Tag Archive: small_business_owner

Why You Should Keep an Eye on Gen Y Entrepreneurs

Mark Zuckerberg. Dennis Crowley. Andrew Mason. These are just a few growing entrepreneurs, born between 1977 and 2000. In fact, the SBA and Junior Achievement Worldwide report that 69 percent of teenagers and two-thirds of college students say they want to start their own businesses.

So, what types of businesses are they starting? While many are starting businesses connected to social media or the web in some way (as Zuckerberg, Crowley and Mason did), there are some surprises. Some young entrepreneurs are reinventing old industries, like supply chains, credit unions and packaging. Some are creating businesses that cater to other Gen Y’ers. Others are joining family businesses, but turning them on their heads by hiring their parents and extended relatives as consultants and junior employees.

Why are Gen Y’ers so passionate about starting their own businesses? Research shows they may be more willing to take business risks than their Gen X and Baby Boomer predecessors. According to one study, 67 percent of Gen Y respondents were willing to take financial risks, even during the recession. They may be undeterred by competition, as they embrace a mindset where every other company is considered a potential collaborator. On the other hand, many members of Gen Y are starting their own business ventures out of necessity. In 2010, fewer than 25 percent of college graduates were able to get a job upon graduation.

Work life balance.pngOne thing seems to be constant: Gen Y entrepreneurs tend to play by their own rules. While they may share a desire for financial independence with their older counterparts, they could be motivated by other factors as well. They may be convinced that they can improve an existing industry or company with the technological innovations and brand ingenuity for which their generation is known. Or this social justice-minded generation might want to conceive of businesses that have initiatives for social good built into their business models. A study by Cone, Inc. and Amp Insights shows that 61 percent of 13- to 25-year-olds feel responsible for making a difference in the world, and 79 percent of them want to work for a company that feels the same way.

Or, maybe Gen Y just wants to have fun at work. Studies have shown that these entrepreneurs value and protect work/life balance more than any other group. In fact, 59 percent of respondents to a survey of 37,000 college graduates said that balancing their personal and professional lives was at the top of their list of career goals.

This generosity doesn’t only apply to their schedules. They are almost shockingly flexible with their employees. They have embraced telecommuting, job sharing, part-time employment, virtual offices and creative morale-boosting efforts to a degree that puts most of the companies on the “best places to work” lists to shame.

Whether you’re a member of Generation Y yourself, a more seasoned entrepreneur looking for a younger business partner, or a consumer, this is a generation to watch. Have you learned any lessons from a member of Gen Y? Or, are you a Gen Y entrepreneur?

Seven Ways to Find the Right Mentor

Whether you’re a start-up or you have been in business for a while, chances are issues will arise that you have not encountered before. You may be looking to hire a strategic partner for the first time; you may be interested in launching a social networking campaign; or you may be seeking to expand your business by tapping into a new market.

Instead of taking extensive time to research these issues on your own (or opting to plow ahead and hope for the best), you might want to consider forming a relationship with a business mentor. Sometimes the process of finding a mentor happens naturally, (i.e. someone you know socially turns out to be an expert on the business issue you’re facing). Most of the time, however, it takes a concerted effort.

The following are seven tips small business owners should remember when looking for a business mentor.

1. Narrow down the list of issues with which you need help. Prioritize your most pressing challenges so you can get the most out of a mentor relationship. You may even determine you need more than one mentor. Asking for too much information at once can overwhelm even the most generous person.

2. Pinpoint the personal qualities you think you’d respond to in a mentor. Before refining your list of potential mentors, do some soul searching and see if you can answer questions like these:

Are you interested in someone who is a good listener and doesn’t offer feedback until he or she mulls over your question?
Do you prefer people who tell you everything they know on a subject?
Is responsiveness important to you – do you want hands-on guidance in real time?
Would you prefer verbal feedback on your planned courses of action?

3. Define the parameters of the relationship. The ideal mentor relationship for you might involve someone with whom you can speak briefly every time you have questions. Or perhaps a monthly dinner meeting would be a more productive forum for addressing ongoing issues. Over time, you might discover that your mentor is interested in joining your company as a senior executive or even a CEO if you reach a certain point of growth.

4. Spread the word as far as you can. Reach out to your email list; contacts on LinkedIn and other social networks; friends and colleagues and attendees at networking events, conferences and trade shows. Don’t rule out total strangers. If you read an interview with a like-minded business owner in a trade or business magazine, feel free to send him or her a follow-up note. As long as there is no direct issue of competition, most small business owners are happy to help a fellow entrepreneur, and might even see potential for collaborating in other ways in the future.

5. Do not overlook larger resources. The Small Business Administration, SCORE, local chambers of commerce and private mentoring businesses have wide-ranging mentoring programs that offer long-term mentoring and assistance with advisory board formation. These resources may prove to be a valuable way to connect with potential mentors.

6. Formalize the selection process. Similar to personal relationships, it’s probably best not to rush things. Start out getting to know the potential mentor, get a sense of whether they’d be open to the idea and simply ask to pick their brain on a few issues. Discuss where and how often you will meet, what you can offer to the relationship, and long- and short-term goals.

7. Remember that mentoring is a two-way street. Don’t forget to thank your mentor regularly for advice that led to good results for your business. Further, periodic feedback is a good way to keep your mentor invested in your businesses success.

Since mentors can be from different industries, or even different geographical locations, it should be relatively easy to find someone. It’s certainly less risky and time consuming than using trial and error or relying solely on your own perspective and experience. And, once you experience a positive mentoring relationship, you might look forward to the day when you can become a mentor yourself. Have you found a mentor that has helped make a difference in your business? Share your thoughts with the Apple Capital Group team in the comments section.

Whether you’re a start-up or you have been in business for a while, chances are issues will arise that you have not encountered before. You may be looking to hire a strategic partner for the first time; you may be interested in launching a social networking campaign; or you may be seeking to expand your business by tapping into a new market.

Instead of taking extensive time to research these issues on your own (or opting to plow ahead and hope for the best), you might want to consider forming a relationship with a business mentor. Sometimes the process of finding a mentor happens naturally, (i.e. someone you know socially turns out to be an expert on the business issue you’re facing). Most of the time, however, it takes a concerted effort.

The following are seven tips small business owners should remember when looking for a business mentor.

1. Narrow down the list of issues with which you need help. Prioritize your most pressing challenges so you can get the most out of a mentor relationship. You may even determine you need more than one mentor. Asking for too much information at once can overwhelm even the most generous person.

2. Pinpoint the personal qualities you think you’d respond to in a mentor. Before refining your list of potential mentors, do some soul searching and see if you can answer questions like these:

Are you interested in someone who is a good listener and doesn’t offer feedback until he or she mulls over your question?
Do you prefer people who tell you everything they know on a subject?
Is responsiveness important to you – do you want hands-on guidance in real time?
Would you prefer verbal feedback on your planned courses of action?

3. Define the parameters of the relationship. The ideal mentor relationship for you might involve someone with whom you can speak briefly every time you have questions. Or perhaps a monthly dinner meeting would be a more productive forum for addressing ongoing issues. Over time, you might discover that your mentor is interested in joining your company as a senior executive or even a CEO if you reach a certain point of growth.

4. Spread the word as far as you can. Reach out to your email list; contacts on LinkedIn and other social networks; friends and colleagues and attendees at networking events, conferences and trade shows. Don’t rule out total strangers. If you read an interview with a like-minded business owner in a trade or business magazine, feel free to send him or her a follow-up note. As long as there is no direct issue of competition, most small business owners are happy to help a fellow entrepreneur, and might even see potential for collaborating in other ways in the future.

mentor quote.png5. Do not overlook larger resources. The Small Business Administration, SCORE, local chambers of commerce and private mentoring businesses have wide-ranging mentoring programs that offer long-term mentoring and assistance with advisory board formation. These resources may prove to be a valuable way to connect with potential mentors.

6. Formalize the selection process. Similar to personal relationships, it’s probably best not to rush things. Start out getting to know the potential mentor, get a sense of whether they’d be open to the idea and simply ask to pick their brain on a few issues. Discuss where and how often you will meet, what you can offer to the relationship, and long- and short-term goals.

7. Remember that mentoring is a two-way street. Don’t forget to thank your mentor regularly for advice that led to good results for your business. Further, periodic feedback is a good way to keep your mentor invested in your businesses success.

Since mentors can be from different industries, or even different geographical locations, it should be relatively easy to find someone. It’s certainly less risky and time consuming than using trial and error or relying solely on your own perspective and experience. And, once you experience a positive mentoring relationship, you might look forward to the day when you can become a mentor yourself. Have you found a mentor that has helped make a difference in your business?