The Greatest Entrepreneur? Teenagers Reflect…
According to a survey of 1,000 teens conducted by Junior Achievement USA (JA) and ORC International, Microsoft cofounder Bill Gates is the “Greatest Entrepreneur Alive Today.” Of those teens expressing an opinion, more than a third (37%) picked Bill Gates, followed by entertainment legends Beyoncé (15%) and Oprah Winfrey (11%), Donald Trump and Mark Zuckerberg (tied at 7%), and Mark Cuban and Taylor Swift (3%). Daymond John and Barbara Corcoran rounded out the list (tied at 1%).
According to another survey of 500 teens conducted by JA and ORC International, most 13- to 17-year-olds (87%) have an interest in starting their own business. Nearly half (47%) of teens who expressed an interest would only consider doing so if they were given information on how to run a business, while one in five would only do so if someone was willing to lend them money. Eleven percent would if they knew someone who owns their own business, while nine percent would need to have a family member with their own business to feel confident enough to become an entrepreneur.
To help engage future entrepreneurs, JA of Central Illinois provides programs to more than 15,400 students in Logan, McLean, Peoria, Sangamon and Woodford counties. Entrepreneurs and business leaders interested in sharing their expertise can call (309) 682-1800 or email [email protected]. For more information, visit centralillinois.ja.org.
Plan the Best Holiday Office Party in Town!
In charge of throwing your office holiday party and need a place to start? Check out a few tips from Crain’s Chicago Business to help you get the ball rolling for a festive workplace celebration!
- Know your attendees. Different generations, backgrounds and interests will most likely be represented, so be sure to keep this in mind so you can be as inclusive as possible. This includes decorations, food and drink options, and games.
- Consider a Thursday… While a weekend might seem more practical, some people may not be available. Hosting your party on a Thursday will allow more employees to attend, while being close enough to the weekend to help them let loose. It doesn’t have to be in December, either—holding your celebration before or after the holiday rush can make the evening more relaxing and enjoyable.
- Start early! No one likes last-minute scrambling, so get started… and book your vendors, venues and/or performers as soon as possible. (It’s not too early to begin planning for 2017!) Finally, don’t forget this is a treat for your employees, their friends and family, and yourself—so be sure to set aside a budget for expenses… having it all covered will make it a stress-free night to remember!
For more tips, check out Crain's Corporate Holiday Guide at chicagobusiness.com/corporate-holiday-guide-2016.
Do Women MakeBetter Entrepreneurs?
According to the 2016 BNP Paribas Global Entrepreneur Report, female entrepreneurs are slightly more successful than their male counterparts, with women-run companies generating about 13 percent more annual revenue than those run by men. Women also tend to hold higher expectations and a more positive business attitude toward the future of their businesses.
Source: 2016 BNP Paribas Global Entrepreneur Report
Labor After Labor
It’s not easy being a working professional or a mother—being both is twice the challenge! Yet moms playing double duty face this task every day, despite a range of obstacles thrown their way. In May 2016, the Kauffman Foundation released Labor After Labor, the first in a series of reports on entrepreneurship and motherhood, exploring the trends, challenges and needs of mothers in the workplace and providing some recommendations that could help improve the landscape for mother entrepreneurs—and the overall U.S. economy:
- Changes in public policy. Policies should better acknowledge family needs, including more practical family leave for new parents, part-time employment and subsidized childcare. Legislation and regulations that provide adequate leave and work/life balance resources for working mothers can help them succeed in their careers without having to sacrifice their personal lives.
- Restructured workplace expectations. The passing of time brings new generations and fresh outlooks… and flexible work hours are a major point of modern workplace discussions. In the U.S., for example, a full-time work week averages 47 hours, while Norway’s work week averages just 33 —yet the latter is the most productive country in the world per hour worked and has generous parental leave. “Sometimes shorter work weeks can help people work more strategically and efficiently,” the report declares. “Happy workers are more productive workers.”
- Entrepreneurship support organizations (ESOs) can provide working mothers (and fathers) the foundation they need to grow their businesses while supporting their needs at home. ESOs can range from family-friendly spaces, such as on-site child care, to counseling services and mentoring programs that help address the barriers to work/life balance.
There’s a lot whole more in this report—visit kauffman.org to download it in its entirety.
Rising Female Stars Unlikely to Become CEO
A recent study by McKinsey & Company and LeanIn.Org shows women are less likely than men to get a first critical promotion to manager, so far fewer women get started on the path to leadership. As a result, the higher you look in companies, the fewer women you see.
Released in September, Women in the Workplace 2016 is a comprehensive annual study of the state of women in corporate America, based on data from 132 companies that employ more than 4.6 million people, including Visa, MetLife, JPMorgan Chase, Procter & Gamble, Facebook and General Motors. Among its key findings:
- Promotion rates for women lag behind those of men, and the disparity is the largest at the first step up to manager. As a result, far fewer women end up on the path to leadership.
- Women get less access to the people and opportunities that advance careers and are disadvantaged in many of their daily interactions. These inequities take a toll on women: They are less likely to think they have equal opportunities for growth and development, and more likely to think their gender will play a role in missing out on a chance to get ahead.
- Women of color have higher aspirations to become a top executive compared to white women, but get even less access to opportunities for growth and advancement. They also see a workplace that is less fair and inclusive. In all cases, black women appear to be the most disadvantaged.
- Women negotiate as often as men—but face pushback when they do. Women who negotiate for a promotion or compensation increase are 30 percent more likely than men to receive feedback that they are "bossy," "too aggressive" or "intimidating."
- Women ask for feedback as often as men—but are less likely to receive it. Moreover, there appears to be a disconnect in the way managers convey difficult feedback. Most managers say they rarely hesitate to give difficult feedback to both women and men, but women report they receive it less frequently.
- Companies are highly committed to gender diversity, but struggle to put it into practice. Less than half of employees think their company is doing what it takes to improve gender diversity, while less than a third say senior leaders regularly communicate the importance of gender diversity and are held accountable for making progress.
The report identifies concrete steps companies can take to advance gender diversity efforts, including explaining why it matters and how it benefits everyone; ensuring their hiring, promotion and performance review polices are fair; and investing in training so employees know the steps they can take to promote gender diversity. In addition, they can place more emphasis on accountability and set targets so it's easier to track and make progress. The complete report is available for download at womenintheworkplace.com. iBi