Small U.S. College Ranks Number 1 in Entrepreneurial Education

Babson College in Wellesley, Massachusetts, is a hatchery from which business students emerge ready to start their own businesses.

U.S. News and World Report magazine has ranked Babson's undergraduate school as the Number 1 educational institution for entrepreneurs in the United States for 12 years. In its rankings of graduate schools, the magazine has given the tops-in-entrepreneurship award to Babson's master of business administration (MBA) program for 15 years.

While rankings may be limited in predicting student satisfaction, the number of years Babson programs have been lauded for entrepreneurship study is a sign that this school knows business. (With tuition at a hefty $48,000 a year, Babson attracts a dedicated brand of student to its classrooms. There are 1,850 undergraduates and 1,500 graduate students on its campus near Boston.)

"We live entrepreneurship in everything we do, both in the classroom, in student experience and the way the college is run," Dennis Hanno, Babson's undergraduate dean, told America.gov.

Any student can take a business idea from infancy to full-blown operation on campus as part of his or her course work. A student also can get a loan from the school to start a business, with the stipulation that the profits go to charity.

Some students live in an entrepreneurial dorm called the E-Tower, where they develop business plans, run companies and soak up the atmosphere of living with other business-minded students. The men and women who live there have created a Web site to tout their businesses.

All Babson students are eligible to participate in an integrated yearlong program that addresses what it is like to be an entrepreneur. They can select from courses that include entrepreneurial and creative thinking, global and multicultural perspectives, or ethics and social responsibility. Students choose from 25 community projects to do real-world consulting.

From the first day of class, the students are challenged to think about startup ideas and to consider what ideas work and how they can bring profits. That has been the experience of Alexey Ossikine, 20, a junior at Babson who comes from Russia, where his family has a real estate development business.

Ossikine and his student-partner, Alexander Debelov, started Crelligence Media LLC, a company that enables filmmakers to create commercials and get paid based on their films' online popularity. The Crelligence Web site brings together freelance filmmakers and organizations that want a film made to advertise a product or service. The organizations seeking commercials pay for any successful campaign, based on the number of times a film is viewed online or an action is taken by a viewer.

Ossikine's background is not unusual at Babson, where 28 percent of the incoming freshmen for the 2008-2009 academic year come from 45 countries other than the United States. Babson's MBA program enrolls 41 percent international students.

Shiva Shanker, 21, a senior from New Delhi attends Babson and focuses on finance and entrepreneurship. He will look for jobs after college in both the United States and India, and he hopes to get financial experience before he launches his own business.

Shanker said one idea he would like to pursue in India is that of creating a microcredit venture. "We would provide funding for people who can't get loans through traditional banks,'' he said. "These would be very small loans to business people in poorer areas.''

On campus, Shanker is a member of the Babson Emerging Markets (BEM), a student group that is analyzing a series of countries - such as Vietnam, Russia and Brazil - to identify their future growth industries.

Babson provides students with another opportunity: helping developing nations nurture their own talent. Every January for the last eight years, Babson students have spent two weeks in Ghana teaching secondary school students during the day how to become entrepreneurs and working with local businesspeople in the evenings.

"There is a campuswide environment that creates an entrepreneurial mindset," Hanno said. "No matter what you go on to do, you will have an idea how to be an innovative and creative leader."

While students regularly try business startup ideas, only 1 percent of graduates immediately head down an entrepreneurial path, according to Hanno. But the kernels of the entrepreneurial culture are firmly planted.

"We don't think of entrepreneurs as starting businesses. It's about creativity," Hanno said. "Our belief is that entrepreneurship is just as important to accountants as [it is to] someone who goes and starts a business."

UW-MADISON'S ENTREPRENEURSHIP PROGRAM RATED AMONG NATION'S BEST

(Media-Newswire.com) - MADISON - The Wisconsin School of Business at the University of Wisconsin-Madison has one of the nation's top programs in entrepreneurship, according to a survey just published in the Princeton Review and Entrepreneur magazine.

The school's Weinert Center for Entrepreneurship was ranked 13th in the nation on a list of "Top 50 Entrepreneurial Graduate Colleges in the U.S." Among public schools in the ranking, Wisconsin placed seventh.

Now in its sixth year, the Princeton Review and Entrepreneur magazine rankings are based on a survey of more than 2,300 undergraduate and graduate schools about their offerings in entrepreneurship for the period from December 2007 through June 2008. This is the first year Wisconsin has been ranked in the survey.

As part of the survey, schools were asked to answer questions relating to three basic areas: academics and requirements, students and faculty, and outside the classroom. The questions were refined and the results validated with the help of an advisory board comprised of professionals in the area of entrepreneurship education.

"Wisconsin has a strong heritage of generating ideas and technologies that will drive the future," says Michael Knetter, dean of the Wisconsin School of Business. "Our business school is focused on bringing students from across campus in close contact with local companies and startups, and building those integral networks for successful new businesses."

The Weinert Center for Entrepreneurship was established in 1986 and provides a variety of programs and services relating to entrepreneurial management and development. At the graduate level, it offers a career specialization in entrepreneurial management in the school's full-time Wisconsin MBA program.

"Wisconsin has a history of being at the front of entrepreneurship education," says Dan Olszewski, director of the Weinert Center. "This high ranking is recognition of the success and accomplishments of our students and alumni."

The center also works to bring students together with researchers at UW-Madison, one of the world's leading research universities, to explore potential commercialization of technological opportunities. UW-Madison was recently awarded a prestigious $5 million Kauffman Foundation grant to further expand entrepreneurship on campus.

The Wisconsin School of Business was recently recognized by the Milwaukee Journal-Sentinel for its leadership role in bringing entrepreneurial opportunities to the state of Wisconsin.

McGuire Entrepreneurship Program Lauded Again

The University of Arizona's McGuire Entrepreneurship Program is again recognized among the best in the country, according to the latest Princeton Review/Entrepreneur magazine review of "Top 50 Entrepreneurial Colleges."

In the review of graduate programs, McGuire is ranked No. 1 among public institutions and No. 4 among all institutions; in the undergraduate review, McGuire comes in at No. 2 among public universities and No. 5 among all institutions. The program, housed in the UA's Eller College of Management, has been ranked in the top five of both categories since the rankings began in 2002.

The news comes on the heels of the 2009 U.S.News and World Report survey of the "Best Business Programs," which placed the McGuire Entrepreneurship Program at No. 5 among entrepreneurship programs nationwide, and No. 2 among public institutions. Earlier this year, the Financial Times global rankings named McGuire No. 6 in the world in entrepreneurship for the second year in a row.

"The McGuire Center for Entrepreneurship was one of the first university-based entrepreneurship programs in the country," said Paul Portney, dean of the Eller College of Management. "It's gratifying to see the ongoing hard work of nearly 25 years continue to pay off in the form of recognition by our peer schools."

The McGuire Center for Entrepreneurship was founded in 1984 with the support of UA alumnus Karl Eller. Since then, the program has continuously evolved to meet the needs of emerging entrepreneurs. The heart of the one-year program, which is available to all UA students, is the Idea Path curriculum, which guides students through a step-by-step process to bring venture ideas to fruition.

Through an arrangement with the UA Office of Technology Transfer, many of the ventures developed in the program are based on UA-developed technologies. Since the program began, its more than 1,200 graduates have launched hundreds of ventures.

New infor 2008, the program is working with partner organizations around Southern Arizona to engage with "angel" investors – individuals who invest private capital into startups – who will meet with students at key points throughout the year to offer insight and advice on their specific ventures.

Belmont's entrepreneurship program ranked as one of best in the country

Belmont University has ranked in the top 25 schools for its entrepreneurship program.

Entrepreneur magazine and The Princeton Review surveyed 2,300 schools for the ranking. Belmont ranked 23rd in the undergraduate category.

"Belmont made the commitment to create a quality program in entrepreneurship, and I am proud that we have been able to make so much progress in only five years," says Jeff Cornwall, director of Belmont's Center for Entrepreneurship and holder of the Jack C. Massey Chair in Entrepreneurship. "To be singled out from the hundreds of universities across the country is a testimony to the support we have gotten from the students, alumni, faculty, staff and administration of Belmont and the Nashville business community."

The schools were evaluated on academics, requirements, students and faculty and outside the classroom experience.

"Schools that made the ranking are an excellent research starting point for prospective entrepreneurship students," says Amy Cosper, vice president and editor in chief at Entrepreneur.

The survey results appear in the October issue, which hits newsstands Sept. 23.

Belmont's program also received the National Model Undergraduate Program of the Year by the U.S. Association of Small Business and Entrepreneurship earlier this year.

UM Center for Entrepreneurship seeks video pitches for startup proposals

Don’t worry about the white paper. You can make your pitch by vodcast.

Southeast Michigan entrepreneurs and industry experts will serve as judges of “1,000 pitches,” a competition launched last week by the University of Michigan Center for Entrepreneurship.

Contest organizers seek the eponymous 1,000 pitches via streaming video from UM employees or students with a startup proposal for a business or nonprofit organization by Oct. 5.

Proposals should be no more than three minutes long, and will undergo two sets of reviews. First will be a group of student judges and then a set of focus group panels with business-community experts, said Thomas Zurbuchen, professor of aerospace engineering and director of the Center for Entrepreneurship.

Winning pitches in each of seven business categories — environmental, health, technology, local business, global business, social entrepreneurship or “green campus” proposals for UM — receive $1,000 in seed money for their proposals. The Center expects to announce winners in mid-October.

Awards are sponsored by Ann Arbor-based RPM Ventures, MacBeedon Partners L.L.C., and Arboretum Ventures Inc., as well as MPowered Entrepreneurship, the organization for student entrepreneurship at UM.

Social Entrepreneurship is Hot, but Finding Funding Still a Challenge

Social entrepreneurship programs are sprouting all over on college campuses right now, appealing to idealistic student entrepreneurs who want to build ventures that make both profit and a social difference.

But students seeking to start socially responsible ventures face a double whammy when they emerge from college and are seeking funding, according to a recent Business Week article.

They face the normal problems with luring outside investors that young adults face — simply that investors tend to want to back entrepreneurs with a track record. But second, it’s hard as it is for socially responsible entrepreneurs, even those with other ventures under their belt, to find investors willing to take a chance on ventures sacrificing some profitability for the social good.

Some angel-investor networks and other investor groups like Investors’ Circle and Good Capital focus solely on investing in ventures with so-called triple bottom lines — those that measure success based on their economic, environmental, and social impact. But these groups get hundreds and hundreds of pitches, selecting few.

To help make these student-led enterprises more successful, some entrepreneurship programs are adding courses to teach students with socially responsible endeavors how to better pitch them to investors, such as conducting interviews and market research to gauge the venture’s social impact.

It seems like there will be more opportunities for socially responsible ventures to raise money, as more socially-responsible angel groups and venture funds emerge – and as consumers increasingly factor goodwill into their purchasing decisions. But there’s still the issue of creating a venture that is profitable enough for investors to want to invest and still creating social value. That seems like a hard balance to strike.

What can student entrepreneurs who want to start socially responsible ventures do to make themselves more appealing to investors? Ever thought about starting one?

7th Annual Student-Run Forum on Entrepreneurship and Innovation

WELLESLEY, Mass., Sept 12, 2008 /PRNewswire-USNewswire via COMTEX/ -- Babson College, the world leader in entrepreneurial education, will host the 7th annual Babson Forum on Entrepreneurship & Innovation (BFEI), Thursday, October 2, 2008.

BFEI is the largest student-run entrepreneurship-focused event at the F.W. Olin School of Business at Babson College. BFEI's goal is to raise awareness of key opportunities and challenges facing entrepreneurs in an increasingly complex and global business world.

The day-long event includes a number of expert panels on a variety of topics including: Product Design and Creation, Green Entrepreneurship, Biotechnology Entrepreneurship, Corporate Entrepreneurship, Social Entrepreneurship, Entrepreneurial Franchising, Technology Entrepreneurship, and Venture Capital & Private Equity.

Keynote speakers include: Jon M. Huntsman, Founder & Chairman of The Huntsman Corporation, Isaac Larian, Founder & CEO of MGA Entertainement (Bratz Dolls), Florine Mark, President and CEO of The WW Group (Weight Watchers). Kevin Rollins, former CEO of Dell, Inc., Kevin Colleran, Director of National Sales at Facebook, Inc., Ruthie Davis, Founder & Creator of Davis by Ruthie Davis shoes, and Bob Shapiro, Former CEO of The NutraSweet Company, will also present along with 30 other extraordinary entrepreneurs.

The Babson Forum concludes with an Idea Expo and Networking Reception with speakers, panelists, venture capitalists, and private equity professionals. Participants will also learn how to take their "Big Idea" to the next level, and have the opportunity to enter the $30,000 Babson Innovation Competition. Interested entrepreneurs should register to submit their big idea by Sept. 14th at: http://www.babsonforum.com/2008/competition/

U.S. News & World Report magazine has ranked Babson's MBA program #1 in Entrepreneurship Education for 15 consecutive years.

To register and for more information and a complete schedule of the day's activities, go to the Babson Forum website: http://www.babsonforum.com.

Babson College in Wellesley, Mass., is recognized internationally as a leader in entrepreneurial management education. Babson grants BS degrees through its innovative undergraduate program, and grants MBA and custom MS and MBA degrees through the F.W. Olin Graduate School of Business at Babson College. Babson Executive Education offers executive development programs to experienced managers worldwide. For information, visit http://www.babson.edu.

This news release was issued on behalf of Newswise(TM). For more information, visit http://www.newswise.com.

for Entrepreneurship Activities in the Schools

Teachers are great sources of ideas for learning activities that provide experience in entrepreneurial skills...and often they don't even know they are doing so. Any teacher in the secondary schools can help students understand the opportunities of our entrepreneurial economy by infusing entrepreneurship-related activities in their regular course of study. Such experiences may change the vision of their future for many of our youth.

As you seek to infuse entrepreneurship in any type of course...social studies, math, language skills, science, business classes, career exploration etc., the teacher should think about the major topics of PACE (Program for Acquiring Competence in Entrepreneurship) for a framework for their entrepreneurship learning activities:

1. Your Potential As An Entrepreneur
2. Nature of Small Business
3. Business Opportunities
4. Global Markets
5. The Business Plan
6. Help for the Entrepreneur
7. Types of Ownership
8. Marketing Analysis
9. Location
10. Pricing Strategy
11. Financing the Business
12. Legal Issues
13. Business Management
14. Human Resources
15. Promotion
16. Selling
17. Record Keeping
18. Financial Analysis
19. Customer Credit
20. Risk Management
21. Operations

Be sure that your activities encourage students to think creatively...not just to determine how business operates now. Help them to ask questions about how businesses might be created in new and better ways, using new and different processes. Open their eyes to the entrepreneurial opportunities that are all around us.

Interdisciplinary Entrepreneurship
(The following suggestions were contributed by teachers in a brainstorming activity as part of the New Jersey School-to-Work Coordinators' Meeting. You might try this with a staff of teachers in your school...dividing them up into discipline small groups and encouraging creative thinking. Then take the best ideas and implement them in the classroom).

Social Studies and Entrepreneurship

* Students set up a Small Town USA program in which they determine what types of business are needed.

* Unit on "Workplace Yesterday, Today, and Tomorrow", bring in pictures and describe, talk to parents and/or grandparents. Expand on "Workplace Yesterday, Today, and Tomorrow" and note changes in technology, communications, transportation, and skills needed. Identify the cost of products in 1900 versus cost of products in the year 2000. Explain how wages are also part of the price. Discuss a business that reflects products from time past which are still able to be sold and how to market such products.

* Map out a voyage, the ship is destroyed by a storm, and all survive on an island. What are the needs and possible results? Set up a government on the island and put together a plan for obtaining food, clothing etc. Decide who will be in charge of the various jobs on the island. Hold elections. Identify how products will be created and exchanged by the inhabitants.

* Take a field trip to see the movie "Titanic" and discuss the reasons it has been a market success.

* Envision an early American dry goods store in the West. In groups have students decide on marketing, goods available, location etc.

* Make a mini-store in class and students make products to sell.

* Write resumes for yourself as an adult. Offer job applications for students to apply for a job as a cashier, a marketer, an accountant, a manufacturer, a warehouse manager, a business consultant, a teacher, etc.

Science and Entrepreneurship
* In food science experiment with product development: Study the effect of heat/temperature on yeast products. Dissolve yeast for bread in three different temperatures. Make the bread and describe the results.

* Choose an important nutritional concept. Develop an advertising plan to sell the idea. Develop a product line of nutritional snacks and decide how to sell them. Establish and name a company that will market the nutritional snacks. Organize the company. Identify positions and careers possible.

* Students locate food ads in a magazine, mount them on index cards, and evaluate their nutritional content. Make a bulletin board display. Discuss the role of advertising in promoting nutrition.

* Do bacterial tests around school. Collect data and generate a report. Sell anti-bacterial soap or wipes for students to use before lunch, etc.

* Set up a weather station in which students take weather readings and market results in some form.

* Study crystal formation by making rock candy. Discuss how a new product might be created from crystal formations.

* Experiment with emulsions. Make salad dressing with and without emulsifier. Describe results, taste, etc. Conduct research on what emulsifiers are and how they are used in products.

* Link with NASA to identify a science activity being conducted on Mears space station or other space explorations. What will research conducted yield in terms of a business. What businesses might emerge?

* Collect flowers and plants to study.
Press them and make book marks to be sold at a school book fair.

* Plan a student-run service of water sampling.

* Students collect, sort, weigh materials collected from school trash for one day (paper, glass, metal etc.). Record results. Collect for a week. Describe amounts that would be accumulated over time, problems of disposal, types of businesses disposing of materials, and costs associated with trash. Describe problems of accumulation.

* Start a recycling project. Collect cans and sell to a local recycle center. Analyze costs and income per pound. Structure a business format for the recycle project. Identify roles of individual class members.

* Invite business people to speak to students on science-related businesses.

Arts/Performing Arts and Entrepreneurship
* Identify entrepreneurial skills for individuals who choose the arts, such as musicians, writers, artists etc.

* Create a business selling/marketing "Practice Partners" for students proficient in some musical instrument who will serve as practice partners, giving guidance and assistance for students who are preparing for music lessons.

* Students create a "jingle" for an art show for use in a TV or radio advertisement.

* Create attractive flyers, posters or web pages for a musical event in your community.

* Use the computer art class to develop an ad that is attractively arranged. Develop a logo that would be interesting, attractive etc.

* Develop a logo for the school baseball team to promote this season's games.

* Develop Web Page designs for fellow students who are trying to set up their own page, incorporate logo, music sound wave, etc.

* Create school postcards - students photograph various school scenes/activities, and market the postcards within school and community.

* Start a "Birthday Party" entertainers unit - Students will develop entertainment activities to sell to busy mothers for children's birthday parties. Market the idea on the Internet by designing an interesting web page on birthday party ideas.

* Create a series of posters representing each department elective, to be used in recruitment of students for next year. Think of how businesses recruit, and apply the techniques.

* Develop a package design and marketing materials for a product to sell. Develop a TV commercial for your product. Create a TV or radio ad for your business using role playing, audio and videotaping.

* Music classes work with history and art classes to promote a product.

Math and Entrepreneurship

* Analyze pros and cons of a business location, charting/graphing traffic flow and interpreting it.

* Develop a survey of the market to sell a product.

* Use spread sheets (Excel) to project operating costs of a business

* Examine business space requirements according to equipment and inventory needs, and draw up a plan.

* Calculate cost per square foot of a given business plan.

* Reconcile a checking account balance for a business. .

* Analyze recurrent expenditures and forecast annual costs

* Discuss how competition may affect the price of goods.

* Calculate costs of taking business into global markets.

* Project future profits given expansion data.

* Track stock market for 6 months. Project profits over next 2 months. (Percents plus dollar amounts)

Language Arts and Entrepreneurship

* Plan selling and marketing of a given book. Discuss what should be included in the book to make it marketable. Analyze the effects of supply, demand, profit, and competition on small business. Visit local book stores to observe and analyze their marketing techniques. Develop a plan to sell the book. Write ads to promote the book.

* Write a business plan

* Have students survey the student body on topics of interest for a book club (survey on hobbies/interests). Then open the book club, selling books of the most interest. Develop a Powerpoint presentation to sell your business to potential stock holders.

* Have each student write a career plan with values and goals. How does that plan lead to being an entrepreneur?

* Discuss how to sell an ad for the school newspaper.

* Have students research a business or industry and write informational news release for the school newspaper. Use the research for a term paper.

* Create and design a logo for a business. Research the potential clients. Present findings, both orally and in writing.

* Read the Dave Thomas books, (Dave's Way, or Well Done). Discuss the experiences and ideas presented. Also discuss people they know who are successful entrepreneurs.

* Interview some entrepreneurs in the community and share results of research in an essay, such as "Common Traits of Entrepreneurs".

* Plan a small business assistance group in the school. Develop details of services and programs to be provided.

* Have students study current ads and jingles to determine why they are successful. Discuss the ads that catch you attention and decide why they do.

* Write to the local newspaper asking that the person responsible for their ads come to the class and discuss how to write an ad.

* Have a mock radio program and write the commercials for it.

* Research the career opportunities in the media industries (newspapers, magazines, radio, tv, etc.)

* Select a local business and determine what language skills are needed by the owner. List qualities necessary to be an entrepreneur.

* Students prepare oral presentations on famous entrepreneurs and successful businesses.

* Explore biographical background of an entrepreneur that relates to your business goals, ideas.

* Interview and job shadow a local entrepreneur in your field of interest.

* Contact an employer who has set up his/her own business and interview the person. Report results to the class.

* Research, via the Internet, locations that would be good to set up a certain kind of business.

* Write an employee handbook.

* Have entrepreneurs talk to class about mistakes made because of poor preparation in school.

* Explore customer relations and problem solving as they relate to particular industries or businesses of student interest.

* Ask an entrepreneur to share successes and failures. Then have students and speaker explore ways of building on the success and avoiding or remedying the failures.

* Form groups that will help to write a curriculum for younger students to gain skills in creating a business. Older students will identify what is essential and serve as mentors to the younger students.

Note to Instructors: Please share the outcomes of similar brainstorming activities with us. We are always looking for ideas to share. Send to Cathy Ashmore, 1601 West Fifth Ave., # 199, Columbus, OH 43212
or by e-mail: AshmoreC@aol.com.

(This activity was published in EntrepreNews & Views and is free to copy for use in the classroom. EntrepreNews & Views is published by the Consortium for Entrepreneurship Education, Columbus, OH.)

Funding Opportunities to Raise Business Capital

Finding funding opportunities to get your new business off the ground and running is not as difficult as some people think. While you do need to have a few things in place such as a quality business plan and decent credit, there are numerous avenues for you to explore to get your new business started. Funding opportunities can range from asking your family members for business capital to receiving grants from the federal or state governments. Whichever works the best for your unique situation is up for you to decide. Funding opportunities are everywhere and the most widely used one is visiting your local bank.

A financial institution usually has a variety of different packages and there's usually something to meet everyone's requirements. Don't just go to your own bank, look around for a good deal and do your pitch to various lenders. If you think you have more of a chance of obtaining business capital from your own bank where you already have a strong relationship and good financial history, then don't put it first on your list of visits. It would be wise if you present your case to a few different lenders first to hone your presentation and persuasion skills.

Even if you can't find a lender to give you business capital for your new business, there is a government program that may be able to help. The Small Business Administration offers new business prospects an extensive amount of information about funding opportunities. They are a great resource to getting your new business going. With so many different funding opportunities available for people interested in starting a new business, it pays to research your options. By finding what is best for you and your new business, you will be able to get your dreams going on the right path.

Kylie Chooses Beds From Brighton Company Velvet

Velvet, the successful chain of furniture and lifestyle stores in Brighton and Hove was chosen to supply the beds for the photo-shoot and launch of Kylie Minogue’s ‘At Home’ range. Kylie launched her beautiful new bed linen range at Ladbroke Hall in London with a glamorous party on Tuesday 5th February 2008. Velvet supplied four beds which all looked amazing – especially with Kylie on them! All the beds are available to order from Velvet’s online store: www.velvetstore.co.uk

Velvet For the past eight years, shoppers across the south east have flocked to Velvet’s three shops, in Brighton and Hove, to snap up everything from crystal door knobs (£3.50) and mirrors (from £30), to retro bar stools (£55) and French armoires (£695). Now Velvet has unveiled a stunning new website so shoppers across the UK can enjoy a carefully edited selection of 500 products from Velvet’s ranges: traditional, Venetian, French, kitsch & retro, modern and boudoir chic.

The website is fully secure, and is constantly updated, with new stock arriving daily. If you can’t find what you’re looking for online, simply call the experienced 25-strong team at Velvet and they’ll search among the 15,000 product lines they offer. This great customer service helped Velvet win Best Independent Retailer in Brighton and Hove 2007, and even as the company grows it remains a friendly family business at heart.

Multi Stream Affiliate Marketing & Advertising

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Author: Laurie Fenn

Is Midlife Entrepreneurship for You?

Do you think that entrepreneurship is just for the young? That anyone past 50 is simply too old to start up a business? That midlife is the time when you should be thinking about retiring and preparing to live on less? If you do and if you are, then midlife entrepreneurship isn’t for you.

However, if you are someone who…

• likes to call the shots and live life on your own terms,
• has a strong desire for autonomy and independence,
• is a self-motivated starter,
• knows how to evaluate and take calculated risks,
• is highly self-motivated,

. . . then midlife entrepreneurship could be right for you.

I come from a long line of entrepreneurs. My grandfather owned his own business and worked as an electrician up until the day he died. He was 98. My father owned his own private practice and worked as an expert psychological witness up until three months before his passing. I, too, am an entrepreneur. And, like my father and grandfather before me, I enjoy my work, find meaning and value in what I do, and am passionate about making a difference in the world.

What about you? Could midlife entrepreneurship be right for you?

The Changing Face of Retirement

Retirement, and how we view it, has changed dramatically since the beginning of the 20th century. Before pension plans became standard offerings to U.S. workers during World War II, most people continued working until their death, relying on personal savings and family support to sustain them. While 65 is considered the normal retirement age in the U.S., many of today’s midlife entrepreneurs eschew that age, preferring instead to remain actively involved in their businesses well into their 80s. With Baby Boomers comprising nearly half the country’s self-employed workers (7.4 million), entrepreneurship among seniors is growing (so say reports from AARP and the U.S. Department of Labor). People turning 50 today still have lots of life ahead of them, and each year more than four million men and women join their ranks.

So, what is retirement, then? Is it the time when you stop work completely or is it the time when you retire from one job and begin another? Does it start at a certain age or depend on the number of years you have served in a specific capacity? Is it based on your physical condition or your personal choice?

10 Reasons for Becoming a Midlife Entrepreneur

1. You’re healthy with many years ahead of you.
2. You want to stay involved and engaged.
3. You enjoy generating extra income.
4. You get to build a business around something you enjoy and are passionate about.
5. You have a full Rolodex and 20-30 years of experience to back you.
6. You want the independence and flexibility that comes from working for yourself.
7. You have confidence and experience, and know what you’re good at.
8. You may already have a pool of money saved to help finance your business.
9. You can do business from home, using the Internet as your storefront.
10. As an entrepreneur, you aren’t discriminated against because of your age.

So what does retirement mean to entrepreneurial men or women who have successfully woven passion into what they do as small business owners? Do they plan on retiring when they reach the age of 65? Do they even want to?

If you are happily turning your passion into profit, it's hard to think about stopping. Oh, sure, you could use some time away, an extended vacation, even a more relaxed pace. But do you actually want to retire and cease what you’re doing? Or would you rather stay involved, continuing to contribute, and enjoying life fully?

These days retirement is what you make it. At present, the Baby Boomer generation is redefining retirement, shunning the conventional traditions of stopping, ceasing, and leaving in favor of staying involved, continuing to contribute, and following their passion. Like so many of them, you, too, might find that there are some very compelling reasons to either become or continue being an entrepreneur, well past midlife.

A Definition of Entrepreneurship

The concept of entrepreneurship has a wide range of meanings. On the one extreme an entrepreneur is a person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of the population. On the other extreme of definitions, anyone who wants to work for himself or herself is considered to be an entrepreneur.

The word entrepreneur originates from the French word, entreprendre, which means "to undertake." In a business context, it means to start a business. The Merriam-Webster Dictionary presents the definition of an entrepreneur as one who organizes, manages, and assumes the risks of a business or enterprise.

Schumpeter's View of Entrepreneurship

Austrian economist Joseph Schumpeter 's definition of entrepreneurship placed an emphasis on innovation, such as:

• new products
• new production methods
• new markets
• new forms of organization

Wealth is created when such innovation results in new demand. From this viewpoint, one can define the function of the entrepreneur as one of combining various input factors in an innovative manner to generate value to the customer with the hope that this value will exceed the cost of the input factors, thus generating superior returns that result in the creation of wealth.

Entrepreneurship vs. Small Business

Many people use the terms "entrepreneur" and "small business owner" synonymously. While they may have much in common, there are significant differences between the entrepreneurial venture and the small business. Entrepreneurial ventures differ from small businesses in these ways:

1. Amount of wealth creation - rather than simply generating an income stream that replaces traditional employment, a successful entrepreneurial venture creates substantial wealth, typically in excess of several million dollars of profit.

2. Speed of wealth creation - while a successful small business can generate several million dollars of profit over a lifetime, entrepreneurial wealth creation often is rapid; for example, within 5 years.

3. Risk - the risk of an entrepreneurial venture must be high; otherwise, with the incentive of sure profits many entrepreneurs would be pursuing the idea and the opportunity no longer would exist.

4. Innovation - entrepreneurship often involves substantial innovation beyond what a small business might exhibit. This innovation gives the venture the competitive advantage that results in wealth creation. The innovation may be in the product or service itself, or in the business processes used to deliver it.