New study shows that failing at business actually helps your chances of future success. Failure: The Secret to Success As business owners, we're all very aware that the odds are against long-term success. But having a business fail doesn’t condemn you to a life of unrealized dreams. New research shows that previous failures in entrepreneurship improve the odds of success for future ventures. Yonkwook Paik, a fellow at the Kauffman Foundation, recently completed a study for his PhD at … [Read more...]
How Founder of Chobani Earned Billions in 5 Years
Hamdi Ulukaya, Founder of Chobani became a billionaire in five years by making great yogurt and using innovative marketing. “Only in America” can a Turkish dairy farmer come to learn English, start a small business with borrowed money and become a billionaire in five years while beating the pants off of Fortune 500, writes Bryan Gruley of Bloomberg Businessweek. That’s the life story of Hamdi Ulukaya, founder and sole owner of Chobani, maker of Greek yogurt. Ulukaya’s path to … [Read more...]
Employment is Up, Revenues Down at Small Businesses
Good news and bad news: small-business employment is up, revenues are down and one industry continues to grow in spite of it all. Using aggregate data from Quickbooks online and online payroll processing, software maker Intuit can provide a broad snapshot into small-business performance. The results are in from the latest Intuit Small Business Revenue and Employment Indexes based on this data. Revenues at small business decreased 0.4 percent on average in December compared to the previous … [Read more...]
Want Access to Government? Hire a Lobbyist for $5,000 a Month
Hire a Lobbyist for $5,000 a Month. Small businesses are banding together to offset the cost of hiring a Lobbyist. Government agencies at the local, state and federal levels are playing a more significant role in today’s economy. Total government spending represents roughly 40 percent of our economy, the highest percentage during the last century (except for WWII). Add to this increasing government regulations and it's clear that small-business owners to an intimate relationship with their … [Read more...]
The Employees Strike Back: What to Do When Fired Workers Retaliate
What to Do When Fired Workers Retaliate?. Former employees can make life very expensive for business owners if the right protections aren't in place. One of the most difficult aspects of being a small-business owner is having to fire or lay off employees. Even if it doesn’t come as a surprise, it's still shocking, and more so in a job market where it can take well over a year to find a new job. It's difficult to know how someone will react when learning they're out of work. Some former … [Read more...]
2013 Taxes: Changes That Will Affect Small Businesses Most
Here's what you need to know about the significant changes taking place in 2013 Taxes law. The fiscal cliff deal had two major results: First, it raised taxes on virtually everyone that earns money; second, it failed to fix the underlying budget deficit problem, leading to further “cliff-like” standoffs in the near future. Both of these results will have a direct, financial impact on business owners. While much has been written about the deal, some important details haven’t been covered that … [Read more...]
Department of Veterans Affairs Commits $5B to Small Businesses
The Department of Veterans Affairs flips government contracting on its head by offering small businesses $5 billion in contracts. The Department of Veterans Affairs is expected to award a $5 billion services contract to small-business prime contractors. In a complete reversal from the norm, the prime contractors selected will be allowed to have a maximum of 150 employees. This will force large companies like Dell and IBM to compete for the right to be subcontractors on the award. The five-year … [Read more...]
Health Insurance Premiums Set for Massive Increase This Year
Obamacare fallout? Heath insurance brokers are preparing their clients for Health Insurance Premiums to increase by as much as 300 percent this fall. Health insurance brokers across the country are starting to prepare their clients for significant increases in health insurance premiums. This includes individual policies, which many small-businesses owners purchase, as well as small business and other group policies. In some cases, premiums may triple. The increases in premiums are a … [Read more...]
Entrepreneurs Bilked in Multimillion-Dollar Fraud
The FTC has filed a complaint against the Tax Club, which has defrauded people trying to start businesses in a Multimillion-Dollar Fraud. The Federal Trade Commission has filed a complaint against the Tax Club, an organization that claims to help people start successful businesses. Offering a package of consulting services and advice, The Tax Club was actually a web of more than 60 companies and legal entities with a single purpose: to defraud entrepreneurs. The Tax Club website is very … [Read more...]
Baby Boomer Retirement: Bad News Gets Even Worse
Every day, 10,000 baby boomers in the U.S. retire. What awaits them is not always pleasant. The Great Recession, a high cost of living and stagnant wages have left this generation completely unprepared for retirement. A 65-year-old couple would need over $280,000 in savings today to have a 90 percent chance of paying for their medical expenses alone during retirement. Yet 30 percent of workers have less than $1,000 and 60 percent have less than $25,000 in savings. Many baby boomers plan to … [Read more...]
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