Small Business is our Business

A recent study by Allianz Life, an insurance company offering life insurance and annuities, found Generation Xers view their credit cards as a survival tool.  For those aged 35-48,  48% say credit cards help them make ends meet.  Forty-six percent(46%) pay only a partial amount of debt monthly, while 44% pay in full  and 11% do not use a  credit card.  These Gen Xers are postponing   retirement saving to pay off  student loan debt and are  facing  housing values that are now worth less than when they were purchased.  Not a good sign for the future.

Long Island commuters contribute substantially to the bi-county’s economy.  The Long Island Research Institute  recently examined the latest U.S. Census Data from its Journey To Work survey.  Thirty-nine percent (39%) of all wages and salaries Long Islanders earned are from those who commute to the city. Nassau commuters represent almost 57% of those wages and salaries returned  to the county, while Suffolk commuters earned 21%.  The New York City  continues to be very important to the Long Island economy.

Nielsen just released its First Quarter 2015 Total Audience Report on media consumption. It should come as no surprise that millennials (aged 18-34)  tune in using their smartphones——-spending 9.5 hours weekly , almost double the average of all adults(5.5 hours).  Their tv consumption pales compared to other adults, spending  only 22 hours weekly versus 36 hours by all adults.

The John Templeton Foundation, a philanthropic organization funding inter-disciplinary research,  conducted a study of 5,000  college students in 2014 to determine qualities that young entrepreneurs typically exhibit.  The findings reveal these aspiring entrepreneurs  display four key qualities——innovative thinking, self-control, an inclination to take the initiative, and entrepreneurial mentors who were role models that supported their entrepreneurial interests.

As a small business owner one of your primary concerns is to make sure your website works properly and loads quickly.  A survey of 1,008 adults by Limelight Networks, an online market research firm, found most consumers would not wait more than FIVE SECONDS for a website to load.  A look at the percentage of consumers who would wait up to five second before leaving by age includes——

18-29 years        48%

39-44 years        34%

45-60 years        42%

Immigrants started new companies or became self-employed at twice the rate of native-born Americans in 2014——creating an average of 520 businesses monthly per 1,000 people. This is up from 26% in 2013. The Ewing Marion Kauffman Foundation, a think tank and educational nonprofit for entrepreneurial development, annually  conducts a survey of business start-ups nationwide.  These immigrants accounted for the majority of ” Main Street” growth in such businesses as restaurants, retailers, dry cleaning services and beauty salons.

LaunchPad LI , an incubator for start-ups , has opened its fifth location on Long Island.  Located at the New York Institute of Technology, this Launchpad will focus on Internet Technology and Cybersecurity, Bioengineering and Medical Devices, and Energy and Green Technologies. Space will be available for ten companies.  Additional facilities include three conference rooms , an auditorium with 100 seating capacity, and video conferencing.  Other Launchpad sites on Long Island are located in Huntington, Mineola, Great Neck, and SUNY Stony Brook.  For additional information on LaunchPad go to

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