Number of Young Entrepreneurs Declines to Just 4% Since 1989

Why Are There Fewer Young Entrepreneurs?

As of 2018, there were 30.2 million small businesses operating in the U.S. And on average Americans start around 400,000 businesses every year. But there is one group which is not doing well when it comes to starting a business, young entrepreneurs.

The number has gone down so much, The Wall Street Journal labeled them an “endangered species.” This is a serious problem because older entrepreneurs are also retiring or shutting their business down. With small businesses responsible for the employment of almost half or 47.5% of the workforce, the long-term impact is concerning.

A new infographic by Lance Surety Bond Associates, titled, “7 Reasons Young Entrepreneurs are an ‘Endangered Species’” looks at some of the reasons.

The report starts with a sobering statistic about the decline of young entrepreneurs. Between 1989 and 2017, the number of young adults with stakes in private companies declined from 10.1% to 4%. This is the reason The Wall Street Journal attached the ‘endangered species’ label.

Why Are There Fewer Young Entrepreneurs?

The report lists seven reasons for fewer young entrepreneurs today

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August Event Will Focus on Customer Retention for Your Small Business

Customer retention is one of the key metrics for ensuring the success of any business. Keeping more customers for longer periods, means you are doing something right.

The Small Business Administration (SBA) wants to help entrepreneurs do just that with a Twitter Chat.

Titled, “How to Attract and Retain Customers” the chat is going to be held on August 27, 2019 at 3PM ET.

The event will have industry experts on how small businesses can attract and retain customers.

For its part, the SBA will provide its expertise along with tips and resources for the development of entrepreneurs in their startup, growth, expansion and even recovery stages of their business.

It is free, so don’t forget to participate in this conversation.

Follow along and join the conversation.

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TWITTER CHAT: How to Attract and Retain CustomersTWITTER CHAT: How to Attract and Retain Customers
August 27, 2019, Online

Join in a Twitter chat on how to attract and retain customers at 3PM ET on August 27, 2019. The SBA will be sharing tips and resources to help you

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10 Tips to Improve Customer Experience in Your Small Business

If you want to keep customers coming back to your business, you need to create a positive experience. There’s a lot that goes into cultivating that experience, from bringing in customers online to automating parts of the process so that it’s easier for everyone. See what tips members of the online small business community have to offer below.

Automate User Onboarding with Customer Education

If you want to make the customer experience as easy as possible, education is key. Automating this process can simplify things and save time, both for your customers and your team. Check out this Process Street post by Oliver Peterson to learn more about automating user onboarding.

Get Actionable Feedback to Find Out What Customers Really Think

Improving the customer experience also requires gathering feedback from actual customers. If you want to find out what people think of your products and services, you need to find the most effective ways to reach out to them. Katie Lundin of Crowdspring offers some suggestions for doing just that here.

Cultivate an Engaged Online Community

Community can dramatically improve the online experience for your customers and followers. But how do you

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Remote Workers: The Biggest Cybersecurity Risk Your Business Faces

Lack of Cybersecurity Training for Employees

If your small business has an online presence, there are many vectors of attack hackers can use to find vulnerabilities. And as more of these businesses use remote workers, it becomes yet another point of attack which can be exploited. Yet, only half of U.S. small businesses have updated their remote work security policy in the past year.

The data comes from Nationwide’s fifth annual Business Owner Survey. In this year’s report, Nationwide is highlighting remote workers and cybersecurity. This is a timely topic which addresses the ever-changing environment of today’s workforce.

More people are working remotely and if businesses use freelancers they can be very remote, as on the other side of the globe. This means they have to protect their digital assets with robust cybersecurity as well as cyber insurance.

However, small businesses are lagging behind when it comes to implementing all of the security and protection measures in place. In addressing this particular issue in the press release for the report, Catherine Rudow, vice president of cyber insurance at Nationwide, says more nee

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