American Infatuation with Small Business

2©2015

AMERICAN INFATUATION WITH SMALL BUSINESS 11.20.15

3©2015

Agenda

•  Setting the Scene: Questioning the American Dream •  Where We Are Now: in Love with Small Business

SETTING THE SCENE:

QUESTIONING THE AMERICAN DREAM

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•  In the last half of the 1900s, the American Dream was defined and – largely – attainable

•  We believed in the system, we believed we could get there

A house in the suburbs, two kids, a pension…

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•  And for boomers, whose expectations were based largely on their parents’ experiences, things went pretty well

•  Times were good

http://waitbutwhy.com/2013/09/why-generation-y-yuppies-are-unhappy.html

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Until our trusted institutions started to fail us.

And then it really fell apart.

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We started asking ourselves:

What does it mean to be successful?

12©2015

Happiness ranks high among success-oriented consumers

•  Happiness has always been important for Millennials •  But now, it’s becoming an increasingly important component of

success for Gen Xers and Boomers too

https://www.iconoculture.com/Media/PDF/pd_TopTrendsAShiftinSuccess_398803_10.pdf

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This shift is redefining what we want from our careers and how we talk about them.

http://waitbutwhy.com/2013/09/why-generation-y-yuppies-are-unhappy.html

(Graphs show popularity of phrases)

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If success is about being fulfilled and happy, we’re not finding success at work.

http://www.liveinthegrey.com/

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So, we’re making success happen for ourselves.

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•  The Startup Activity Index is rising in 2015 •  Reversing a downward trend that started in

2010* •  Largest year-over-year increase in 20 years AND •  Only about 20% of new business owners are

coming from unemployment – they’re starting a new business because they see an opportunity

http://www.kauffman.org/~/media/kauffman_org/research%20reports%20and%20covers/2015/05/kauffman_index_startup_activity_national_trends_2015.pdf

*During the recession, people started their own businesses out of necessity. As the economy started to recover and people went back to traditional jobs, the rate of new business creation slowed.

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Technology is enabling small businesses

•  The internet makes it easy to start a business – the information and tools you need are accessible

•  It gives small business owners a platform and visibility –  Allows them to create a professional presence in a way that wasn’t possible

before –  Makes it easy for business owners to reach a much broader customer base

•  It expands customers’ access to products and services

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Easier to start a business

•  Ease of access to information has reduced costs of entry (don’t need a lawyer)

•  Legal Zoom provides all the information and tools you need to get started

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Easier to finance and grow a business

•  Players like Square and PayPal make it easy to accept card payments

•  Additionally, they provide low-cost loans with next-day funds

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Easier to run and promote a business

•  Work any time, any place

•  Help your customers find you and learn about new products

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The internet made it easier for us to find other options, which led many to think more about how and where they choose to spend their dollars. This led to the development of new business models.

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“Microbusinesses of one sort or another have been around since the beginning of commerce, but the ease of connecting with people is a new phenomenon.”

http://www.forbes.com/sites/danschawbel/2012/05/31/how-to-start-a-business-with-only-100-in-the-bank/

WHERE WE ARE NOW:

IN LOVE WITH SMALL BUSINESS

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From lawyer to doughnut shop owner

•  Anne Rucker, 33, used to be a lawyer

•  She was “raking in a big shot salary. But now, she makes a different kind of dough and says she couldn’t be happier.”

•  “I say I’m a recovering attorney now.”

•  “I think it was just I was feeling creatively stifled and feeling unhappy in my work.”

http://www.usatoday.com/story/news/2014/07/22/-inspiration-nation-lawyer-ditches-career/12990581/?utm_source=feedblitz&utm_medium=FeedBlitzRss&utm_campaign=usatoday-newstopstories http://www.citypages.com/restaurants/anne-rucker-of-bogarts-doughnut-co-on-success-new-flavors-and-quitting-her-day-job-6600225

25©2015

She wanted to be passionate about her work

•  People are starting to see their hobbies/passions as viable sources of income

•  “I didn't give myself a chance to think about [cooking and baking] as a career – I just thought of it as a hobby for so long. I enjoyed law school and enjoyed practicing, but it was never something that I loved doing. It was never passionate for me. I think that's why I started looking for other outlets creatively”

http://www.usatoday.com/story/news/2014/07/22/-inspiration-nation-lawyer-ditches-career/12990581/?utm_source=feedblitz&utm_medium=FeedBlitzRss&utm_campaign=usatoday-newstopstories

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Starting out on their own

“We had been making blue jeans for 20 years,” Ms. Eddmenson said. “So what were we going to do? Make crepes? We started a mini version of the old company.”

http://www.nytimes.com/2011/12/08/fashion/imogene-willie-jeans-carrie-and-matt-eddmensons-business-of-kentucky-heritage.html

27©2015

“Call it a gut feeling”

“We went to bed one night with no job and woke up the next morning giving ourselves a job.” “Back in 2008, there was no evidence to prove that our dream would work. We had no idea where we would end up. We had no idea how we would get there. But we knew what we wanted. We wanted to make something that would last. We wanted to make things in the USA. We wanted to create a space to share. We wanted to build community.”

https://www.youtube.com/watch?v=-6GmzSzWgUM https://imogeneandwillie.com/the-beginning

30©2015

America loves small business.

http://www.breitbart.com/big-government/2014/05/28/gallup-finds-americans-love-small-business-and-dislike-big-business/

33©2015

You might even say, “Entrepreneurs are the new rock stars.”

https://iconoculture.com/SMART/Content/View.aspx?ContentID=389084

THANK YOU

American Infatuation with Small Business

Small Business & Entrepreneurship

Transcript of American Infatuation with Small Business