The Entrepreneur's Mentor

Entrepreneurial Opportunities in 2009

Boy oh boy, 2008 is leaving a big mess behind. We have wars, genocides, economic disaster, environmental crisis, financial crimes galore.

But, as I have said before, entrepreneurs see opportunity in disaster. So, with all of the negative scenarios, where can entrepreneurs excel in 2009?

Here is a short list of areas where entrepreneurs can have a huge impact. In these areas, we will see startup or small companies become giants in the years ahead. As Microsoft started in a garage and became a behemoth, we will see others follow that pattern.

1. Healthcare: As we all know, health care in the US is inefficient, expensive and not available to enough people. The system is so vast and the problems so numerous, that it has resisted attempts to reform it for years. There have been many bandaids but no real solutions.  We need a system to which all Americans can have access at a fair and reasonable cost. We need transparency as to cost and quality. We need to eliminate unnecessary bureaucracy. We need to modernize record keeping. We need to support primary care physicians in their roles as key care givers. We need to educate ourselves so that wellness is rewarded.

There is room for any number of entrepreneurs to jump in. Ideas are needed and needed badly. The Obama transition team is holding a series of community discussions, hoping ideas will pop up that can be applied. Put on your thinking caps entrepreneurs and let's get healthcare on track in 2009.

2. Alternative Fuel and Energy: How much do we have to say here? Do we want to rely on the Middle East for oil? Absolutely not. Find alternatives. Design new engines that run on more renewable fuels. Design new, long-lasting batteries. There are huge opportunities here.

Capture the wind, take another, fresh look at nuclear power. What about new bio-fuels?

3. Education: Look at our schools, particularly in the cities. Compare us to other countries. Shame on us. When did we lose our priorities? It is time to re-design education. Entrepreneurs in the public sector need to look at how we change education to give us the results we desire. We need an educational strategic plan. What could be more important?

4. Government: We need entrepreneurial politicians at all levels. The political system is not designed to give the American people what we need and deserve. It is designed to serve the needs of the politicians. Where are the entrepreneurs to tinker with this system to improve it? Why can't we set government prioritiers and achieve them? If government was a public company, would we tolerate the lack of results? Of course not. We would change management. Let's get political entrepreneurs thinking about getting the system to work for the good of the people again.

5. Aging: What are we going to do about all of the old and aging? Medicare and Social Security are huge black holes that are only going to get worse. There are 70 million baby boomers entering or soon to enter old age. We are living a lot longer. How do we support them? Care for them in sickness? Entrepreneurs have often focused on solutions for younger people. We need a bunch for old folks in any number of areas.

We need think tanks of entrepreneurial types focused on these issues. Not politicians trying to be experts in areas they know nothing about. Not self-interested lobbyists for big industry. We need grass roots, entrepreneurial types looking hard at systems that don't work and finding ways to fix them; or break them and start over.

Time is not on our side. 2009 would be a great time to start the big change. Any ideas?

What Do Entrepreneurs Want from Santa?

I know, I know. Entrepreneurs are supposed to be cynical, worldly wise, street smart folks. We know there is no Santa, no free lunch. We know the check is not in the mail. We know when our employees call in "sick" rather than coming to work and pulling their weight. We've heard most of the excuses out there and recognize new ones when they come our way.

Nonetheless, we love pleasant surprises just like everyone else. We love to dream - it was our dreams that made us entrepreneurs in the first place. So, why not accept, at least for a few moments, the existence of Santa Claus. What would we want him to bring us?

Of course there is the usual crew- world peace, an end to hunger and poverty, good health for all. After those we are usually pretty well covered, but not this year. This year, I would add the following:

• A US government focused on getting us back on the right track internationally and domestically.
• More concern for the planet on which we live and the environment in which we live.
• A steadily recovering economy
• Common sense from the banks in making money available to the entrepreneurs with ideas that will help society.
• A common sense, transparent, efficient and effective health care system providing affordable and high quality care
• Realistic confidence
• Business leadership with a social conscience, focused on the present and the future.
• Wisdom that will enable us to take the experiences of 2008 and put them to use in our future thinking,
• Thought leadership
• Continuous innovation
• Renewed passion
• Less partisanship and contentiousness and more cooperation and collaboration
• Patience, which entrepreneurs as a group need

There is so much more, but we can't be too greedy. Okay, one last thing. We need to surround ourselves with the right people- friends, allies, strategic partners, advisers, mentors, suppliers and customers. We need to understand how to use this social and business network to achieve results. We have much to offer each other.

So Santa, did you get all of that? You can spread it around to everyone. We all need these things.

Happy Holidays to all.

Bonus Time

Holiday time leads to expectations on the part of employees that a bonus should be coming their way. Some take it as a given regardless of the quality of their effort, Others assume it is coming without the company's results being taken into consideration. So, of course, ample opportunity for disappointment exists.

Now the flip side....The entrepreneurial business owner is looking at the end of a mediocre to bad year. He or she is worried about making payroll every period, much less having money for bonuses. It is not clear what next year holds, but it is not looking good. Layoffs are possible...or even worse.

What to do?

The owner wonders how a holiday without a bonus check would be perceived. Would it send a signal that would have good employees looking for new jobs? Would it cause a panic?

What a conundrum. What a cruel time of year the holidays can be.

Lots of owners do not feel that their employees are entitled to too much information about the state of the company. So they keep it secret, and then their actions are not clearly understandable.

Honesty is probably the best policy. It should be no surprise to employees that times are tough. It should be no surprise that the company is impacted.It is only fair that they have as much information as possible to help them make decisions about their futures.

Of course, if the criteria for the bonus are made clear at the beginning of the year, and the workers are kept apprised throughout the year, there will be no surprises. Maybe next year, you can start off the year the right way and avoid the angst at the end of the year.

The End of the Year

We are in the last few weeks of 2008, a year which many will be happy to see pass into history. We are either racing to the finish line, trying to get sales in and orders out, trying to hit budgets or at least come close; or we have already thrown in the towel on the year. In the latter case, many have worked much harder all year than usual, have found business much more difficult than in the past.

Yes, it has been a tough year. There is no doubt about it. First came the bursting of the housing bubble, with rapidly rising oil and gas prices right behind, followed by  the bank crisis, then the stock market, then rising unemployment, etc., etc. It has been exhausting.

And it looks like 2009 will be equally tough. So, if we are racing to the finish line, we will need to take a deep breath and then jump back into the new year with renewed vigor. And if we are coasting, we need to think about ramping up quickly to get a fast start on the year.

This is about attitude. We have to be positive and smart and efficient and effective. We have to fight with all of our might, because this is the big test. We have all had our ups and downs but this is the one that will make us or break us.

If you are an athlete, you go into the big games psyched up and mentally prepared to play hard enough to win. We as business people must do the same going forward. We have to want to win more than anything. The consequences are serious and they are real.

We must have the right attitude. We must have the right habits. We must make sure our employees are aligned with us in vision, values, goals and attitude. We must be accountable and hold others accountable. We must be prepared to make sacrifices.

Use the last few weeks of this year to get ready for next. Move into the new year with a running start. Time is short. Don't waste it.

The End of the Year

We are in the last few weeks of 2008, a year which many will be happy to see pass into history. We are either racing to the finish line, trying to get sales in and orders out, trying to hit budgets or at least come close; or we have already thrown in the towel on the year. In the latter case, many have worked much harder all year than usual, have found business much more difficult than in the past.

Yes, it has been a tough year. There is no doubt about it. First came the bursting of the housing bubble, with rapidly rising oil and gas prices right behind, followed by  the bank crisis, then the stock market, then rising unemployment, etc., etc. It has been exhausting.

And it looks like 2009 will be equally tough. So, if we are racing to the finish line, we will need to take a deep breath and then jump back into the new year with renewed vigor. And if we are coasting, we need to think about ramping up quickly to get a fast start on the year.

This is about attitude. We have to be positive and smart and efficient and effective. We have to fight with all of our might, because this is the big test. We have all had our ups and downs but this is the one that will make us or break us.

If you are an athlete, you go into the big games psyched up and mentally prepared to play hard enough to win. We as business people must do the same going forward. We have to want to win more than anything. The consequences are serious and they are real.

We must have the right attitude. We must have the right habits. We must make sure our employees are aligned with us in vision, values, goals and attitude. We must be accountable and hold others accountable. We must be prepared to make sacrifices.

Use the last few weeks of this year to get ready for next. Move into the new year with a running start. Time is short. Don't waste it.