8/02/2010
Millennials Want Better, Not Smaller Government; Implementation Is Key | IBM Center for the Business of Government
Wednesday, July 28th, 2010 - 20:46
Posted by:Wednesday, July 28, 2010 - 20:25Americans, especially millenials, want better, not smaller gov’t, according to a recent survey. Why is this, and how can gov’t employees deliver?The Center for American Progress (CAP) found that millennials, defined as Americans between the ages of 18 and 32, have far greater faith in and expectations of government than their older compatriots. This proved true regardless of political affiliation or ideological bent.
Two graphs from the report, “The Generation Gap on Government,” drive home the point. I think there are two questions that flow from the data, and a third that makes it actionable. The first is: does their attitude simply reflect their youth? Had CAP been around to perform this survey in the early 60s, would they have found the same generation gap in attitudes?
Before we answer the questions, let's look at the graphs (click on each to enlarge). The first is a chart that shows that millennials have a more positive view of government across ideologies and party affiliation.
The second shows that millennials are more likely to believe that government should do more to solve problems. In fact, while a 20-point majority of older Americans think that government is doing "too many things better left to businesses and individuals," a plurality of millennials think that government "should do more to solve problems."
Let’s assume for a moment that millennials’ attitudes are not merely a reflection of their youth, but rather of their particular history. The second question is: Why should they have more faith in and expect more of their government than their elders? To make the data actionable, we must ask: how can bureaucrats repay that trust to keep faith with the new generation?
Why do millenials feel differently than their elders?
I think there are three historical factors:
1. Lowered expectations meant fewer disappointments.
Simply put, the three generations prior to millennials either were promised the moon (literally, in the case of the boomers) and saw their governments persistently fail at keeping their promise. The Boomers (born 1946-1954) saw the dreams of Camelot and the Great Society give way to the upheavals of the late 60s; Jonesers (b. 1954-1965) reeled with their country as Watergate unfolded and Nixon resigned in disgrace, only to emerge into Carter-era malaise; Gen X (b. 1967-1977) came of age just in time for the stock market crash of 1987 (still the largest ever by percentage) and enter the workforce in the recession of the early 90s—the youngest Xers (like myself) were also the smallest cohort ever, making us an unattractive and therefore easily-ignored consumer market.
Conversely, millenials (b. 1978-1990) are a larger generation even than the Boomers. They were born under Reagan, came into full consciousness around the time Clinton declared “the age of big government. . . over,” and entered young adulthood under Bush, whose administration embodied the dictum “government never of itself furthered any enterprise but by the alacrity with which it got out of its way.”
They were not promised much by their successive governments. Having their expectations set as low as possible, they were never let down. What CAP found, unsurprisingly, was the millenials want better, not smaller government.
2. Belief in separate spheres of private and public sector.
A second reason for this attitude is a keener understanding of the different functions of the public and private sectors. Despite the move toward increased corporate social responsibility (CSR), millenials have grown up in the world of Gordon Gekko. They have always lived in a world in which the idea that the private sector has as its highest value the drive to make money for shareholders.
But the role of government is also well-defined for them. In addition to regulating the economy (with the lightest touch possible, of course), and defending the nation, the government should provide essential services that are not in the scope of private industry for whatever reason. Another graph from CAP’s report makes this clear.
So they want a better, not smaller government, and they want it to do what the private sector either can’t or hasn’t yet.
3. Understanding of the power and role of governments as demonstrated through social networks.
The reason for this may lie in the media environment in which millenials thrive: the interactive internet. LiveJournal, a popular and prototypical blogging platform, launched when the cohort was 9-22 years old, and MySpace launched only four years later, making millenials a prime audience: 13-26.
Their proficiency in digital and social media grew with the media themselves. They saw the power of huge groups brought together through ad-hoc organizations (starting with meetups for Howard Dean, moving on to MoveOn.org activities, and culminating in Barack Obama’s election thanks in part to digital organizing).
It’s not hard to extrapolate from the small groups achieving small goals—meetups to repair playgrounds, etc.—to large groups achieving large goals. Any millennial with internet access can create a Google group and she’s off to the races; and along the way she learns that what starts online can very quickly have an impact in the real world.
Imagine what could be done if, instead of Google Groups, you had the resources of, say, the Corporation for National and Community Service at your disposal? And instead of relying solely on word of mouth or Facebook, you could talk to the Washington Press Corps? That’s the organizing power of government as seen from the perspective of a millennial (and also Tim O’Rielly—it’s what “Government as a Platform” is all about).
To recap: millenials have more confidence in and expectations of government, and intrinsically understand ‘government as a platform.’ What should government executives and managers do about it?
How can government executives and program managers keep faith with millennials?
This question was also addressed by CAP at a panel discussion with Sir Michael Barber, the former head of the Prime Minister's Delivery Unit under Tony Blair. He said that what really grabs headlines is the way a government handles (or mishandles) a crisis. But what changes people’s lives is how a government handles routine functions; everything from pothole repair to ensuring all government Web sites are active and populated with accurate content.
With typical British understatement, he summed up how neither journalists nor historians cared much for implementation, but rather concentrate on strategy and policy. He said, “You read: ‘Henry VIII gathered an army.’ Really? He did it himself, did he?”
“The Generation Gap on Government,” is interesting, at times inspiring, and always sobering. And all government employees—political and career alike—should read it, especially if they want to enjoy the kind of public support that the graph below shows is possible. CAP's survey shows that Americans want better, not smaller government, the kind that’s delivered day after day and hinges not on ideology or politics, but on pragmatic assessment and competent implementation.
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Lessons From My First Year Freelancing Full-Time
After four years of juggling freelance writing assignments with working a full-time job, last July I decided to step out of the boat of comfort and security and freelance full time. I was working as a marketing manager for a small non-profit organization, and was itching to see if I could really make a living as a writer. I was also tired of spending my lunch hours conducting phone interviews with sources in my car and living a double life. Do I tell my clients that I work full time? Do I tell my work colleagues about the latest article I’m writing? It was very liberating to focus solely on my freelance business. But it was also the scariest thing I’ve ever done professionally (and I’ve taken several risks in my young career).
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Innovation and Entrepreneurship | Peter Drucker
"Quality" in a product or service is not what the supplier puts in. It is what the customer gets out and is willing to pay for Peter Drucker Innovation and Entrepreneurship
Practice and Principles
By Peter F. Drucker
If you're looking for a good, theoretical introduction to entrepreneurship with a healthy dose of business history thrown in, consider the classic, Innovation and Entrepreneurship: Practice and Principles by management theoretician Peter F. Drucker.
Drucker focuses on large-scale entrepreneurship, e.g., aiming to dominate an industry niche or entire industry, rather than small business management. Drucker discusses innovation, which Drucker says is both conceptual and perceptual. Perceptual in that you must go out and talk with your market to learn from it. Drucker's recurring theme is that good entrepreneurship is usually market-focused and market-driven.
Contrary to the belief of many, Drucker says that innovation isn't inspired by a bright idea, rather it "is organized, systematic, rational work." Innovation can be mastered and integrated into a company or non-profit organization.
Drucker gives us guidelines for identifying innovative opportunity. For example, unexpected successes or unexpected failures within an industry often point to opportunity. Drucker also suggests that innovative opportunity exists where there is "an internal incongruity within the rhythm or the logic of a process" or a process need.
As a great example, Drucker tells us the story of William Conner, a salesman to the medical industry who decided he wanted to start his own company. Conner went out and spoke with surgeons about the problems and difficulties the surgeons faced.
While talking with surgeons, Conner learned that the process for cataract surgery was generally routine and easy, except there was one incongruity making the surgery difficult and unpleasant for physicians. During the surgery, surgeons had to cut one ligament which involved some risk.
With research Conner learned that there was an enzyme that dissolved this ligament. Conner also learned that new methods of storage could preserve this enzyme allowing it to be used in surgery. After patenting his compound, Conner quickly captured a niche market providing his compound to surgeons performing cataract surgery. No longer did they need to cut the ligament. They could dissolve it. With process need, the market already exists for the innovation. Drucker notes this is a relatively low-risk type of entrepreneurship.
While process need is a great area of entrepreneurial innovation, Drucker also suggests demographics may provide opportunities. I'm more dubious of this. Even though we may know how the population will change in ten years, capitalizing on this change isn't easy. Further, most entrepreneurs already tend to be focused on a particular industry or market and large-scale demographic changes wouldn't induce them to change their company's focus. Plus, there are entrepreneurial opportunities even in declining industries.
Sometimes, there is a dissonance between reality and the perception of reality in an industry. This may offer innovative opportunities, according to Drucker.
For example, Drucker mentions the evolution of the ship container industry. While established shipping companies focused on cutting transit time and cost by making ocean-going ships faster and more cost effective, this really wasn't the key. Ships were already very efficient in transit.
Rather, the real problem with the shipping industry was the loading and unloading of cargo, which kept ships in port and tied up valuable harbor space. When the shipping container was developed, it could be pre-loaded on land before the ship arrived. The pre-loaded container could then quickly be loaded onto the ship when the ship arrived in port. This made ocean transit much more cost effective and efficient. Drucker notes that the big cost of ocean transit was having ships held up in port, effectively tying up a capital asset without being able to utilize its full earnings capability.
Drucker discusses entrepreneurial management, claiming three keys to building a successful new organization are
- having a market focus
- financial foresight, i.e., cash flow budgeting and planning for capital needs
- assembling a top management team
Other topics covered in Innovation and Entrepreneurship include creative imitation, entrepreneurial judo, and filling a specialized, ecological niche. Peter Drucker's Innovation and Entrepreneurship provides great insight into seeking entrepreneurial opportunities.
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ENTREPRENEURSHIP IN ANCIENT PERIOD | The World Business
ENTREPRENEURSHIP IN ANCIENT PERIOD
Last Updated on Sunday, 1 August 2010 10:18 Written by admin Sunday, 1 August 2010 10:18
ENTREPRENEURSHIP IN ANCIENT PERIOD
The First phase of entrepreneurship emerged when the Aryan conquerors settled down in this country by suppressing the non-Aryans. They appropriated the products of village communities to themselves leaving a little for the villagers or native. Thus, the main conflict of ancient Indian society began. The Aryans were faced with the problem of innovative new crafts and occupations and also evolved some kind of division of labour for the new handicrafts, breeding of cattle and cultivating land. Ali these occupations did not exist at the time of conquest by Aryans. They were the products of entrepreneurial action.
Immediately after the conquest, the settlement of the Aryans began and together with the formation of states and the establishment of laws. The need of dharma was expressed in the oldest Upanishads and the oldest dharma sutras followed. They avoided the speaking of class struggle as mentioned above, but used the terminology of the four ranks (Varna dharma), which is quite characteristic of despotism
Ancient literature like manusmriti has provided a clear idea about entrepreneurial class of people during ancient period (pre-Vedic). According to manusmriti, “people belonging to Vaisya caste were regarded as entrepreneurs who are specialized to maintain livestock, to give charity, perform sacrifices, study scriptures and undertake business and banking.” Hence, vaisyas are the specialized class of people carrying entrepreneurial activities in these days. Agriculture, crafts and handicrafts were the basic sources of the occupation for the people. The occupational development during this period comprised ownership of land pasture grounds, trees, forests, water reservoirs; mine, etc. with the introduction of entrepreneurship, the towns and cities developed.
B.Sc.(Med.), B.Ed., M.A.(Edu.), M.Litt.(Edu.), Ph.D.(Edu.Psy.)PGDCA.
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Best Benefit Of Entrepreneurship Is Complete Professional Freedom | Business Tip
Best Benefit Of Entrepreneurship Is Complete Professional Freedom
Anyone who has ever thought they could do a better job than their boss might be a perfect candidate to become an entrepreneur. There are advantages and disadvantages to everything in life; entrepreneurship is no exception. As a matter of fact, taking this step involves a lot of risk taking. Yet, it can pay off very well and nicely, with rewards such as the opportunity to make your own decisions and be your own boss. The benefits of entrepreneurship far outweigh the negatives, but before you give your notice to that inept boss, make sure you’re making the right decision.
Here are some pros—and some cons—to entrepreneurship:
Pros:
—You can do it part-time. No one ever said that you have to quit your day job to become an entrepreneur. Many people who are now running their own businesses full time started off working nights and weekends on their dream business. Doing what you love in your free time can even make your day job more tolerable. And once your business is making enough money, you can happily give your two-week notice.
—You are the boss. You make all the decisions. You are in charge of every bit of the business. You don’t have to answer to anyone, you don’t have to justify a project because the buck stops with you.
—You decide your schedule. When you have your own business, you can set your own hours. No longer do you have to beg your boss to leave early because your child’s soccer game starts at 3 p.m. No longer do you have to feel guilty when you’re really too sick to work. No longer do you have to use up vacation time and your own sick time to stay home with a sick child. If you want to work out in the middle of the afternoon, you can.
—The pride of ownership. Whether you have a small Internet-based business or are selling artwork from a home studio, having your own business gives you a sense of pride that money cannot buy. Knowing that every success is because of your hard work can be extremely motivating.
— Salary Potential. Generally, people do not want to be “short-changed”; they want to be paid for the amount of work they do in full.
Cons:
—You are the boss. Yes, it’s also a negative. Because if things don’t work out, if you make a bad decision, if your business fails, you can only blame yourself.
—You’re taking a risk. It can be scary to strike out on your own. Sure, it’s also exciting, but some people cannot take the stress of being solely responsible for a business’s success or failure.
—You may end up working longer hours. Most small business owners work far more than 40 hours per week. And the more successful you become, the more hours you’re likely to work. However, if you’re doing something you truly love, it really won’t matter.
Many people who become entrepreneurs say they are happier than they’ve ever been. The trick is to find something you love to do and then do it. Don’t do anything simply to make money, because you’ll just end up as miserable as you were before you started your journey.
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The Rocky Mount Telegram
Taresia Batts, a third-year student at Edgecombe Early College High School, attended the Bennett College Summer High School Girls Entrepreneurship Institute recenly in Greensboro and won a laptop computer in a business plan competition.
Batts joined 18 rising juniors and seniors from North Carolina, Arkansas, Georgia and Maryland to learn the principals of entrepreneurship, business-planning methods, marketing techniques and networking skills.
At the conclusion of the Institute, students participated in a competition, where they made formal presentations of their plans to potential funders during an elevator ride.
Batts’ won a laptop computer with accessories and a $50 gift card for selling her plan to the judges. The concept of the elevator ride was that you should be able to convince someone to buy into your business in the time that it takes to go a few floors on an elevator.
Batts’ was grated a scholarship by the N.C. Institute for Economic Development, Junior Achievement of Central North Carolina and N.C. REAL to attend the institute.
Innovation and Entrepreneurship | Peter Drucker
"Quality" in a product or service is not what the supplier puts in. It is what the customer gets out and is willing to pay for Peter Drucker Innovation and Entrepreneurship
Practice and Principles
By Peter F. Drucker
If you're looking for a good, theoretical introduction to entrepreneurship with a healthy dose of business history thrown in, consider the classic, Innovation and Entrepreneurship: Practice and Principles by management theoretician Peter F. Drucker.
Drucker focuses on large-scale entrepreneurship, e.g., aiming to dominate an industry niche or entire industry, rather than small business management. Drucker discusses innovation, which Drucker says is both conceptual and perceptual. Perceptual in that you must go out and talk with your market to learn from it. Drucker's recurring theme is that good entrepreneurship is usually market-focused and market-driven.
Contrary to the belief of many, Drucker says that innovation isn't inspired by a bright idea, rather it "is organized, systematic, rational work." Innovation can be mastered and integrated into a company or non-profit organization.
Drucker gives us guidelines for identifying innovative opportunity. For example, unexpected successes or unexpected failures within an industry often point to opportunity. Drucker also suggests that innovative opportunity exists where there is "an internal incongruity within the rhythm or the logic of a process" or a process need.
As a great example, Drucker tells us the story of William Conner, a salesman to the medical industry who decided he wanted to start his own company. Conner went out and spoke with surgeons about the problems and difficulties the surgeons faced.
While talking with surgeons, Conner learned that the process for cataract surgery was generally routine and easy, except there was one incongruity making the surgery difficult and unpleasant for physicians. During the surgery, surgeons had to cut one ligament which involved some risk.
With research Conner learned that there was an enzyme that dissolved this ligament. Conner also learned that new methods of storage could preserve this enzyme allowing it to be used in surgery. After patenting his compound, Conner quickly captured a niche market providing his compound to surgeons performing cataract surgery. No longer did they need to cut the ligament. They could dissolve it. With process need, the market already exists for the innovation. Drucker notes this is a relatively low-risk type of entrepreneurship.
While process need is a great area of entrepreneurial innovation, Drucker also suggests demographics may provide opportunities. I'm more dubious of this. Even though we may know how the population will change in ten years, capitalizing on this change isn't easy. Further, most entrepreneurs already tend to be focused on a particular industry or market and large-scale demographic changes wouldn't induce them to change their company's focus. Plus, there are entrepreneurial opportunities even in declining industries.
Sometimes, there is a dissonance between reality and the perception of reality in an industry. This may offer innovative opportunities, according to Drucker.
For example, Drucker mentions the evolution of the ship container industry. While established shipping companies focused on cutting transit time and cost by making ocean-going ships faster and more cost effective, this really wasn't the key. Ships were already very efficient in transit.
Rather, the real problem with the shipping industry was the loading and unloading of cargo, which kept ships in port and tied up valuable harbor space. When the shipping container was developed, it could be pre-loaded on land before the ship arrived. The pre-loaded container could then quickly be loaded onto the ship when the ship arrived in port. This made ocean transit much more cost effective and efficient. Drucker notes that the big cost of ocean transit was having ships held up in port, effectively tying up a capital asset without being able to utilize its full earnings capability.
Drucker discusses entrepreneurial management, claiming three keys to building a successful new organization are
- having a market focus
- financial foresight, i.e., cash flow budgeting and planning for capital needs
- assembling a top management team
Other topics covered in Innovation and Entrepreneurship include creative imitation, entrepreneurial judo, and filling a specialized, ecological niche. Peter Drucker's Innovation and Entrepreneurship provides great insight into seeking entrepreneurial opportunities.
Innovation and Entrepreneurship
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Why managers must embrace entrepreneurship
-->Managers are constantly asked to behave like entrepreneurs. And equally, entrepreneurs are often asked to behave like managers. The manager is supposed to develop the drive and opportunism associated with entrepreneurship, and the entrepreneur is expected to learn the methodical disciplines of the manager.
How real is the difference, anyway? Probably the best study of entrepreneurship is Peter Drucker's classic 'Innovation and Entrepreneurship'.
Some of what Drucker wrote is highly debatable. He argued, for example, that entrepreneurs are not capitalists, investors, or employers. He also insisted that part of entrepreneurship is knowing how to raise, deploy and invest capital. But he was on surer ground in arguing that 'everyone who can face up to decision-making can learn to be an entrepreneur and to behave entrepreneurially'.
But if that is so, why do managers have so much trouble adopting the required behaviours – even though they are constantly urged to do so?
The favoured explanation is that entrepreneurship involves taking risks. While that is true, so does all human activity. The risk of taking an entrepreneurial decision is no different from the non-entrepreneurial risk of, say, offering somebody a job.
The classic definition of the entrepreneur is somebody who 'shifts economic resources out of an area of lower and into an area of higher productivity and greater yield'. That is hardly a risky proposition. No, the risk lies in a different definition, offered by Drucker: 'the entrepreneur always searches for change, responds to it, and exploits it as an opportunity'.
The crucial word here is 'change'. Change carries the risk that your second state will be worse than the first. That is, you launch a new, innovative product: if it succeeds, all is well; if it fails, your job might fail, too. The calculation is the same one that tilts the balance of executive decisions towards 'No' rather than 'Go'. Approval commits the approver to a new course of action. 'No' preserves the status quo.
Answer yes or no to these questions:
1) Do you 'evangelise' about your company and its products and services – both internally and externally?
2) Are you aroused to the extent of competitive paranoia by threats and actual challenges from rivals new and old?
3) Are you 'brutally frank' in your views and criticisms?
4) Are you intensely focused on the key business and strategy of the organisation?
5) Do you take the decision and act at a speed that's near to instantaneous?
6) Do you like ambiguity and feel comfortable in unclear situations?
7) Is your judgment good?
Seven Yes answers clearly establish your entrepreneurial credentials. It's only the last question that describes both the old and new model managers.
But even here there's a difference. The new variety of executive exercises that sound judgment on the run. This probably makes little difference to the quality of decision. But the slower-moving manager's loss of time, of course, can't be recovered. And the faster events are moving, the less you can afford the loss of time.
Focus, flatness and decisiveness have always been driving features of entrepreneurial success. The new management is going back to basics to move forward confidently amid spectacular uncertainties. Most of the old-economy managers have forgotten (if they ever knew) the entrepreneurial basics. Their need to relearn true management is urgent.
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Historical Foundations of Entrepreneurship Research « Organizations and Markets
Historical Foundations of Entrepreneurship Research
1 August 2010 Peter Klein-->
| Peter Klein |
Look for this new collection later this Fall. Hans Landström and Franz Lohrke have put together an excellent set of essays on the intellectual origins and historical development of entrepreneurship research. Nicolai and I have a chapter on “Entrepreneurial Alertness.” Other topics include entrepreneurial orientation, the liability of newness, entrepreneurial groups, governance, social networks, social enterprise, culture, and psychology. Check it out!
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Chicago Boyz » Blog Archive » Increasing Entrepreneurship
Increasing Entrepreneurship
Posted by David Foster on August 2nd, 2010 (All posts by David Foster)
Inc Magazine asserts that a dramatic increase in the number of start-ups is key to economic recovery, and proposes a 16-point plan to accomplish exactly that. I agree with the premise–start-ups are indeed key to the economy–but find quite a few flaws and omissions in the plan, along with some good ideas.
Read the article first, then come back, read my commentary, and join the discussion if you feel so inclined.
Here are my comments of several of Inc’s 16 proposals:Step 1: Take Entrepreneurship Out of the Business Schools. The writer argues that science students, arts and humanities students, indeed students in all majors–not only those pursuing a business degree–should have the opportunity to take entrepreneurship courses. I agree with this, with the caveat that it is very easy to construct such courses in such a way that they consist mostly of useless fluff. This obviously needs to be avoided.
Step 2: Tap the Best and the Brightest Wherever They May Be. The writer supports a proposals such as the Kerry/Lugar bill “to create a new visa for those who intend to form U.S.-based start-ups…Under the proposal, a foreign-born entrepreneur who has secured at least $250,000 in funding from qualified U.S. investors would be permitted to stay for two years. At the end of that period, if the business has generated at least five full-time jobs, attracted $1 million in additional capital, or hit $1 million in revenue, the founder would be granted a green card.” I’m on the fence on this one, but leaning against. People who are going to be successsful entrepreneurs don’t have a big “E” branded on their foreheads. When Andy Grove (Intel) came to the U.S., he was not a well-funded entrepreneur, rather just another Hungarian refugee.
Step 5: Give Manufacturers the Tools They Need to Get Started. The article praises manufacturing-oriented incubator–shared spaces which provide aspiring manufacturers with access to machine tools, 3-D printers, CAD systems, etc. Agree. Also, it would be worthwhile to give high school and college students an opportunity to learn about manufacturing technologies, and to work hands-on with machine tools, without the necessity of their being on a vocational track.
Step 6: Cut College Graduates Some Slack. Observes that heavy student-debt overhangs are making it difficult for recent graduates to pursue careers that don’t have guaranteed salaries attached, and proposes a repayment break for those who start businesses–as is now done for those who pursue careers in “public service.”
I’m inclined to vote “no” on this one. I don’t like the “public service” exception, and don’t see further expanding the exceptions as the solution to the student debt problem. I’d rather get the governmental thumb off the career-choice scales, and focus on the solving the problem of excessive growth in higher-education costs.
Step 7: Give Angel Investors a Tax Break. Some states are already doing this. Possibly a good idea.
Step 9: Cut the Incorporation Red Tape. Yeah, this would be a good thing, but it kind of misses the point. The main governmentally-inflicted delays that plague new and growing businesses do not stem from the incorporation process per se, but from various forms of regulation. This is especially true for businesses that want to produce a tangible product.
Step 10: Pass an Energy Bill, Already. Argues that clearly-defined standards for “renewable energy” will create opportunities for entrepreneurs to invest in this field. Completely misses the point that businesses use energy, and that standards which drive up energy costs will make many types of U.S. enterprises, especially in manufacturing, much less competitive with those in other countries.
Step 15: Stop Enforcing Noncompetes. I think this one is questionable. For one thing, noncompetes are often used by venture-backed start-ups, not just by large companies as the article implies. I think it might well be a good idea to establish limits on the term and scope of noncompete agreements, but not to ban them altogether.
Step 16: Bank the Unbankable With Microfinancing. It’s certainly true that banks aren’t doing what needs to be done in financing of new and growing businesses, and new institutions are needed for this purpose. I tend to agree with Joe Weisenthal, though, that most small-business financing should take the form of equity rather than debt.
Overall, there are some useful ideas in the article, but it misses a very key point, which is that the greatest single inhibitor to start-ups and to small-business growth is excessive and badly-designed regulation, with the dreadful Consumer Product Safety Improvement Act serving as Exhibit One. There are also issues of tax policy, with asset-intensive businesses such as manufacturing and transportation being discriminated against relative to asset-light businesses. Overall, the article is too focused on things that the government should do the encourage entrepreneurs and not focused enough on things that the government should stop doing in order to avoid discouraging and inhibiting them.
Your thoughts?
This entry was posted on Monday, August 2nd, 2010 at 8:28 am and is filed under Business, Economics & Finance, Entrepreneurship, Politics. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
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Defining Firm Level Entrepreneurship | Cash Miller's Blog SmallBusinessDelivered.com
According to Zhara et al., (1999) different scholars use different expressions to describe entrepreneurship (e.g., Entrepreneurship , Corporate Entrepreneurship, Intrapreneurship, Entrepreneurship Posture, Entrepreneurial Orientation), but contrary to the variety of expressions used to describe entrepreneurship, there is consistency regarding entrepreneurship’s definition and measurement.
Generally speaking, entrepreneurship based research usually focus on either Traits or Behavior. Since the nineties, behavior underlie the vast majority of entrepreneurship’s research, the main reason for this is a limited success of scholars to reinforce the existence of common traits that characterize entrepreneurs (Smart and Conant, 1994). Gartner (1988) argues that the focus should be on “what the entrepreneur does” and not “who is the entrepreneur ”. Behavior based research focus on the entrepreneurship process through the entrepreneur activities, that instead of referring to personal specific traits (Smart and Conant, 1994). Behavior based entrepreneurship’s research is usually conducted at entrepreneur level; nonetheless, scholars claim that entrepreneurship is implemented at the firm level as well (Carland et. al., 1984; Naman and Slevin, 1993; Lumpkin and Dess, 1996; Wiklund, 1999).
This article tries to establish a common base for defining firm level entrepreneurship. Naman and Slevin (1993) states that organization can be characterized and measured based on the level of entrepreneurship demonstrate by the firm’s management. According to Covin and Slevin (1986), top managers at entrepreneurship’s firm possess an entrepreneurship style of management, which affect the firm’s strategic decisions and management philosophy.
In order to establish definition for the firm level entrepreneurship, it is necessary to present the characteristics of management behavior used by scholars for that matter. Schumpeter (1934) states that innovativeness is the only entrepreneurship behavior that separates between entrepreneurship’s activities to non-entrepreneurship’s activities. Innovation relates to the pursuit after creative solutions through the development and improvement of services and products as well as administrative and technological techniques (Davis et al., 1991). Innovation reflects the firm’s tendency to support new ideas and procedures, which can end as new products or services Lumpkin and Dess (1996).
In his book “Essai sur la Nature Commerce en General”, Richard Cantillon (1755) argues that the essence of entrepreneurship is a risk-taking behavior. According to Lumpkin and Dess (1996), risk-taking can range from relatively “safe” risk as deposit money to the bank to quite risky actions like investing in untested technologies or launching new product to the market. In their research, Miller and Friesen (1982) define an entrepreneurial model of innovativeness, this model regards firm that innovate audacity and regularly while taking substantial risks in their strategy.
Third dimension, which can be added to innovation and risk-taking, is Proactive. According to Davis et al., (1991) proactive associates with an aggressive posture, relatively to competitors, while trying to achieve firm’s objectives by all rational needed means. Lumpkin and Dess (2001) mention that proactive relate to the way the firm associates to business opportunities through acquisition of initiatives in the market it’s operate in.
Although other dimensions are used to define firm level entrepreneurship, the vast majority of scholars use these three dimensions – Innovation , Risk-taking and Proactive (e.g., Miller and Friesen, 1978; Covin and Slevin, 1986, 1989; Naman and Slevin, 1993; Knight, 1993; Wiklund, 1999).
Dr. Rami Schayek combining the academic world as a researcher and a lecturer at the ben gurion university with a fieldwork as the CEO of several small businesses coincident with coaching many other small and medium businesses. You can see more from his work at www.small-medium-business.blogspot.com
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TechWadi Global Entrepreneurship Forum to be held for the first time in Lebanon, hosted by the Olayan School of Business at AUB | Business44.Com - Business Site
TechWadi Global Entrepreneurship Forum to be held for the first time in Lebanon, hosted by the Olayan School of Business at AUB
By admin on Aug 02, 2010 with Comments 0
TechWadi Global Entrepreneurship Forum to be held for the first time in Lebanon, hosted by the Olayan School of Business at AUB
The technology industry flourishes on the key contributions of Arab American professionals. In his speech at Cairo University, U.S. President Obama announced a powerful vision: to promote the advancement of entrepreneurship and innovation throughout the developing world. The TechWadi Global Entrepreneurship Forum is being held on June 23 for the first time in Lebanon at the Olayan School of Business (OSB) at the American University of Beirut, supported by partner Berytech Technological Pole. TechWadi is the leading networking association for Arab and Arab-American professionals in the technology industry.
The Forum emphasizes accelerating entrepreneurship and venture capital in Lebanon and across the MENA region, and will bring together distinguished individuals who are united in their vision to create a vibrant world-class entrepreneurial ecosystem. Also joining the forum will be a distinguished delegation led by the United States Department of State, including prominent business leaders, investors, and entrepreneurs seeking to expand cross-border ties with the MENA region.
Speakers at the conference will address strategic topics, notably: the key role of mentors and incubators in building the support infrastructure for start-ups; the application of best practices in venture capital, such as managing multi-stage funds; and the opportunities for technology transfer and collaboration between the US and MENA. This conference will offer opportunities for attendees to interact and network with local and international investors, executives, entrepreneurs, and policymakers.
The TechWadi Global Entrepreneurship Forum will also integrate “live tweeting” from the individual conference sessions, using the twitter hash code #GEF2010. This innovative use of technology marks a new era of “real-time” communication at OSB that demonstrates to the region how innovation and technology will drive entrepreneurship initiatives forward.
TechWadi seeks to organize and facilitate access to mentorship, funding, and career opportunities for their members. Based in Silicon Valley, TechWadi reaches over 1,000 technology leaders in the United States and across the globe.
Berytech Technological Pole is a center dedicated to providing hi-tech hosting, incubation, skill training, and mentorship to nascent entrepreneurs, start-ups and small-medium enterprises. Besides physical incubation, Berytech also provides virtual incubation to a number of entities through networking, support, and training.
Building on over a century of prominence in business education, the Suliman S. Olayan School of Business is committed to providing quality undergraduate and graduate programs aimed at developing and enhancing global managerial leadership in the Middle East region and beyond.
For more information about the conference program and to register for the conference, please visit:
The American University of Beirut (AUB) is a private, independent, non-sectarian institution of higher learning, founded in 1866. More information available at http://www.aub.edu.lb.
Building on over a century of prominence in business education, the Suliman S. Olayan School of Business (OSB) is committed to providing quality undergraduate and graduate programs aimed at developing and enhancing global managerial leadership in the Middle East region and beyond. More information available at http://sb.aub.edu.lb.
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idealawg: Applied Business and Entrepreneurship Association International meeting in Hawaii: Call for papers
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Applied Business and Entrepreneurship Association International meeting in Hawaii: Call for papers
From the conference Web site:
Click for more about the call for papers. And more about the conference to be held November 16-20, 2010, in Hawaii.Faculty members, students and all other scholars and practitioners are invited to present their research in all fields of business, economics, and entrepreneurship.
Please contact us by email at: abeai@up.edu.
Posted by StephanieWestAllen on August 02, 2010 at 07:04 AM | Permalink
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IBM Information Archive: Next Generation Information Retention Solution, from IBM - White Papers, Webcasts and Case Studies - ZDNet
Overview:
IBM Information Archive is the next-generation information retention solution designed as a universal archiving repository for all types of content to help midsize and enterprise clients reduce cost, manage risk and address a complete set of information retention needs - business, legal, or regulatory. The highly versatile, cloud-ready, smart business system can be valuable asset for businesses who need to meet regulatory compliance mandates that govern the retention of information assets in non-eraseable, non-rewriteable formats while at the same time preserving data in an environment that will allow quick search and retrieval when required.
View this webcast today!
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Career coach: The care and nurturing of 'millennials'
What do millennials really want in the workplace? They have high expectations that they will be able to advance quickly. From their bosses, they want someone to mentor and coach them; help them navigate or chart their career path; give them meaningful, timely feedback; and recommend and sponsor them for formal developmental programs. They are interested in enhancing their technical skills, leadership abilities and functional knowledge. Many also want their employer to help support their continued education in graduate schools. They want to be at an organization that has strong values, helps them to develop their skills for the future and offers customizable benefits packages. They also want flexible schedules so they have time for work and social and personal time.
Given the many pressing concerns Gen Yers have, what can your firm do to address some of these issues?
Recruitment. They want to be "wooed."
Strategies: Have them fill out the application online, but add a personal touch. Have very senior-level leaders reach out to them. Use knowledgeable recruiters to meet with them and give specifics about the company, possibilities and the opportunities. Use other Gen Yers to answer questions about your firm. Invite their parents to attend recruiting events since they often ask their parents for advice and rely on them for personal and financial support.
Nature of the work. They want their work to be important and make a contribution.
Strategies: Do a better job of selling your brand -- what your firm does and why it is so important today, and how Gen Yers can be part of a winning team and make a difference today in the lives of all of us. Instead of "telling" them what you do, facilitate a discussion with them and allow them to participate in your mission. Share a compelling story that resonates with them.
Promotions. Some want to start at the top (or at least be climbing the corporate ladder by six months into the job).
Strategies: Show them how they can advance in your firm and give them a realistic preview of career movement. You might pair them up with relatively new, successful employees so they can talk to them about the ropes and what it takes to be successful at the firm. Show them how you reward performance instead of just seniority.
Job challenges and movement: Gen Yers get easily bored and want challenging work daily. They are extremely independent. They do not plan to be in the same location for an extended period of time.
Strategies: Give them new challenges and projects and allow them to multi-task. Do not micromanage them; instead work with them to establish goals and time lines. Don't keep highlighting examples of employees who have been with the firm for a while. Show them opportunities for movement in or outside of the United States.
Work schedules. They want work-life balance and flexible schedules for social and personal time.
Strategies: Give them examples of successful leaders in your firm who have balance. Offer them flextime; encourage their leisure pursuits. Enable them to work from other locations. Don't expect that they will do all their work as you do (i.e., in an office).
Diversity and globalization. They are comfortable with globalization and are racially and culturally diverse.
Strategies: Highlight opportunities to work globally. Have them connect and meet with a diverse set of employees, especially at the highest possible levels of your firm. They have to see that you really value diversity. I have actually heard Gen Yers, when meeting with senior executives, express concern that the makeup of the senior executives did not seem to fit the Gen Yers in terms of race and gender.
Relationships with bosses and co-workers. Gen Yers want to have good relationships with their bosses and co-workers and feel connected to them.
Strategies: Work on your social relationships. It is critical to this generation. They want to feel they are part of a team, and they want to like being at work and have fun there.
Opportunities for growth. They want opportunities to develop and be mentored.
Strategies: Offer formal rotation programs. Feature special project assignments. Provide a diverse set of job responsibilities. Establish formal extracurricular learning time. Allow them to shadow executives. Cultivate an informal work environment. Encourage and support them in graduate school. Provide them with mentors and coaches. You could use reverse mentoring (match a millennial to a senior executive) or group mentoring (use groups or peers to provide mentoring).
Millennials want to make a contribution to our firms. If we want to be competitive and hire the best and brightest Gen Yers, we need to think about how we can best utilize their talents. Has your firm done this? Think about this -- if your child was a new college graduate, would you recommend that he or she work for your firm?
Joyce E.A. Russell is the director of the Executive Coaching and Leadership Development Program at the University of Maryland's Robert H. Smith School of Business. She is a licensed industrial and organizational psychologist. She can be reached at jrussell@rhsmith.umd.edu.
IBM Targets Millennial Techies | Multichannel Marketing for B2B Marketers
Want to reach the real decision makers on inhouse IT teams? Do what IBM has done: Go after the Millennials.
People in this group are young and lack buying authority. But they are tech-savvy and exert a huge influence on what gets bought, said Pamela Evans, senior marketing manager, Web marketing, Worldwide Software group for IBM. What’s more, these members of Generation Y are rapidly moving into leadership positions. Ignore them at your peril.
“It’s very important to think about how you can relate to everyone around the table,” Evans said during a session at the Direct Marketing Association’s DM Days.
Gen Y cohorts were largely the focus of IBM’s Lotus Jam, an online forum that went on last September for 72 hours, resulting in 950 ideas. And they drove this year’s Lotusphere conference in Orlando; IBM used their ideas to shape the content, then relied on social media to foster engagement.
Audience members tweeted speakers with questions, and were answered in real time.
The event drew thousands of tweets, and IBM came away with some good product ideas.
Then there’s IBM’s smarter planet ad campaign: “The World is SMALLER. The world, is FLATTER. The world is about to get a whole lot SMARTER.”
“We’re using this platform as a way to reach and relate to Generation Y and other audiences,” Evans said.
Go on the IBM site, and you’ll even find an environmental game. “Learn about a new Smarter Planet game that challenges you to save your city,” the copy says. “Have you got what it takes?”
Generation Y also figures in:
• IBM’s Trial code download experience (learn/try/buy).
• Lotus Greenhouse, a program for customer testing and feedback. (“Generation Y led us into this space,” Evans said.)
• IBM’s Tell your Boss Packages.
“It’s not just brand terms like Lotus,” she added. The key word roster also include terms related to “business collaboration, smarter planet ideas and thought leadership.”
What happens when a prospect clicks through to one of IBM’s offerings?
“We’re here to help when someone gets to our site,” Evans said. “We want to be sure we have a person who can get the question answered quickly. Most importantly, we want to make sure we’re following up. We want to connect them to a sales resource.”
Is this producing results? Sure is. “It’s a wonderful strategy,” Evans said. “It’s working well.” But, she added with a laugh, “We have a long way to go.”
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