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Gen Z Entrepreneurship: Influencing or Innovating?

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As we move deeper into the 21st century, Generation Z is emerging as a force to be reckoned with in the world of entrepreneurship. Born between the late 1990s and early 2010s, Gen Zers are redefining the future of work, balancing traditional jobs with side hustles, and actively building their own businesses.

The Rise of the Creator Economy

One of the key elements of Gen Z entrepreneurship is the rise of the creator economy. Influencers and content creators have become a dominant force, leveraging their online presence to build successful businesses. CBS News reports that 86% of young Americans aspire to become social media influencers, to as it offers earning potential far beyond traditional paths.

Kylie Jenner, for example, became the youngest self-made billionaire thanks to her successful beauty brand, Kylie Cosmetics. Gen Z entrepreneurs understand the importance of authenticity and have cultivated strong relationships with their audiences, providing them with a unique advantage when building businesses.

Gen Z’s affinity for the digital world is a driving force behind their success. They are digital natives who have grown up with social media, which allows them to easily navigate the online landscape. This has helped them build personal brands and monetize their influence through partnerships, sponsored content, and merchandise sales – The Social Standard and Go Daddy both share profiles of Gen Z entrepreneurs who have made it big as influencers and creators.

However, in my view, being an influencer alone is not enough to create real innovation. I believe the focus on personal branding and the rapid pace of content creation is limiting the depth of exploration into entrepreneurial ventures that address pressing global challenges.

What Sets Gen Z Apart?

Gen Z views entrepreneurship differently than past generations. For one thing, the entrepreneurial landscape has changed, with lower barriers to entry for starting a business, and different views on what is important. Business Insider discusses some of these differences, including:

  • Ease of Starting a Business: Thanks to accessible technology and platforms like Shopify, starting a business has never been easier. What once took months and significant capital to launch can now be accomplished in a matter of days.
  • Data-Driven Decision-Making: Gen Z entrepreneurs utilize data analysis tools to make informed decisions about their businesses. This helps them streamline operations and focus on the big picture.
  • Personal Branding: The concept of personal branding is a strategic necessity for many of this generation’s startups. Gen Zers understand the importance of building a strong personal brand to attract opportunities and partnerships.
  • Acceptance of Differences: Gen Z values inclusivity and diversity, which informs their approach to business and innovation.
  • Kinder, More Socially Responsible Entrepreneurs: Gen Z entrepreneurs are concerned about social issues, the environment, and helping their communities.

The Side Hustle becomes a Necessity

While Gen Z entrepreneurs have numerous advantages, they also face challenges. Many young people juggle multiple side hustles due to financial pressures and the desire for control over their time. This can lead to burnout and the need for balance.

In today’s economy, many Gen Zers feel that a side hustle is necessary for their generation to afford the lifestyle that their parents have attained. Data from the Bureau of Labor Statistics shows that the number of people working multiple full-time jobs has trended up in recent years and hit an all-time high in August 2022, with Gen Z leading the way. A survey by Paychex found that about half of Gen Z are employed at two or more places, as compared with other generations.

Deloitte’s 2022 Gen Z and Millennial Survey found that a third of Gen Z respondents worry about the cost of living above all other concerns, 45% live paycheck-to-paycheck, and more than a quarter said they doubt they’ll retire comfortably. And a Freddie Mac survey found that about 34% of responding Gen Zers said they didn’t think they’d ever be able to afford to buy a house.

Often the side hustle becomes a main hustle, creating necessity-based entrepreneurs versus innovation-based entrepreneurs. In fact, McKinsey postulates that in this economy—in which Gen Z faces higher-than-average inflation, student debt, credit card debt, and high housing costs—Gen Zers are actually looking for nothing more than relatively stable paychecks (rather than chasing the side hustle).

Can Gen Z Change the World?

The big question remains: Can Gen Z entrepreneurs change the world? If the current trends continue, Gen Z’s pursuit of entrepreneurship could lead to tremendous growth and innovation. They have the potential to create disruptor-type companies that challenge traditional industries and bring fresh perspectives to long-standing problems.

However, business failure rates remain high with 50% of small businesses failing within five years according to the Small Business Administration, and not all ventures will succeed. Nevertheless, Gen Z’s ability to adapt, innovate, and leverage digital tools gives them a fighting chance.

Let’s look at the type of innovative ideas that are coming out of places like MIT, and how these startup success stories can influence the upcoming generation of entrepreneurs.

Innovation-based Startups

In my former role as the Executive Director of MIT’s Martin Trust Center for Entrepreneurship, I was very fortunate to work closely with some of the smartest young entrepreneurs in the world.

I saw firsthand how innovation-based startups can succeed with access to proven frameworks, mentorship, and resources that support building impactful ventures. By guiding students from ideation to execution, the center helps transform groundbreaking ideas into successful startups that can address significant global challenges.

Here are a few of the innovation-based startups that I personally worked with as they made their way through delta v – MIT’s capstone program for entrepreneurship.

  • Biobot Analytics analyzes sewage with molecular technologies and AI to provide early warning of population health threats across the globe.
  • Podimetrics develops medical technologies such as the SmartMat, which helps monitor foot health in diabetic patients to prevent complications like foot ulcers.
  • Ori has invented an entirely new type of apartment—one that radically improves the resident experience in smaller spaces by using sophisticated engineering and design.
  • Infinite Cooling’s mission is to develop the cooling tower of the future. They help industrial plants have safer, more reliable, and more sustainable cooling towers by optimizing thermal performance and eliminating cooling tower plumes.​
  • Bloomer Tech focuses on developing smart wearable technology specifically designed for women’s health, such as bras with embedded sensors to monitor heart health.

Innovation-based startups focus on solving significant global challenges through advanced technology and research. These startups prioritize creating groundbreaking solutions to complex problems in health, environment, and other critical fields.

In contrast, entrepreneurial ventures centered around influencers and content creators often revolve around personal branding and monetizing online presence through partnerships and merchandise sales. While both types of entrepreneurship involve creativity and a desire to succeed, innovation-based startups typically involve deep research and development, long-term planning, venture capital fundraising, and a focus on sustainable impact, whereas influencer ventures are often more focused on immediate audience engagement and revenue generation.

As we look to the future, one thing is clear: Generation Z is not content with the status quo. They are ready to take on the world. And, although not every entrepreneur can attend programs like those offered at MIT, I urge today’s generation of entrepreneurs to aim high. Use the resources you have – whether it is taking classes, reading books and articles, finding a mentor, or working with an entrepreneurship coach – and use this information to explore the difference you can make in the world.

From Dream to Reality: How Women Can Thrive as Entrepreneurs

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International Women’s Day is an occasion to shine a spotlight on gender equity issues around the world. When women embrace entrepreneurship, they can expand opportunities to forge their own path and reap the economic rewards. If you’ve thought about starting your own business – even part-time or as a side hustle – there is a supportive community to help you explore this option.

The theme of this year’s International Women’s Day (#IWD2024) is to Inspire Inclusion (#InspireInclusion). As explained on the IWD site, when we inspire others to understand and value women’s inclusion, we help to build a better world. And when women themselves are inspired to be included, there’s a sense of belonging, relevance, and empowerment.

One of the ways organizations and groups can inspire inclusion is through action in building women’s economic empowerment. According to Equality Now, full and equal economic participation by women would increase global GDP by more than a quarter, representing nearly $28 trillion of additional shared wealth being contributed to the worldwide economy every year.

Women Entrepreneurs by the Numbers

Women entrepreneurs are a force to be reckoned with. Here’s an excellent list of recent statistics on women entrepreneurs compiled by Luisa Zhou, some of which I’ve highlighted below:

  • 42% of all U.S. businesses are owned by women
  • Women-owned businesses have grown 114% in the last two decades
  • Startups with all-women teams only received 1.9% of venture capital funding
  • About half of all startups in the U.S. are founded by women
  • One-third of businesses worldwide are owned by women
  • Lower-income countries have the highest participation (55.6%) of young female entrepreneurs

Interestingly, one in six women globally reported an intention to start a business in the near future. The highest entrepreneurial intention rates were observed in low-income countries, where approximately 28% of women expressed intentions to start a business. For these women, entrepreneurship is a way to change their life circumstances.

Why do Women Start their own Businesses?

Among all entrepreneurs, there are various reasons why someone decides to start their own business. At MIT, I worked with many women-led startups and the reasons are often connected to a passion or an experience in the founder’s life. Alicia Cong Rodriguez’ grandmother died of a heart attack when she was only 13 years old. This fueled her personal mission to co-found Bloomer Tech, a company that makes a bra that monitors women’s heart health, as she explains in this CBS News profile.

Yet, worldwide, more than 70% of women reported job scarcity as the motive behind their startups, according to the Global Entrepreneurship Monitor (GEM) Women’s Entrepreneurship report ‘22/’23. It is interesting to note the differences between necessity-based entrepreneurs and innovation-based entrepreneurs. Women and minority entrepreneurs are often necessity-based entrepreneurs – starting their own business after losing a job, to supplement their income, or to gain flexibility to attend to other demands in their lives. This doesn’t take anything away from their entrepreneurship. In fact, in addition to economic gain, necessity-based entrepreneurs are often motivated when traditional labor options are insufficient to meet their needs and goals.

How to Explore Entrepreneurship

If you’re considering becoming an entrepreneur, now might be the perfect time to explore opportunities – even for an entrepreneurial side hustle. You don’t necessarily have to leave your current job (and regular paycheck and benefits) just yet, but taking some time to delve into entrepreneurship can be immensely rewarding. Start by conducting research and testing the waters to gauge the viability of your business idea.

Fortunately, there are a wealth of resources available within the entrepreneurial community to support you, including networks specifically geared towards women in business. Look into organizations and programs designed to assist female entrepreneurs, such as Women’s Business Centers (part of the U.S. Small Business Administration). Additionally, take advantage of events and workshops hosted by colleges and universities, where you can connect with fellow entrepreneurs and gain valuable insights from experienced speakers.

Conferences serve as vibrant hubs for entrepreneurs to connect with like-minded individuals. When selecting a conference to attend, you could choose one that may be geared toward entrepreneurs, or it could be focused on the industry where you want to start your business. After attending an event, are you thinking, “I could do that!”? By immersing yourself in the conference environment and connecting with others who share your vision, you can enrich your entrepreneurial journey and expand your network of supportive peers and mentors.

LinkedIn is also an invaluable tool for entrepreneurs. Take advantage of its vast network to connect with other entrepreneurs in your industry. Don’t hesitate to reach out and request an informational interview. Use this opportunity to gain insights into an entrepreneur’s journey – ask about how they got started, the challenges they faced, and any advice they have for breaking into the field.

Resources for Women Entrepreneurs around the Globe

Download the ebook

One place to start researching entrepreneurial opportunities is with the ebook I created titled, “An Introduction to Start-up Accelerator Programs around the World,” a free guide for entrepreneurs who may be exploring ways to start their own businesses, especially in countries outside the U.S.

I’ve found that diversity, thought leadership, and collaboration all work together to make the ecosystem of entrepreneurs a much richer place. To that end, this ebook includes information about entrepreneurship around the world to show how different countries support their entrepreneurs with various programs and accelerators.

Boston-area Resources for Women Entrepreneurs

Closer to home, I’ve also included a list of local resources. Boston and Cambridge are renown for some of the world’s most prestigious universities and they support the Boston area’s unique entrepreneurial DNA for success. MIT even offers a free online course on Becoming an Entrepreneur.

Here are several resources and organizations in the Boston and Cambridge area. For other regional areas, search online to find local resources. 

The key message here is that you’re not alone on this journey – there are people and resources ready to support and guide you as you explore the world of entrepreneurship. So, take that first step, and embrace the possibilities that lie ahead!

In my current role as an entrepreneurship consultant and coach, I help entrepreneurs as they explore their options. Please feel free to reach out.

An Inside View: MIT’s Intense, Week-long Entrepreneurship Development Program

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MIT beaver mascot

#MITEDP … IYKYK

OK, enough with the acronyms! But MIT’s Entrepreneurship Development Program (EDP) is one of those experiences that has that aura of “if you know, you know.”

It’s a week-long intensive entrepreneurship program run by MIT Sloan Executive Education, and this year MIT EDP included 76 participants representing 19 countries and 6 continents – and the individuals who attend become raving fans. This program is designed for aspiring entrepreneurs, corporate venture officers, startups, and those who would like to develop or strengthen a climate of entrepreneurship in their corporations, universities, and regions.

The entrepreneurial spirit runs high during the week. The days (and nights) are long as the teams of five to eight people create a tight bond while working together to create, identify, and evaluate new venture opportunities. Participants regularly describe MIT EDP as inspiring, enlightening, and even life changing. Here are a few comments posted on LinkedIn by this year’s attendees:

  • “An intense deep-dive into disciplined entrepreneurship and venture creation … Lots (!) of pivots, iterations and learnings from our primary market research led us to pitching a SaaS company focused on maximising athlete performance – not the idea we started with and far removed from my biotech day job, but I loved it! Lots of laughs along the way made for a great team spirit and an unforgettable experience. Now time to take the MIT mindset, energy and everything I’ve learned and apply it to mycoBiologics.”
    Fiona Rudkin, mycoBiologics Co-Founder and Managing Director
  • “I am honoured to return to MIT Sloan Executive Education alongside a cohort of ambitious entrepreneurs and founders on a mission to improve the world by accelerating high-growth businesses and creating high-skill jobs for the future.”
    Luis Ibarra, Founder & CEO at eCERTO

  • “When we arrived on day one, we were promised ‘the real thing.’ I nodded politely; it sounded an incredibly American thing to say. Having experienced it however, there’s something quite indescribable about being there … You talk about energy amplification, my Scottish friends will think I’ve gone all American on them, but I struggle to think of a better way of describing it.”
    Andrew Smith, Technical Director, distilling and cask management

  • “Let’s have an impact and solve the big world’s problems through entrepreneurship. Creativity is contagious! The world needs entrepreneurship!”
    David Desplaces, Director, VTLI at The Citadel

This year, my role at MIT EDP was as one of the judges, viewing the program from a different perspective than I have in the past. For three years, I was an instructor and facilitator for the Entrepreneurship Development Program, and it was always refreshing to work with seasoned professionals who are used to delivering results and can bring their life experiences to this program. (Here’s my post from 2020 which discusses some of the details of MIT EDP and its impact.)

My view as a judge was a bit different. Usually, I am involved in sausage making, this time, I was in a position to see how the finished sausage turned out. To take the analogy further, as a connoisseur versus a chef, I appreciated the outcomes of the continual learning process even more.

My perspective as an MIT EDP judge was framed by my own recent entrepreneurial experience. For the past year, I have been running a coaching business focused on energy leadership coaching. Although my prior experience includes navigating two startups through to IPOs, teaching Eship classes at MIT, and serving as director of delta v (MIT’s capstone program for entrepreneurship), applying the lessons of MIT EDP to your own business brings it all into sharp focus.

This time, I pressed a bit deeper to see how the teams thought about their businesses. If they were going to start with an idea, did they apply the key concepts of Disciplined Entrepreneurship to that idea? For example: Who are the first 10 beachhead customers you are going to target? Have you considered the burdened salaries of the team of engineers you are planning to hire? Does this technical solution deliver enough added value for customers over existing approaches to solve the problem?

In the course, the process of learning a concept, applying it, and reinforcing it through coaching is designed to simulate the experience of a startup company seeking funding. As participants are taught in the course, the judges want to understand the assumptions the groups made, and these teams were well prepared by the end of the week. A key concept that I use in energy coaching is “how you show up matters,” and these teams showed up with their best energy.

The final day of MIT EDP culminates in a competition that reflects the MIT “mens et manus” (mind and hand) approach to learning by providing both the theory and reinforcing it with the practical. Ideas in the competition ranged from Urgent Care AI to creating a plug for casks to monitor volume – the ideas were terrific, as was the demonstration in applying the concepts. A dozen teams competed with a 10-minute pitch and a 10-minute Q&A session in the first round. This was then narrowed down to four finalists. I’m not going to call out the winner here, because the stakes aren’t high, and I truly believe that winning is in learning and applying the process with a team you met less than a week before. (But, the lucky winners did get autographed galley copies of new entrepreneurship books from Paul Cheek and Bill Aulet.)

The MIT EDP program fosters entrepreneurial skills and an entrepreneurial mindset among participants, but the lessons apply across the board. Corporate leaders often need to be immersed in an experience where you are learning and applying new ideas in a team with people you just met. The EDP experience made me think of how this intense, immersive type of experience would be ideal for onboarding new employees, helping teams to gel faster, and accepting newer players and their ideas.

So, whether you had the opportunity to attend MIT EDP or not, I encourage you to take the plunge and be open to new experiences. Create a space where you can identify new opportunities, experience different ways to work, learn new skills, and embrace your passions.

If you’re an entrepreneur or corporate leader, and would like to learn more about how energy leadership coaching can help you to recognize your unique energy and harness it to lead more effectively, please reach out.

I hold coaching certifications from both iPEC and ICF.

The Second Lieutenant Advantage: Embracing Collaboration in Entrepreneurship

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Not everyone aspires to be the leader. Some individuals find genuine fulfillment in supporting their teams — stepping into the limelight when necessary, and gracefully stepping back when it’s time for others to shine. In the fast-paced world of entrepreneurship, where the prevailing stereotype often emphasizes the leader persona, there is immense value in fostering a collaborative environment where everyone’s contributions are recognized.

The Happiness in the Shadows

For some, the limelight can be daunting. I, for one, appreciate having my moments but find satisfaction in letting others take center stage. It’s not about avoiding responsibility or lacking ambition; it’s about finding happiness, acceptance, and humility in being part of a team where everyone’s efforts contribute to the collective success.

When I watched the CBS News video, “Sidemen, Backups, and Understudies: Playing in the Shadows,” it really resonated with me. I encourage you to take a few minutes and watch it. The segment features Mark Rivera, Billy Joel’s sideman and saxophone player; retired baseball catcher Erik Kratz, who spent 11 seasons with 14 different major league organizations; and Kayla Pecchioni, a Broadway understudy who often steps into the shoes of the star. These professionals play in the background or are called up when the stars aren’t available — and they all embrace their position as #2.

These very accomplished individuals understand the importance of their role and talent and a humility that allows them to shine even when they’re not number one. One thing that stood out to me was their “team first” attitude. They work just as hard as the superstars to be the best that they can be for the team.

Rivera explains he’s been the frontman, and he feels he has a much better gig now. Katz comments that the lesson is about finding contentment built on a foundation of humility and gratitude. While Pecchioni talks about looking for glimmers and being appreciative of the everyday. While we may not know their names, these team players help ensure their organizations are successful.

The Desire to Belong

In today’s entrepreneurial landscape, people are increasingly seeking to be part of something bigger than themselves. While not everyone can, or wants to, assume a leadership role, we are more dependent than ever on individuals who can step up when needed. However, it’s crucial to do a better job of recognizing and appreciating these contributors beyond just the top leadership echelon.

Entrepreneur magazine advises how leaders can foster a sense of belonging in the workplace, and how this helps employees feel free to be their authentic, true selves, which makes it easier to show up, engage with others, create solutions, and perform well.

In a study cited in the article, a high sense of belonging among employees was strongly linked with a 56% increase in job performance, a 50% decrease in risk of leaving, and a 75% reduction in sick days. For a company of 10,000 people, this could mean annual savings of more than $52 million.

Social belonging is a fundamental need. Entrepreneurial leaders need to remind themselves that the hard-working team members who may be playing in the shadows need to feel included, and as leaders, they should proactively create a workplace of belonging for everyone.

Creating a Culture of Recognition

Not everyone can be a general; not everyone can be a second lieutenant. However, everyone can be recognized for their unique contributions. The key lies in acknowledging the diverse roles within a team and ensuring that each person’s efforts are valued.

When I worked as the executive director of MIT’s Martin Trust Center for Entrepreneurship, I was involved in almost every aspect of the Trust Center and the delta v accelerator, which is the capstone entrepreneurial experience for students at MIT. However, although I was not the face of theCenter or the program, I was the “glue” that held it together. For me, this was a role I preferred, and it gave me the opportunity to make the team and the delta v program shine.

I also played a similar “second lieutenant” role at startups that I helped to grow. I realized that providing direction and support, and letting others lead when necessary, yielded better results than anyone had projected.

Being “on” all the time can be exhausting for some of us. By surrounding ourselves with a collaborative team, we not only get to experience our moments of success but also share in the success of others. This sense of camaraderie builds a strong team spirit and reinforces the notion that everyone is supported. However, the leaders in the organization must recognize all the behind-the-scenes people that are essential to their success.

Balancing Ambition and Contentment to Gain a Sense of Fulfillment

Many individuals today seek better balance in their lives. It’s not a lack of ambition or a fear of challenges; rather, it’s a conscious choice to find happiness in what they do and contribute to a collaborative effort. Recognizing and motivating teams is now more critical than ever, especially in a hybrid work environment where face-to-face workplace connections are not as strong since daily interactions may be limited.

A sense of fulfillment at work goes beyond a mere paycheck. It’s about having the opportunity to step into the limelight, share achievements with the team, and then step back and continue contributing. A culture of mutual respect, where individuals rotate in and out of the spotlight, fosters a positive and supportive work environment.

Another interesting perspective is to look at how different generations view leadership and management positions. According to an article in Business Insider, many Gen Zers are saying “no thanks” to promotions because they feel that doing more work to get promoted is not worth the pay or the accompanying stress.

Work-life balance has become a bigger part of the conversation for this newest generation in the workforce, and bosses need to think about what other incentives might entice Gen Z (born from 1997 onward). Meaningful work, career development, mentorship, transparency, caring leadership, and an entrepreneurial culture are all factors that may motivate Gen Zers more than a bigger paycheck or a promotion.

In any generation, embracing the concept of allowing oneself to learn from others is pivotal. Observing and enabling the growth of team members allows for collective progress. It’s about moving away from the notion that everyone should constantly be climbing the corporate ladder and, instead, recognizing the potential for growth within the existing environment.

Conclusion

In the ever-evolving landscape of entrepreneurship, it’s time to break free from the misconception that success is synonymous with leadership. The strength of being a second lieutenant lies in recognizing the power of collaboration, appreciating diverse contributions, and fostering a culture where everyone can shine. In the hybrid world of work, where connections are not as visible, creating an environment that values every individual’s role is not just a strategic move; it’s a necessity for sustained success.

Finding Glimmers: How Entrepreneurs can Reframe and Reset with Small Moments of Joy

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Think about the last time you saw the sky turn brilliant orange as you caught an unexpected glimpse of the sunset. Or maybe you smelled fresh brewed coffee when you came in from a brisk walk. Or patted a furry friend contentedly. These are all examples of “glimmers” – tiny, positive moments that have the potential to bring joy or happiness and promote mental well-being.

This use of the term was coined by Deb Dana, a licensed clinical social worker who specializes in complex trauma, in her 2018 book “The Polyvagal Theory in Therapy.” According to the Polyvagal Theory, glimmers activate the parasympathetic nervous system, promoting a state of calm and relaxation. Glimmers are often described as the opposite of triggers – they are personal to each individual and can be experienced with any of the senses. They spark ease, relaxation, safety, and connection.

In the high-stakes world of entrepreneurship, where stress and anxiety are constant companions, these moments of calm can be a game-changer.

The Power of Glimmers

Entrepreneurs often face immense challenges, from financial pressures to the uncertainty of the market. As an entrepreneur, the demands and pressures of launching and running a business can become all-consuming and can take a toll on your mental health. Plus, the culture of entrepreneurship celebrates working round the clock and always putting your startup first. A founder’s self-identity is often tied to the success of their startup, and as a result, entrepreneurs often experience loneliness, depression, and anxiety as they experience the ups and downs of startup life.

As entrepreneurs strive for success, it’s helpful to recognize and embrace this concept of glimmers — and how those small, uplifting moments may be able to positively impact the well-being and mental health of entrepreneurs.

Glimmers and Entrepreneurship

Incorporating the concept of glimmers into the entrepreneurial journey can positively affect mental health, and even perhaps, business success. Yes, it’s true that a glimmer is just a small moment, but it can let you reframe and reset a situation you are going through, and that self-awareness is a critical skill for entrepreneurs to learn.

When I held the role of executive director of MIT’s Martin Trust Center for Entrepreneurship, I worked with MIT Sloan MBA alumna Kathleen Stetson to debut the Entrepreneurial Confidence and Communication (E.C.C.) program at M.I.T.’s delta v accelerator.

This was the first comprehensive program to address mental health challenges in the start-up community and is outlined in this article in HBR. Our goal was to teach student founders and their team members tools to build greater self-awareness. Stress is inevitable in start-ups, but by learning how to manage that stress, the entrepreneurs could make better choices for themselves and their start-ups.

We taught MIT student entrepreneurs the tools and benefits of self-awareness, and the results were impressive. After taking part in the program, 93% of participants felt that a self-awareness practice could help entrepreneurs create more successful businesses. By the end of the summer-long program, 88% of student entrepreneurs had independently established their own regular, weekly meditation or mindfulness practice (vs. 21% before the program), despite heavy workloads and continual critical deadlines. The data affirms that self-awareness tools are useful in managing stress — and they can be taught.

Building upon that foundation, I believe that finding glimmers and using those moments as a pause for reflection and self-awareness can create a positive mental health break for entrepreneurs that can be easily incorporated into their daily routine.

Recognizing and Cultivating Glimmers

To harness the benefits of glimmers, entrepreneurs must first recognize and appreciate these small moments of positivity. It could be a compliment from a colleague, hearing a favorite song, or enjoying a piece of chocolate. The key is to be mindful and intentional about acknowledging and savoring these positive experiences.

Create a routine that allows for the acknowledgment of glimmers – you may even want to jot it down or take a picture. Plus, the more you look for glimmers, the more you’ll find them due to frequency bias. Whether it’s starting the day with a gratitude journal or taking short breaks to appreciate achievements, these intentional practices can contribute to a more positive and resilient entrepreneurial mindset.

In an article in USA Today, Amy Morin, a licensed clinical social worker and editor-in-chief of Verywell Mind, explains, “A little joy and some relaxation can reduce your emotional distress. And when your emotions go down, your logic goes up. That means you might be able to tackle a problem from a different angle because you see things a little differently.” This is certainly a benefit that entrepreneurs should embrace.

Glimmers for Resilience

Resilience is a key trait for entrepreneurs navigating the complexities of business. Glimmers can play a role in fostering resilience by providing moments of joy, hope, and accomplishment. In times of stress, recalling these positive moments can serve as a powerful coping mechanism, helping entrepreneurs bounce back from challenges with renewed energy and determination.

Think about tying glimmers to mindfulness, or as a reminder to practice meditation or breathing exercises. All of these tools to promote self-awareness can help you reset, reframe, and build resilience.

Conclusion

In the dynamic world of entrepreneurship, prioritizing mental health is not just a personal choice but a strategic necessity – yet one that is often ignored and overlooked in the entrepreneurial win-at-all-costs culture. Glimmers offer a unique and effective way to infuse positivity into the entrepreneurial journey, contributing to improved mental well-being which can support an entrepreneur’s success.

As entrepreneurs embark on their ventures, it’s crucial to embrace the power of glimmers, recognizing them as small ways to capture joy, and strengthen a resilient and thriving entrepreneurial spirit. By fostering a positive mental health culture and incorporating intentional practices, entrepreneurs can navigate the challenges of the startup landscape with a renewed sense of purpose and well-being.

The infographic below, from Neurodiversity Education Academy, gives more detail about glimmers and triggers.

What is Disciplined Entrepreneurship? A Short Overview for the Uninitiated.

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When I recently presented at the Association of Talent Development’s ATD ’23 conference, our session was focused on how to Think Like an Entrepreneur and Foster Creativity in Your Organization. This was geared to help learning & development (L&D) professionals take lessons from entrepreneurship and apply them to their organizations.

One of the topics that we touched upon was Disciplined Entrepreneurship. The Disciplined Entrepreneurship approach was such an important and ingrained part of the entrepreneurship program at MIT, that I had to step back and realize that this was new information to most of the ATD ’23 attendees. (In fact, I’m currently preparing materials to teach Disciplined Entrepreneurship content via a partnership between MIT and Dalhousie University in Nova Scotia.) 

Since I had a lot of follow up questions on Disciplined Entrepreneurship, I thought I’d give a little more background on the approach and how it works in this blog post. Disciplined Entrepreneurship – or DE as we like to call it – is an approach to help you think about how you start to get your product or service to move forward.

This methodology assists the start of an entrepreneurship journey, and Bill Aulet, Managing Director of The Martin Trust Center for MIT Entrepreneurship, has documented this in his Disciplined Entrepreneurship book.  This is a great place to start if you are looking for an accessible and methodical approach to entrepreneurship. (Plus, the illustrations are fantastic!)

Source: Disciplined Entrepreneurship

The focus is that entrepreneurship can be broken down into 24 steps based on six themes. The discipline comes in by following these steps.

Six Major Themes of Entrepreneurship

As you’ll see in the DE map, the themes are color-coded. The six themes are:

  1. Who is your customer?
  2. What can you do for your customer?
  3. How does your customer acquire your product?
  4. How do you make money off your product?
  5. How do you design and test (prototype) your product? and
  6. How do you scale your business?

(This process does not include sales, sales tactics, marketing, raising capital, team building, etc. but if you are thinking about a venture this is a good place to start.)

De-Risking Your Venture

A disciplined approach focuses on de-risking the venture by understanding your customer’s needs and providing value, so they become paying customers. It will help you establish your business and understand how customers are going to find you (along with where you will find your customers). You also need to thoroughly understand how you will make money (renewals, add-ons, etc.).

The book takes you takes you through important steps that are often overlooked – like hypothesis testing and concept validation. It also talks about how you need to focus on designing a prototype or minimum viable product (MVP), as well as how you are going to scale.

People think it is risky to be an entrepreneur. Yet, as discussed in the ATD23 session, an entrepreneur is adaptable and willing to focus on a core group of customers to build the business rather than trying to be everything to everyone.

How do you start?

Start with the first theme—what problem are you solving and for whom? You need to move from concept through qualitative interviews (talk to humans), then quantitative research if required. Find a core group with a message that resonates and a problem you can solve; this is problem research.  

If you start with an open-ended question about what you do on a typical day? Ask open-ended questions (Tell me more? What about that product or service that is going well? What is not? etc.). There is a free e-book online called Talking to Humans by Giff Constable that can help with this. This is a process that continually refines and tests your hypotheses. Your primary market research (PMR) will help you understand your potential customers’ pain points.

Giff also has a book (another short read) called Testing with Humans.  At the end of the problem research, if customers didn’t mention the problem that you are building or providing a solution to, then move on to others, and if you can’t find your core, you may want to revisit your core assumptions.

Once you have a core that has the compelling problem then work with that set to review potential solutions. You then will move to what value they will achieve from your solution so you can gauge purchase intent.  

As you explore entrepreneurship further, make sure you are thinking from a global perspective. My ebook on Startup Accelerator Programs Around the World can help entrepreneurs find accelerator resources, with a focus outside the US.

This blog post presents a quick overview of Disciplined Entrepreneurship that gives a little more information that was possible in my session, but there are many resources for you to delve into further.  For those looking for ideas and ways to potentially introduce entrepreneurship ideas into their corporation, there is a short blog explaining the four models of corporate entrepreneurship and a more in-depth article from MIT on the four models.

More Entrepreneurship Resources

For further reading, viewing, or participation, here are some additional resources on entrepreneurship:

A New Resource for Global Entrepreneurs

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In my mind, entrepreneurs are the “grittiest” types of people around – I’ve been one and I’ve taught entrepreneurship to hundreds of students through the entrepreneurship programs at MIT, including my five years as the director of MIT’s delta v student venture accelerator program, which launches student start-ups into the real world.

“The harder the challenge, the more it builds you up,” explains Leslie Feinzaig, founder and managing director of the Graham & Walker Venture Fund, when discussing the recent Silicon Valley Bank collapse. “The best entrepreneurs I know will face a hundred insurmountable obstacles – and come back for the 101st because they actively believe that with enough time and opportunity, they will come out victorious.”

If this is your mindset, my new ebook was written for you. It is a resource for entrepreneurs as they face challenges unique to start-up founders.

As more people become entrepreneurs, they claim ownership of their future and help to drive the economy of their own country – and potentially global economies as well. Start-up companies fuel world economies and have created a $6.4 trillion start-up economy.

Exploring Start-Up Accelerator Programs Worldwide

During the time I spent at the Martin Trust Center for MIT Entrepreneurship, I was fully immersed in a wide variety of innovative technologies and start-ups – including working with students who had come to MIT from all over the world. I also traveled to various countries to present and share our insights on entrepreneurship and to gain knowledge from programs abroad. And while there are many programs to support entrepreneurs in the United States, I realized that start-up founders from other countries have fewer resources available to guide them.

That planted a seed in my mind to create a guide for entrepreneurs who may be exploring ways to start their own businesses, especially in countries outside the U.S. In my current role as an entrepreneurship consultant and coach, I’ve taken on a project to develop this resource. I also hope this ebook serves as a resource for global accelerators, governments, and other stakeholders as well.

Global Venture Funding Activity

According to data compiled by Crunchbase, global venture funding in 2022 totaled $445 billion — 35% lower as compared to 2021, but $100 billion more than invested in 2020. Regionally, the U.S. secures most of this investment at nearly 50%, followed by China (10%), the U.K. (6%), and India (5%) based on Dealroom data.

Some entrepreneurs may think that they need to be in the United States because of the amount of investment money here, but we’re seeing more money flow to other regions as well. Today, there are lots of options for entrepreneurs globally. Often, students I worked with at MIT realized they needed more time to get the required product fit and build the company with customer feedback. The growth of accelerators worldwide provides options if they decide to leave the U.S. and grow their companies in another part of the world – whether it is their home country or a region that is a good launching pad for their product or service. This growth of accelerators, government support, and growing entrepreneurial communities worldwide can provide entrepreneurs with this needed support.

Diversity, thought leadership, and collaboration all work together to make the global ecosystem of entrepreneurs a much richer place. I hope that the information I’ve collected about entrepreneurship around the world and how different countries support their entrepreneurs is helpful in your pursuits.

As a note, this ebook is NOT meant to be comprehensive – it is more of a directional guide. It does not cover all regions or all countries in any region. I also realize that entrepreneurial ecosystems are continuously evolving, so new information will always be coming to light. To that end, I’ve published this ebook under a Creative Commons license – I am open to other contributors who want to add to this resource from here – please feel free to reach out.

Take the Next Step to Entrepreneurship

If you are a student, an entrepreneur, an entrepreneur-to-be, or you work in an accelerator or government that is working to encourage entrepreneurship, I hope this ebook provides you with insight and resources to explore entrepreneurship further in a global sense!

Download the PDF ebook:

 An Introduction to Start-Up Accelerator Programs around the World

This free ebook was designed to be shared – you don’t even need to fill out any forms to gain access.

Celebrating Our Entrepreneurs

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Photo credit: MIT

It is with fond memories that I watched this year’s MIT delta v Demo Day presentations. Even though I was traveling out of the country, Demo Day generates the kind of enthusiasm and excitement that had me tuning in and watching the passion of these student entrepreneurs. (You can catch the replay of the Cambridge presentation here. The group also presented in San Francisco and New York City.)

MIT delta v Demo Day

Demo Day is an annual event that showcases the culmination of three months of work with the intensive delta v capstone educational accelerator program. Why am I so passionate about delta v? For five years I served as the director of this MIT program – a full immersion into a wide variety of innovative technologies and startups.

This year, watching from abroad, I saw a new cohort of entrepreneurs pitch their innovative and potentially world-changing companies to an audience of MIT students, mentors, friends, investors, and perhaps even customers. Kudos to Executive Director Paul Cheek, Jenny Larios Berlin, and Ben Soltoff, along with the entire Martin Trust Center staff for a successful Demo Day! Like any successful performance, there is an immense amount of hard work and preparation that goes into the final production. Like a proud parent, it was gratifying to pass the torch and see the program grow and move forward.

delta v 10-year Impact Study

In addition to celebrating this year’s delta v entrepreneurs, MIT just released an in-depth longitudinal study of the impact of delta v. I’d like to highlight some of the findings here to show how much this program has meant to the students and their startup companies, the MIT community, and to demonstrate the overall economic impact of the program.

The study was based on 10 cohorts of delta v students who comprised 181 teams. There were 692 participants during that time (67% were MIT students), and 322 of them (47%) responded to the survey. Some of the highlights include:

  • Survival Rate: Since its inception, 61% of delta v projects have become real companies that either continue to exist to this day or have been acquired. (For companies from the past five years of delta v, that number increases to 69%.)
  • Attractiveness to Investors: 63% of all the projects have resulted in companies that raised money.
  • Funding Attracted: The companies that have raised funding to date have totaled over $1 billion, and that continues to grow.
  • Founding Other Companies: Over 130 new additional companies have been created and raised an additional $2 billion beyond the companies started from the projects worked on in delta v.
  • Broader Entrepreneurship Communities: 68 (37.5%) of delta v startups were accepted into external, private/for-profit accelerators, including Y Combinator, TechStars, and Mass Challenge.
  • Connected Community: 83% of survey respondents say they are still in touch with their delta v cohort.

What’s Next for Me?

So, how can we help the next generation of entrepreneurs around the world be successful in their endeavors? Now that I’m working on the “fourth act” of my career, I’m working one-on-one with entrepreneurs and their startups in a consulting and coaching role.

These days I’m also traveling more for both pleasure and business. And, I’m working on an e-book resource on Global Entrepreneurship and Accelerator Programs around the World.

Interested in the e-book? Sign up here and I’ll send you a copy once it’s completed.

Taking a Well-Deserved Break … and What I’ve Learned

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Recently, I left my job at MIT, and I don’t have another job. As the Executive Director of the Martin Trust Center for MIT Entrepreneurship, my days (and many nights) were filled with activity – working with students, teaching, and shaping entrepreneurship education programs. All that has stopped, and I’ve taken time to be still, breathe, take stock, and think.

This time of reflection is providing me a much clearer view of what is possible—and realizing the big picture is even bigger than I thought. Quitting your job is not for everyone (and I am very fortunate that I’m in a position where I could do that), however, taking time to make room for other activities is something I highly recommend to everyone. Creating space to see that there are other opportunities, different ways to work, new skills to learn, and passions to embrace is enlightening. (My new passion is tennis! Who knew?)

I have had three acts thus far in my career. I held roles from engineer to executive in tech companies. Then, as an entrepreneur, I navigated two startups through to IPOs, and my third act was a career in academia teaching entrepreneurship in the classroom and through hands-on programs. Each transition had its moments where I said, “What did I get myself into?!” Yet, digging in and being open to learning proved to be rewarding in every case. I’ve had great rides with successful companies, enjoyed relationships with diverse and interesting colleagues, and embarked on learning experiences I could never have imagined. I have traveled the world, thrived in new environments, and have seen colleagues soar and cheered on their success. I’ve learned so much about people and how they think, work, celebrate, and come back from setbacks. It makes you realize that the people you work with truly can make or break any job experience.

As someone with many, varied job experiences, I’ve realized that experience is double-edged sword. On the one hand, you know how to do things, and perhaps you have even forgotten what others have not yet learned. However, experience also can leave you in a lane you know too well and prevent you from taking the risk of trying—and potentially failing—at new skills. When you are starting fresh, you know there will be new risks, new failures, and new experiences.

I am extremely fortunate to have enjoyed every job I’ve had, but I do realize my enjoyment of work is dependent on my own attitude and approach. Approaching each new role as a learning experience helps you get over the hurdles and enjoy the successes. I’ve worked with folks who had deep expertise but lacked some of the skills I have, and we ended up being a terrific team. I am fortunate to have friends from my very first job and from my most recent job, and I make a concerted effort to keep in touch with these people. My network—and talent tree—is something that was built organically with people I enjoy, and it makes a career so rewarding.

In my research findings for my doctorate, it wasn’t a real surprise that matching new graduates with seasoned employees in data analytics roles was a recipe for success. The veterans could contextualize situations for the students based on experience, and the recent graduates would apply that context to achieve a much more robust analysis. Later, my work at MIT included building mentorship programs and creating networking relationships between students, alumni, and startup founders. When I was no longer running these programs, I realized I needed to apply my networking and mentorship skills to myself as well.

Although I am a certified professional coach, it’s true that even coaches need a coach. If you want to do something different and are unsure about how to get there, working with a coach is a perfect way to figure out these decisions. I needed a coach to look at why I was working so hard; although I enjoyed the work and the people, it didn’t feel like it was enough for me at the time. My coach helped me realign my values and aspirations—something that had not been done for quite some time.

I have always been curious, optimistic, and a contributor, but I needed more balance, less commuting (yes, I still commuted through most of the pandemic!), and a good challenge to be passionate about. The first two were difficult to manage in my last job, but there was no lack of challenge, in fact, there were actually too many challenges! I spread myself so thin because I wanted to do everything and for everyone—and this led to an erosion in my passion for my job.

So, as I take time to reflect, I’m betting on myself and focusing on balance. Just creating the space to reflect has let me think about of all sorts of exciting things I can do next, both professionally and personally. I am enthusiastic about the future and approaching new challenges with the renewed energy that taking a break has given me. I hope my story inspires you to give yourself some space to think, reflect and renew!

Finding the “Aha!” moment at MIT’s Entrepreneur Development Program

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“Enjoy every moment of being fire-hosed.”

This slightly scary piece of encouragement might leave you with a bit of trepidation. But, an alum of MIT’s week-long Entrepreneurship Development Program (EDP) vows this program changed her business completely.

So, what is MIT’s Entrepreneurship Development Program? Let me offer a peek inside the program from the view of a faculty member and coach. I personally find it fascinating part to witness professionals experience their “Aha!” moment during the program – that sudden moment of realization, inspiration, and insight in their entrepreneurial journey.

Bill Aulet kicks off a session on Disciplined Entrepreneurship

For the third year in a row I recently assisted in teaching and facilitating this MIT Executive Education program with Bill Aulet. The group of people who attend EDP are highly motivated, driven, and want to make a positive impact in the world. These individuals are seasoned professionals who are used to delivering results, so we needed to provide the material in a way so that it can be applied to their real world. The MIT style of learning “mens et manus” (which translates from Latin to mind and hand) is a good match for the EDP cohorts. MIT provides the theory and reinforces it with the practical.

The global life experiences in the class make for such a vibrant community. They ask questions to deepen their understanding, and by doing so, we become better educators. The 2020 week-long program had 104 participants from 27 countries and six continents. The participants listen to a MIT fire hose of information during the day and apply the lessons in teams during the evening by going through simulations with coaching from experienced entrepreneurs.

Participants come together on their first day, and we put them through an introduction, then they jump right into entrepreneurial speed dating, pitching ideas, and form teams before they leave that evening. The balance of the rest of the week consists of the Disciplined Entrepreneurship (DE) framework, coaching, and ecosystem tours. The program is not for the faint of heart. It truly is a constant fire hose of content. EDP is more than an entrepreneurial mindset as these folks are building out ecosystems, starting companies, and came to the Entrepreneurship Development Program specifically to learn Disciplined Entrepreneurship. 

These entrepreneurs see the effect they can have in the world through entrepreneurship. After recovery from the week, one participant said, “I am already working on the social enterprise that I have been wanting to build for 10 years, but I didn’t know how to make it into a business.” I appreciate the opportunity to teach and coach in such a results-based program.

During the school year, 90% of my day to day is made up of teaching, leading programs, and supporting current MIT Students. About 10% of my day is working in Executive Education and community building. EDP is such an essential part of our ecosystem as it brings frameworks, application, and experience to people from all over the globe who are experienced executives but are looking to take their entrepreneurial initiatives to the next level.

EDP coaches

However, our MIT educators are not the only ones teaching about the entrepreneurial ecosystem. In EDP, we bring entrepreneurs who have launched after participating in our various entrepreneurship programs. Companies like AirWorks, Floating Point Group, CaroCare, and Ministry of Supply. We also introduce non-MIT related support like Greentown Labs and the Cambridge Innovation Center (CIC).

No one program can claim the success of any MIT startup, as it is the collective ecosystem that encourages those at MIT to reach back into the community to help others rise up. Many of the people who come to the Entrepreneurship Development Program are already active in their entrepreneurship ecosystems, bringing the Disciplined Entrepreneurship lessons to others. This is the impact of EDP.  We continue to foster the community.

Here is some of the feedback from participants:

MIT Entrepreneur Development Program, class of 2020

Dale Cree, CEO, 3EN Cloud ltd
“At the end of the day, it was absolute proof, you need to complete the 24 steps to have any chance at all. Greatest foundation for any business journey. MIT EDP.”

Kasper Juul, Director, External Innovation at LEO Science & Tech Hub
“The combination of inspiring lectures and practical exercises, with the support of experienced entrepreneurial mentors is simply invaluable. This makes for a very intense course with a steep learning curve that will push you to your limit while having lots of fun. Most importantly EPD makes you feel part of a community that will continue to support you on the entrepreneurial journey.”

Mariam AlEissa, Ph.D., Postdoctoral Research Fellow at MIT
“I’m so grateful to be part of the Entrepreneurship Development Program where I learned innovative ideas can’t be delivered without entrepreneurial skills. As a Saudi woman, I’m fortunate to live in a time where women empowered as part of 2030 vision and I’m trying my best to be ready to play an active role in my community at all levels.”

Dr. Dani Abu Ghaida, Technology Leader working with Middle East organizations to create, build and launch new ventures
“What particularly attracted me [to EDP] is to find answers on what I did wrong in the ventures I have led and that failed prior to EDP. EDP not only answered this question but gave me the motivation to move ahead and pursue multiple programs at MIT leading to the ACE [Advanced Executive Certificate] qualification I have now. This journey has equipped me with the tools that I need to answer all the management, strategy, innovation, operations, and supply chain challenges I can face as a venture leader, business executive, and a person who wants to change the world.”

Mary Rodgers, Innovation Community Manager, PorterShed (past participant)
“Since returning to Galway, MIT EDP has become an integral part of our daily working lives. Managing a co-working Tech Hub, I regularly meet with entrepreneurs at different stages of their life cycle. I used the DE [Disciplined Entrepreneurship] roadmap to refocus the companies, and provide an objective, practical, advice and actions to progress.”

Want to learn more? Visit these websites:

Entrepreneurship Development Program

Disciplined Entrepreneurship