Recently in The Glass is Half Full Category

I made a commitment a while back that I have slacked off on of late.  I promised that no matter how rough things got, I would always try to come back to the entrepreneurial mindset in this blog...that the glass is always half full.

I realized recently that I have been a bit more, well, a bit more of a half empty guy of late.  In retrospect, that may be why my blogging has been less consistent.  It takes more energy to write about the top half of that glass.  How many different ways can I scream from the mountain top, "High taxes, complex regulation and reduced property rights are killing the entrepreneurial class in the economy!!!!!"

The good thing about my job is that anytime I get into a half empty funk, I have my students to pull me into the refreshing half that is full.  Full of ideas.  Full of unbounded optimism. Full of creative energy. Full of hope for the future

The really cool thing is that there is not just one of them.  We have dozens and dozens of them in our program.

Our students tend to fall in two basic categories.  The first are aspiring entrepreneurs who are full of energy, but have no specific clue where they can or should focus their entrepreneurial energy.  What makes them fun is that by helping them discover where opportunity comes from -- mainly change, that creates pain and chaos -- you can see them transform.  That potential entrepreneurial energy explodes as their eyes open to all the opportunity that has been right there in front of them all along.

The second type of students are the ones with entrepreneurial A.D.D.  Their problem is not finding opportunity -- it is focusing long enough on just one of the myriad of ideas swimming in that half full glass long enough to get traction.  What makes them fun is that they are like a wild horse.  Once you finally break them, you can saddle them up and watch them run with a purpose.

Case in point is Ross Hill, who transferred to Belmont from the University of Kentucky.  Every time we meet, I walk away exhausted!  He never has one idea or new business to talk about.  He has three or four or ten!

In addition to being involved in more start-ups and student activities than I can possible keep track of, he has also begun to blog about it all.  He made a post yesterday that made my day.  Here is part of it:

I remember when I got my first Swiss Army Knife, it amazed me how it could solve any problem you came across.  I was about four year old when I received my first one, so if I had a bottle of wine, I could open it with the cork screw (Mother, THAT WAS A JOKE), I could chop up some onions, the possibilities were endless...  Like the swiss army knife, many start-ups are bogged down by over-complication. These start-ups focus their attention on having the most features, or solving the most problems.  I am always fighting the urge to do this, like many entrepreneurs; but I believe that by practicing a few simple exercises, I can help myself stay focused on one idea and sharpen my blade, rather than dull it. 

He goes on to offer some really good practical advice for any entrepreneur who has the tendency to chase any shiny object that comes along.  It is well worth a read.

Some professors dread the coming of the fall.  The impending arrival of yet another round of lectures and grading seems to weigh heavily on them.

Me? I can't wait for the fall semester to come around again. 

Even though the glass is not overflowing with opportunity at the present time, I am counting down the days until I can dive, with our students, into the half of the glass that is full. 

So thanks to all of my students past, present and future.  You help me focus on all of the opportunity that is out there, rather than the half of the glass that is void of hope and optimism.

Although the news a rather bleak these days, entrepreneurs are still dreaming, still aspiring, and still creating.

The US Chamber of Commerce is running a video contest called "I am Free Enterprise." 

Want to be inspired?  Want to smile?  Watch these videos.  This is definitely my "glass is half full" tip of the week!

Listen carefully to hear how each came to identify their opportunity from their every day lives.  That is how most sustainable ventures are created.  There are some great lessons in each video on how to find opportunity even in these tough economic times.

Here are four of the finalists:



And make sure to go to the contest link above to vote!  You can vote once a day until June 2, 2010.

Entrepreneurship programs like to boast the success rates of their entrepreneurs.  Most find that five years out about 80% of the alumni businesses still operating.  Not bad when compared to the national average of about 50%.

Well, academic entrepreneurship programs have met their match -- it is the Amish.  Recent studies have found their five year success rate to be over 95%!

I am not sure if they are all sending me a challenge for our program results, but no less than six people have sent me the link to a CNN-Money article on the success rates of Amish entrepreneurs.

The Amish secrets for entrepreneurial success?  According to Erik Wesner's new book out about the Amish Entrepreneurs in the U.S, it is simple practices:

1. Hard work and long hours.
2. Strong faith and values.
3. Family commitment to the business.
4. Humble leadership.
5. Treating the customers well and offering them good value.

All good lessons for entrepreneurs anytime, but particularly in today's economy.

Here is a trailer for Wesner's book:

The Rules of Amish Business Success (Erik Wesner) from Indy Graphics on Vimeo.

With traditional employment looking so bleak a common question is this: "Are you seeing more students interested in entrepreneurship given the depths of this recession?"

This is a good question because historically we have seen a small upswing in student interest in entrepreneurship when the economy and job market soften. But this has become a much deeper recession and a more worrisome long-term economic climate. How are students reacting this time?

When the bottom fell out of the economy, the initial reaction among my students at Belmont University was one of shock. This generation is one that has been protected from failure and insulated from risk. I tend to have graduating seniors in the class that I teach, so those not already in business did not know what to do next.

But over the next few months, I saw a transformation. My students began to accept the new state of the world and adjust their expectations. I began to believe that this generation is ready to follow their entrepreneurial spirit and help rebuild our economy.

The other day I received a piece of data about our program that affirmed my theory.

Many industries see interest

Each year we usually see about 15 to 20 new businesses started by our undergraduate students. Mind you, they do this in the midst of taking classes and often while also working part time. This year we have seen a tripling of new practicing student entrepreneurs.

We went from 18 new undergraduate student businesses last year to 54 this year. These students are coming from all across our campus from many different majors.

The businesses they are starting are in a variety of industries. As would be expected in Nashville, a good number are in the entertainment industry -- including audio production, video production, artist management, live performance and music promotion.

There are several related to the food industry, too, including a couple of different types of catering businesses, a manufacturer of food flavorings, one that makes barbecue rubs and sauces and a food co-op.

Students have set up online businesses that sell everything from golf clubs to auto parts to high-end makeup. There are businesses that sell such things as jewelry, lawn services, aprons and kitchen cabinets.

And some students have created businesses that provide a variety of services, including basketball training, online marketing, medical waste disposal and even credit restoration.

Now it is time to turn the newly minted "Entrepreneurial Generation" loose. It is time to help give them the capital they need by cutting taxes. We also need to provide the freedom they need to navigate a very challenging marketplace by clearing the path to starting and growing businesses by cutting regulatory red tape. The "Entrepreneurial Generation" is willing to meet the challenges in our economy. This news has certainly raised my spirits about our economic future.

(This post ran as my column in the Tennessean today).

"So are you seeing more students interested in entrepreneurship given the depths of this recession?"

I get this question a lot.  And it is a good question because historically we saw a small upswing in student interest in entrepreneurship when the economy and job market softens.

But this is a much deeper recession and more worrisome long-term economic climate. 

How are student reacting this time?

When the bottom fell out of the economy the initial reaction among my students was shock.  This generation is one that has been protected from failure and insulated from risk.  I tend to have graduating seniors in the class I teach, so those not already in business did not know what to do next.

But over the next few months, I saw a transformation.  My students began to accept the new state of the world and adjusted their expectations.  I began to think that this generation is ready to show their entrepreneurial spirit is for real.  Maybe they are willing to step forward and help rebuild our economy one business at a time.

Then, as interest in business majors began to decline overall -- some theorized due in part to disillusion with corporate America -- the number of students in our major held steady.

Finally, the other day I received a piece of data about our program that affirmed my theory.

Each year we usually see about 15-20 new businesses started by our undergraduate students.  Mind you, they do this in the midst of taking classes and often while also working part-time.

This year we have seen a tripling of new practicing student entrepreneurs.  We went from 18 last year to 54 this year.  Keep in mind that these students are not just our majors.  They are coming from all across our campus from many different majors.

So it seems at least among the young people I work with, the entrepreneurial generation is willing.  This news has certainly raised my spirits about our economic future.

I am also confident that our students will be not only willing, but also able the help rebuild the economy -- the success rates among alumni entrepreneurs are solid.

Now it is time to turn them loose.  It is time for policy makers to give them the capital they need by cutting income taxes and the freedom they need by cutting regulations so they can help build a better future for all of us.

Entrepreneurship is more than just a driver of economic development. It can help build communities.

Two recent examples from Tennessee universities help illustrate this important lesson.

The first one comes from Jackson. In fall 2007, a group of entrepreneurially minded students at Union University came together to create a vision for the school's first campus-based business.

The students represented majors from all over campus, including business, art, communications and philosophy. They wanted to create a space on campus to foster conversations and collaboration among academic departments and social groups.

After months of planning and preparation, Barefoots Joe -- a coffeehouse and concert hall -- was proposed to the administration. But a lack of finances delayed construction.

Then on Feb. 5, 2008, an F-4 tornado devastated the campus, causing millions of dollars of damage. Only hours after the tornado, Dean of Students Kimberly Thornbury began to search for a common place for faculty and students to come together to deal with all that had happened.

The administration invited the student team to implement its idea for Barefoots Joe. With donations from the community for funding, materials, equipment and time, the team began to implement its plan.

On March 1, just three weeks after the tornado, the coffeehouse and concert hall opened. More than 500 curious and excited students gathered to celebrate the grand opening and start the process of rebuilding the Union University community.

Two years later, Barefoots Joe continues to be a meaningful space that helps foster community spirit and collaboration.

Another example comes from a group of Belmont University students who traveled to Guatemala as part of their entrepreneurship studies.
Effort improves farmers' lives

The town of Chajul, located in the mountainous region of Quiche in northern Guatemala, suffered some of the most brutal violence of the country's 30-year civil war. Its predominantly indigenous community continues to be one of the most economically distressed in Guatemala.

The Belmont students, led by College of Business Administration faculty Jose Gonzalez and Marieta Velikova, traveled to Chajul earlier this year and worked with the farmers who are seeking to diversify away from their reliance on coffee by adding fair trade honey production.

What started as a small initiative to support coffee farmers is beginning to have a major impact on the economic and social development in the region.

The students are now seeking funding from a social innovation competition sponsored by Dell to fund expansion of the project. They also want to use the funding to support the expansion of a micro-loan fund.

Funding from the competition is based on votes at this Web site: http://www.dellsocialinnovationcompetition.com/ideaList?lsi=3.

Some 85 percent of the population of Quiche lives on less than $2 a day. Creating a more efficient opportunity for revenue growth for a cooperative that is a central part of the community will greatly improve the livelihood of the honeybee farmers, their families and the community.

Given the depths of this recession, we need to help entrepreneurs around the globe once again thrive. Small business growth is the key to rebuilding communities that have been devastated by unemployment.

(This post ran as a column in today's Tennessean).

Ben Cunningham sent along a link to a story that looks into what actually happened with the $15 billion for small business support announced by the SBA last spring.  I had raised concerns about an artificial infusion of debt financing for small businesses when this was first announced (see here and here).

It seems that as of today, none of the money has been distributed.  From Jake Tapper with ABC News:

The source told me that the reason the program has not been officially utilized was twofold.

One, almost every potential participant declined to cooperate because they didn't want the stigma of using TARP funds given the tremendous public anger towards Wall Street and resentment about the $700 billion bailout.

Two, the specific purpose of the plan - to get the secondary market moving again for these SBA loans - was largely accomplished.

It may seem odd, but a story about government bailouts actually qualifies as a "The Glass is Half Full" post.

Why?

First, the public is not buying "government as the solution" policies and are pushing back against them.  Although the story only references TARP, bailouts and the wasteful spending they have created have been getting more and more bad press and scrutiny from the public.   

But even more importantly, the market worked on its own without the government helping with massive infusion of taxpayer dollars.

I doubt that most of those inside the belt-line in Washington understand the real lessons of this story, however.

Well, our latest student-create, student-run campus business, Buzzy's Candy Store, is off to a roaring start! 

It demonstrates that the market is still open to businesses that fill a niche, even in the throws of the recession.  The student who proposed the venture did her homework and found that a candy store is something our students, faculty, staff and neighbors all wanted. There are still opportunities out there -- a little harder to find, but they are there.

Here are a few shots from their opening weekend.


The Buzzy's Store Front


Buzzy's founding team of students


Belmont University President Fisher among first customers

My column from the Tennessean this week:

Entrepreneurs are inundated with lots of troubling news. They are very worried about the challenges that the recession has created for their businesses.

Many also have been voicing concern about the potentially crippling effects that higher taxes, increased regulation and eroding property rights may have on their business prospects.

However, we must never lose sight of the fact that entrepreneurs continue to survive -- and even thrive -- in spite of all that seems to be working against them.

Entrepreneurs have an amazing capacity to look at the glass as "half full" even during the worst of times. Keeping a positive outlook can be a powerful force to stay on track.

A regular reader of my blog, Mary Anne Thomas from Black Mountain, N.C., sent me an opinion piece she wrote for the Black Mountain News. She and her husband, Bob Thomas, developed what they call a "Good News Board" to keep looking at the positive side of things. They are convinced that such positive thinking has real power.

Bob Thomas is a well-known golf author. Four years ago, he started a company to sell golf books as tournament gifts. When the economic crisis broke, his sales completely stopped. Their income was imperiled. They had to turn things around, and fast.

Their "Good News Board" -- which is a dry-erase board hanging in the hallway leading into the break room -- is a place where their workers list good news as it happens in their company.

"It's infectious," Mary Anne said. By keeping the focus on the good things, they have gotten their business on track once again.

Bill Evans, owner of Evans Glass Co. in Nashville, is another entrepreneur who has refused to let the bad economic news of the past two years get him down. "I know that my attitude is one of the very few things I can control," Evans said.

"A positive attitude is a choice, and I choose it," he said. "I have also found that having a defined, measurable goal keeps me focused. The more focused on a goal, the less I can be influenced by the things preventing me from reaching my goal."

Evans has never lost faith in his ability to endure. He is convinced his positive thinking will play a big part in the long-term success of his business.

I have decided I need to add one more New Year's resolution to my personal list. While I am going to continue to be a watchdog on the policies that are detrimental to entrepreneurship, I will not lose sight of why it is so important to do so. I will keep my focus on the half-full side of the equation, finding inspiration from the small business heroes who continued to pursue their dreams in the midst of this troubled economy.

Like those entrepreneurs, we must all keep looking at the glass as half full.

The Acton Institute has been working tirelessly at the intersection of entrepreneurship, faith, free enterprise and public policy for many years.  They empower people to become more effective church and community leaders, supporting free enterprise.  We have had one of their founders, Father Robert Sirico, to the Belmont campus in the past and have him scheduled again on April 13, 2010.

For four days each June, the Acton Institute convenes an ecumenical conference of 400 pastors, seminarians, educators, non-profit managers, business people and philanthropists from more than 50 countries in Grand Rapids, MI. With this week of fellowship and discourse, participants build a theological and economic infrastructure for the work of restoring and defending hope and dignity to people around the world. This is Acton University.

Registration is now open for the 2010 Acton University (AU), which will take place on June 15-18 in Grand Rapids, Michigan. This year's distinguished international faculty will once again guide participants through an expanded curriculum, offering even greater depth of exploration into the intellectual foundations of a free society.

Space and scholarship funds are limited.  Visit www.acton.org/actonu for online registration form along with complete conference information.

A great forum to join like-minded people looking to take positive actions to support economic liberty.