Welcome to 2016’s first installment of Trending on Thursday! Now that all the #smallbiz owners are back from the holidays, it’s time to catch up on the latest news and start implementing your 2016 business plan. Whether you’re planning on opening a small business this year or if you’re already a seasoned entrepreneur, we’ve got some words of wisdom for you this week.
Keep reading for the full roundup and tell us what you’re doing to start your business on the right path this year.
- If you’re thinking of starting a business in 2016, Steve Tobak says you should ask yourself one single question: Have you discovered a market need? This should be a customer problem that begs to be solved, and you must have the passion and commitment to come up with a better solution than what’s out there. Tobak says every successful business has started that way, including GrubHub, WhatsApp, and Uber.
- On the other hand, if you already own your own business, Jim Schleckser says there are six surprises that you should watch out for in the coming year. His predictions include the “uberization” of everything, with more assets than ever being liberated with the help of technology. He also predicts that your workforce will become more virtualized and recruiting top talent will become more difficult than ever.
- One thing most entrepreneurs desire is the chance for their child to be an entrepreneur. Mark Zuckerberg’s father, Dr. Edward Zuckerberg, did a lengthy interview with a local radio station some time ago in which he talked about how the choices he and his wife made led his son to go on to Facebook and become a billionaire. Bill Murphy, Jr. has compiled the biggest takeaways from the interview, including providing security for your kids, discovering and encouraging your child’s interests, and learning to balance your work and personal life.
- Teddy Nykiel at NerdWallet says more women will open small businesses and online small business loans will increase noticeably in 2016. It’s common knowledge in the industry that online lending to small businesses currently accounts for 2 percent of small business loans. By 2020, it is predicted to rise to 20 percent, which means the volume of loans will surely increase in the next 12 months, especially with options like Marlin’s Funding Stream.
- It’s pretty clear that successful entrepreneurs think differently. They understand that your mindset affects what you believe is possible, and that will dictate what actions you take in your life and business. Kimanzi Constable, author of Stop Chasing Influencers, says there are three key ways that entrepreneurs think differently, including realizing excuses don’t lead to results, accepting failure as a valuable life experience, and valuing your own time above all else.