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OK, let me get this straight: The Small Business Administration's Office of Advocacy reports that 27 million small businesses in the U.S. account for 50% of the Gross National Product and employ over 50% of the workforce, and Washington figures $30 billion in loan support and some tax credits will get things done.
What's that, $1,100 per company? Wow, where do we sign up!
Our fearful leaders gave $50 billion to General Motors, and $185 billion to AIG. According to the Congressional Budget Office publication, The Budget & Economic Outlook: An Update August 2009, big business has been showered with more than $10 trillion (that's a "T") in funding and commitments, including: $1.3 trillion disbursed by the Federal Reserve, with another $2.8 trillion committed (including aid to AIG, Citigroup, Bank of America, Bear Stearns; $800 billion from the Treasury, with $3.6 trillion committed (including guarantees for Money Market Funds and TARP); and over $2.1 trillion committed by the FDIC (including increased depositor insurance and more Citigroup guarantees).
Um, does $30 billion to small business make a difference?
Sue Hesse left a corporate career and started her own business so she could cut down on her travel schedule and raise her children. By the time she sold it to spend more time with them, she had learned that even in an old-fashioned industry, numbers could outweigh gender. Performance-based incentive compensation turned out to be the strategy that propelled her and other women forward. Getting support from other entrepreneurs, male or female, is her other key to success.
For the third time in three years, the world has a new richest man.
Riding surging prices of his various telecom holdings, including giant mobile outfit America Movil, Mexican tycoon Carlos Slim Helu has beaten out Americans Bill Gates and Warren Buffett to become the wealthiest person on earth and nab the top spot on the 2010 Forbes list of the World's Billionaires.
Slim's fortune has swelled to an estimated $53.5 billion, up $18.5 billion in 12 months. Shares of America Movil, of which Slim owns a $23 billion stake, were up 35% in a year.
Are today's newly wealthy entrepreneurs robber barons or 21st-century heroes? Those who profit from the process of wealth creation are under increasing pressure to apply their skills and business experience to philanthropic ventures.
There's a very practical reason for a values-based, morally rigorous view of entrepreneurship. That is usually the only viable way for an entrepreneur to do business in the long run, the author asserts.
Entrepreneurs face an array of operations challenges, including sales and inventory tracking, to bring products to market. With the widespread adoption of wireless networks and hand-held devices, entrepreneurs should adopt mobile computing to overcome these challenges.
Why spend money, time, and effort documenting processes? Beyond the obvious direction it will provide in operating the business, numerous other benefits are discussed in this article.
Niche businesses either start with specific offerings for a discreet audience or carve out specialities within a broader base. Either way, entrepreneurs who operate niche companies must understand themselves, their goals, and their customers, in order to deliver marketing campaigns that are simple and effective.
The author asserts there are three tasks entrepreneurs need to do to attract the attention of angel investors. They are "the three shows": show up, show enthusiasm, and show humility.
It's easy for an entrepreneur to kill any chance of raising money for his or her venture. Just fall into the trap of arguing one of the three great myths of business detailed in this article.
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