Dr. Diane Hamilton's Blog

Managing Millennials Requires Understanding Their Values

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Millennials are one of the most misunderstood generations, which has led to frustration in the workplace.  With so many generations working together, it is not unusual that there would be some conflict. The biggest issues have revolved around the clash between Boomers and Millennials.  With varying views on political and leadership issues, as well as differences in the frequency at which they embrace technology, conflict management has become a top concern for many leaders.  Part of learning to manage this unique generation includes understanding and embracing their values. Continue reading “Managing Millennials Requires Understanding Their Values”

The PayPal Mafia: What is a Serial Entrepreneur?

The PayPal Mafia refers to a group of individuals who created multiple companies that created a frenzy of growth in the Silicon Valley.  The entrepreneurs created PayPal before they set out to develop other multiple successful technology-based companies.  These men are serial entrepreneurs or individuals who, “continuously come up with new ideas and starts new businesses. As opposed to a typical entrepreneur, who will often come up with an idea, start the company, and then see it through and play an important role in the day to day functioning of the new company, a serial entrepreneur will often come up with the idea and get things started, but then give responsibility to someone else and move on to a new idea and a new venture.”

To learn more about some of the individuals associated with the PayPal Mafia check out the following members and how their initial success led to other serial successes:

For a more complete list of the PayPal Mafia members and their accomplishments, click here.

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When Employers Utilize Employee Background Checks

 

Employers have no shortage of prospective employees in this economy.  In order to determine the best candidates, it is not uncommon for employers to run background checks.   Employeescreen.com reported that there may be some debate over the impact of these checks:  “it’s argued by employers that conducting criminal background checks assists in ultimately ensuring a safer work environment for everyone, reducing negligent hiring and criminal activity in the workplace. From the EEOC’s perspective the increase in criminal background checks for employment could cause discrimination in the hiring process.”

Background checks are in the news right now due to The Supreme Court Case of Vance v. Ball State University.

According to the EEOC, the following shows the likelihood of a job candidate to receive a background check:

  • 91% of financial jobs (banking, etc.) with fiduciary responsibility
  • 46% of senior executive positions
  • 34% of positions that require accessing confidential information (medical, salary, etc.)
  • 30% of positions where there is access to property
  • 11% of positions where state law requires it (day care, medical practitioner)
  • 9% of positions with security responsibilities (security guards)
  • 8% of positions involving national defense
  • 5% of positions that involve safety (transportation operation)
  • 3% of positions that involve contact with children and elderly

When Michael Eastman, (Executive Director of the Labor Law Policy with the U.S. Chamber of Commerce) was asked about when credit checks were performed, he explained, “Different components of applicant background checks occur at different stages in the hiring process. Some employers may check references before an initial interview, some may do so afterward but before creating a final list of candidates. However, as I understand, most employers do not request credit history until the last stage of the hiring process. In other words, employers are not using credit history to compare the credit worthiness of several possible applicants. Instead, they are requesting credit history and potentially other information, on individuals that they are otherwise prepared to hire.”

For more information check out Michael Eastman’s Statement that includes the following issues regarding background checks:

  • Frequency in Use
  • Credit Scores and Information Utilized
  • Dialogue with Applicants
  • Can Credit History Ever be Job Related

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Glass Ceiling Under Magnifying Lens

 

The recent presidential debate brought attention to women in the business world.  The phrase glass ceiling is often used to describe the unofficial barrier to advancement that women may face in the working world.

In the Business Insider article Companies Really Lose Out When They Don’t Promote Women, author Max Nisen explained “Women are still vastly underrepresented at the top of companies. Only 20 percent of private companies have one or more women in the C-suite and only 6.5 percent have a female CEO.”

This information comes from a new study from Dow Jones Venture Source.  The data from this study showed that only “1.3% of privately held companies have a female founder.”  The good news was that “a company’s odds for success (versus unsuccess) increase with more female executives at the VP and director levels.  For start-ups with five or more females, 61% were successful and only 39% failed.” This data brings forth the question of whether companies could benefit from more female executives.

In the article Women Becoming More Successful than Men, it was noted that women are becoming better educated than men. Women are becoming stronger entrepreneurs as well. Forbes recently reported: “As of 2011, it is estimated that there are over 8.1 million women-owned businesses in the United States. Overall, women-owned firms have done better than their male counterparts over the past 14 years. The number of men-owned firms (which represent 51% of all U.S. firms) grew by only 25% between 1997 and 2011—half the rate of women-owned firms.”

The Washington Post explained that women’s issues helped shape the debate. Both candidates tried to show their support for women in business.

Business News reported that there are cracks in the glass ceiling as women gain boardroom seats. Though few women occupy boardroom seats, “Overall, growth equaled 1 percentage point in the past year among Fortune 1000 companies, but was larger among companies listed between 501 and 1000 by Fortune. Women made up 13.6 percent of board members at those companies, up 1.2 percentage points in the past year.”

The debates may bring more attention to women in the workplace, create more discussion and cause more than just cracks in the ceiling.

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Entrepreneurs: Crowdfunding Options from Fundable

 

Crowdfunding is the latest buzz word in entrepreneurial lending. Fundable is a new company that offers “crowdfunding for startup companies”.  Crowdfunding occurs when people network through the internet to raise money to support other people’s ideas or interests. Fundable’s site allows entrepreneurs to raise capital through crowdfunding activities.  Fundable’s site states, “Startups create a funding profile that provides an overview of their company, their fundraising goals, and the rewards they are willing to provide potential backers. Thereafter, they reach out to their personal networks as well as the broader Fundable community to enlist their support.”

 

Backers may pledge money and/or offer assistance.  Fundable mixes Kickstarter-style and equity-based crowdfunding.  Fundable shares similarities to Kickstarter, in that the process involves all-or-nothing funding.  Goals must be met in order to receive the funds and there is no limit to the amount of money that may be raised. Scribd.com explained that there are differences between Fundable and Kickstarter.  “Fundable will seek to fund for-profit companies, while Kickstarter is all about creative projects, like literature, movies and the like.”

 

With the recent push for Obama’s Jumpstart Our Business Startups (JOBS) Act, Fundable may be able to take advantage of the crowdfunding law to solicit funds online from unaccredited investors.  However, Mashable explained, “Crowdfunding legislation is so new that the U.S. Securities and Exchange Commission (SEC) hasn’t set rules for it and Fundable needs to be approved by the SEC as a broker/dealer before it can handle investments. In the meantime, the company is focusing on offering rewards-based deals — which makes it look, for the time being, like a less-populated version of Kickstarter.”

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