New York SBDC Research Network

 There are the trends we read about in journals and newspapers and then there are the observations we make from our own perspective - and they don't always match. Throughout this pandemic, we have been able to see with our own eyes the businesses that have closed temporarily or permanently. Friends can tell us how they have been affected by COVID-19 and it is no surprise.  While we see all these outward signs of a shrinking back, there are also indicators of new growth. We have been busy despite COVID-19. This article in Forbes describes what we have seen as supporters of small business owners: Small businesses were hit hard by COVID-19 but there were also a staggering number of new business starts. Small Business Struggle While New Businesses Surge: A Paradox? by  Dane Stangler "Existing small businesses continue to struggle. New entrepreneurs are seeking opportunities. That is what the data appears to be saying about the state of small business and entrepreneurship amidst th

Article by Scott Kirsner Read more in the Boston Globe When things start going south at a startup, no one wants to talk about it. The stream of self-congratulatory press releases and social media messages dries up, and executives suddenly stop replying to interview requests. Laid-off employees have typically been asked to sign nondisparagement agreements, so they clam up, too. Those reasons combine to make it tough to write about the most challenging stage of a startup’s existence: when it has burned through its bankroll, and will either die, get acquired by another company, or figure out some way to survive. [Cue Gloria Gaynor ]

From MarketingProfs Most small business owners worked a full-time job while starting their own firm, according to recent research from Paychex. The report was based on data from a survey of 413 people in the United States who own a business that has fewer than 500 employees. Some 59% of respondents say they worked a full-time job while initially building their own business. The reasons small business owners started their own firms range widely by industry, the survey found.

From Medium : Humans are wired to love a good before-and-after story. We crave transformation, whether it’s fixing up an old house or turning a clever idea into a thriving business. But pushing for that “after” state can lead us to overlook all the fun of getting started. Sure, the early days of building a product or a business can be tough. There are late nights, financial struggles, mistakes, and self-doubt. Yet, it’s also a great time to explore. You can experiment without millions of paying customers watching your every move. And if you don’t have investors breathing down your neck, you can afford to play the long game... But, how do you get started, especially if you’re not ready to quit your job? You can begin, right now, to build a foundation that will support your business for years. Even if you’re not a software engineer (or you don’t have an MBA), there are smart ways to get the ball rolling. Today’s startup media often celebrate the blind leap, but I believe i

From the US Census Bureau:  In 2015, the nation’s 414,000 startup firms created 2.5 million new jobs according to data from the Census Bureau’s  Business Dynamics Statistics . In contrast, this level of startup activity is well below the pre-Great Recession average of 524,000 startup firms and 3.3 million new jobs per year for the period 2002-2006. Other highlights include: ·   Job creation in the United States totaled 16.8 million with job destruction equaling 13.7 million. Job creation minus job destruction equaled net job creation of 3.1 million in 2015. ·   Young firms (those less than 6 years old) accounted for 11 percent of employment and 27 percent of job creation. ·   Old firms (those more than 25 years old) comprised 62 percent of employment and 48 percent of job creation. ·   The job creation rate for young firms, excluding startups, was 20 percent in 2015. This rate is above the Great Recession low of 15 percent in 2009, and it has recovered to its average level of 20 perce

From NOLO Thinking about starting a business? You're not alone. Every year, thousands of Americans catch the entrepreneurial spirit, launching small businesses to sell their products or services. Some businesses thrive; many fail. The more you know about starting a business, the more power you have to form an organization that develops into a lasting source of income and satisfaction. Learn how to evaluate and develop your business idea; decide on a legal structure for your business; choose a name for your business; and much more.

From Bplans : An early question among potential co-founders during discussions about commitment was always “have you raised money yet?” as if it’s a requirement of doing a tech startup. It seems like a common trend with first-time tech entrepreneurs—and even some more experienced entrepreneurs—to think of fundraising as a required step in the process of starting a technology company. They read articles on TechCrunch about how startups are raising huge, early rounds of funding from VCs, then begin putting together pitch decks and attempt to seek out funding for their own startup. However, if you look at the history of today’s biggest tech companies, nearly all of them started without raising outside funds. Facebook, Apple, and Microsoft all started in garages or dorms, and didn’t raise money until later on when they were ready to scale up operations. In fact, many companies are successful without ever raising outside money, including PlentyofFish, Balsamiq Mockups, and Shutterstoc

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