A note from our editor, Elizabeth MacBride
Excitement is building for Times of E’s first event, Challenges Met, Opportunities Ahead. If you register today or tomorrow, there are still a few FoundersCard free memberships to be given away. You’ll also receive a free copy, while supplies last, of Jim McKelvey’s book The Innovation Stack. Join us to hear Jim, Stacey Vanek, Seth Levine and more than 20 other great speakers next week. And, we’re unveiling the Top List of University Entrepreneurship Competitions!
I consider myself very lucky to have worked with some of the world’s smartest people when it comes to money. So, to celebrate January and the beginning of tax season (hey, if you hadn’t made money, you wouldn’t owe any to the government — so it is cause for celebration!), here are five lessons on money, especially for entrepreneurs.
1. Consider time. This is particularly important in an inflationary era. When I was in the middle of my divorce, I had a choice of paying my ex-husband immediately for his share of our house or waiting a decade. I wanted to be done with things, but my friend Charley Ellis, the famous financial advisor, told me that the fixed sum of money would be worth much less in 10 years. He was right, of course. Time is your ally when it comes to compound returns, and can be your ally when it comes to whittling down debt (given low interest rates).
2. Define assets broadly; see yourself as an asset. I learned this from Wealthfront founder Andy Rachleff. When I was working at Wealthfront, we started the list of career-launching companies. One of the biggest assets most people have is their career. Maintain it; invest in it, as you would a house or an investment account. Once I recognized that my talent for writing was one of my biggest assets, it became easier for me to spend money on things like gym memberships and writing retreats. We’ll talk about how women (and others) can invest in themselves on our panel with Stacey Vanek Smith and Dina Sherif next week.
3. Give until it hurts, and philanthropy is a personal journey. This I learned from Abby Disney, philanthropist and filmmaker. It’s pretty well known that having a lot of money makes it harder for you to care – to feel empathy. The antidote is to remember what it feels like to hurt. I think giving is also an investment in relationships with people who are different than you are, which are often the most interesting and fun relationships.
4. When it comes to investing, just start. Ric Edelman, the financial advisor for the middle class, rightly recognized that fear is a dominant emotion for the middle class. The fear of making a mistake or trusting someone you oughtn’t keeps people, especially women, on the sidelines. See lesson #1 above. When it comes to money, I most trust regulated companies where I also have a personal relationship with people.
5. You have to get more conscious as you get wealthier, not less. A while ago I was thinking about the future of capitalism, and feeling troubled that it creates so much inequity. (I am starting to research a new book). The great pastor AR Bernard told me money takes on the character of those who possess it. Jeff Bezos’s wealth is power-hungry; Mike Bloomberg’s data-driven mindset is reshaping causes he cares about, like gun control. Money gives you a different set of responsibilities, not lesser ones. Unless you want to be a miser or spoil your family rotten, you have to figure out how to give it away responsibly. The comforting, controlling habits and values that enabled you to build wealth may not help you be wise and generous.
Time to change, again.
Times of Entrepreneurship Stories of the Week
TikTok Craze Gets Real at a Brooklyn Rug Tufting Studio
A Cybersecurity Consultant Quit his Job for a More ‘Wholesome’ Life. Here it Is.
5M People Became Entrepreneurs in 2021, a 20-Year-Record
The Economic and Emotional Dislocation of the Pandemic is Spurring People, Especially Women and People of Color, to Open Businesses.
The Future of Venture Capital May Emerge From Universities
Institutions Experiment to Help Founders who are ‘Outside’ the Current Finance System; Companies Grown with a Grant of $5,000
VIDEO: Why a 25-Year-Old Baltimorean Left Teaching to Follow a Talent for Digital Marketing
5M People Became Entrepreneurs in 2021. Here’s a Spotlight on One.
You may have missed
A $750,000 Act of Kindness Helped a Woman Launch a Healing House for the Formerly Incarcerated Stacey Borden Had Spent Decades In and Out of Prison. An Entrepreneurship Course Enabled Her to Realize a Dream of Helping Other Women Avoid that Cycle. Read it here.
Forgotten No More: How Verloop’s Founder Turned Deadstock Yarn into a Bold Brand How a Hong Kong-based Company with a Dutch Name Grew into a Staple in Museum Shops. Read it here.
Changemakers: Meet The Young Entrepreneurs Tackling New Orleans’ Glass Problem On a Whim, Two University Students Started Recycling Wine Bottles in Their Backyard. Now, They Have a Quarter-Million-Dollar Business. Read it here.
Report: The Downsides of ‘Nebraska Nice’ Influential Business Leaders in the Cornhusker State Offer Surprising Fixes to Spur Entrepreneurship. A One-Stop Shop Would Help, They Say. Read it here.
Business Owners Are Optimistic About 2022, But Expect To Need More Funding, JPMorgan Chase Survey Finds Nearly Half Plan to Use Business Credit Cards, Suggesting a Need for Lower-Priced Credit Options. Read it here.
Living the dream
Best Practices: When you’re spending all of your free time building your business, your marriage or relationship can take a hit. One way to keep your relationships healthy through the long hours is by designated time with your significant other and family, entrepreneurs told Bloomberg News. Whether that’s dedicating Sunday for family time, cutting off work at dinner time or making date night non-negotiable, it can help your loved ones feel prioritized.
Buzzworthy: Working on growing your business? Whitney Johnson, the CEO of consultancy Disruption Advisors and former Wall Street equity analyst, offers her advice in her recent book, Smart Growth: How to Grow Your People to Grow Your Company. Growth is predictable, and understanding its S curve can help you achieve your goals, she writes.
The 4.5 hour workweek: A productivity hack
The Guardian columnist Oliver Burkeman spent years trying and reflecting on time management techniques, but he couldn’t manage his time in a meaningful way until he let go, he told Guardian podcast producer Hannah Moore. Once you accept you’ll never get to the end of your to-do list and you’re not going to have time for everything, you can focus on spending time on the things that matter most, he said.
Wanderlust : a restaurant or activity from our Top Ecosystems list
Next time you’re visiting Seattle, stop by Zylberschtein’s for a sandwich or fresh baked goods. The Jewish deli and bakery owned by Josh Grunig offers breads, bagels, smoked meats and other tasty foods from family recipes. The spot has “some of the best bagels in town,” according to Eater.
Made in the USA
Looking to upgrade your cooking gear? Consider a set of All-Clad pots and pans, bonded, engineered and assembled in the U.S. This set of six pots and pans plus lids is made from the company’s D3 everyday stainless steel and goes for $599.99. The Canonsburg, Pennsylvania-based company has been manufacturing its cookware since 1967.
Upcoming Opportunities ⭐
To list an opportunity in our newsletter, check out our rates here. We cover the emerging economy of diverse founders:
1. The Times of E’s first event: Challenges Met, Opportunities Ahead
Gather with other university entrepreneurship professionals, professors and students to hear from NPR’s Planet Money co-host Stacey Vanek Smith, Foundry Group Managing Director Seth Levine, George Washington University’s Associate Director of Student Entrepreneurship Programs Scott Stein, The Ask author Laura Fredericks and Times of E founder and editor Elizabeth MacBride. Levine and MacBride are co-authors of The New Builders.
Date: Jan. 26-Jan. 28, 2022
2. $10K Grant for Restaurants
DoorDash and Hello Allce are running this grant program for restaurants affected by federally declared natural disasters, such as the recent tornados and winds in the Midwest.
Date: Applications close Jan. 31
3. Right to Start Seeking Part-time Advocates
Help revitalize the Missouri or Miami economy by supporting entrepreneurs in your community. That includes all types of small businesses, home-based businesses, independent contractors, freelancers, and “side hustlers.” You don’t need a degree in business. You need to be a “connector” — someone who is trusted in the community who can open doors, find the right people, and work closely with small business owners. Join the Right to Start coalition by becoming an Advocate in Miami or Missouri.
4. The Federation of American Scientists Seeking Entrepreneurship and Regional Innovation Lead
The Federation of American Scientists is seeking a lead to manage a growing portfolio of work focused on entrepreneurship and regional innovation, with a focus on helping regional actors access high-impact federal resources. Please spread the word!
Location: Washington, D.C.
5. Connect with Unreasonable
Unreasonable is an international company that supports a Fellowship for growth-stage entrepreneurs, channels exclusive deal-flow to investors, and partners with institutions to discover profit in solving global problems. They are currently hiring for the open position: Managing Director, People & Culture.
Date: Applications close on Jan. 26, 2022.
Location: Remote, US based
6. FastTrac® NewVenture™ Class for NYC Women 50+
For women 50+ in NYC who have a business idea, Geri Stengel will be facilitating an NYC Department of Small Business Services FastTrac NewVenture class to help you kick start your plans. This class is offered for free to accepted applicants. Take a deep dive into the world of entrepreneurship with the guidance of experienced facilitators, business experts, and a network of women entrepreneurs.
Date: Class begins Jan. 25, 2022.
Location: New York, New York
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This story and others on New Builders Dispatch are made possible by a sponsorship from the Ewing Marion Kauffman Foundation. The Ewing Marion Kauffman Foundation is a private, nonpartisan foundation that provides access to opportunities that help people achieve financial stability, upward mobility, and economic prosperity – regardless of race, gender, or geography. The Kansas City, Mo.-based foundation uses its grantmaking, research, programs, and initiatives to support the start and growth of new businesses, a more prepared workforce, and stronger communities. For more information, visit www.kauffman.org and connect with www.twitter.com/kauffmanfdn and www.facebook.com/kauffmanfdn.