TAKING THE PLUNGE (cover story)
April 5, 2021
By Ryan Deffebaugh
It is not uncommon for entrepreneurship to increase during lean economic times. Some of the big-time technology companies of today, such as Uber and Airbnb, were born out of the last economic crisis in 2008, noted Bruce Bachenheimer, a professor at Pace University and executive director of the school’s Entrepreneurship Lab.
Both Bachenheimer and Bowles described the rise in new businesses as an overall positive, even if driven by negative circumstances. New, small business can help job growth as they expand. That’s despite the oft-cited statistic, from the U.S. Small Business Administration, that about half of all new businesses close within five years.
“You may have a million startups because of the pandemic and 50% close once things pass–they go back to their regular job and don’t owe a penny to anyone,” Bachenheimer said, “It is a good sign overall that you have 50% of people still pursuing their new business.”
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Entrepreneurship is a mindset
February 21, 2021
By Dr Kudzanai Vere
Bruce Bachenheimer, clinical professor of management and executive director of the entrepreneurship laboratory at Pace University, defined entrepreneurship as imagining new ways to solve problems and create value. It is about the ability to recognise and methodically analyse an opportunity and, ultimately capture its value.
I picked five dimensions of an entrepreneurship mindset in Professor Bachenheimer’s sentiments that I will explore.
Is the MBA dead? Experts weigh in
February 19, 2021
By Ryan Luke
Bruce Bachenheimer, a professor of management at the Lubin School of Business, told USNews, “project-based learning activities in MBA courses allow students to practice solving real business problems. Ultimately, this can help students become more creative thinkers, and this type of education tends to have a lasting impact.”
Bachenheimer continued, “An MBA can be much more than the knowledge and skills acquired through coursework; it can truly expand you and your world.” It’s apparent by the significant increase in MBA enrollment that students believe the MBA program is still alive and relevant.
Should You Pursue an MBA Amid Coronavirus?
June 4, 2020
By Ilana Kowarski
Bruce Bachenheimer, a clinical professor of management with the Pace University Lubin School of Business in New York City, suggests that admitted MBA students account for the type of MBA program they were accepted into when determining whether to enroll or postpone their study plans.
“When considering a top tier MBA program, interactions among one’s cohort, academic and social, is absolutely one of the most valuable aspects of the program and I would recommend deferring admission until traditional classes and regular activities are certain to resume,” Bachenheimer wrote in an email. “For other programs, where there is not necessarily a strong cohort model, chancing a semester of remote learning is not as consequential. This would especially be the case for part-time programs.”
Op-Ed: Entrepreneurs are sure to find inspiration in the pandemic
April 20, 2020
By Bruce Bachenheimer
The great baseball philosopher Yogi Berra once said, “It’s difficult to make predictions, especially about the future.”
That might sound somewhat inane, but the underlying message is astute: The future is not only unpredictable, it’s unknowable.
Although that is especially true when it comes to human behavior and societal norms—and so many variables are changing the way we teach, learn, worship and socialize these days—we can expect that innovative business concepts will be born out of the Covid-19 crisis.
How do we know?
Entrepreneurship often is associated with some form of disruption, the creation of a significant change in the market. There is perhaps no time more ripe for disruption than during a crisis.
Airbnb and Uber were founded amid the 2008 financial crisis, and they probably would not have succeeded if either was launched a few years earlier—or later, for that matter. Why? Ordinary people would not have been willing to turn their home into a hotel or their car into a taxi absent the financial distress they were facing. Same for customers, who suddenly were willing to sleep in a stranger’s bed and pay for a ride in a regular car.
Once those concepts proved successful, they were able to become parts of the new normal.
We’re seeing emerging trends in meetings, deliveries, production and manufacturing that no doubt will evolve in an era defined by the coronavirus, social distancing and remote working.
It’s important to remember that entrepreneurship is not solely about coming up with an interesting idea; it’s about the passion, persistence and perseverance to actually make it happen. Successful entrepreneurs stay focused on creating solutions that provide value to customers by solving problems and providing benefits.
In these unprecedented times, everyone should bear in mind that entrepreneurship is much broader than the creation of a new business venture. At its core, it is a mindset—a way of thinking and acting. It is about imagining new ways to solve problems and create value.
Fundamentally, entrepreneurship is about the ability to recognize, analyze and ultimately capture the value of an opportunity. Such skills are important for those seeking to establish new ventures. And they’re critical for a variety of professional careers, given today’s hypercompetitive marketplace, where rapid technological innovation and globalization has changed the very nature of work.
Today every institution is facing enormous uncertainty and unique challenges. How are we helping to solve problems and provide benefits to our organizations?
Where might entrepreneurial thinking and innovation play critical roles in dealing with the challenges and uncertainty we are confronting, particularly in the New York metropolitan area? Clearly, one place to start would be dealing with critical supply shortages, from personal protective equipment and medical testing kits to common household supplies and specialized industrial components. Perhaps a transformation of the supply chain and modernized manufacturing will bring new commercial opportunities to our region.
For decades the push has been toward lean manufacturing, with massive economies of scale and just-in-time inventory systems coupled with efficient international supply chains. It has led to globalization and an unrelenting drive toward low-cost manufacturing. That efficiency is not effective when people can’t get items as simple as toilet paper, protective masks and hand sanitizer. When manufacturing is idled due to the inability to source a few key components that were being delivered daily to lower costs by fractions of a percent, that’s not efficient.
When we don’t manufacture critical medical supplies and states are forced to outbid each other with foreign suppliers, that is beyond inefficient and ineffective. The lowest price is irrelevant when there is no supply. There might be a shift from depending on overseas manufacturers and global supply chains to more reliable local alternatives, at least for a number of key industries.
New York is well-positioned to develop new businesses that shift manufacturing from massive to nimble and distribution from scale to flexibility. Our workforce is driven and adaptable, with the spirit to think and act more like committed entrepreneurs than just employees. The shift might even lead to a type of localized industrial revolution, disrupting industries and transforming our systems of management and production. Or just a “locavore” movement for industry.
Whatever happens, making predictions and coming up with ideas won’t solve the challenges we are facing, but innovation and entrepreneurship might.
Remember what Yogi Berra said: “It ain’t over ’til it’s over.”
Bruce Bachenheimer is a clinical professor of management and executive director of the Entrepreneurship Lab at Pace University.
Entrepreneurship During the Time of COVID-19
April 8, 2020
By Bruce Bachenheimer, @PaceUniversity
In these unprecedented times, everyone should bear in mind that entrepreneurship is much broader than the creation of a new business venture. At its core, it is a mindset — a way of thinking and acting.
By Bruce Bachenheimer
Director of the Entrepreneurship Lab, Pace University
Entrepreneurship is often associated with some form of disruption, the creation of a significant change in the market. There is perhaps no time more ‘ripe for disruption’ than during a crisis. Airbnb and Uber were founded amid the 2008 financial crisis, and probably would not have succeeded if either was launched a few years earlier or later. Why? Ordinary people would not have been willing to turn their home into a hotel or their car into a taxi absent the financial distress they were facing. Same for customers, who were suddenly willing to sleep in a stranger’s bed and pay for a ride in a regular car. Once these concepts proved successful, they were able to become a new normal.
What innovative business concepts will be born out of the COVID-19 crisis? We’ll have to wait and see. But what’s important to remember is that it’s not about coming up with an interesting idea; it’s about the passion, persistence, and perseverance to actually make it happen.
In these unprecedented times, everyone should bear in mind that entrepreneurship is much broader than the creation of a new business venture. At its core, it is a mindset — a way of thinking and acting. It is about imagining new ways to solve problems and create value. Fundamentally, entrepreneurship is about opportunity; the ability to recognize a new opportunity, to methodically analyze the opportunity, and ultimately, to capture the value of that opportunity. Such skills are important for those seeking to establish new ventures, and critical for a variety of professional careers given today’s hyper-competitive marketplace where rapid technological innovation and globalization has changed the very nature of work.
Today, every institution is facing enormous uncertainty and unique challenges. How are you helping to solve problems and provide benefits for your organization?
New Yorkers Step Up to Help Mom-and-Pop Businesses
April 7, 2020 (in print on April 8th, Page A12B)
By Anne Kadet
Like many New Yorkers, Ms. Struss fears that many mom-and-pop shops won’t survive the shutdown, and she’s determined to help them stay afloat.
Such concerns aren’t unfounded. Even a well-run small business typically has less than two months of operating capital in reserve, says Bruce Bachenheimer, a management professor at Pace University’s Lubin School of Business.
The businesses best positioned to survive, meanwhile, are the most creative and flexible outfits, says Mr. Bachenheimer, the Pace professor, citing the example of a pottery studio that recently started assembling and delivering DIY pottery kits to people stuck at home. “Darwin didn’t say it’s the strongest species that survive,” he says. “It’s those that are able to adapt.”
Still, the Chappaqua, N.Y., resident wants to see local stores stay afloat. To that end, he suggests customers buy gift cards from neighborhood shops and restaurants to use when they reopen, and ask for a credit rather than a refund on services not delivered, such as a canceled catering event.
It can be for a selfish reason. “If all these stores go out of business, what happens to your neighborhood life and property values?” he asks.
Is Your Boat Still Right For You?
By Rich Armstrong
Bachelor Boater No More
I started with a Rhodes 22 sailboat that I purchased new in 1989 for daysailing on the Hudson River. In 1990, I purchased a Pearson 36 Cutter, which I lived aboard for several years and sailed from New England through the Caribbean to South America and back to Annapolis, Maryland. Now a family man, I own an Island Packet 27, which I bought in 2016 and use for coastal cruising in Long Island Sound and along the Rhode Island and Massachusetts coasts.
I went from a daysailer to a bluewater cruiser to now something in the middle. Each change met my lifestyle at different points. Now I typically do two two-week cruises with my family (wife, teenage daughter, and sometimes our dog) and a bunch of shorter/weekend trips — about half of those solo.
— Bruce Bachenheimer, New York
Why We Don’t Send Gifts To Clients During The Holidays
December 15, 2019
By John Hall
It can send the wrong message to clients and employees.
“In the 1980s, you couldn’t spend enough money,” Bruce Bachenheimer, director of the Entrepreneurship Lab at Pace University in New York, told The Street. “But today clients are saying, ‘Forget the hunting trip, forget the lavish treatment — just give me a better price.”
Bachenheimer added, “If you’re rolling out the red carpet for a customer, they’re going to assume you have incredibly high margins to do all that spending. They’re going to think, ‘Oh, he’s overcharging everyone — including me — in order to afford all this.”
Besides sending the wrong message to clients, it could also anger employees. If you’re going all-in on lavish presents for clients, while your teammates haven’t received a bonus, they’ll question why. Remember, your team can make or break your business. You need to keep your teammates happy and ensure they feel appreciated.
Greatest Economy Ever: Small Businesses Forced To Use GoFundMe To Stay Solvent
November 12, 2019
Bruce Bachenheimer, a professor at the Lubin School of Business at Pace University, said that the GoFundMe campaigns provide more than just money – they provide reassurance.
After a successful campaign, owners may say “‘I should hang on, I should keep going,’” Bachenheimer concluded.
Cash-Strapped Small Businesses Turn to GoFundMe
November 9, 2019
By Kate King
Bruce Bachenheimer, a professor at the Lubin School of Business at Pace University, said even more important than cash is the validation business owners receive from GoFundMe campaigns. Two-thousand customers contributing $20 or $40 each might not be enough to keep a business open, but it can give owners reassurance.
After a successful GoFundMe campaign, owners might say to themselves, “‘I should hang on, I should keep going,’” Mr. Bachenheimer said.
Uber’s Response to California Worker Bill Is ‘Legal Ploy’ That Denies Drivers Fair Deal, Experts Say
September 13, 2019
By Daniel Moritz-Rabson
While labor advocates have cheered the law, others have raised concerns that it could be damaging to the flexible schedules of contractor work and thereby limit worker freedom. The legislation will likely have wide-ranging impacts, affecting companies far beyond Lyft and Uber, leading some experts to raise questions about how to improve regulation without being overbearing.
“Is clamping down on this hurting progress and the evolution of the market?” Bruce Bachenheimer, a clinical professor of Management at Pace University said to Newsweek.
Long Beach mattress company’s founders regroup - more than once
June 9, 2019
By Cara Trager
According to Bruce Bachenheimer, a clinical management professor and the executive director of the Entrepreneurship Lab at Pace University, enlisting doctors to drive online sales is not a unique marketing approach. Getroman.com, for instance, connects consumers with its online network’s doctors so that they can purchase pharmaceuticals including Viagra.
“For price and convenience, more things are going online,” Bachenheimer said.
Is an MBA Worth It? How to Decide
May 17, 2019
By Ilana Kowarski
Bruce Bachenheimer, a clinical professor of management at Pace University’s Lubin School of Business in New York City, says that project-based learning activities in MBA courses allow students to practice solving real business problems. Ultimately, this can help students become more creative thinkers, and he says this type of education tends to have a lasting impact.
Bachenheimer adds that an MBA can offer a formative experience that helps a student shape his or her professional identity. “An MBA can be much more than the knowledge and skills acquired through coursework; it can truly expand you and your world,” he wrote in an email.
North America’s Powerful Cities
By Andrea Murad
While regulations can create high expenses for companies, those that go through tremendous regulatory hurdles for the SEC, auditors or other regulatory bodies have higher valuations, because the regulations work to prevent fraud and accurately identify risk.
“What’s a problem is regulations that don’t make sense, but the idea that regulation is hurting business is misunderstood at best,” said Bruce Bachenheimer, Clinical Professor of Management and Executive Director of the Entrepreneurship Lab at Pace University. “Financial regulation will cost companies money in compliance, but the value of their stock is exponentially higher because they comply with that regulation.”
Regulations do serve to protect businesses and their operations, but they can also prevent innovation. Lobbying for restrictions to maintain the status quo and protect businesses might work for a short period, but then the city will eventually falter, said Bruce.
When companies look to establish operations somewhere new, they look at the ability to hire talent to help that business grow. What these companies often look for is the integration of universities and their degree programs into the local ecosystem.
Areas with universities that have programs in AI, robotics and machine learning, for example, attract forward-looking companies.
Talent serves many roles though. Today, the basis for a competitive advantage is innovation in all forms, and the only source of innovation is human talent, said Bruce: “These days with globalization, hyper competition and shorter lifecycles, the only way to survive is with innovation.”