Entrepreneurs are finding new doors of educational opportunity to open.
Since the Federal Reserve began adjusting interest rates, forecasters have predicted the chances of the economy falling into recession. As talk of an economic slowdown makes headlines, younger generations continue to weigh their options as they begin their career journeys. For some, this includes taking control of their own destinies with self-directed experience starting their own business.
The application process for new businesses shows an interesting trend exacerbated by the pandemic. Between 2017 and 2019, the average number of new business applications was approximately 3.5 million per year. In 2020 and 2021, the figure rose to 4.38 million and 5.4 million, respectively. Also, more people searched the Internet for “how to start a business” than “how to find a job.”
Getting a business degree is expensive and starting a business is easier said than done. It is a challenging ride for anyone just starting out or experienced. The choice has added uncertainty when it is made in response to a recession or other economic and social stressors.
According to Daniel Javor, there’s nothing wrong with starting a business in a recession. “There is never a wrong time to start the right business. Many successful businesses today were born out of recession and chaos. It’s about whether your business idea is right for the current market and whether you know what to do to run a business. And you can learn everything you need without a formal business education.”
Weekly is a serial entrepreneur. He is the CEO of a digital media holding company, Deep Blue Ventures. He also currently runs Step By Step Business, an entrepreneurial education platform that provides in-depth education on starting an LLC and running, running, and scaling a business, among other helpful tips for entrepreneurs.
This reporter sat down with Javor to talk about his time as an entrepreneur and the lessons learned, challenges, successes and failures along the way. In addition, the Weekly examines the reasons for his decision to develop an entrepreneurship education model and his advice for new business owners.
Choice of Entrepreneurship
Rod Berger: Why the venture in the first place? Was it something you always wanted or was it more circumstantial?
Daniel Weekly: It was hereditary, if anything. My father was a passionate entrepreneur himself, so it carried over smoothly. I am essentially a product of my parents. My father was an entrepreneur, and my mother was a globe-trotting artist. So my perspective and personality is an amalgamation of what I learned from them. And I started implementing early too, starting my first rush when I was just 13 years old.
Berger: What was that first business or foray into entrepreneurship?
Maple: At the time, we were living in Austria and I was selling trading cards on eBay. I participated in several other ventures in my teenage years and beyond. Successful or not, they have all led me to this point.
Berger: You seem to have moved around a lot for your business ventures. Expand on those globe trends, if you will.
Maple: [Laughs] Maybe I got it from my mother. I have never been shy about moving for business opportunities. I was only 17 when I moved to Israel and opened a retail store. I eventually started an affiliate business selling financial and insurance products.
A few years later, in 2015, I shifted the focus of my affiliate business to the solar sector, offering residential leads to US solar companies in an affiliate model. My main ventures at the moment are Deep Blue Ventures and Step By Step Business.
Deep Blue Ventures works with a portfolio of online publications that we manage in terms of operation and scaling. Step by Step Business is the hub of education for current and aspiring entrepreneurs.
Formation of an educational enterprise
Berger: Let’s talk about your educational venture. Why did you decide to start an entrepreneurship platform? How successful has it been, especially when compared to going out and getting a formal business education?
Maple: I felt it was something I had to do, looking back on my journey as an entrepreneur. You can never underestimate the importance of guidance. It would have been helpful if I had the kind of guidance that Business Step By Step now provides. Ultimately, it is a powerful educational opportunity for anyone who wants to start a business in any country.
The website covers everything from average start-up costs to writing a business plan and state-by-state industry trends. There are detailed blocks of knowledge that help create a brand name, incorporate an LLC, obtain bank accounts and insurance, apply for the appropriate licenses, and other services. I see it as my way of lending a hand to help others behind me climb the entrepreneurial ladder.
It is never intended to obtain a degree from an accredited institution. This will always have its place, but the amount of knowledge available today creates a powerful alternative to obtaining a formal degree. I think it’s possible to learn almost anything you need without paying tuition.
Mistakes and lessons learned
Berger: You imply that your mistakes and lessons learned challenged you to create an entrepreneurial education platform. What are some of the most critical lessons you’ve learned on your journey that every aspiring entrepreneur should know?
Entrepreneur Daniel Javor prides himself on turning business lessons into educational opportunities … [+]
Maple: One of the best lessons I’ve learned is that failure is a guarantee. It will happen at some point in your journey. One of my biggest failures was with my Near Field Communications (NFC) startup in 2009. NFCs are a multi-billion dollar industry today, representing about two billion phones and devices globally. But in 2009, the market was not ready for it. I continued to pour my resources into it for two years before rightfully leaving the business. Many things can be learned, but some things can only be learned by failing at them.
My experience in the NFC space also taught me to always follow market conditions and timing. I stuck with the business because I liked the product promise while completely ignoring my target audience and what market conditions required. A successful business responds to the needs of the market, not the wishes of the business owner. You wouldn’t open a new car dealership when purchasing power is down in a recession, but a used car dealership might make sense.
Following trends and entering an already booming market is no guarantee of success. If you don’t have the basics of your business in place, trying to ride the wave of a popular trend or business when you can’t surf is a recipe for disaster. After all, we all need more education to do something we’ve never done before, be it formal schooling or personalized educational platforms.
Never the wrong time
Berger: Many young entrepreneurs are waiting for the right time. How does time play into the conversation of starting a business?
maple: Perhaps one of the best bits of wisdom I can impart to budding entrepreneurs is that there is never a wrong time to start a proper business, even during a recession. Look at giant companies like Facebook, Amazon, Twitter, Netflix, Square, Airbnb and many more. These businesses rose from the ashes of the dot-com bubble and recession of 2008.
Startups often do well in recessions because they can be nimble in their finances and operations, which helps them eliminate high costs and offer consumers cheaper products or services.
It’s not about the recession, it’s about the leadership election. Good management makes good cash flow decisions. It keeps the business flexible in orientation and can often find capital asset acquisition deals that outsource some of their growth responsibilities while other firms are trying to downsize. Also, during a recession, most companies lay off staff, which means that’s when the talent pool is at its peak.
For the younger generations, flexibility is the name of the game. As they chart their career paths, environments that provide work-life balance and sustainable goals are part of the picture. Facing an uncertain economy in the market is prompting a growing number to consider starting their own businesses. Weekly summarizes the process of an acquired educational experience. As he says, “Education for business is the first step towards job security. So if you want job security, start a business.”
Education remains the essential ingredient, but not everyone can afford the training offered by formal institutions, nor does everyone need it, according to Daniel Javor. As a serial entrepreneur, he believes that the business school route for some startups is not always necessary and can be overkill. A well-run entrepreneurship education platform can provide an efficient and insightful alternative to business education along the entrepreneurial journey.
Javor also believes that formal education shapes learning efforts even if entrepreneurship can be enhanced with external platforms. So the question is, how can the education and human capital management industry support the Daniel Javors’ approaches of the world? Perhaps integrating project-based learning with professionals that include on- and off-ramps for the experienced offers a fusion of the two worlds.
Interviews have been edited and condensed for clarity.
