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Four-year-old entrepreneur wins out against council complaints

<p dir="ltr">Four-year-old Leo Tyres is the proud owner of his very own fruit and vegetable stand, better known as Leo’s Little Shop, but his enterprise hasn’t come without its share of struggle. </p> <p dir="ltr">He first had to overcome a hurdle most small business owners know an awful lot about - a slow start. And from there, things escalated, when a complaint made to the local council against his stand almost shut down business for good. </p> <p dir="ltr">Leo operates his pop-up store, selling discounted fruit and vegetables with slight defects from outside his home in Gatton, Queensland. </p> <p dir="ltr">And as Lockyer Valley Mayor Tanya Milligan told<em> 9News</em>, the complaint had been about “a business that was operating in a residential area. </p> <p dir="ltr">“Like most councils, we are complaint-driven, we have an obligation to go and check it out.”</p> <p dir="ltr">“If it’s a permanent structure, it becomes a shop,” she explained, before noting that if that were the case then the young family would have had a lot of hoops to jump through. </p> <p dir="ltr">Luckily for little Leo - and the 2000 locals who got behind a petition to save his venture - Milligan was of the opinion that “it’s no different to me than the old-fashioned lemonade stall or garage sale.” </p> <p dir="ltr">And so, the stand remains open for business, with Leo at the helm. </p> <p dir="ltr">As for how his regulars feel about the outcome, Leo was happy to report that “they say ‘good on ya’.” </p> <p dir="ltr">Leo’s mother, Barbra Sanchez, is delighted with the result as well, and shared some of the benefits of his experience, noting that “he is learning several life skills from interacting with people, [and he’s] saving money.”</p> <p dir="ltr">Those people are, of course, his customers, but also his suppliers. Local business is important to the youngster, who sources his produce from local farmers who are unable to sell the fruit and vegetables due to the ‘imperfections’ in their appearance.</p> <p dir="ltr">While he started out with just a bag of limes and two pumpkins, Leo’s empire has grown from there, and he now has his very own trailer to help with the crucial work of sourcing, carrying, and selling his wares. </p> <p dir="ltr">He was more than eager to share this proud achievement, too, declaring that he can now “take 10 pumpkins in the trailer! 10 pumpkins.” </p> <p dir="ltr">And for anyone wondering just what the four year old might be doing with his hard-earned savings, Leo was happy to explain, telling <em>9News</em>’ Cam Inglis, “I just buy toys.” </p> <p dir="ltr"><em>Images: 9News</em></p>

Food & Wine

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Woman driven to tears by ungrateful "Karen" customer

<p><em>Image: TikTok</em></p> <p>A Queensland small business owner has been left in tears after a vegan ‘Karen’ customer sent her a rude email about a free lolly that was included in her order.</p> <p>Carissa Collins, founder of TLC Body, took to TikTok earlier this week sharing her feelings about the email.</p> <p>She has been adding lollies to her packages sent to her customers as a thoughtful gesture.</p> <p>“So once again I’m in a position where I will not be buying from you again because I no longer trust your word” the email read.</p> <p>“I don’t eat lollies – vegan or not – what do you think you are gaining by sending someone a bit of sugary junk in the first place? I’d rather pay less for my product than get something I never asked for or wanted”</p> <p>“If they were vegan I could have at least appreciated the thought”.</p> <p>The email from the customer ended with them saying they would never buy Collins again.</p> <p>In a teary video on TikTok, Collins shared the email, asking “when did it become okay to speak to people like this?”</p> <p>“I literally just received an email from a customer complaining about me giving them a lolly. A bloody lolly in their order”, Collins said in the video.</p> <p>“Honestly, how this email was worded, it was almost as if I had stabbed them or something. What the hell. I am trying to do a nice thing by giving free gifts with orders. If you don’t like a lolly, don’t eat it”.</p> <p>Following her video, Collins received a massive amount of support, with fellow TikTokers commending her for the “lovely gesture”.</p> <p>“This lady is clearly a Karen” one person said.</p> <p>“You don’t want customers like that, it’s a blessing in disguise, don’t let this put you down” another said.</p> <p>In a follow up video she said she has been blown away by support.</p> <p>“All I can say right now is wow these last two days have been crazy”.</p> <p>“I really want you guys to know I appreciate you so much, thank you for your support and kind words”.</p> <p>The young business owner says she will not let the customer get her down and will continue to throw free lollies in to her orders.</p>

Food & Wine

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How two Adelaide mates were inspired by their pets to create a multi-million dollar business

<p><span style="font-weight: 400;">In 2019, tradie Jye de Zylva noticed this pet kelpie was out of sorts. </span></p> <p><span style="font-weight: 400;">His dog was significantly stressed, and sometimes even missing, when his owner would return home each day from the job site. </span></p> <p><span style="font-weight: 400;">Jye teamed up with his mate and entrepreneur Davie Fogarty, and the pair created an innovative line of dog beds aimed at calming anxiety and stress in their furry friends. </span></p> <p><span style="font-weight: 400;">The 26-year-olds founded Pupnaps, which is the first of its kind and is largely inspired by a unique circular design. </span></p> <p><span style="font-weight: 400;">“The first design we settled on was one that kind of emulates a dog curling up in their mother’s womb,” Jye told NCA NewsWire.</span></p> <p><span style="font-weight: 400;">“It’s a really common way for dogs to sleep and it gives them comfort.”</span></p> <p><span style="font-weight: 400;">The company saw a flood of success and regularly surpasses $1million in monthly sales from selling 4,000 beds a week. </span></p> <p><span style="font-weight: 400;">Jye said the success of the company took them both by surprise. </span></p> <p><span style="font-weight: 400;">“It took us probably six to seven months and we did our first million-dollar month, which was really exciting in terms of the success and what it meant.”</span></p> <p><span style="font-weight: 400;">He said, “It was something that I didn't really expect in my wildest dreams; coming from being a chippie only six or eight months before that.”</span></p> <p><span style="font-weight: 400;">The Pupnaps line included four different dog beds: the original dog calming bed, as well as an orthopaedic memory foam bed, an orthopaedic floor rug and a calming furniture couch.</span></p> <p><span style="font-weight: 400;">Jye is a firm believer that the success of the company was aided by the pandemic, and pets having increased anxiety after their owners returned to offices for work. </span></p> <p><span style="font-weight: 400;">“Anxiety can really impact a dog’s quality of life, not to mention the guilt and fear that owners have whenever they need to leave their pets alone,” Mr de Zylva said.</span></p> <p><span style="font-weight: 400;">“It’s really rewarding to create a product that has been successful but also one that is helping dogs and their owners to live better lives.”</span></p> <p><em><span style="font-weight: 400;">Image credits: Instagram @pupnapsofficial</span></em></p>

Technology

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Teen entrepreneur calls out the older generations

<p><span style="font-weight: 400;">An Australian high schooler who has become a multi-millionaire off of his online business ventures has called out older generations for labelling millennials as “lazy” and “entitled”.</span></p> <p><span style="font-weight: 400;">Jack Bloomfield has become a successful ecommerce entrepreneur through a series of ventures.</span></p> <p><span style="font-weight: 400;">The 17-year-old has penned an open letter, saying young people are “doing incredible things”.</span></p> <p><span style="font-weight: 400;">“If I had a dollar for every time I heard yet another insult about Millennials like me, I could probably actually afford to be every bit as lazy as we’re always accused of being,” he wrote in a </span><a rel="noopener" href="https://www.news.com.au/finance/money/17yo-selfmade-millionaires-open-letter-to-adults/news-story/3ab4fd514b3aa838b14b5ca12f96ca40" target="_blank"><span style="font-weight: 400;">news.com.au</span></a><span style="font-weight: 400;"> piece.</span></p> <p><span style="font-weight: 400;">“Honestly, it feels like kids my age should all be walking round with helmets on given just how much of a beating we take from older generations.</span></p> <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/BxrT1FTl-Kg/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="13"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/p/BxrT1FTl-Kg/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank">A post shared by Jack Bloomfield (@jackbloomfield)</a></p> </div> </blockquote> <p><span style="font-weight: 400;">“All we get told is how lazy and entitled we are.</span></p> <p><span style="font-weight: 400;">“But you know what? We’re not listening.</span></p> <p><span style="font-weight: 400;">“We don’t want to spend 40 years chained to a desk taking a pay cheque like you did.</span></p> <p><span style="font-weight: 400;">“We want to be in charge of our own future.</span></p> <p><span style="font-weight: 400;">“And we’re making it happen whether you like it or not.”</span></p> <p><span style="font-weight: 400;">Since starting his first business at the age of 12, Jack has gone on to become a multi-millionaire and public speaker.</span></p> <p><span style="font-weight: 400;">He told </span><em><span style="font-weight: 400;">Today Extra</span></em><span style="font-weight: 400;"> last year that schools needed to do more to support aspiring entrepreneurs.</span></p> <p><span style="font-weight: 400;">“It all comes back down to support of kids like myself who want to go out there and start something really big with their lives,” he said.</span></p> <p><span style="font-weight: 400;">“No one’s really talking about starting a business, especially teachers and schools around the country, so it was all self-education.</span></p> <p><span style="font-weight: 400;">“Instead of watching Minecraft or whatever I watched at the time, I started typing up how to start your own online business just on YouTube, just spending hours and hours educating myself trying to figure out how this whole thing’s going to work.”</span></p> <p><span style="font-weight: 400;">Bloomfield concluded his piece by praising the achievements of other young people who are "trying to launch the next revolutionary business that will change the way we live or work".</span></p> <p><span style="font-weight: 400;">"We want to be in charge of our own future," he said. "And we're making it happen whether you like it or not."</span></p> <p><em><span style="font-weight: 400;">Image: Jack Bloomfield / Instagram</span></em><span style="font-weight: 400;"></span></p>

Retirement Income

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Mature-aged entrepreneurs find success

<p><span style="font-weight: 400;">Ready to leave your job but not ready to retire? You might want to consider joining the growing number of mature-aged entrepreneurs starting their own business.</span></p> <p><span style="font-weight: 400;">Though the field is perceived as a young people’s game, </span><a href="https://journals.sagepub.com/eprint/YUFEMDJMGNNWDZDFZBMC/full"><span style="font-weight: 400;">studies</span></a><span style="font-weight: 400;"> show older age is linked to more entrepreneurial success.</span></p> <p><strong>Why?</strong></p> <p><span style="font-weight: 400;">According to Alex Maritz, professor of entrepreneurship at Latrobe University, older entrepreneurs succeed due to the many advantages they have over their younger counterparts.</span></p> <p><span style="font-weight: 400;">“People at this age group have better or higher levels of human capital - that’s knowledge and skills,” he told ABC Radio Sydney.</span></p> <p><span style="font-weight: 400;">“They have better social capital, which could be networking, and financial capital, which could account for bootstrapping, or self-financing.”</span></p> <p><span style="font-weight: 400;">Senior entrepreneurs are also less likely to have a fear of failure.</span></p> <p><span style="font-weight: 400;">“They’ve experienced things in life, they’ve had ups and downs … they’ve usually learned from these experiences,” Professor Maritz said.</span></p> <p><span style="font-weight: 400;">“That’s what entrepreneurship is about - it’s about learning from experiences, bouncing back, being proactive, innovative and having a capacity to take risks.”</span></p> <p><strong>An underrated choice</strong></p> <p><span style="font-weight: 400;">Professor Maritz also said it was important to promote self-employment as a viable career path for older Australians who may be less interested in starting a business.</span></p> <p><span style="font-weight: 400;">“The older age group has lower levels of entrepreneurial intentions,” he said.</span></p> <p><span style="font-weight: 400;">“There are certain things we have to provide these more mature people - like developing ecosystems for them, targeted education, and access to entrepreneurial resources.”</span></p>

Retirement Income

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Genius Aussie app idea you'll wish you'd thought of first

<p><span style="font-weight: 400;">When it comes to screen-time, the amount of time that kids spend on their phone has parents worried.</span></p> <p><span style="font-weight: 400;">So the idea to force kids to do maths and English problems in order to unlock apps on their phones seems like an obvious solution, now that someone has thought of it.</span></p> <p><span style="font-weight: 400;">Sydney entrepreneurs Isaac and Ann Elnekave have turned that idea into a reality through the app 1Question, which they trialled on their 13-year-old daughter Alyssa.</span></p> <p><span style="font-weight: 400;">Of the trial, Alyssa said, ‘At first I wasn’t too sure about it.’</span></p> <p><span style="font-weight: 400;">‘I didn’t want my friends to blame me if their parents made them get it,’ she continued.</span></p> <p><span style="font-weight: 400;">‘But, once I started using it I realised it doesn’t take that long to answer a question and it’s actually pretty cool.’</span></p> <p><span style="font-weight: 400;">Research has found that almost half of kids between six and 13 either own a phone or can access one. With the majority playing phone games or using apps like YouTube for an average of five hours a day, the Elnekaves hope to use that time for good.</span></p> <p><span style="font-weight: 400;">‘Much like sneaking veggies into cake, the 1Question app seamlessly leverages screen habits to create micro learning moments,’ Mrs Elnekave said.</span></p> <p><span style="font-weight: 400;">‘Engagement is the holy grail of educators - if only kids were as motivated to learn their times tables as they are their TikTok moves.’</span></p> <blockquote class="twitter-tweet"> <p dir="ltr">How many times does your child open an app each day? 5.. 10.. 20.. 50? 🥴 If you can capture even some of that energy and put it to use, imagine the impact it can have on their education. Turn screen time habits 👎 into opportunities 👍 with 1Question! <a href="https://t.co/HviU4TetLP">pic.twitter.com/HviU4TetLP</a></p> — 1Question (@1QuestionApp) <a href="https://twitter.com/1QuestionApp/status/1379643563311435776?ref_src=twsrc%5Etfw">April 7, 2021</a></blockquote> <p><span style="font-weight: 400;">‘We created a solution that blends screen time and study to maximise your child’s valuable engagement,’ she explained.</span><span style="font-weight: 400;"></span></p> <p><span style="font-weight: 400;">With a monthly $2.99 subscription, parents can download the app onto their child’s phone, choose their grade and curriculum subjects, and monitor their progress on a dashboard, showing each correct answer they answer to open a game or app such as YouTube.</span><span style="font-weight: 400;"></span></p> <p><span style="font-weight: 400;">Mr Elnekave said, ‘We designed the user experience to be really simple, but underneath the hood is our incredibly intelligent AI engine.’</span><span style="font-weight: 400;"></span></p> <p><span style="font-weight: 400;">‘As your child learns, so does the AI, which seamlessly deciphers each child’s area of strength and weakness and autonomously charts a customised path for their learning.’</span><span style="font-weight: 400;"></span></p> <p><span style="font-weight: 400;">With a base of 12,000 questions developed using the Australian, British, and American primary school curriculums, there are plans to expand the app to cater to high school students, including those taking the HSC.</span><span style="font-weight: 400;"></span></p> <p><span style="font-weight: 400;">Since the trial launched, Mr Elnekave said they had been ‘inundated with requests for more topics almost daily.’</span><span style="font-weight: 400;"></span></p> <p><span style="font-weight: 400;">The potential global growth of the app helped the entrepreneurs secure support from the Australian Tax Office, which granted the app Early Stage Innovation Company status.</span><span style="font-weight: 400;"></span></p> <p><span style="font-weight: 400;">To help the app take off on a global scale, the couple are looking to crowdfund $1.5 million on the OnMarket website. </span><span style="font-weight: 400;"></span></p> <p><span style="font-weight: 400;">Their target? To emulate the success of language learning app Duolingo, which has been downloaded 300 million times and is valued at $US 2.4 billion.</span><span style="font-weight: 400;"></span></p> <p><span style="font-weight: 400;">The Rozelle couple have also garnered support from their neighbours including actor Gary Sweet. Echoing the thoughts of many parents, he said, ‘Bloody oath. Where was this app a few years back!’</span></p>

Technology

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Where are the films starring successful women entrepreneurs?

<p><a href="https://www.hbo.com/documentaries/the-inventor-out-for-blood-in-silicon-valley">The Inventor: Out for Blood in Silicon Valley</a>, now streaming in Australia on Binge, depicts Theranos founder and former CEO Elizabeth Holmes as a bewitching sociopath.</p> <p>Holmes wanted to revolutionise health care by providing a simple and cheap way to perform blood tests using only a finger prick. In 2003, she founded Theranos, with a vision of the company’s machines in every home in America.</p> <p>But, as the Wall Street Journal’s John Carreyrou <a href="https://www.wsj.com/articles/theranos-has-struggled-with-blood-tests-1444881901">revealed</a> in 2015, Holmes created an intricate web of deception. Even as machines found their way into chemists and were being used by medical insurance companies, they never actually worked.</p> <p>Holmes put patients’ lives at risk and cost investors millions of dollars.</p> <p>The documentary is compelling viewing, but as it enters a very slim field of movies about female entrepreneurs it is worth questioning the impact of the stories we choose to tell.</p> <p><strong>Fall from grace</strong></p> <p>The journey Holmes took from young idol to spectacular failure is a story about systemic issues and the <a href="https://knowledge.wharton.upenn.edu/article/silicon-valley-work-culture/">sometimes toxic</a> culture of the world of start-ups.</p> <p>Prior to the scandal breaking, Holmes was <a href="https://www.newyorker.com/magazine/2014/12/15/blood-simpler">celebrated in the media</a>. She was portrayed as a Stanford University dropout with a vision for changing the world. She raised hundreds of millions of dollars from powerful men in a start-up landscape known for its <a href="https://hbr.org/2020/01/how-the-vc-pitch-process-is-failing-female-entrepreneurs">discriminating funding practices</a>.</p> <p>She made the <a href="https://www.forbes.com/profile/elizabeth-holmes/#338f337c47a7">cover</a> of Forbes magazine in 2014 as the world’s youngest self-made female billionaire. Holmes represented a heady mix of tech, science and business. She was the golden girl of the start-up world.</p> <p>This made her fall from grace even more spectacular.</p> <p>But compare Holmes’ portrayal with another well known example of a deceitful male entrepreneur: <a href="https://www.theguardian.com/film/2014/feb/28/wolf-of-wall-street-jordan-belfort-sex-drugs">Jordan Belfort</a>, the “wolf of Wall Street”.</p> <p>Belfort ran an elaborate crime scheme linked to manipulating the stock market and was jailed for 22 months for securities fraud. Nonetheless, his <a href="https://www.goodreads.com/book/show/522776.The_Wolf_of_Wall_Street">autobiography</a> and Martin Scorsese’s 2013 <a href="https://www.imdb.com/title/tt0993846/">film adaptation</a> depict Belfort’s story as celebration of wealth and power, rather than a critical review of his fraudulent behaviour.</p> <p><strong>Where are all the good stories?</strong></p> <p>Feature films about female entrepreneurs are few and far between.</p> <p><a href="https://journals.aom.org/doi/abs/10.5465/AMBPP.2020.21276abstract">Research</a> from one of the authors examined English-language films from 1986 to 2016 with female entrepreneurs as the central character. Over the 30-year period, only 11 films about women entrepreneurs were identified – fewer than the number of <a href="https://www.macworld.co.uk/news/apple/steve-jobs-movies-documentaries-to-watch-3786148/">films about Apple co-founder Steve Jobs</a> alone.</p> <p>From <a href="https://www.imdb.com/title/tt0092605/">Baby Boom</a> (1987), where Diane Keaton’s character starts a baby food business, to Melissa McCarthy’s brownie empire in <a href="https://www.imdb.com/title/tt2702724">The Boss</a> (2016), these films overwhelmingly depicted female entrepreneurs as running small-scale kitchen table businesses in female-dominated industries.</p> <p>These movies told stories of cleaning, as in <a href="https://www.imdb.com/title/tt2446980/">Joy</a> (2015) and <a href="https://www.imdb.com/title/tt0862846/">Sunshine Cleaning</a> (2008); fashion, as in <a href="https://www.imdb.com/title/tt2361509/">The Intern</a> (2015); and not-for-profit work, as in the <a href="https://www.imdb.com/title/tt0116313/">First Wives Club</a> (1996).</p> <p>Businesses depicted typically had low numbers of paid employees. The entrepreneurs were resource-poor, and most often it was a supporting male character who helped the female entrepreneur succeed.</p> <p>Additionally, the study found a woman starting her own business is seemingly not enough to hold audience attention: all films included a parallel romantic storyline.</p> <p><strong>The female entrepreneur as role model</strong></p> <p>Celebrating successful female role models <a href="https://www.sciencedirect.com/science/article/pii/S0167487011000353">encourages women</a> to dream big and succeed in male dominated arenas.</p> <p>Role models provide a source of inspiration and contribute to self-belief. As the quantity of entrepreneurship related media increases, so does the amount of <a href="https://link.springer.com/content/pdf/10.1007/s11365-006-0018-8.pdf">entrepreneurial activity</a>.</p> <p>However, negative portrayals of careers may <a href="https://psycnet.apa.org/record/1997-04591-001">prevent</a> people from considering a profession.</p> <p>The case of Holmes and Theranos is damaging for the <a href="https://www.bloomberg.com/opinion/articles/2018-03-14/theranos-misled-investors-and-consumers-who-used-its-blood-test">betrayed</a> customers and investors, but also for the field of entrepreneurship, which only in recent decades has seen its reputation overhauled.</p> <p>Entrepreneurship was once the <a href="http://cup.columbia.edu/book/a-brief-history-of-entrepreneurship/9780231173049">domain of racketeers</a>. Over time, it has evolved to be the domain of tech celebrities, socially conscious founders and a vehicle for upward social mobility – but still, too often, a domain of men.</p> <p><a href="https://www.taylorfrancis.com/books/e/9780429279836/chapters/10.4324/9780429279836-26">One study</a> investigated how female entrepreneurs are featured on the cover of Entrepreneur magazine. Women were vastly outnumbered by men on the cover, and were often portrayed in a stereotypical female fashion.</p> <p>Words surrounding images of women tended to be about nurturing, health, beauty and fashion. Wording accompanying images of male entrepreneurs talked of power, innovation and risk taking.</p> <p>Women were “glamified” in full make-up and focus given to their face, while men were more likely to be standing and set against a corporate colour palette.</p> <p>How we tell stories of female entrepreneurs matters.</p> <p>In order to achieve equity in entrepreneurship, we need to acknowledge the role of the media in filling the entrepreneurship pipeline.</p> <p>Positive depictions of innovative women act as a mirror, showing girls and women what they can achieve. We need more, and better, stories about female entrepreneurs so stories about female innovation aren’t limited to failure and fraud.</p> <p><em>Written by Bronwyn Eager and Louise Grimmer. Republished with permission of <a href="https://theconversation.com/the-inventor-tells-a-story-of-a-fraudulent-female-billionaire-where-are-the-films-starring-successful-women-entrepreneurs-145922">The Conversation.</a> </em></p>

Movies

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Why optimism is not always good in entrepreneurship

<p>Most business start-ups end badly. While the number of new businesses created in the UK in 2016 – 414,000 – looks impressive at first, it is less so when set against the number that failed that same year: <a href="https://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/bulletins/businessdemography/2016">328,000</a>.</p> <p>Failure has always been the hallmark of entrepreneurship – only around 50 per cent of businesses survive their first five years. And not only are the chances of survival slim, but there is evidence that on average <a href="https://www.journals.uchicago.edu/doi/abs/10.1086/262131">business owners earn less</a> than if they had remained as someone else’s employee. They also work substantially <a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1467-6435.2007.00361.x">longer hours</a> than their counterparts in paid employment.</p> <p>So what sort of person decides to leave the relative security and comfort of employment and invest on average <a href="https://www.aeaweb.org/articles?id=10.1257/00028280260344452">70 per cent of their wealth</a> on the high risk lottery ticket that is entrepreneurship? And in such large numbers? The answer: optimists.</p> <p>Sure, the potential returns from founding a successful business and becoming the next Bill Gates may be so great that the gamble is possibly worthwhile. Or perhaps the attraction of “<a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1336091">being our own boss</a>”, is part of the attraction. But a dash of optimism is a powerful catalyst to action.</p> <p>Psychologists have long documented our tendency to be optimistic. In fact, optimism is one of the most pervasive human traits. By optimism, we mean a tendency to overestimate the probability of doing well (or conversely, underestimating the probability of failure).</p> <p>For instance, most people overestimate their <a href="https://www.sciencedirect.com/science/article/pii/0001457589900249">driving ability</a>, their <a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/boer.12107">future financial prosperity</a>, and their chances of a successful, <a href="http://journals.sagepub.com/doi/abs/10.1177/0146167204271325">happy marriage</a>. Across many different methods and domains, studies consistently report that a large majority of the population (<a href="https://www.sciencedirect.com/science/article/pii/S0960982211011912">about 80 per cent according to most estimates</a>) display an overly optimistic outlook.</p> <p>Viewing ourselves and our chances of future success in implausibly positive ways may increase ambition and persistence. It may persuade others to cooperate with us. There may even be an element of self-fulfilling prophecy, whereby exaggerated beliefs increase the probability of success.</p> <p>Nevertheless, there is a downside. As it is better to use correct information when making choices, optimism tends to result in faulty assessments and mistaken decisions. Yes, it may well enhance our performance but it also results in participation in activities doomed to fail.</p> <p><a href="https://www.sciencedirect.com/science/article/pii/S0014292118301582">In our research</a>, we examine how these forces play out in business start-ups – a big decision involving much uncertainty. Previous studies have documented that optimistic thinking tends to be highest when outcomes are uncertain. It also flourishes when success is perceived to be under the individual’s control.</p> <p>So it is no surprise that optimists are attracted to the uncertain and turbulent world of entrepreneurship. The greater an individual’s optimism, the more likely they have been fooled into thinking they have found a good business opportunity and that they have what it takes to exploit it successfully. Every episode of the BBC’s <a href="https://www.bbc.co.uk/programmes/b006vq92">Dragons Den</a> provides examples of such delusional thinking. Realists and pessimists are less likely to proceed with unpromising prospects.</p> <p>Our findings provide evidence that higher optimism is indeed associated with lower entrepreneurial earnings. Optimism is measured as bias in forecasting personal financial outcomes when subjects are still in paid employment, prior to beginning their entrepreneurial adventure.</p> <p><strong>The downside of optimism</strong></p> <p>Allowing for earnings while an employee, we find that business owners with above average optimism earn some 30 per cent less than those with below average optimism – suggesting they would have been better off if they had made the prudent choice of remaining an employee.</p> <div class="embed-responsive embed-responsive-16by9"><iframe class="embed-responsive-item" src="https://www.youtube.com/embed/ta01yF59agc"></iframe></div> <p>Marriage is in some ways like starting a business. As a further test of whether optimism leads to rash decisions, we found that optimists are more likely to divorce.</p> <p>Overall, our results suggest that many entrepreneurial decisions can be viewed as mistakes, based upon an excessive belief in the probability of doing well. Too many people are starting business ventures, at least as far as private returns are concerned.</p> <p>It seems likely that optimism is partly responsible for the sizeable churn of business births and deaths that happen year on year around the world. Governments should therefore be cautious in adopting policies that encourage start-ups – it seems people need little encouragement as it is.</p> <p>And while it is true that new businesses create new jobs, it should also be noted that when start-ups fail, they are responsible for a great deal of job destruction and heartache.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;" src="https://counter.theconversation.com/content/101417/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: http://theconversation.com/republishing-guidelines --></p> <p><em>Written by <span>Chris Dawson, Senior Lecturer (Associate Professor) in Business Economics, University of Bath and David de Meza, , London School of Economics and Political Science</span>. Republished with permission of </em><a href="https://theconversation.com/why-optimism-and-entrepreneurship-are-not-always-a-good-mix-for-business-101417"><em>The Conversation</em></a><em>. </em></p>

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The pros and cons of becoming an entrepreneur later in life

<p><span>34-year old Mark Zuckerberg might seem like the poster child for successful entrepreneurs – but, as it turns out, his youth actually puts him in the minority. <a href="https://www.forbes.com/sites/nextavenue/2018/08/05/proof-that-the-most-successful-entrepreneurs-are-older-ones/#6efd3d4d42dd">Forbes reports</a> that the majority of successful entrepreneurs are middle-aged or older. According to <a href="https://www.entrepreneur.com/article/235357">Entrepreneur</a>, People older than 55 years of age have double the likelihood of launching a high-growth business venture as compared against people under the age of 35.</span></p> <p><span>Why is that? Let’s take a look at some of the reasons senior citizens tend to make <a href="https://www.inc.com/leigh-buchanan/next-act-why-age-isnt-the-only-thing-that-sets-older-entrepreneurs-apart.html">outstanding entrepreneurs.</a> Let’s also discuss a <a href="https://www.score.org/blog/pros-and-cons-starting-business-over-55">few of the things</a> that can hold seniors back from success in entrepreneurship.</span></p> <p><strong>The pros of becoming an entrepreneur later in life</strong></p> <p><strong>Life experience gives seniors an advantage</strong></p> <p>The longer you live, the greater your accumulation of life experience. An older person has a fundamental understanding of how long any given project is likely to take, how much money is realistically needed to accomplish a given task and how human relationships function. In contrast, lack of life experience can put younger founders at a disadvantage in understanding each of these areas.</p> <p><strong>Seniors are likelier to have well-developed professional networks</strong></p> <p>Many senior citizens have spent decades in the workforce and have cultivated a lifetime’s worth of professional contacts. Solid human relationships are important for every facet of business – including finding trustworthy suppliers, hiring talented employees and finding qualified customers.</p> <p><strong>Seniors are likelier to be able to fund their businesses</strong></p> <p>People tend to accumulate wealth as they age. This is in part because salaries often grow in correlation with experience, and experience grows with age. As salaries grow, they can be invested to create even more wealth. Sure, there are broke seniors and affluent young people -- but, in many cases, age can be a major advantage when it comes to securing the funds necessary to manage a business.</p> <p><strong>Cons of starting a business later in life</strong></p> <p><strong>Seniors may need to update their business skills</strong></p> <p><span>Many, but not all, seniors have demonstrated the ability to <a href="https://www.pcworld.com/article/2153080/baby-boomers-embrace-technology-as-much-as-younger-users.html">keep pace with technology trends</a> as well as young people do. But if you’ve fallen behind, you might have to invest some effort in educating yourself about whichever up-and-coming technologies will affect your own business and the businesses of your customers. This is an ongoing obligation that isn’t unique to seniors; everyone has to worry about the ever-accelerating pace of technological innovation in the future economy.</span></p> <p><strong>Seniors are less likely to have attained beneficial levels of higher education</strong></p> <p><span><a href="https://www.theherald.com.au/story/5905528/the-x-y-breakdown-of-generations-in-australia/">The Herald reports</a> that  Australian baby boomers’ participation rate in higher education has been weak as compared against that of Generations X and Y.</span></p> <p><span>Considering that the <a href="https://www.entrepreneur.com/article/312943">typical entrepreneur</a>  is well educated, higher education could potentially be a factor that increases one’s chances for success in business. One survey of successful entrepreneurs showed that the vast majority (more than 95 percent) hold bachelor’s degrees, whilst nearly half (47 percent) hold master’s degrees.</span></p> <p><span>An important takeaway: If you’re considering entrepreneurship, and you haven’t already studied <a href="https://online.scu.edu.au/business-courses/">business courses</a>, you’re likely to find them helpful.</span></p> <p><span>Senior citizens are well suited for entrepreneurship. Overall, there are more pros than cons to starting a business later in life. There are definitely many advantages to choosing <a href="https://www.theguardian.com/small-business-network/2015/nov/02/retirement-meet-the-60-something-entrepreneurs">entrepreneurship over retirement</a>.</span></p>

Retirement Life

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The new technology that allows you to grow your income and become an entrepreneur

<p><span style="font-weight: 400;">The cost of living is continuing to rise in Australia, but retirees’ don’t have the income to match it.</span></p> <p><span style="font-weight: 400;">Naturally, they’re turning to a new and fresh source of income. </span></p> <p><span style="font-weight: 400;">Seniors are increasingly renting out spare rooms, opening their doors to travellers and letting them into their homes to increase their finances and beat loneliness.</span></p> <p><span style="font-weight: 400;">Australians aged over 60 are flocking to sites such as Airbnb and HomeAway to list their properties as the cost of living has a sharp bite.</span></p> <p><span style="font-weight: 400;">On Airbnb, seniors are the fastest growing host demographic in Australia, raking in $158 million in 2017, new figures from Airbnb revealed.</span></p> <p><span style="font-weight: 400;">Seniors group COTA Australia’s chief executive Ian Yates have said that older people are embracing modern platforms to supplement their pension or superannuation.</span></p> <p><span style="font-weight: 400;">“It’s an obvious way for people who have the room to generate a bit of extra income, depending on where they live of course,” he told </span><a href="https://www.news.com.au/finance/money/room-to-grow-seniors-incomes-as-retirees-become-entrepreneurs/news-story/1477d2497a7a5844151aed2c47de5a89"><span style="font-weight: 400;">news.com.au</span></a><span style="font-weight: 400;">.</span></p> <p><span style="font-weight: 400;">“For the majority, the motivation is income based, but some also do it for the interaction with other people, meeting people from overseas and interstate.”</span></p> <p><span style="font-weight: 400;">Airbnb Australia country manager Sam McDonagh agrees.</span></p> <p><span style="font-weight: 400;">“Seniors are turning their empty nests into income engines allowing them to supplement their income and stretch savings further,” McDonagh explained.</span></p> <p><span style="font-weight: 400;">However, the Insurance Council of Australia warned against relying on the host protection insurance offered from the different platforms, as there are gaps in the coverage.</span></p> <p><span style="font-weight: 400;">Spokeswoman Lisa Kable explained that most do not cover loss or theft of personal items, cash, pets and public liability in shared areas.</span></p> <p><span style="font-weight: 400;">“Householders who offer their houses or apartments on short-term holiday rental websites are likely to find they are not protected by home and contents insurance,” Kable said.</span></p> <p><span style="font-weight: 400;">“I have heard frightening stories of homeowners returning after short-stay guests have departed to find a completely empty house or that their home has been used for illegal activities.”</span></p> <p><span style="font-weight: 400;">Do you use Airbnb or HomeAway to rent out your spare room? Let us know in the comments.</span></p>

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5 hobby ideas from famous entrepreneurs

<p>Looking for a new way to pass the time? You don’t need to be a billionaire to have fun like one. Here are some great ideas for hobbies from some of the world’s richest and most famous entrepreneurs.</p> <p><strong>Warren Buffet – playing the ukulele</strong></p> <p>The legendary businessman and expert investor has a net worth of almost US$75 billion, but forget yachting and gardening – Buffett’s hobby of choice is the humble ukulele. The 86-year-old has even performed live with his Emmy award-winning composer son Peter Buffett. In fact, Peter claims it was his father’s ukulele skills, which won over his mother!</p> <p><strong>Bill Gates – collecting old books</strong></p> <p>You might think the man behind Microsoft would be strictly digital, but the 61-year-old entrepreneur has a real soft spot for the written word, owning a large in-home library with a Great Gatsby quote engraved on the ceiling. Not only does he love tracking down old books (he once paid over US$30 million for a collection of writings by Leonardo da Vinci), but Gates also loves a bit of tennis, golf and bridge.</p> <p><strong>Mark Zuckerberg – hunting and preparing food</strong></p> <p>The 32-year-old founder of Facebook has enough cash to buy the most exquisite cuts of meat without needing to get his hands dirty, but Zuckerberg prefers to do the work himself. Whether you’re pro- or anti-hunting, you can’t fault the reasoning behind his favourite pastime – “I feel like if you’re going to eat meat, then you should be a part of getting, you should get to know where it comes from”.</p> <p><strong>Elon Musk – collecting James Bond memorabilia</strong></p> <p>Musk, who founded Tesla Motors and has a net worth of around US$13 million, is a huge Bond fan. He loves 007 so much, he even owns the famous Lotus Esprit from 1977’s The Spy Who Loved Me and is rumoured to be converting it into a car/submarine hybrid like in the film. But you don’t have to be rolling in cash to start your own collection. <a href="http://www.oversixty.com.au/lifestyle/retirement-life/2016/05/collect-these-things-now-to-make-money-later/"><strong><span style="text-decoration: underline;">Click here</span></strong></a> to find out how you can turn your love of pop culture (or anything, really) into a valuable collection.</p> <p><strong>Walt Disney – model trains</strong></p> <p>If you’ve ever visited Disneyland, this fact mightn’t surprise you, but the man behind the Disney empire absolutely loved trains. The creative genius kept a massive model train set in his office as well as one in his backyard. In fact, if it weren’t for trains, Disney and all its films, toys, theme parks and more might not have existed today – the idea for Mickey Mouse only came to him while riding a train.</p> <p>Tell us in the comments below, what’s your hobby of choice?</p> <p><strong>Related links:</strong></p> <p><a href="http://www.oversixty.co.nz/lifestyle/retirement-life/2017/01/hobbies-that-boost-brainpower/"><span style="text-decoration: underline;"><em><strong>3 fun hobbies that can boost your brainpower</strong></em></span></a></p> <p><a href="http://www.oversixty.co.nz/lifestyle/retirement-life/2016/12/5-benefits-of-knitting/"><span style="text-decoration: underline;"><em><strong>5 benefits of knitting</strong></em></span></a></p> <p><a href="http://www.oversixty.co.nz/lifestyle/retirement-life/2016/05/collect-these-things-now-to-make-money-later/"><span style="text-decoration: underline;"><em><strong>Start collecting these things now and make a fortune later</strong></em></span></a></p>

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From PTSD to entrepreneur

<p>With an award-winning business under her belt, Over60 sat down with mum-of-three and ex-Police officer, Nicole Graham, to talk about how suffering PTSD and mitral valve prolapse led her to start Emergency ID to help others like her.</p><p><strong><strong><img width="162" height="205" src="https://oversixtydev.blob.core.windows.net/media/1221/nicole-police-pic_162x205.jpg" alt="Nicole Police Pic" style="float: left;"></strong> You used to work in the Police force, why did you decide to leave?</strong><br>“I joined the Police force in 1989 at the age of 20. I had a strong sense of social justice and enjoyed the mateship within the force. We literally put our lives in each other’s hands and faced the most harrowing experiences side by side.</p><p>I was a ‘career cop’ and my ultimate aim was to become the first female commissioner. However, that all went pear-shaped when, like so many other Police, I was struck down with post-traumatic stress disorder (PTSD) after 13 years.</p><p>During my time stationed in busy western Sydney and remote rural communities, I experienced many horrific situations – fatalities, sieges, autopsies, stabbings, suicides, accidents and domestic violence – and I specialised in taking statements from sexually and physically abused children.</p><p>It eventually took its toll and I was severely affected by flashbacks, depression and anxiety. Most people don’t realise the huge amount of stress Police deal with and they have an extremely high rate of PTSD, depression, divorce and suicide. We need to look after and appreciate our Police a lot better than we do.”</p><p><strong>You’ve had major heart surgery, can you tell us about this?</strong><br>“I was 34-years-old and the mother of two young children. I was into fitness and competing in biathlons. During a routine GP visit I mentioned that I had been experiencing dizziness, vomiting and tiredness but had been pushing through to maintain my fitness.</p><p>[The doctor] listened to my heart and sent me immediately to a cardiologist. Within a week I was in St Vincent’s Hospital having open heart surgery. I was diagnosed with mitral valve prolapse, which meant oxygenated blood was not pumping around my body as it should, and told I was extremely lucky that I didn’t have a massive heart attack.</p><p>It was a long and slow recovery after a few complications, life support, intensive care and rehabilitation.</p><p>Living through such a traumatic time made me realise what is important in life. In the long run it changed me for the better. They say what doesn’t kill you makes you stronger – and that was certainly the case for me.”</p><p><strong>Was this surgery one of the reasons you started your business?</strong><br>“One of the outcomes of my heart issue was that I was recommended to wear medical jewellery so that if anything happened to me in the future, medical or emergency personnel would have some knowledge of my history.</p><p>That’s when I found there were very limited choices available and it was generally very unattractive – I guess as a 30-something young woman I didn’t fit their target market!</p><p>It got me thinking and I realised that members of my own family would have benefited from medical jewellery too.</p><p>I had an uncle with an intellectual disability who was killed by a drunk driver. He had spent hours in the hospital and then the morgue before we even knew anything had happened because he had no ID on him.&nbsp;</p><p>My father suffered from cancer when he was 26 until his passing at 43. He had great difficulty remembering his lengthy medical history, medications and contact details of specialists. Medical staff really needed to know those details so he could be treated correctly but he didn’t wear or carry anything as there was nothing suitable.</p><p>I also knew from my time in the Police, that it is so difficult to contact people in times of emergencies. Often the only details we had of those seriously injured, or worse, was an address from their licence. We were so often unable to contact loved ones and many heartbreaking moments could have been avoided if people carried emergency information on them.”</p><p><strong>What is Emergency ID all about?</strong><br>“Emergency ID is all about having a huge variety of products and services to relay vital information to first aiders, emergency services and hospital personnel if you are involved in an accident or medical incident. It’s all about providing information that could save your life, rather than leaving those treating you guessing if you have any previous medical conditions, medications or history that can affect your treatment.&nbsp;It’s also about having emergency contacts on or with you at all times so that the correct people can be notified and with you when you need it the most.”</p><p><strong>What are you most proud of in relation to your business?</strong><br>“Nine years ago the business consisted of a laptop on my dining room table and five products. We now have the largest and most diverse range available and we are world leaders in our field. We have also been independently judged and awarded numerous times – we are the most awarded in our field. We’re proudly 100 per cent Australian and AUSBUY accredited.</p><p>I am also very proud that as we grow we are becoming more and more involved in giving to charities and organisations. For example, we have proudly supported the Love Your Sister campaign, we are in a fundraising partnership with The McGrath Foundation, and I recently did the St Vincent’s CEO Sleepout, where I slept out on the street to raise money for the homeless. We also proudly donate Emergency ID to those in dire financial need and who are homeless though the Matthew Talbot Hostel and St Vincent de Paul Health Clinic in Kings Cross, NSW.</p><p>Lastly I am very proud to have just become a volunteer speaker for Beyond Blue, working to reduce the impact of depression and anxiety in the community by raising awareness and understanding, empowering people to seek help, and supporting recovery, management and resilience.”</p><p><strong>What’s next for you?</strong><br>“Doing more community work.&nbsp;I have lots of speaking engagements including one for Beyond Blue and supporting more and more charities and community events.&nbsp;I’d also like to take Emergency ID Australia worldwide, so we can not only assist Australians, but anyone who could benefit from wearing or having Emergency ID in a crisis.&nbsp;Oh, and travelling and being with the loves of my life – my husband and my three children. My 20-year-old skydiving instructor son, my 18-year-old budding lawyer daughter and an overly loved, attention-seeking four-year-old. Yes, there is a huge age gap there.”</p><p>&nbsp;</p><p>&nbsp;</p>

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