Graduation Season pits aspiring business owners vs. job seekers

Op-Ed by Edward Foxworth III/Tell Us USA News Network

DETROIT (Tell Us USA) - As thousands of students prepare to turn their tassels from right to left, after receiving their well-earned certificate, diploma, or degree, entrepreneur ship is an ever increasing option. Filled with insight, structure and the academic wherewithal, students are concerned about whether there will be an employment opportunity for them to apply this knowledge to. According to online job search resource Career Enlightenment, 14.4 million people used social media to find their last job in 2011. In March, LinkedIn reached 100 million users worldwide and is growing at roughly a million new members every week, the equivalent of a professional joining the site every second, says CEO Jeff Weiner.

Graduates, along with professionals already in the marketplace, are making the decision to create a path where there is none. According to the Kauffman Foundation, 565,000 new businesses were created in the year 2010--the most in 15 years-- many who were forced into it due to the economic downturn. Entrepreneurs today must be flexible, innovative and willing to let customers be picky if they are to be successful. Customized, collaborative and technologically astute products and services will provide a competitive advantage for business owners who can get it right as they will attract a larger audience of consumers. The challenge. The 21st century entrepreneur is not like the small business owner of old. Today, there is a branding war taking place and the larger, well-know companies are winning. Why? Because it’s easy, brand loyal consumers are getting lazier and some companies are offering diverse incentives. Furniture stores may now offer two flat screen televisions and/or a video game console with the purchase of a living room set.

Last year, entrepreneurial growth was highest among 45 to 54 year-olds, rising from 35% in 2010 to 37% in 2011. In contrast, the 35 to 44 year-old and 55 to 64 year-old groups experienced declines in entrepreneurial activity rates from 2010 to 2011. The youngest group (ages 20 to 34) showed a slight increase in small business ownership.

In a recent Business Roundtable discussion on Impact Network’s American Entrepreneur, Small Business owners and Industry Experts weighed in on what it takes to get started and how to maintain an enterprise.
Edward Foxworth is the host of American Entrepreneur, the author of The Six Routines of Self-Discovery and is available for speaking engagements. For more information visit www.edwardfoxworth.com.