New York SBDC Research Network

Excerpt from an article by Mia Taylor To read more, visit  The Simple Dollar "There are many upsides to the gig economy and freelance work, like the flexible schedule, the autonomy of being your own boss, and, if it’s a side hustle, the ability to earn extra income to pay off bills or save for special purchases. But a path to a stable retirement does not appear to be among the benefits, at least for a lot of gig economy workers. Betterment, an online investment platform, has just released new research focused on the finances and the future of retirement in today’s self-employed workforce. And it’s not all good news. Their report looks at the nation’s dated retirement system, and how it has left gig economy workers unprepared. The study notes that the rise of the gig economy is fundamentally changing the way Americans earn, spend, and save for retirement, pointing out that the freedom and flexibility of the gig economy is nice now, but, for many, unsustainable over the...

From Medium Dear budding entrepreneur: Your local library is one of the most powerful tools you have to launch a successful business. As EveryLibrary writes, “Librarians can serve as an extension of your staff and will help you harness the power of these resources to grow your business.” Sometimes misidentified as repositories for dusty books, today’s libraries are actually cutting edge information hubs designed to help people get the resources, materials and connections they need, whether for work, school, pleasure or all of the above. Library staffers and resource librarians are some of the smartest folks around — and they’re on a mission to help you get information. If you’re an entrepreneur, an established business owner, or just thinking about starting a business, head down to your local library. You’ll be pleasantly surprised at the role the library staff and resources can play in helping you start and grow a business. Here are just a few ways libraries support entrepre...

Each year the  New York Small Business Development Center  recognizes outstanding small businesses in a variety of ways.  This Success Story from the   Brooklyn SBDC  appears in our  2016 Annual Report .  Doris Ulysse Brooklyn SBDC The story of Doris Ulysse is testimony to the grit and talent of a determined African American woman entrepreneur. Doris specializes in network design and administration. She is particularly adept at configuring and integrating hardware and software for a full spectrum of client types. She first consulted the Brooklyn SBDC after years of working as an IT professional to “test the waters” of entrepreneurship.  Advisor Janet Page expertly guided her through the business planning process and MWBE certification protocol. Doris became an MWBE subcontractor through the NYC Office of General Services and a contractor for the NYC Housing Authority. She learned that having certifications had little to do with ge...

From: HuffPost November 11th marks Veterans Day 2017, where we salute veterans that have served the United States. Post-service, many veterans move on to become successful entrepreneurs with the United States Census Bureau reporting that veteran-owned firms make up 7.2 percent of the nation’s 5.5 million employer businesses. For veterans that want to explore the entrepreneurial landscape, but aren’t sure where to turn to first for support or assistance, we’ve done the legwork on finding some of the best resources available that cover everything from mentorship to angel investments for making small business dreams a reality.

The Office of Advocacy has released a report on veteran-owned businesses. The report gives a detailed profile of this robust business population based on the latest available data, the U.S. Census Bureau’s 2012 Survey of Small Business Owners. • In 2012, the United States had 21.2 million veterans, and 2.52 million businesses were majority-owned by veterans. • Almost all of veteran-owned businesses (99.9 percent) were small businesses. • Veteran-owned firms had receipts of $1.14 trillion, employed 5.03 million people, and had an annual payroll of $195 billion. • These firms represented 9.1 percent of all U.S. firms. • The three states with the most veteran-owned businesses were California, Texas, and Florida. • The three states with the highest percent of veteran-owned businesses in their populations were South Carolina, New Hampshire, and Virginia. The report is called Veteran-Owned Businesses and Their Owners: Data from the U.S. Census Bureau’s Survey of Business Owners. It ...

From  Bplans Starting a business  from scratch isn’t easy under any circumstances. But for members of the millennial generation, many of whom still sit atop a mountain of student loan debt, it can seem virtually impossible. Student debt has risen dramatically in recent years to become the largest single debt source among those under 40. In fact, the average class of 2016 graduate  will be saddled with $37,172 in student loan debt —enough to crush the entrepreneurial spirit of any would-be business owner. Even so, if you have a business idea you believe in, there’s no reason to put those dreams on hold. With some  careful planning  and financial management—and a bit of luck—you can overcome your debt burdens and turn that killer idea into a reality.

From Entrepreneur : By Brandon Turner, Real Estate Investor and Co-host of the BiggerPockets Podcast! Starting a business is exciting -- and scary. I've started more businesses than I'd care to admit. In my experience, it's a bit like driving through a heavy fog where you are only able to see a few feet in front of the windshield -- you don't know what's up ahead until it's upon you. However, the longer you are an entrepreneur, the better you can navigate through that fog. As I've been driving through the fog for over a decade now, I thought I would take today's post and boil down 15 of the biggest lessons I've learned over the past decade of building and growing businesses. Consider these tips "stuff I wish I had known when I was young and stupid." From Forbes : By Nicole Robinson, CEO, Gloss and Glam. Starting my company Gloss and Glam was the best thing I ever did. But before I opened my business, I spent countless hours s...

From Bplans : For many, the hardest part of starting a business isn’t coming up with the idea or choosing the right name. Deciding when the time is right to start a business is often the biggest challenge. How do you know when to take the plunge? Should you go all in, all at once—or take it more slowly? This can be an extremely difficult question to answer, and doing so involves a careful assessment of your own strengths and weaknesses, your position in life, and (of course) your financial situation. Generally speaking, it comes down to a decision between “jump right in,” and “slow and steady.” That is to say, some feel it’s better to quit your job and start your business right away, while others will advocate for a more measured approach, involving building up your new business on the side before transitioning into the role of full-time entrepreneurship.

From the Small Business Administration : Between 1994 and 2015, self-employment rose substantially among those born abroad, and, by 2015, self-employment was much higher among those born abroad than among those born in the United States. This report explains the rise in self-employment among those born abroad and the difference in self-employment in 2015 by birthplace. The prevalence of self-employment varies with age. Between 1994 and 2015, the population born abroad shifted toward ages with higher self-employment. If the age distribution of those born abroad had not changed, self-employment would not have risen among those born abroad, and self-employment in 2015 would not have differed significantly by birthplace.

Visa PitStop As November 9th, here’s what we do know in terms of where Trump stands on immigration that would significantly impact U.S. employers and foreign entrepreneurs based on his August 31, 2016 10-Point Speech on Immigration . Under the North American Free Trade Agreement entered into by Canada, Mexico and the U.S., in 1994, a new professional visa category (TN visa) was created to enable Canadians and Mexicans to enter the U.S. and fulfill certain occupational work here. The Agreements allows for any party to withdraw under Article 2205, by providing written notice six months in advance to all parties. Trump wants to impose new requirements for all immigration-related visas, particular for the H-1B, by requiring employers to first test the labor market by 1) attempting to fill any open positions with U.S. workers first before hiring foreign workers and 2) by requiring employers to pay a certain prevailing wage level.

From Bplans : The transition from the corporate world to entrepreneurship is jarring for anyone who takes the leap. The work, structure, and indicators of success are different in many ways. Things you became adept at while working at a company—like keeping your boss happy and navigating office politics—lose their utility when you’re on your own. It was an exciting environment with a steep learning curve. However, having grown up in a family of small business owners, the pull of entrepreneurship strengthened as I grew older. After several years in the corporate world, I realized it was never going to get easier to make the switch. Leveraging our financial skill sets, my partner and I started a tech-enabled factoring company that helps innovative B2B businesses and startups fund their working capital. The transition from a white-shoe Wall Street firm to the near absolute freedom of entrepreneurship required enormous adjustments in all aspects of my life.

The leaders of the U.S. Small Business Administration (SBA), W.K. Kellogg Foundation (WKKF) and microlender Justine PETERSEN  announced this week the formation of the Aspire Entrepreneurship Initiative, a groundbreaking new $2.1 million partnership to expand access to entrepreneurial education and microloans for formerly incarcerated individuals, with a specific focus on those who are parents. Initial rollout for the initiative is planned for Detroit, MI, Chicago, IL, Louisville, KY and St. Louis, MO.    “Entrepreneurship and small business ownership are proven paths toward wealth creation and financial independence especially for people who might otherwise feel trapped by their circumstances”

From Entrepreneur It's an age-old conundrum that faces every entrepreneur planning their business: What do I pay myself? There are a lot of different theories when it comes to this issue. To begin planning your pay, you need to put together your own personal financial statement that lists all your living expenses and any credit cards with outstanding balances as well as short-term and long-term loans. This may be one of the most difficult things you've ever had to do because you don't want to leave anything out. You want to make sure that your income from the business will be enough to cover your expenses. As simple as this sounds, pay yourself enough to meet basic living requirements. Depending on your situation, that means enough income to cover your bills, food and other miscellaneous living expenses. Strike all other discretionary items from your life for a while and get used to just the bare necessities. If you are used to dining at fine restaurants seven days ...

The U.S. Small Business Administration and AARP are renewing their “Summer of Encore Mentoring” educational events targeting entrepreneurs over the age of 50 who want to start or grow their small business.  Building on the success of last year’s “Summer of Encore Mentoring,” the SBA and AARP will match encore entrepreneurs with successful business owners, community leaders and advisers for advice, counseling and training assistance during the months of June, July and August 2016.   “The face of entrepreneurship is changing in America and more of those faces today belong to entrepreneurs over the age of 50.  Here at SBA, we are focused on building ladders of opportunity that are open, accessible and available to all entrepreneurs,” said SBA Administrator Maria Contreras-Sweet.  “We are fortunate to have a great partner in AARP, which has been dedicated to helping those over 50 take control of their future.” The “Summer of Encore Mentoring” will consist of nationwid...

Did you know Steve Jobs loved lecturing at universities because it gave him an opportunity to scout talented potential employees and build his team first hand?  Read more about the habits  of successful business leaders .

Calling all small businesses and entrepreneurs! If we hope to translate what we are learning about Alzheimer’s disease into health, safety, and emotional well-being benefits for Alzheimer’s patients and their families, then small businesses have a vital role in making that happen. The NIA recently published two funding opportunity announcements for small businesses focused on Alzheimer’s disease. One targets the  Small Business Innovative Research  program and the other the Small Business Technology Transfer  program. Both have an initial submission date approaching rapidly— April 5 . And if peer reviewers smile upon your application, you can even receive funding before the end of September this year. TO READ MORE

There are so many options these days for learning opportunities, often for free. I have only listened or viewed a couple of these in the past but today checked out a course that our clients would be invaluable to a lot of our clients, in particular tech clients. I was searching for a podcast for training people on how to sell. A course on iTunes U that jumped out to me is How to Start a Startup by Sam Altman. It's free! There are over 40 lessons, some video-based units and some podcasts. I jumped to the unit on Sales & Marketing: How to Talk to Investors. It concisely works through the steps of what questions an entrepreneur needs to be able to answer. What to say, when to shut up, and what attitude to you need to be successful. This was a section that I thought would be very interesting for businesses starting out and trying to get funding. Other interesting units are on how to manage, hiring, accounting, and simply "building product and talking to users". There ...

Have there been reasons to make drastic changes to your business? If you are in the stages of possibly rebranding the SBA has a STEP-BY-STEP process to help guide you back onto the road to success.Here is what you need to do when going back to the drawing board. Rebrand Your Business, Step By Step

When it comes to decision making, colleagues and peers can help provide objective opinions as well as present new ideas you hadn't considered. Programs like CEO Xchange support entrepreneurs by providing them with a confidential setting to discuss vital business issues, opportunities and trends with other colleagues. CEO XChange presents top executives with the opportunity to broaden their business perspective and gain new knowledge by engaging in collaborative thinking and problem-solving - giving them the ability to more effectively lead their companies. And research has shown that personal and peer coaching, like that found in CEO XChange, can contribute significantly to entrepreneurial skill development and decision making. Learn More: ucf Read more at: Businessusa

Everyone has to deal with the nitty-gritty details of starting a business; no matter your industry, getting started safely and legally involves at least a little red tape. You need to make your business an official legal entity, and take an in-depth look at what permits and licenses you need at the local, state, and federal levels to be able to operate your business without fear of being hit with a fine—or worse, having to close down. The term "business license" is a bit misleading as it makes it sound as if there is one license you apply for, sort of like a driver’s license, that you obtain and—voila! You’re legally in business. That is not the case. Read more from Bplans