it."

Many of the first-time entrepreneurs are committed to providing "recession-friendly" rates and services. Their down-to-earth approaches are keeping their businesses afloat in trying times; Berry Freeze owner and first-time entrepreneur Paul Cheung told the paper he does well because his inexpensive desserts might be the most competitively priced in the region.

The new business owners of Brookline's main street demonstrate the growing trend for young people to start up first time businesses. The Kauffman Foundation reports that more college students are studying entrepreneurial tactics with the hopes of starting their own businesses.

Small Business News from gaebler.com]]> Fri, 20 Nov 2009 20:09:00 EST http://www.gaebler.com/News/Small-Business-Startup/First-time-entrepreneurs-fill-vacant-storefronts-19472130.htm http://www.gaebler.com/News/Small-Business-Finance/NYC-SMBs-debate-paid-sick-leave-bill-19469745.htm Paid Sick Time bill (Intro No 1059) is starting debates among the city's SMB owners.

Intro No 1059 will mandate all New York City businesses to provide up to nine paid sick days for every employee (full- time and part-time). Business owners will be fined up to $1,000 per violation.

Manhattan Borough President Scott Stringer told the Columbia Spectator the bill is a "human issue" that provides a "safety net" for low-income workers. Others argue that the bill would increase labor productivity.

While New Yorker officials hope to check swine flu's spread by passing the bill to encourage workers to remain at home when they or their children are sick, many question whether they have the right to tell entrepreneurs how to run their businesses.

Brooklyn Chamber of Commerce President Carl Hum told the paper, "Our members are opposed to the government depriving us of our ability to determine appropriate benefits for our employees."

According to Newsday, small businesses are at the greatest risk of being affected by swine flu whereas larger companies tend to have more resources to cope with the illness among staff.

Small Business News from gaebler.com]]> Thu, 19 Nov 2009 19:28:00 EST http://www.gaebler.com/News/Small-Business-Finance/NYC-SMBs-debate-paid-sick-leave-bill-19469745.htm http://www.gaebler.com/News/Small-Business-Finance/On-Deck-Capital-and-NUL-make-SMB-loans-easy-19469558.htm On Deck Capital are partnering to provide accessible credit to small businesses in specific regions in an effort to create a solid community of SMBs that will contribute to the growth and stability of the economy.

The alliance brings On Deck's small business lending solutions to NUL's local affiliates through their Entrepreneurship Centers around the nation, starting with Philadelphia and Los Angeles.

On Deck Capital is known for providing fast-approved loans to SMBs, with reports of up to $100,000 approved in five minutes. Now, these SMB loans will directly accessible to thousands of entrepreneurs who have historically been unable to secure funding for their businesses.

"Our primary focus is to help small business owners nationwide improve their overall fiscal health and credit rating, and secure a fast loan that will allow them to continue to focus on building their American dream," declared Mitch Jacobs, founder and chief executive officer of On Deck Capital. Jacobs explains that On Deck sees small businesses and young entrepreneurs as the cornerstone of the American economy.

There are many who share On Deck's opinion; according to a recent study from American Express OPEN, young entrepreneurs are the most likely to hire and the least likely to have cash flow issues.

Small Business News from gaebler.com]]> Thu, 19 Nov 2009 17:38:00 EST http://www.gaebler.com/News/Small-Business-Finance/On-Deck-Capital-and-NUL-make-SMB-loans-easy-19469558.htm http://www.gaebler.com/News/Small-Business-Finance/TARP-proposal-could-help-SMB-job-creation-19469410.htm
At the upcoming White House forum on joblessness, AFL-CIO President Richard Trumka will present a case for money from the Troubled Asset Relief Program to be loaned at commercial rates to small- and medium-sized businesses that are unable to get credit from larger banks.

Trumka believes unemployment should be a top political concern, particularly because of what he perceives as a racial divide, with unemployment reaching 15.5 percent for blacks and 13 percent among Hispanics. He believes this climate could disenfranchise American workers across the racial spectrum and cost billions of dollars to fix.

While Benjamin Jealous, president of the National Association for the Advancement of Colored People, supports Trumka's TARP proposal, he feels the racial situation is less dire. "[T]his is fundamentally about the majority of the country."

The TARP proposal has the potential to create jobs for all Americans. "If small businesses can get credit, they will create jobs. And we need those jobs now," Trumka said.

According to MerchantCircle, 12.6 percent of SMB owners expect to increase their payroll "somewhat" within the next three months in the midst of what is expected to be one of the worst holiday sales seasons in decades.


Small Business News from gaebler.com]]> Thu, 19 Nov 2009 17:36:00 EST http://www.gaebler.com/News/Small-Business-Finance/TARP-proposal-could-help-SMB-job-creation-19469410.htm http://www.gaebler.com/News/Small-Business-Finance/Big-bank-partnership-could-payoff-for-SMB-owners-19467517.htm Goldman Sachs is partnering with billionaire Warren Buffett in a philanthropic effort called 10,000 Small Businesses.

The project includes a $200 million donation to community colleges to give grants to small business owners to further their education, as well as an investment of $300 million through a combination of lending and charitable support.

In addition, Goldman Sachs executives will partner with national and local business organizations to provide small businesses advice, technical assistance and professional networking opportunities.

David Viniar, Goldman's chief financial officer, recently told the New York Times the bank regrets mistakes made leading up to the financial crisis. He says the bank is now "very focused on the economic climate" and hopes their 10,000 Small Businesses plan demonstrates a commitment to financial responsibility.

Buffett agrees that the investment is good business."Our recovery is dependent on hard working small business owners across America who will create the jobs that America needs," he said.

The promise of advice and technical assistance may be more helpful to SMB owners than the money itself; the Kauffman Foundation reports that 73 percent of successful entrepreneurs said professional networks were most important to the success of their current businesses.

Small Business News from gaebler.com]]> Wed, 18 Nov 2009 21:06:00 EST http://www.gaebler.com/News/Small-Business-Finance/Big-bank-partnership-could-payoff-for-SMB-owners-19467517.htm http://www.gaebler.com/News/Small-Business-Finance/All-star-entrepreneurs-offer-advice-to-the-next-generation-of-SMB-leaders-19467514.htm Inc., he recently recommended young entrepreneurs "study what's missing" in the marketplace.

Snoop and other internationally acclaimed entrepreneurs spoke at a question and answer panel with college students as part of Mentoring Madness for the Kauffman Foundation's Global Entrepreneurship Week.

Global Entrepreneur Week invites students from 18 countries worldwide to engage in various business related competitions and discussions. The Kauffman Foundation hopes it will lay the foundation for the next generation of business leaders.

According to Inc. magazine, more than 200 students had the opportunity participate in the Mentoring Madness panel; they were afforded the chance to ask successful business people questions on topics ranging from maintaining humility in the face of success to using education to get ahead.

Blake Mycosie, founder of TOMS Shoes, offered insight on entrepreneurship as a vocation. He explains it is not so much a career path, but rather "it's always about, 'I saw the need,'" reports the magazine.

Hopefully, many young people will "see the need" for one of their ideas in the world. American Express OPEN predicts young entrepreneurs could be a major component of economic recovery as they are the most likely to hire and the least likely to have cash flow issues.

Small Business News from gaebler.com]]> Wed, 18 Nov 2009 21:02:00 EST http://www.gaebler.com/News/Small-Business-Finance/All-star-entrepreneurs-offer-advice-to-the-next-generation-of-SMB-leaders-19467514.htm http://www.gaebler.com/News/Small-Business-Marketing/Survey-says-online-marketing-is-key-to-success-19467513.htm Vertical Response reveals that 74.1 percent of SMB owners plan to increase their use of email marketing in 2010.

The low-cost social media and online marketing is proving its worth to small businesses in these economic times as 96.2 percent of respondents say they will be using internet marketing in 2010. SMBs will increasingly rely on search engines such as Google, Yahoo, and Bing next year as 86.2 percent will continue to use or implement search engine marketing.

Overall, 23.8 percent of small businesses reported that search engine marketing was the tool they felt their businesses most needed to succeed in the upcoming fiscal year.

As small businesses are getting more comfortable with social media, many are simultaneously phasing out other forms of advertising. The majority of SMB owners - 79.6 percent - will not be using any television advertising and 72.7 percent will not use radio.

The emphasis of online strategies may be a wise use of marketing energy; Clara Shih, author of The Facebook Era, told The New York Times that with "300 million people on Facebook, and still growing, that's increasingly where [small business'] audience is for a lot of products and services."

Small Business News from gaebler.com]]> Wed, 18 Nov 2009 21:00:00 EST http://www.gaebler.com/News/Small-Business-Marketing/Survey-says-online-marketing-is-key-to-success-19467513.htm