5 Reasons Entrepreneurs Should Hire Young Talent

 

entrepreneur

entrepreneur

Whether you are just starting out as an entrepreneur, creating your first business or are a seasoned professional, there seems to be one thing people tend to overlook when seeking out talent. There is an ever growing untapped resource you can use as leverage to help make major moves and grow your business. It flies under the radar at times and can be considered a secret: hire young professionals!

 

Below we are going to outline why you should start looking to hire younger workers, as they can really help you grow, save money and push your business to new heights.

 

1. Economical There is no way around it, if every entrepreneur had their wish, it would be top talent across the board. However, when seeking out individuals with years of experience under their belt, you better be prepared to pay a lot of money for them. Yet when you begin to widen your search, in the hopes of saving your profit and losses (P&L) table, you will notice that hiring a young professional, or someone just entering the field, can save your business a lot of money and still push you forward. Sometimes, you can even hire two people for the same amount it would have taken you to secure one seasoned person. A bigger reason for doing this is covered next. [Read more...]

Where are the Entrepreneurs?

I wrote a post several months ago called “Is the Entrepreneurial Spirit Dead?” Well, according to new research at the Brookings Institute, it appears it very well may be. Their data shows that new business creation has been on the decline for the past several decades and for the first time in many years the failure of businesses is outpacing the creation of businesses. It seems that entrepreneurs across the country are getting discouraged.

entrepreneurs

entrepreneurs

This is a scary thought. According to the Small Business Administration roughly 64% of all net new jobs that were created between 1993 and 2011 were created by small business owners. If we aren’t cranking out any new entrepreneurs, we aren’t creating enough new jobs.

Before the economic collapse I had 3 great employees. As much as I tried to hold on to them, eventually I couldn’t keep them. Payroll is one of the biggest expenses a small business has. If there isn’t enough business coming in to justify having them, you have to let them go. And believe me, no one wants to lose a great employee. [Read more...]

How the On Demand Economy Will Create More Entrepreneurs

on demand economy

on demand economy

With more people working more hours, consumers are becoming more demanding. I don’t mean that in a bad way, but we’re just too busy to be tied down to a time frame. If you don’t believe me, when was the last time your entire family sat down to a scheduled dinnertime? Instead we’ve become an on demand society and an on demand economy.

So, what does that mean for the entrepreneur of the future? More money, more markets, more customers, more products and more services. But they have to be delivered on demand. [Read more...]

A Small Business is a Work in Progress

I currently run five different businesses and I’ve never written a single business plan. I know I’m going to get comments from people who swear you absolutely have to have one. But here’s one thing I’ve learned from running a small business. There is no definitive rulebook.

small business

small business

In looking back on each small business I would have to say that even if I had written a business plan, within a few months it would have completely changed anyway. No matter what I do there seems to be a certain learning curve every time I try something new.

With a brand new invention I thought I knew exactly who my target market was. After all, I invented it for that market. But no matter how many times I knocked on the door, it wouldn’t open. It was only after I experimented with different markets that I finally found the one where the product sold the most and sold almost effortlessly. This would never have been in my business plan because I didn’t even know about it. [Read more...]