Study: Entrepreneurs Over 50-Years-Old Struggle With Innovation (Adam Vaccaro)

Study: Entrepreneurs Over 50-Years-Old Struggle With Innovation BY ADAM VACCARO

Startups helmed by owners over the age of 50 are at an innovation disadvantage, a global study finds.

It might sound like a stereotype, but new data shows it to be true: Older entrepreneurs struggle to do cool, new stuff.

That's the finding from France's NEOMA Business School, which studied nearly 70,000 entrepreneurs from more than 60 countries over a seven-year period.

The study's results mirrored the stereotype, showing that startup owners over the age of 50 were 5 percent less likely to innovate compared to younger entrepreneurs. Among entrepreneurs aged 30 or younger, 44.9 percent offered "new products" or "new technologies," the grounds on which the study judged innovation. Among those over the age of 50, that number dipped to 39.6 percent.

And older entrepreneurs were also shown to make less use of new technology compared to their younger counterparts. While 8.4 percent of young entrepreneurs' companies relied on technology, that only held true for 5.4 percent of older entrepreneurs.

Understanding the Gap

While differences of 5 and 3 percentage points might not seem that large, with a data set of this size, that's a pretty wide gap between older and younger entrepreneurs. The researchers suggest the innovation lag has behavioral roots.

"This can be explained by the fact that the mindset and routines, that install with age, influence negatively the creation of an innovative company, the reluctance to adopt new technologies in older individuals or by the fact that the propensity to innovate decreases with the ageing process," NEOMA professor Ana Colovic said in a statement.

The researchers suggest government solutions to this sort of gap, including programs that would help to train older entrepreneurs to understand newer business trends and lend support their way when needed.

Alternatively, entrepreneurs might feel compelled to partner up with a younger mentor at their startups.

But this is the kind of research that can be prescriptive simply by coming to light. For instance, consider the notorious claims of ageism in the startup community. The data shows that maybe, maybe, there's some justification for it. Knowing that to be true, older entrepreneurs might be compelled to change the lagging habits the study shows to be true.

HOW DOES ANGER HAPPEN IN THE BRAIN? (Gerry Vassar)

HOW DOES ANGER HAPPEN IN THE BRAIN?

Posted on February 1, 2011 by Gerry Vassar

Ever wonder what automatic combination of neurological forces are at work when we become angry? With the goal of our dialogue being to figure out how to better deal with anger, let’s take a look at how anger happens inside of our brain.

The brain’s emotional center

The limbic system is the emotional center of the brain

The cerebral cortex (cortex) is the thinking part of the brain where logic and judgment reside. It is the outer portion of the brain and is divided into lobes. Think of the cortex as thestrategy center of the brain.

The emotional center of the brain is the limbic system.  It is located lower in the brain and is considered to be more primitive than the cortex.

When someone is experiencing and expressing anger, he or she is not using the thinking (cortex) part of the brain, but primarily, the limbic center of the brain.

Have you encountered your amygdala today?

Within the limbic system is a small structure called the amygdala, a storehouse for emotional memories.  It is also the area of the brain responsible for our “fight or flight” reactions, our natural survival instincts.

The data coming in from the world around us passes through the amygdala where the decision is made whether to send the data to the limbic or cortex area of the brain. If the incoming data triggers enough of an emotional charge, the amygdala can override the cortex, which means the data will be sent to the limbic system causing the person to react using the lower part of the brain.

An amgdala hijacking can feel like panic

During an overriding event, the amygdala goes into action without much regard for the consequences (since this area of the brain is not involved in judging, thinking,  or evaluating). This reactive incident has come to be known as an amygdala hijacking.

Get ready for the hormones

When the amygdala is hijacked, a flood of hormones are released that cause physical and emotional alarm.  A surge of energy follows, preparing the person for the fight or flight response.  The impact of this hormonal flush last for several minutes during which time the person is usually out of control and may say or do things he or she will later regret, when the thinking part of the brain reengages.

Further, an additional longer-lasting hormone is released., and its impact can last for several hours to several days.

Why counting to 10 does not work

Having a long-lasting hormone in the body can explain why someone has an initial, powerful angry reaction, then seems to calm, but later has a huge flair-up that is disproportionate to the situation because of some small incident occuring while the hormone was active in the bloodstream.

On average, it can take 20 minutes for a person who has experienced an angry state of arousal to calm, to move from functioning from the emotional area to the thinking area of the brain.

A lot of stuff to digest

Perhaps we just may need to be aware that a lot goes on physiologically when we get angry.

What is important to know is:

• anger involves a trigger to the emotions that so easily charges us up that we “lose it, ” and
• it will often take about 20 minutes before we can once again become more logical.

Just knowing that could really help us as we deal with our anger or someone else’s. When we know someone is “amygdala hijacked,” then we should give him or her some time (over 20 minutes) before we attempt to resolve or discuss what happened because it takes about that long for hormonal releases to decrease in intensity.

So, if you stay with me for the next post, we will talk about how this knowledge can be used to prepare for, prevent and recover from these angry outbursts. For now, let’s just begin to observe how we see this in ourselves and others around us as we really begin to understand “this is your brain on anger!”

Gerry Vassar, President and CEO, Lakeside Educational Network

Some information taken from Understanding Anger, 2004, Diane Wagenhals.

8 Depression Myths Debunked (Chris Iliades)

8 Depression Myths Debunked

Everyday Health  |  By Chris Iliades

Posted: 11/13/2013 12:31 pm EST  |  Updated: 11/13/2013 12:50 pm EST

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By: Chris Iliades, Everyday Health

Here’s a fact you might not know: Depression is one of the leading causes of medical disability in North America.

And here’s another: Depression affects roughly 5 to 8 per cent of U.S. adults every year. Despite its prevalence, however, many depression myths remain. One reason for the persistence of these myths is that there’s a lot of stigma around depression and mental illness. Too often, people who have depression are ashamed to admit it, and those who have never experienced it may think being depressed is a sign of weakness.It’s time to tackle some of the most virulent depression myths.

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Myth: Being Sad Leads To Depression

"Sadness can be a cause of depression, but anger is a much more common cause, especially unrecognized anger that is not dealt with," says Katherine Krefft, a psychologist in Buzzards Bay, Mass. "Since women are not supposed to be angry, they often substitute the word 'frustration' for ‘anger.’" Normal sadness caused by loss or disappointment rarely leads to depression. Being able to feel sad actually means you are healthy enough to be in touch with your feelings.

Myth: If You Aren't Sad, You Aren't Depressed

"A low mood caused by depression may not be recognized as sadness," says Robert Rowney, a psychiatrist and mood disorder expert who is director of the Cleveland Clinic Center for Mood Disorders Treatment and Research at Lutheran Hospital. “But if you have other symptoms of depression that last for a few weeks and interfere with your ability to work or sleep, and certainly if you think about suicide, you need to ask for help.”

Myth: Depression Symptoms Are All Mental

Depression symptoms do include mental symptoms, like sadness, anger, anxiety, confusion, hopelessness, emptiness, loss of interest, and thoughts of suicide. Butphysical symptoms are also common and can include a lack of energy, changes in sleeping and eating habits, slowed movement, headaches, stomach problems, and body aches. If you have several of these symptoms that last for two weeks or more and interfere with your ability to function normally, you could have depression.

Myth: Only Women Get Depressed

The myth that “real men don't get depressed,” or that they should just tough out symptoms of depression, is particularly damaging. "Although women are more likely to suffer from depression than men, even tough guys get real depression," says Dr. Rowney. In fact, depression may be more dangerous in men than in women. Men are more likely to avoid treatment, complicate depression with substance abuse, and be successful at suicide.

Myth: It's Just PMS, Not Depression

Premenstrual syndrome (PMS) affects up to 75 per cent of women and is not the same as true depression. But a related condition, called premenstrual dysphoric disorder (PMDD), is a real type of depression that affects women during the second half of their menstrual cycle. PMDD affects about five per cent of women and can be quite severe. Treatment may include a combination of medication, talk therapy, and changes in nutrition.

Myth: Depression Is Untreatable

One persistent and dangerous depression myth is that treatment doesn't work and therefore you should just wait till you snap out of depression. The truth is thatdepression treatment usually works really well, and untreated depression can be really dangerous. About 80 to 90 per cent of people with major depression are successfully treated and are able to return to the normal activities of living. Untreated depression is the No. 1 cause of suicide.

Myth: The Only Way To Treat Depression Is By Taking Antidepressants

"Unless you have a severe form of depression, you probably do not need antidepressants,” says Krefft. “In fact, studies show that many people onantidepressants do not need them." Talk therapy, called psychotherapy, may be the best treatment for mild or moderate depression. Cognitive behavioural therapy (CBT) is a common psychotherapy for depression that teaches you to replace depression-related thoughts and behaviours with positive ones. Antidepressants may be added to CBT in some cases

Mentally Strong People: The 13 Things They Avoid (Cheryl Conner)

Mentally Strong People: The 13 Things They Avoid

Editors’ Note: Following the huge popularity of this post, article source Amy Morin has authored a Dec. 3 guest post on exercises to increase mental strength here. Cheryl Conner has also interviewed Amy Morin in a Forbes video chat that expands on this article here.

For all the time executives spend concerned about physical strength and health, when it comes down to it, mental strength can mean even more. Particularly for entrepreneurs, numerous articles talk about critical characteristics of mental strength—tenacity, “grit,” optimism, and an unfailing ability asForbes contributor David Williams says, to “fail up.”

However, we can also define mental strength by identifying the things mentally strong individuals don’t do. Over the weekend, I was impressed by this list compiled by Amy Morin, a psychotherapist and licensed clinical social worker,  that she shared in LifeHack. It impressed me enough I’d also like to share her list here along with my thoughts on how each of these items is particularly applicable to entrepreneurs.

1.    Waste Time Feeling Sorry for Themselves. You don’t see mentally strong people feeling sorry for their circumstances or dwelling on the way they’ve been mistreated. They have learned to take responsibility for their actions and outcomes, and they have an inherent understanding of the fact that frequently life is not fair. They are able to emerge from trying circumstances with self-awareness and gratitude for the lessons learned. When a situation turns out badly, they respond with phrases such as “Oh, well.” Or perhaps simply, “Next!”

2. Give Away Their Power. Mentally strong people avoid giving others the power to make them feel inferior or bad. They understand they are in control of their actions and emotions. They know their strength is in their ability to manage the way they respond.

3.    Shy Away from Change. Mentally strong people embrace change and they welcome challenge. Their biggest “fear,” if they have one, is not of the unknown, but of becoming complacent and stagnant. An environment of change and even uncertainty can energize a mentally strong person and bring out their best.

4. Waste Energy on Things They Can’t Control. Mentally strong people don’t complain (much) about bad traffic, lost luggage, or especially about other people, as they recognize that all of these factors are generally beyond their control. In a bad situation, they recognize that the one thing they can always control is their own response and attitude, and they use these attributes well.

5. Worry About Pleasing Others. Know any people pleasers? Or, conversely, people who go out of their way to dis-please others as a way of reinforcing an image of strength? Neither position is a good one. A mentally strong person strives to be kind and fair and to please others where appropriate, but is unafraid to speak up. They are able to withstand the possibility that someone will get upset and will navigate the situation, wherever possible, with grace.

It takes much practice to hone mental strength

6. Fear Taking Calculated Risks. A mentally strong person is willing to take calculated risks. This is a different thing entirely than jumping headlong into foolish risks. But with mental strength, an individual can weigh the risks and benefits thoroughly, and will fully assess the potential downsides and even the worst-case scenarios before they take action.

7. Dwell on the Past. There is strength in acknowledging the past and especially in acknowledging the things learned from past experiences—but a mentally strong person is able to avoid miring their mental energy in past disappointments or in fantasies of the “glory days” gone by. They invest the majority of their energy in creating an optimal present and future.

8. Make the Same Mistakes Over and Over. We all know the definition of insanity, right? It’s when we take the same actions again and again while hoping for a different and better outcome than we’ve gotten before. A mentally strong person accepts full responsibility for past behavior and is willing to learn from mistakes. Research shows that the ability to be self-reflective in an accurate and productive way is one of the greatest strengths of spectacularly successful executives and entrepreneurs.

9. Resent Other People’s Success. It takes strength of character to feel genuine joy and excitement for other people’s success. Mentally strong people have this ability. They don’t become jealous or resentful when others succeed (although they may take close notes on what the individual did well). They are willing to work hard for their own chances at success, without relying on shortcuts.

10. Give Up After Failure. Every failure is a chance to improve. Even the greatest entrepreneurs are willing to admit that their early efforts invariably brought many failures. Mentally strong people are willing to fail again and again, if necessary, as long as the learning experience from every “failure” can bring them closer to their ultimate goals.

11. Fear Alone Time. Mentally strong people enjoy and even treasure the time they spend alone. They use their downtime to reflect, to plan, and to be productive. Most importantly, they don’t depend on others to shore up their happiness and moods. They can be happy with others, and they can also be happy alone.

12. Feel the World Owes Them Anything. Particularly in the current economy, executives and employees at every level are gaining the realization that the world does not owe them a salary, a benefits package and a comfortable life, regardless of their preparation and schooling. Mentally strong people enter the world prepared to work and succeed on their merits, at every stage of the game.

13. Expect Immediate Results. Whether it’s a workout plan, a nutritional regimen, or starting a business, mentally strong people are “in it for the long haul”. They know better than to expect immediate results. They apply their energy and time in measured doses and they celebrate each milestone and increment of success on the way. They have “staying power.” And they understand that genuine changes take time. 

Do you have mental strength? Are there elements on this list you need more of? With thanks to Amy Morin, I would like to reinforce my own abilities further in each of these areas today. How about you?

A Management Truism to Remember: Your Workers Aren’t You (Crystal Spraggins)

A Management Truism to Remember: Your Workers Aren’t You

by  Crystal Spraggins on Dec 13, 2013, 11:10 AM  |  0 Comments

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One of the first things I learned after starting a freelance writing career is that many people expect writers to work for free.

Writing for free, or for exposure, is a hotly debated topic among writers, and it doesn’t take the imagination of a writer to guess why.

But of all the times I’ve told someone “I’m flattered, but I write for a living,” one conversation in particular made a real impression on me.

Good HR advice from an unlikely source

During that conversation, a small business owner was proposing that I write for him while his business got off the ground, at which time, hopefully, he’d be able to hire me for a fee. During our talk, this owner spent a good amount of time telling me about his plans for his business, and it was evident that he was excited about the road ahead.

And that was all fine and good — for him.

As I told him later, “I wish you well with your business venture, but this is your vision, not mine. My vision is to be a well-paid writer, and unfortunately, I don’t think that writing for you for free is going to get me there.”

Maybe that sounds a little harsh. It wasn’t. Instead, it was damn good HR advice. (No matter where I am or what I do, I just can’t turn it off.)

Employees don’t share your agenda

If you’re in management, and especially if you’re a manager/business owner with employees, don’t make the mistake of believing that your employees have the same agenda as you. They don’t.

Your employees may admire you, they may appreciate you, and they may appreciate the mission of the company, but they have their own concerns. They have their own goals and their own interests. And that’s OK.

Let me make the point another way.

A small history lesson…

The year was 1870. The place was Coatesville, Pennsylvania. And the problem was slow but steady change.

The men of the Lukens Steel Company had to admit they’d been treated pretty well. Employer-provided housing at decent rental rates, pay advances, personal loans — these were but a few of the fringe benefits of working at the mill. At one point, when economic times had gotten tough, the mill would even run at cost to keep the men employed.

But the situation wasn’t all puppy dogs and rainbows. Management took care of its employees and, in return, had expectations beyond mere good performance.

Workers were to be compliant. Anyone caught “causing trouble” by asking too many questions about management decisions or by offering his skills elsewhere ran the risk of being blacklisted, not that shopping around would have yielded much. The local mills “collaborated” on compensation strategies to keep competition down.

And yet, employees were happy and loyal. Until they weren’t.

Yes, even paternalism has its limits

By 1887, some 77 years after the mill had opened, employees had grown weary of thispaternalistic management style and began to want some things for themselves, like better wages. Profits were up, and they wanted a share in the good fortune. They’d heard the news reports about the strike at the Pittsburgh Bessemer Steel Company in 1882 (workers decided to strike rather than sign so-called yellow dog contracts), and in 1886, two mills in Coatesville had gone on strike as well.

Now, 77 years is admittedly a good run, and I’d be silly to try to claim that this management style was a bad move from the start.

But paternalism has its limits. Eventually, the workers at Lukens went on strike.

The mill owner apparently took the strike as a personal insult, believing himself to be a decent sort besieged by ingrates. So, a couple of months into the strike, when he became convinced that the workers were holding firm, he kicked them out of their rentals and fired them.

Humph.

The workers had decided to place the interests of their real families above the interests of the patriarchal mill owner, and that came as an unwelcome surprise to him.

Your workers aren’t you

You may say, “Well, since the workers went on strike, the owner should have kicked them out of his properties,” and granted, the move wasn’t completely unexpected. But remember, the workers were paying rent. The owner kicked them out to make a point, plain and simple. \

Here’s what he wrote to an agent about the situation:

You cannot realize the situation as we do, nor comprehend how fully we would be surrendering ourselves into the control of our workmen by yielding at present. It is not the question of a slight advance in wages merely, but there is a principle at stake which is of far more importance.”

Three months later, the men were back at work at their old rates. However, the relationship between employer and employees had been irrevocably changed. New lines had been drawn in the sand.

Repeat: If you’re in management, or a manager/business owner, your employees aren’t you and you should manage them understanding and appreciating as much.

(By the way, this is why I favor the servant leadership style of management, which views subordinates as partners, not servants or children.)

Just saying.