As an entrepreneur, I value curiosity as a vital business trait. You never know where your curiosity will take you. Case in point: this essay. Which has nothing to with business, but everything to do with being human. Three degrees of separation: Let’s connect Orson Welles, Winston Churchill, Napoleon’s sister, D.W. Griffith, and Gilligan’s Island. In preparation for my upcoming month in Paris, yesterday I started reading John Julius Norwich’s book: France: A History: from Gaul to de Gaulle. I didn't get very far.  I got stopped in the Preface, where the author, John Julius N ..read more

As big companies shrink their workforces, cities have to work harder to support and promote economic growth and good jobs. Luring companies away from other cities is a zero-sum game. That's why cities have to get serious about leveraging the talent and imagination of all their own residents. Entrepreneurs develop new business ideas, create jobs, help each other, and inspire creative and economic resurgence.   There are many ways to encourage entrepreneurship and innovation. Here's ChatGPT's menu of 10 ways your city can foster a thriving entrepreneurial ecosystem: 1.   &nbs ..read more

So today I asked ChatGPT: "How will generative AI help entrepreneurs manage their businesses? Please go into detail with examples, and provide sources for your examples." Its answers look pretty useful. How could some of these ideas impact your business? ChatGPT reported back: Generative AI can provide entrepreneurs with valuable tools and capabilities to enhance various aspects of business management. Here are several ways in which generative AI can be beneficial for entrepreneurs, along with examples: Data Analysis and Decision Support: Example: Generative AI algorithms can analyze large da ..read more

So I asked ChatGPT today, "What are the five most common reasons for the failure of small businesses?" Here they are. The AI platform strikes me as being much like a lot of consulting firms I know: It knows what all the problems are, but has no idea how to fix them. Also, it spelled "differentiation" wrong. Five Top Reasons for Business Failure 1. Lack of capital: Many small businesses fail because they do not have enough money to cover their expenses, especially during the early stages of the business. This can be due to a lack of investors, loans, or savings. 2. Poor management: Small busin ..read more

Interesting new story on the importance of entrepreneurs and startups in the Harvard Business Review.  Authors Kenan Fikri and Daniel Newman, researchers at the Economic Innovation Group, start by noting the strength and resilience of entrepreneurs: “While some data sources on entrepreneurship operate on a lag, so far it appears that the entrepreneurship surge is real and likely to lead to greater job creation and productivity in the U.S. over the long run.”  Startup entrepreneurs don't get much love nowadays, but as the authors note, startups are important because they drive both ..read more

 A blast from the past. "Presence" is about putting your best self forward at every opportunity. The ebook of Amy Cuddy's book "Presence" is currently on sale for just $1.99 at Amazon.com or Amazon.ca. My 2015 interview with Amy Cuddy, from the Financial Post: How adopting Wonder Woman's power pose might change the outcome of a meeting, or even your destiny Harvard professor Amy Cuddy’s message is simple: 'Our bodies change our minds. Our minds change our behaviour. And our behaviour changes our outcomes' Author of the article: Rick Spence You’re sitting in a waiting room, about to meet ..read more

Quora.com, the crowdsourced question-and-answer website, asked me to take a crack at answering their question, "What are the signs that indicate that entrepreneurship is the best way of living for us?" I don't know where that question came from, but I took a crack at it.  What do you think? What would you add?  Rick Spence Former Editor and Publisher at PROFIT Magazine (1990–2002)Just now Entrepreneurship is about living life in service to others, using tools such as hard work, innovation and personal expression. It takes passion to be an entrepren ..read more

 I talked to an entrepreneur the other day who was very excited about but his business, but disappointed in his friends. It seems that the more successful this entrepreneur became in his business, the more some friends shrank back. They didn't share the excitement of his success... In fact, some seemed to resent it. This type of behavior concerns me, on multiple levels. Entrepreneurs run on adrenaline and confidence. They need positive energy, from within and without, to keep going. When friends don't align their energies with yours, you slow down. It's like running on broken ground ..read more

Happy New Year 2023! To ensure this year doesn't ski into the mediocrity of the past few years, I have adopted three words to guide my priorities in 2023: Care. Dare. Share.  In longer words:  * Work with passion. Do what matters to you. Change something for the better. * Think bigger. Take more (smarter) risks. * Invite more people into your sphere, and ensure that all share the resulting benefits and impact.  Former Toronto-based entrepreneur Kunal Gupta (Polar Mobile, etc., now living and working in Portugal) has gone me one better. He chooses just one word a year to se ..read more

 I sat down to ask myself,  "What makes a great entrepreneur?"  What skills, attitudes, learnings and outright gifts can most help people to build good products and successful companies? Here's a list of 25 essential skills and traits I came up with. Only the top 10 are in any sort of priority order. Which of these do you think are most important? Which other skills/attitudes would you add?  And which of these strengths should you be actively working on?  Vision and creativity, to see things that aren't there, but could be. Communication skills Leadership Stamina Con ..read more