That's the American dream. But it ain't all that easy.
Approximately 50 percent of new businesses go out of business within 5 years in a good economy. The reason for failure is many. It's even harder for deaf and hard of hearing owned businesses to survive beyond the first 5 year and I would consider a company a success if they survive beyond the 5 year magic mark. Though nowadays it's harder still for any businesses to survive in our current recession economy when everybody is cutting back to save money. So, it was a nice surprise seeing an article when RIT/NTID their first Deaf Entrepreneurs Roundtable Panel discussion last year in the effort to help uncover keys to successful deaf entrepreneurship.
The panel discussion, “Deaf and Hard of Hearing Entrepreneurs—Living the Dream,” explored a multitude of issues related to deaf entrepreneurship. The panel consisted of eight deaf and hard-of-hearing entrepreneurs from around the country who shared their keys to success and explained some of the challenges that they encountered along the way.With the advantage of technology today communication is made possible between entrepreneurs regardless of communication preference as they share many common grounds than not. It's a great idea to bring together deaf and hard of hearing entrepreneurs to discuss ways to survive running a business and make it a successful one. By learning from each other businesses can leverage those knowledge to better compete in a tough market dominated mostly by hearing people and businesses. So, it's hard to get the deserved recognition.
A coveted spot for any new businesses would to be featured in INC Magazine top 500 fastest growing private company. Although very, very few deaf or hard of hearing owned businesses ever get featured in INC Magazine such as Keen Guides whose owner was one of the RIT/NTID Deaf Entrepreneurs Roundtable Panel members in 2010. One key to recognizance is for a business to be a "game changer." You have a particular technology or business model that fits what it appears to be a niche market but only to find out it's really a much bigger market once the idea takes off by fulfilling a demand. Inclusivity is the key in many business models in the deaf/hh -owned businesses. Inclusivity is a rather large market need to fill when you have 36 million people with hearing loss in the United States who typically do not have the same type of access and enjoyment that hearing people have.
Company: Keen Guides In 2004, Catherine McNally — deaf since she was 8 months old — was at a museum and asked for an alternative to the audio tour… only to be handed a 50-page manuscript. Talk about an “aha” moment. Today, her company makes mobile tours available on iTunes that use captions and American Sign Language; there are currently 136 tours available in Seattle, New Orleans and the Washington, DC, area, among others. While funding is pending, McNally is charging full-speed ahead with plans to reach 1,111 sites across the US by November.
The Message: “I am using my work to bring greater awareness for inclusive accessibility in cultural tourism,” McNally says. www.keenguides.com.This is what I've always advocated, the need for inclusiveness for all people, deaf, hard of hearing and hearing people regardless of communication preference. There is no feeling of inclusiveness when you watch a video that isn't captioned or subtitled (that can be done by capable people and without much effort versus those who refuse on ideological grounds) and instead gets handed a transcript of that video whether it's done with voice or sign language. There are a few deaf and hard of hearing businesses that I'm aware of who had that "Ah ha" moment and decided to make a business out of it. A time when everything makes sense to risk it because no one else thought of it before on the need to make it work. What makes many deaf and hard of hearing owned businesses successful is their fulfillment of the need for deaf and hard of hearing customers and clients to feel included because they know exactly how they feel. And that, my friends, is a potential multi-billion dollar market place with 36 million people with hearing loss in the United States. The question is, how can you tap into that potential?
9 comments:
A very interesting topic. It's a tough world out there. No such thing as red carpet. You either make it or you don't, based on innovation and qualities. It's also based on the law of demand and supply. It's also common sense but not a lot of people are savvy-oriented. Being deaf has its disadvantages but then it also give us advantages. Underestimated people seem to perform better because they know they have to work harder. And that in itself is the secret to success. I've been an entrepreneur nearly all of my life, covering a span of 30 years. I've been underestimated many times by others because they thought I could not get very far as a deaf person. Each time it happened I took advantage of their mistake, as seizing the opportunities when they were not as competitive as they could have been. I've out-performed them many times simply because they let their guards down based on my deafness. I've surprised my competitors many times and it's how I earn respect in the business world.
Once again, speaking of the law and demand.... I've stayed away from the "hearing loss" market for a specific reason. The demographic is by far too complicated. There is a great base of diversity within that market. Instead I try to stay focused on the language that has the largest market, that of English. I've said it before and I'll say it again. The secret formula is;
Language = Economy
Choose your market wisely and you'll do well. Choose sign language and you are referring to an extremely small market base. It's really simple. Most deaf people I know are fascinated with the idea of selling products and services to their own community but what they fail to realize is the actual size of the market. For those business-savvy people it is not very attractive at all. I don't see very many deaf people competing for the "hearing" or "English" market. Few reasons for that. They're intimidated by language barriers. They're afraid of competition, which is normal. They are not thinking big enough. They are not really that creative (as in innovative). It takes a special breed, as in Navy Seals, to execute plans and carry out exceptional marketing niches to make it work in this big world.
I've mentored numerous deaf people on the subject of 'business' through the years. I've not met a single individual who had what it would take to compete in this world. Not a single soul. Most of them, if not all, are still trying to sell products and services to their own community, in a language they are comfortable with.
Good blog.
Exactly, limiting to a specific audience limits your range of marketing potential. But to target the 36 million people with hearing loss, the marketing range increases dramatically. Target the rest of the English speaking population increases it further still. I agree. Command of the English language increases your chance of success because English is the "international language" for businesses around the world. Increase your knowledge about how business works helps tremendously as well. It's a fact.
I believe if you capitalize on the need for inclusion (between deaf/hh and hearing people) you can certainly capture a lot of businesses that way. Whatever the product or service, there's always room for more in the niche market for deaf and hh people.
To The Holism,
You say you're an entrepreneur. That's wonderful. I'm curious what is your speciality or business. I want to hear more news about DEAF entrepreneurs so we can print a book of DEAF entrepreneurs to prove DEAF people can do anything but hear. Please share more information that will help other DEAF people.
A lot of the deaf "businesses" I know of cater to deaf people such as video relay service, providing interpreting services, and providing technology that helps deaf people communicate with others. Nearly all of that is subsidized by the government, you can't call that a real business. ADA requires companies to provide interpreters so the companies that do that benefit from it. Now, if that wasn't mandated by the ADA law or given subsidy, nearly all will collapse overnight.
Let's focus on real business, a business owned by a deaf person that caters to everybody. Now, that's rare.
Wiggums
On all cell phone bills there is a very small surcharge or tax (TRS fund) to help pay for Telecommunication Relay Services (TRS) for people with hearing loss or speech disability. The customers pay for the cost to help pay for those services, not the govt. Besides, subsidy means "direct government spending." I see no "direct govt spending" towards those companies providing the needed services since customers are the ones paying for the cost. They certainly benefitted from the ADA but that's about it.
To anonymous #1 and anonymous #2;
Thank you both (assuming you're two different persons) for your comments and questions.
At age 15 I started out as a vice president of a research & development company specializing in exhaust gas filter and filtration systems. I'm a CEO and owner of that company today. I've been part of this venture for exactly 30 years now. This technology has been patented in Canada, U.S., Mexico, India and China not very long ago. It's an international based company.
I also own and operate real estate investment and development company since 1994. This other company averages 800% ROI with absolutely no record of losses on any single transaction. Fortunately for us we steered away from housing market. The housing market is where most people lost their investment for the past five to six years. The nature of our real estate investments are either commercial or agriculture and energy based investments. This company does business in the United States and Canada.
This other company I also own started out as a fun hobby but has since evolved into a pretty serious venture. We build custom hat for buckaroo and horsemen customers. Many of my customers are from Canada, Italy, Germany, Spain, France, UK, Argentina, Chile, Peru, Columbia, Mexico and United States. This venture went international by accident. I originally thought that our products would be domestic based but I was wrong about that.
The only time I started a venture that was 'deaf' based service was when I started a national research organization on mental health of deaf children. The research lasted 8 years before we started a pilot residential treatment center & school program in Utah. The market was so weak. However it was a good learning experience for me but I never looked back on "deaf" market again, ever. It's just too small for my time and energy.
I agree with some of what anonymous #2 said. Nearly all of business deaf people who sign are into products or services that caters deaf people. Their market is so small. They're circulating the same old money around. Many of them are on welfare with limited resources. Why target them in our market? That never made sense to me. While it may be a valid business it does not mean it's a good business or a smart venture to get into.
The government mandates the fund so it's not a real market. The FCC still controls the TRS and tells them how much to spend. You can call it taxes, fees, fund, etc., but it's still government.
Wiggums
Wiggums, they mandate the funds to help pay for the cost of communication access that they would otherwise not pay for themselves. Every businesses benefit from it. In fact, doing so helped open up businesses run by hearing people by tapping into the deaf/hh market more readily. The surcharge is so tiny on your phone compared to other surcharges that are 100 to 1000 times more.
Crystal, both "anonymous" people are indeed real. I can vouch for them both since I know them (The Holism and Wiggums). Fun bunch of people to hang around with.
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