The pathways to successful entrepreneurship are unpredictable. But one constant commonality, even above education or experience, is drive. Successful entrepreneurs from all backgrounds share a relentless tenacity that is perhaps the best predictor of success. This is the magic of entrepreneurship.
Innovation may be the most sought-after quality in the business world today. Every corporation craves a culture that celebrates and implements the new ideas that spark growth and create industry-leading products or services. But wanting to foster innovation and actually fostering innovation are two wildly different things.
In an era many business leaders are calling the “age of automation,” the power of teamwork still remains a key to unlocking business results. These two seemingly opposing forces are actually tightly interlinked. While automation, robotics and technology will continue to absorb rote, repetitive work, companies that unlock the skills that automation cannot bring to the table — collaboration, creativity, and team-driven problem-solving — will rise to the top.
Among the many controversial topics being batted around this election season, one of the few with any opportunity for bi-partisan support is a reform of the corporate tax code. While it is still an issue that generates strong opinions on either side of the aisle, most politicians and business executives realize that the current corporate tax structure is broken. Despite a corporate tax rate that tops out at 39 percent, the highest in the industrialized world, the U.S. actually has a fairly low “effective tax rate.” U.S.-based companies pay only about 10 percent tax because of numerous tax breaks and tax provisions, according to the Government Accountability Office.
If you flip through the pages of the latest business magazine or read the online headlines you might be under the impression that twenty-somethings are leading a surge in entrepreneurship while baby boomers settle for more traditional business roles. The reverse is actually true. As Dane Stangler of the Kauffman Foundation noted in testimony before the U.S. Senate last year, “Americans in the 55-64 age group start new businesses at a higher rate than those in their 20s and 30s. This has been true, by the way, in every single year from 1996 to 2013.”
The allure of Reno is its promise and potential to become a vibrant technology city without all of the downsides of a tech capital like Silicon Valley. If we can attract Tesla, Switch, Microsoft and Apple, but keep at bay the sky-high commercial real estate prices, snarled traffic and exorbitant housing prices, Reno will remain a magnet to maturing technology and logistics companies.
Growing mid-sized businesses will eventually reach a fork in the road where they have to decide whether to integrate or continue outsourcing. The decision can be difficult. Vertical integration — when a company takes ownership of its supply chain — can give businesses greater control over costs, efficiency and product quality. But continuing to outsource portions of your supply chain allows you to focus on your core business while still relying on trusted business partners.