President Obama with Teacher of the Year

Teacher of the Year, 2014

Today’s blog was supposed to be about my favorite teacher. But I quickly recognized I had more than one. Then I read about the attrition rate of U.S. businesses, thanks to Christopher Ingraham’s Washington Post blog yesterday. So I decided to provide some unsolicited advice to new and current teachers, based upon the Brookings Institution’s latest report.  The report shows that new businesses are failing faster than they are starting. While the BI’s researchers are working on the reasons for this trend, teachers may benefit from pondering the report’s consequences for their current and future students. Here are several possible repercussions of the study’s findings that teachers might help students better prepare for:

1.  Racial and geographic economies will proliferate.   Future workers will find they will be relegated to either industries or services in which their racial and geographic peers predominate. That simply means that the flat-lining of jobs growth will result in fewer opportunities for minorities to break out of traditional employment patterns. Affirmative action aside, it is human nature to hire and promote more of those who look like the boss.  Minorities who dominate particular industries will continue to do so, unless so-called disruptive economics introduces more diversity. Teachers should continue to teach students to be tolerant of differences so they have a better chance to benefit from the global economy.

2.  Technological advances will shrink employment opportunities. Competition for fewer jobs will also mean that students who develop both social, math, and technological skills will fare better in the future. The debate about teaching to standardized tests and teaching students to think critically should be a moot point, based upon the study.  Both are needed. Clearly, future workers must learn early how to practice creative economics, using problem-solving and basic accounting.

3.  Research skills will become as important as social skills.   Google’s search engine makes some of us think research is like slicing a piece of cake. But with an ever-shrinking jobs pool, students who can navigate the Internet to accomplish a strategic goal will be the better survivors. Teachers who understand that will help students immeasurably.  Their students will recognize the power of technology when used as a bridge to communities of people they know how to relate to–no matter their race or locale.  Have them think about ride-sharing apps like Uber and Lyft as cases in point.

While I have never been a classroom teacher for more than a few months, I know and respect the power of teaching and of being a lifetime learner.  I am grateful to a long list of teachers in and out of the classroom for helping me navigate in our New and Shared Economy.

Social Media, No Small Business

National Small Business Week Logo

Cynical readers would be correct to retort under their breath “no kidding” about the widely known fact that social media is no small business. After all, this was the week Time magazine put Facebook center stage with its in-depth look at the mega social media platform’s privacy transgressions. But my focus this Tuesday was the Social Media Forum at the National Small Business Week Conference at the Mandarin Oriental Hotel in Southwest DC. I went because I always learn some new insight when I attend these free social media forums and webinars. Besides that, I believed that I might gain new insights that could assist with a start-up Webcomics website marketing plan that primarily uses social media to create buzz before its launch this summer. The panel and the small businesses in the audience delivered much more than expected.

Here are the social media insights for marketing small businesses I mined from the forum’s panel:

Think of social media investments to gain customer loyalty and promote transparency in terms of not just ROI, but ROTI (return on time invested.)” –Brian Moran, President, Veracle Media, and moderator for the forum

The bricks to clicks social media platform Yelp is the preferred social media platform for most retail businesses across the country. Businesses on average are spending about $3.60 per fan a year with Yelp.
-–Luther Lowe, business outreach manager for Yelp

Don’t just leave it to the interns. They may not know any more than you do. There was much discussion from the panel and audience about assuming that social media is a young professional’s province. Rather, the consensus was that social media marketing success requires a progressive learning curve from anyone who embraces it, at any age. Social media should be managed as part of a small business’ overall strategic marketing mix. This resonated, especially given anecdotal testimony from one company that adopting social media helped grow business by 30 percent.

Intuit is researching cloud analytics and integration into business ledgers. That means Intuit may soon help businesses analyze how much direct revenue comes as a result of email and other social media campaigns, according to panelist Angus Thomson, head of Intuit’s new social media division. Intuit’s entry into the business analytics side of social media portends social media’s share of the business marketing mix could be huge in short order. (Another sign: Microsoft’s big footprint, integrating social media into Outlook 2010.)

Young consumers are more tolerant of interruptions. That research tidbit from Small Business columnist Rieva Lesonsky indicates online entertainment businesses (like my client’s) may find success with intermittent ads and/or donation offers, especially among younger fans accustomed to mobile communication venues.

Outside of these social media info nuggets, small businesses made clear most are struggling to survive and keenly exploring how creatively they can use the new network of platforms that encompass social media to pull them through.