Archives for January 2017

January 25, 2017 - No Comments!

Coworking Spaces Are Here to Stay

If you’ve spent most your career working in a cubicle with the same people year in and year out, then you know the feeling of the monotonous office environment, characterized by those pseudo-offices with four foot walls. The need for new ways to innovate and collaborate with coworkers becomes stronger as you fight the urge to morph into a zombie.

So what do you do? Join a coworking/shared space. It may seem a tad progressive but for a majority of the modern workforce, coworking is slowly becoming the norm.

Working in a shared space provides a sense of belonging. It encourages community by offering social activities and events that bring individual members together as a whole. It is during these various events where alliances are made and where the potential for sharing knowledge is explored, leading to collaboration and partnerships. Another added bonus: One won’t have to harass the Starbucks barista for human interaction.

Coworking not only allows for community and greater flexibility but they also save money. Think about a home office and paying for electric, heat, office supplies and coffee. In a coworking environment all of those things are included for one flat, monthly fee.

In fact, according to a 2015 article in Marketwatch the yearly cost of office space is increasing each year.

City average yearly cost to rent office space, per employee:

New York $14,800
San Francisco $13,032
Washington, D.C. $10,522
Chicago $7,000
Los Angeles $6,702
Miami $6,630
Seattle $6,420
Boston $6,080
Houston $5,668
Dallas $4,618
Atlanta $4,194

Working in a shared space is an increasingly popular option for startups, freelancers and even entire companies. Coworking also beats telecommuting because the feeling of connectivity can be lost over Skype and email.

Infact, some large companies are completely doing away with a work at home option and instead creating their own coworking spaces. This is great for internal use, however it does not allow for the outside collaboration amongst folks who do not work at that particular business.

As the business landscape continues to change and evolve, options for work space must change as well. It is no secret that the environment one works in plays a crucial role in the overall work that is produced. For folks who work at home, coming into a coworking/shared space is an opportunity for socialization, brainstorming thus increasing productivity.

It is no secret that entrepreneurs thrive off fresh ideas and working alone can cause feelings of isolation. According to a 2012 study by University of Texas at Austin professor Clay Spinuzzi, people who are out of office often feel isolated, cut off from networking opportunities, distracted and unsatisfied with their work and home life boundaries. Said one of Spinuzzi’s interviewees, “I got really depressed at home because I didn’t talk to anyone all day long.”

Entrepreneurs also want choice. They are looking for better work-life balance and control of their time. They also want the ability to decide where they work, how they work, when they work, and the option to choose work they find fulfilling.

Of the 100 million Americans who hold full-time jobs, only 30 million are engaged at work. People are clearly looking for a way to shake up their work lives and find inspiration.

Coworking is here to stay and is becoming the future of the workplace. With an educated and experienced workforce finding fewer and fewer traditional job openings available to them, developing an entrepreneurial spirit is not just an option, but increasingly a necessity.

The United States Bureau of Labor Statistics suggests that by 2020, 65 million Americans will be independent workers – that’s about 40% of the country’s workforce.

As the economic landscape in the United States continues to change, coworking spaces are increasingly becoming an acceptable alternative to a traditional business environment. If trends continue as they are, within a few decades co-working spaces will probably represent the norm rather than the exception.

January 24, 2017 - No Comments!

Thinking About Success as a Female Entrepreneur

Guest Blogger: Guilaine Menefee

Being a female entrepreneur is like being a mom all over again. You don’t know what it’s like to be one unless you go through it. And just like a mom, you will never be fully prepared to step into this role but like Nike says, Just Do It. And by doing it, I’ve learned through some mistakes and know that the common threads between parenting and continuing to be a successful entrepreneur are my approach to lifelong learning and planning.

Planning. I’m not into clichés, but one of my top fives’ that keeps me going as an entrepreneur roots from Ben Franklin and John Beckley who both said that most people don’t plan to fail, but fail to plan. This has resonated with me the most and fuels my consulting practice where I help other entrepreneurs plan and develop their own businesses.

There’s so much to do in being your own boss and if you don’t pause to put thoughtful action steps and plans in place for all the moving parts of the company, you’ll run around like a chicken with its head cut off. Planning forces you to answer simple questions like “What are you going to do?” “When will you do them?” and “By how much?” Yes, running your business is a bit more complex, but answering those questions, you give yourself goals to meet.

I have long term goals that I set for the year, but I also work toward smaller, more achievable ones on a weekly or monthly basis. This way, I stay motivated because I’m accomplishing them along the way. Ultimately when you plan, an entrepreneur gives her/himself a metric or measuring stick to be accountable to. Heck, even if you proclaim that you want to be a millionaire in three years, you still need to know what steps you’ll take to get there. Most successful entrepreneurs do not land in their success by accident.

Lifelong Learning. Learning as an entrepreneur has been a journey. In that journey, I’ve learned much more by being humble “about my station”. I say it in that way because yes, like many entrepreneurs that take the leap, I’ve been in my profession for a while. I’ve been a business consultant and program manager by trade, my entire career (almost 20 years) and been good at it, but I also am a NEW entrepreneur. These past three years, I’ve kept myself conscious of the fact that I never owned my own company before and have a lot to learn!

Being aware what I didn’t know kept me hungry to go after the resources I needed to fill those gaps. I surround myself with people I can learn from including their current expertise, prior experience and frankly, previous mistakes that I could possibly avoid myself while building Menefee Consulting. Interesting enough, while I while searching for mentorship and advice, it also unexpectedly helped me bring business to my company. I found that as people are resources to you to build you a stronger company, they’ll also be the same ones who lend themselves to connecting you with opportunities.

Learning as an entrepreneur has been the way of being. For example, I’m an advocate for being a master of your craft. As an entrepreneur, you not only have to continue learning about the product or service that you’re so passionate about and now have built a company around, but also investing in learning what it takes to be an entrepreneur so you can sustain a profitable company, motivate employees and ultimately, develop yourself as a leader.

Owning a company has always been on my bucket list. I knew to do this, I’d have to first educate myself about how to run a business. In 2013, I earned my Masters at Stern School of Business, then put together my business plan. I did a lot of research on local or free resources to help fill any holes’ in my business plan or find where I need assistance. Some examples in CT included resources like SCORE, University of Hartford Entrepreneurial Center and CT PTap. Additionally, I threw myself into of networking events to meet other entrepreneurs. I learned so much by engaging and asking questions. Entrepreneurs who are passionate about their company are supportive and are the most eager to help another business owner. Lastly, I aligned myself with a few mentors.

You want some seasoned folks in your life that you can bounce decisions off, and respect enough to hold you accountable to how you drive your business. You need people in your life who can challenge and push you to think even bigger than how you might see your company.

Some other considerations for young women trying to build their own business.

1. Align yourself with other women entrepreneurs. Although the industry shows that women-owned small businesses are popping up faster than male-owned, it still seems in public, more male-owned businesses are prominent. It’s important to find a few female entrepreneurs near the same starting point as you and those that have been there, done that. Being a female entrepreneur has unique challenges thus it’s important to have others to relate to that can help you along the way while you’re growing and still learning the ropes.

2. Be prepared. Unfortunately, studies show both men and women alike tend to have higher confidence in male leaders than women. Therefore, being prepared and knowing your (pause) “stuff” is imperative as a woman business owner. It should be a cardinal rule for us all, however, it is even more crucial for us to be masters of our craft, to exude confidence in investors, future clients and most importantly, each other. The more successful we are, the more we can encourage other women to go into business for themselves; and the world that women leaders are just as much of a force.

3. Find partners in crime. I learned in Corporate America that the higher you ascend in the ranks, the more you need to collaborate to get things done. That’s not different when building your business.

Lastly, find trusting relationships in other businesses or consultants. This allows you to win more clients, find different opportunities and supplement areas of your business that may not be your strongest competencies. In the past year, I’ve found other avenues I can now pursue by partnering with those who share the same drive, values and have similar needs as me personally or professionally. It’s along the same lines as learning as a lifestyle. Partnering with others gives you a chance to keep improving and understand more about yourself and your business.

I still have a lot to absorb but I’ve learned a lot. I’m very blessed to find my passion and do it for myself and in my way.

This journey and my new lifestyle is thrilling and has lots of challenges. If you continue learning from your mistakes, gather smart people around you and set goals that are for you and not anyone else, you will continue getting better and to the success you desire. Keep your mind open, share and take the time to plan what you need to do and why. As I learned in my sorority, you’ll be the “master of your fate and captain of your soul.”

Guilaine Menefee is the sole owner of Menefee Consulting located in Manchester, CT.

January 10, 2017 - No Comments!

You Should be an Entrepreneur

BY Katelyn Morgan

Ever sat at your desk with a fist pressed into your cheek, staring into a cup of lukewarm coffee and daydreaming about starting your own business? Maybe you’re just unhappy with your current position. Or maybe you just need a drastic change in your life.

You already know that launching a company can be an intimidating process requiring tons of hard work and in some cases extensive paperwork.

However, the question has been on your mind day and night and you can’t seem to shake it. An idea that just won’t go away. It could be an awesome idea for a new phone app or a way to improve transportation. You just can’t shake that feeling of doing something else.

Entrepreneurs never stop thinking. It’s a blessing and a curse. Should you exhibit this behavior, maybe it’s time to move on from the daily rat race and do something to put your thoughts in motion. And there’s no better outlet than starting your own business. Yes, just the thought of leaving your comfort zone can be scary but here are a few reasons why entrepreneurship rocks and why you should take the plunge.

You can be your own boss
Nothing can be worse than being micromanaged or having no direction at all. Being an entrepreneur allows you the freedom to work how to want and use the processes and procedures you see fit. If you have a better way of doing a task, there is no one to approve it except you.

You become part of a family
The Entrepreneur culture is like a big family and where else can you get excellent advice and collaboration than from like-minded individuals who want to succeed as much as you do. Other entrepreneurs can also connect you to investors and open various doors to networking opportunities.

You control your brand
The team you surround yourself with plays a critical role in a startup’s success. As an entrepreneur you can pick and chose who you want to work for you. Even better, you can decide how you want your brand to be viewed and how to construct the messaging around it.

You can do purposeful work and make an impact
Tired of not doing purposeful work? If you have an idea that could help make your city a better place, then go for it. Nothing can stop you. It’s not like someone will write you up.

You have full control over your work environment
Hey look, you can have an office with a window. When you are an entrepreneur you decide where you want to work. It could be at a local coffee shop such as Sarah’s Coffee here in Hartford. Or a coworking space such as Innovate Hartford. If you want to stay in your mom’s garage, that’s cool too.

You will always use your brain
Every single decision involving your business is your responsibility, from the initial concept and branding to the growth and goal setting. You report to yourself and your clients.

Pants are optional
Unless in public of course. But hey, you’re the boss. Shorts, why not. Baseball hat, sure. Remember you’re the boss.

Becoming a role model
Your success serves as motivation and inspiration to others. Family, friends, social media acquaintances and others will see all you have accomplished and want to be in the same boat. You can guide and teach them.

Bored? Never!
Throw those PTS reports out the window because as an entrepreneur you will never get bored... There is always something to do, some meeting to attend, and you will more than likely always have a mile long to-do list. Every day presents new challenges and new opportunities to keep you on your toes.

Travel
Modern technology, remote employees and the Internet allow you the freedom to travel while still running your business. Being able to see the world while creating an amazing company is a realistic possibility.

There is no age limit
Some entrepreneurs are 22 others are in their 50’s. Some are kids who just see a gap to fill like this young lady who is a mere 10 years old. The point is, don’t let age be barrier to your dreams.

Experience personal growth and sense of accomplishment
It is a great feeling when you look back and see how much you have grown as an individual. The growth and success of a business is often directly related to the personal growth of the entrepreneur behind it.

You become an expert problem solver
As a business owner you become very resourceful and over time you will learn to overcome anything and solve any problem placed in front of you.

It never feels like work
Some might disagree — but that just means they haven’t found what they truly love to do. Once you do find that you will never refer to what you do as work.

These are just a few examples of why you should become an entrepreneur. Remember if you have always thought about starting your own business but the timing never seemed right, let’s say this: You’re never going to be 100% ready to take the plunge to be an entrepreneur and have your own startup.

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