Too many Mark Zuckerberg Wanna-bees are warping the meaning and process of entrepreneurship. Do Success Stories Like Facebook Do More Harm Than Good? I’ll admit it's a tempting fantasy. The notion of coming up with an idea on the spur of the moment, turning into a startup business and then raising hundreds of millions of investor dollars at a nine-figure valuation is intoxicating. What business owner wouldn’t want that? There is an elite club of startups that are either pre-revenue or have … [Read more...]
Don’t Be Afraid of the Big, Bad Financial Statement
Financial statements can be a small-business owner's best friend. Don't avoid them. Many small-business owners have a natural aversion to finance and financial statements. Unlike sales or product development, which are considered core to success, finance is seen as a necessary evil that's best left to accountants and “numbers guys.” Part of this perception is the fault of the finance industry itself, which loves to use jargon. The income statement, for example, is also called the operations … [Read more...]
Minimum Wage Debate: Is $9 an Hour Not Enough or Too Much?
The controversy over raising the minimum wage is raging once again. Does raising the minimum wage help or hurt workers? In political, business and economic circles, this is a debate that's still raging and is hardly anywhere near being settled. All sides point to studies that produce results supporting their particular point of view. The current minimum wage battle opened a new front when Alan Krueger, chairman of the President’s Council of Economic Advisers, proposed that the federal … [Read more...]
You Won’t Believe the USPS’ Latest Plan for Survival
After losing $16 billion, the USPS thinks going from the route to the runway will help. The United States Postal Service recently announced that it's getting into the fashion business. According to corporate licensing manager Steven Mills, USPS is launching a men’s outerwear line called “Rain Heat & Snow.” But women aren't being left out of the fun; the USPS plans to launch a women’s line soon as well. In case you want to try the clothes on before buying them, they’ll be available in major … [Read more...]
President Neglects Small Business in Tax Plan
President Obama's tax plan to lower business taxes doesn't help small business. As part of his plan to reform the tax code, President Obama has called for lowering marginal tax rates on corporate income. According to the President’s plan, announced in the State of the Union Address, the top corporate marginal tax rate would be lowered from 35 percent to 28 percent. While this is a welcomed proposal, the benefits to small businesses are negligible. The overwhelming majority of small … [Read more...]
What Investors Really Want To See Before Writing A Check
Got traction? What investors expect before giving you a dime. What Investors Really Want To See Before Writing A Check Many entrepreneurs confuse a good idea with a good business; they aren't the same thing. Investors know this and spend a great deal of time evaluating potential investments to ensure that they are putting their money behind a good businenss, not just something that sounds great on paper. For all of their experience, this is still a very difficult distinction to make and most … [Read more...]
Obamacare Sticker Shock: Are You Ready to Pay Double?
Obamacare will make health insurance premiums skyrocket. Start preparing now. The Patient Protection and Affordability Care Act, known as Obamacare, is about to enter the next phase of implementation this year. Despite the fact that we are only months away from significant changes to how we access health insurance, millions of people, especially small-business owners, aren’t clear about what the ramifications will be when it comes time to renew or purchase health insurance policies in the fall … [Read more...]
East Coast Small businesse Split On Prospects for 2013
Small businesses are evenly split on their prospects for 2013. Cautious optimism is best. As 2013 goes into full swing, small businesses on the east coast are communicating a mixed message when it comes to feeling out how this year will go for them. ORC International conducted a survey of small businesses on behalf of TD Bank for companies with annual revenues of no more than $5 million on the east coast, from Maine to Florida. The responses indicate that: 49 percent of owners are … [Read more...]
Eurobeef Horse Meat Scandal Offers Risk Management Lessons
Risk Management Lessons: The horse meat scandal in Europe illustrates the risks of blindly trusting what your suppliers tell you. European businesses are currently going through a massive scandal that has affected millions of people, billions of dollars and thousands of companies. It turns out that some meat packers have been saving money by buying horse meat and mixing it with beef. Schools, hospitals, institutions, cafeterias across the continent are suffering the consequences. This type … [Read more...]
10 tips to make filing your taxes a breeze
It’s that time of year again. Time to filing your taxes. Here are 10 tips he provides to make tax time a bit more enjoyable: 1. Before you assume you need to go to an accountant, evaluate if you need one. The majority of people fill out a 1040EZ which doesn’t require an accounting degree. It’s very simple and can be filled out in 10 to 15 minutes. By filling out your own taxes, you can save an average of $150. Just because you fill it out on your own, however, doesn’t mean you don’t have … [Read more...]
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