1. Over 50 percent of those millennials surveyed said they would like to start a business one day.
2. 38 percent said they have delayed starting a business because of the economy.
3. Most of this age group sees limited access to credit as a barrier to starting a business.
4. 81 percent of this group strongly support student loan relief for those who want to start a business.
5. 83 percent of these young people think Congress should provide easier access to startup loans.

So, as I understand it from this report: if we improved the economy, forgave student loans, and provided easy access to funding—half of the millennial generation would start a business.

That is interesting, but would any of them start a business if none of those things ever happened (because they likely won’t anytime soon)? Does that mean those millennials who would like to start a business never will—until the government makes it “easy” for them?

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What does that really say about our younger generations and entreprepreneurship?

Well, for comparison, let’s take a look at someone from a little older generation—an early baby boomer. I ran across this information about the same time I read the above requirements for the millennials. Here was the situation when this person decided to start a business in the U.S.:

Economy:

1. Unemployment was at 10.5%
2. Inflation was at 12.5%
3. Interest rates were at 18%, and heading higher.
4. Funding was very nearly impossible to obtain for a startup.
5. A person had to wait in line sometimes hours to buy 5 gallons of gasoline.

This Baby Boomer was:

• Son of immigrants (who divorced when he was two years old).
• Former gang member.
• Homeless—slept in his car.
• Picked up bottles for the deposit value, to buy food for he and his young son.
• No college or special education.
• Worked at odd jobs—from janitor to encyclopedia salesman.
• Was 36 when he tried starting a business—with $350 he borrowed from his mother.
• Lived in his car (again) while starting his business.

Situation Today:

• Is now on Forbes “100 richest people in the U.S.” list (#88).
• Got there through hard work and perseverance.
• Is considered by many to be the most philanthropic businessman on Forbes list—his belief is that “Success unshared is failure.”

Who is this person? You likely never heard his name, and it doesn’t matter, because it could just as well be you.

I just saw on the evening news that around 50% of the upcoming college graduates will not have a suitable job after graduation. Well, here is your chance—become an entrepreneur! If the guy above could do it—so can you.

What—you don’t have any money to start a business? The truth is; if you wait until you get financial help from the government, or the banks, to start a business—hell will freeze over first. And you need to understand that investors are highly selective about who they invest in…and then they only rarely invest.

So, here are a couple of things for you to try—if you have what it takes to become an entrepreneur:

Creative Financing

Bootstrapping

Just remember that entrepreneurship is not for the lazy, or the coddled—there are no entitlements in the world of the entrepreneur.

Here is what our friend above has to say about work and success: The big difference between successful and unsuccessful people is that successful people do all the things unsuccessful people don’t want to do.

The perfect time to start a business is now—your now. If you wait until everything seems to fall in line for you…you will never start a business.

On the other hand, if you are really an aspiring entrepreneur and don’t know quite where to begin, I suggest you take a thorough look at this website set up specifically for beginning entrepreneurs, by clicking here.

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Come on you millennials—any of you can become an entrepreneur, so give it a try. It sure beats the “would-you-like-fries-with-that” crowd (unless you own the place). There is nothing you cannot learn about starting and running a small business—as long as you have the “fire in the belly” for it.

If you request it in the comments or Contact form, I’ll give you the above Baby Boomer’s name, as well as some information on young entrepreneurs worldwide who will be following in the footsteps of the Baby Boomer described above.

What’s your story? Are you waiting, or “doing?”

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Here are some highlights from Kauffman’s latest report:

• In 2011 there were 6,516,000 new full-time businesses created in the U.S. by people between the ages of 20 and 64. People who created more than one business were NOT counted.

• The 2011 rate of business creation was 5.9% lower than 2010, but still slightly higher than pre-recession rates.

• Immigrants started new businesses in the U.S. at more than twice the rate of native-born Americans. (What happened to American ambition and ingenuity?)

• The Construction industry had the highest entrepreneurial activity, and the second highest was the Service industry.

• The rate of entrepreneurial activity in Manufacturing has consistently fallen below all other industries since 1996 (the start of the Kauffman Index). 2011 was no exception.

• The rate of entrepreneurial activity by women has remained relatively flat and is still below the highest rate they had in 1996. Entrepreneurial activity by women is roughly one-half the rate for men.

• The rate of entrepreneurial activity for employer firms dropped at a faster rate than non-employer firms. Employer firm creation has been on an overall decline since the start of the Kauffman Index.

These are interesting statistics that seem to indicate that native-born Americans, especially women and young adults, are involved less in entrepreneurial activity than are immigrants.

I wonder what has created this loss of entrepreneurial spirit in the U.S.?

What do you think?

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The Kauffman Foundation just released a new “sketchbook” video narrated by Tim O’Reilly, the founder of O’Reilly media, Make Magazine, and Maker Faire. This is a short video discussing the self-motivated spirit that drives entrepreneurs.

O’Reilly maintains that, many times, the hotbeds of a new industry have been created by hobbyists playing with new technologies. Watch the video.

(For email subscribers, view the video on my blog site)

The release of the video coincides with the announcement of this year’s Makers Faire being held in Kansas City, June 23-24, 2012. This event will feature 400 presentations of new ideas—some of which could be the next new hotbed industry. The presentations will be in “exhibit booth” format, so anyone interested can get up close and personal with the ideas and the creators.

If you have an interest in new ideas, and want to be where many of them come together in one place, or if you have an idea you want to share…Makers Faire is the place to be this year.

I like what O’Reilly says as he explains that if you do something you love, if you just want to make something happen—without money being your objective—many of those things will actually turn into a business.

That’s really the heart of entrepreneurship—wanting to make something happen.”

What are you doing that you love? Are you “wanting to make something happen?”

Tell us about it.

The ad is part of the Foundation’s “Will it be You?” program that challenges viewers to turn their ideas into new businesses. The message was in Kauffman’s popular “sketchbook” animation format and was shown at the Super Bowl to honor entrepreneurs and encourage new viewers to take the entrepreneurial step.

Here is the actual ad that was shown:

(email subscribers need to view the video at my blog site—here)

The Kauffman Foundation wants viewers to visit their “Will it be You?” website, to view the resources and programs offered by the foundation to help people start and grow their new small businesses.

If you are thinking of starting a new business, or growing one you may already have, it should be well worth your effort to check out Kauffman’s website.

If any of you saw the message, did you also check out the “Will it be You?” website?

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January 17, 2012
Santiago, Chile

One of the most phenomenal human beings I’ve ever met hails from Harare, Zimbabwe of all places. His name is Time. That’s seriously his name. When you ask him about it, he shrugs, grins, and says, “My mom felt that she was in labor for way too long.”

Time is a real Sovereign Man. He understands that his family comes first and foremost above all else, and growing up under the regime of Robert Mugabe, he had to get very creative in order to support his loved ones.

By the time he was 15-years old, Time could see the writing on the wall. Mugabe had all but destroyed the market and private property rights, and Time knew there would be absolutely no prospects for him in Zimbabwe.

So what did he do? He learned a valuable skill and looked beyond his own borders for the best opportunities. He spent years in the wilderness living with the native bushmen learning how to track animals. He worked diligently to improve his English. He read everything he could get his hands on about botany.

He traveled to Tanzania and Botswana to cut his teeth as a safari guide while Mugabe plunged Zimbabwe into hyperinflation. He worked hard, saved his money, and always sought to improve his professional capabilities to become a better guide.

When the smoke cleared, he returned to Zimbabwe and took a tracker job at one of the most exclusive lodges in southern Africa. I got to know him when I was visiting the lodge last year, and we became fast friends due to our common philosophical outlook.

Time and I talk regularly, and I’ve been helping him to invest in Zimbabwe’s burgeoning agricultural sector. Mugabe’s economic policies absolutely devastated what used to be one of the most fertile places in the world… but now it’s starting to make a comeback. Time is eager to capitalize on the opportunity.

A few months ago, he scrapped his savings together and bought a small piece of land that he wants to begin planting with various small-scale organic crops. I offered to pony up the $3,000 he needs to buy submersible pumps for irrigation.

“Western Union,” he told me, “is the most efficient way to receive cash in Zimbabwe. As you know, because of Mugabe, we don’t have our own currency anymore. But be advised, they’re going to give you a hard time when you tell them that you want to send money to Africa.”

My next call was to Western Union.

“I’d like to send money to Zimbabwe,” I announced to the operator.

“What’s the city and state, sir?”

“Zimbabwe.”

“Is that an international transfer?”

“Yes!”

“What country?”

“Zimbabwe.” I was about to lose it. I heard the familiar click, click of the keyboard as his system pulled up the country-specific rules.

“Uh, sir, we are obliged to discourage you from sending money to people that you don’t know. Did you receive this request to send money from an email?”

“No, it’s cool, I know this guy, we’re friends.”

“Yes, sir. But did you receive this request by email from an unknown person?”

“What did I just say? No. I know the guy personally, quite well. Let’s proceed.”

“Yes, sir. Will you be sending the money in local currency?”

“There is no local currency in Zimbabwe.”

“… sir?”

“Nevermind. Let’s just send US dollars. $3,000 total.”

“Yes sir. Now, US government regulations require that I collect your social security number for any money transfer in the amount of $3,000 or more.”

“What? Seriously? I’m calling you from Chile trying to send money to Zimbabwe. What business is that of the US government??”

“…”

“Look. Let’s just make the total $2,995. OK?”

“Yes, sir.” And then he proceeded to collect all the information about Time, confirm my credit card information, and all the other nonsense. After a few more minutes, he submitted the order for processing, and then told me,

“I’m sorry sir, the transfer has been declined.”

“What? Why? Was the credit card declined? I can call Mastercard.”

“No, sir, it was declined on our end. Our system refused to take the order. US government regulations require…”

Steaming angry, I politely thanked the man for his help, hung up, and sent an email to my banker in Singapore asking if they could send money to Zimbabwe.

“No problem!” she replied. Exactly the answer I was hoping for.

As I write this note, I’m happy to say that the funds are on the way to Time, and that he should be up and running by the middle of next week.

The whole affair was just another friendly reminder of why I try to avoid doing anything in the US at all. Regulations, financial tracking, consumer protection… it’s just too damn difficult to get anything done.

In fact, that I achieved my objective by using a flexible, “can do” bank in Singapore is probably the perfect conclusion to this allegory.

Well, it is great to see that entrepreneurship is coming back to Zimbabwe and that young people there can start their own businesses again. Maybe that could be an example for entrepreneurs in other countries.

On the other hand, it is sad to see how the U.S. is crippling free enterprise with an unbridled lust for more and more regulations.*

According to Senator Collins of Maine, there are over 4,200 new business regulations being prepared in Washington for imminent implementation—a large number of them aimed specifically at small business. That is why she introduced Senate bill S.1539 – Regulatory Time-Out Act of 2011, to slow down the avalanche of new regulations.

Of course we won’t even mention the customer service at Western Union.

Sadly, many people commenting on forums, blogs, and YouTube believe that all these regulations are good and proper—that they keep us safe and healthy. What do you think?

* The annual cost of federal regulations in the United States increased to more than $1.75 trillion in 2008. Had every U.S. household paid an equal share of the federal regulatory burden, each would have owed $15,586 in 2008. (SBA Office of Advocacy, September 2010)

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This is the third-annual Global Entrepreneurship Week, and more than 10 million present and aspiring entrepreneurs will participate in events during the week of November 14-20, 2011.

Anyone, anywhere can participate in wide-ranging activities that includes virtual and face-to-face events, competitions, and intimate networking gatherings. In the U.S. alone, 1,400 organizations will be hosting 3,500 events across most of our states. For information on entrepreneurship activities wherever you live in the world, click here.

Global Entrepreneurship Week is an initiative of the Ewing Marion Kauffman Foundation of Entrepreneurial Activity, the world’s largest foundation of its kind. Here is what Carl Schramm, President and CEO of the foundation had to say about this special week:

“For one week each November, students, educators, entrepreneurs, business leaders, and government officials come together to pursue one cause—to spread the power of entrepreneurship. It’s during this time that we celebrate the innovators who bring ideas to life, drive economic growth, and expand human welfare.”

Although supported by dozens of global leaders and well-know entrepreneurs, the mainstream media seems to have totally ignored the significance of the events of this special week. In the long term, these events could be much more significant to global economic stability and growth than all the G-20 meetings combined.

How many of you are participating in a Global Entrepreneurship Week event near you?

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