January 27, 2010
WE Inc Journal Enews January 27, 2010 • Growth Without Barriers Webcast: "Accessing Capital 2010: Outlook and Strategies" - January 28, 2010 • SBA's Export Experts Offer Help on Going International: Web Chat on January 28, 2010, from 1:00 p.m. to 2:00 p.m., ET • Enjoy a Complimentary Digital Issue of Enterprising Women Magazine • Apply for the Cartier Women's Initiative Awards
Deadline: March 10, 2010 • Second Round of Broadband Stimulus Funds Coming Online - Applications Accepted Feb. 16-March 15 - Workshops and Outreach Session Announced • Now Available: Audio of "Flex Options -- Best Practices in the New Year" National Teleconference • SCORE Offers Top 10 Secrets for Small Business Success in 2010 • Do You Suffer From "Ping-Pong Syndrome?" Results of Staples 4th Annual Small Business Survey • Matt Lesko and Small Business • Knowledge@Wharton, January 20-February 2 enews • Business Tips and Trends News Growth Without Barriers Webcast: "Accessing Capital 2010: Outlook and Strategies" - January 28, 2010 Please join SBE Council and Jones Day for another exciting and interactive (and COMPLIMENTARY) Growth Without Barriers webcast on January 28, 2010, 11:00 a.m.-12:00 Noon EST. Hosts Karen Kerrigan, President & CEO, SBE Council and Andrew Sherman, renowned business growth guru and partner Jones Day, will bring you the latest market intelligence regarding the availability of capital and credit in the coming months, and in 2010. They will cover legislation, policy initiatives and the political environment and how this will impact the availability of capital. As always, the webcast is an interactive session. During the entire broadcast, Karen and Andrew will take your questions live. Points Andrew will cover include: • Key trends in the capital markets
• State of the angel nation
• What will it take for the credit markets to start lending again?
• Understanding traditional Venture Capital Karen will review what the Massachusetts special election results mean for small business, and the outlook for policy initiatives that will impact the economy. This is your webcast! As always, we look forward to hearing from our nationwide audience of entrepreneurs and small business owners. Your participation makes the webcast the dynamic hour that it has become! Karen and Andrew look forward to your participation on January 28 - here is you webcast link. Remember to tune in a few minutes early to ensure a proper connection. SBA's Export Experts Offer Help on Going International: Web Chat on January 28, 2010, from 1:00 p.m. to 2:00 p.m., ET The Small Business Administration's (SBA's) January Web Chat will highlight exporting basics and general SBA capital and credit programs for small business owners. Entering foreign markets can be a great way to boost sales and SBA offers loan programs to help small businesses expand or develop an export market. Business owners can find out if they are ready for exporting and learn more about how to get started. WHO: Richard Ginsburg and Patrick Tunison of SBA's Office of International Trade will co-host the January Web Chat on "Small Business Exporting and Access to Credit." Ginsburg and Tunison will answer questions on how to grow a business through exporting. WHAT: SBA's Web chat series, providing small business owners with an opportunity to discuss relevant business issues online with experts, industry leaders and successful entrepreneurs. Chat participants will have direct, real-time access to the Web chats via questions they submit online in advance and during the live session, with instant answers. WHEN: January 28, 2010, 1 p.m. ET Ginsburg and Tunison will answer questions for one hour. HOW: Participants can join the live Web chat by going online to http://www.sba.gov/, and clicking "Online Business Chat." Web chat participants may post questions before the January 28th chat by visiting http://web.sba.gov/livemeeting/Jan10/and posting their questions online. To review archives of past Web chats, visit online at http://www.sba.gov/tools/monthlywebchat/index.html Enjoy a Complimentary Digital Issue of Enterprising Women Magazine Because of your support of WE Inc., the publisher's of Enterprising Women magazine wants you to enjoy a Free Issue of the publication online. WE Inc. Founder and SBE Council President & CEO Karen Kerrigan is on the Advisory Board of Enterprising Women.
Every issue of Enterprising Women is packed with valuable articles and insights for women business owners. In the current issue, there is a special focus on: - The top ten characteristics of successful women business owners.
- The impact of women entrepreneurs around the world, with a special section on Canadian women entrepreneurs.
- The changing face of women entrepreneurs as philanthropists.
- How to form joint ventures to win government contracts.
- Five reasons to target China as part of your company's growth strategy.
- A visit to Sonoma wine country.
- Leaving a legacy through your social enterprise.
If you would like to join our family of subscribers so you don't miss a single issue, you can begin your regular subscription now at a special reduced rate. Click http://www.swiftpage6.com/SpeClicks.aspx?X=2Y0SK1VILP0S18PC00Y9WW to access your free sample issue today or visit http://www.swiftpage6.com/SpeClicks.aspx?X=2Y0SK1VILP0S18PC01Y9WW to subscribe to a full year of Enterprising Women in print or online. Enterprising Women is the only national magazine exclusively for women business owners. Every issue inspires, motivates, informs, and entertains, with fascinating stories of women entrepreneurs like you who have taken the risks of business ownership and reaped the rewards of success. Remember, there's no obligation when you accept your complimentary issue! Apply for the Cartier Women's Initiative Awards
Deadline: March 10, 2010
Recognizing entrepreneurs as having "the audacity to create, to innovate, and to imagine the Future," the Cartier Women's Initiative Awards aim to encourage female entrepreneurs who have just started their companies. Launched in 2006 in partnership with the Women's Forum, McKinsey & Co., and INSEAD business school, Cartier's program is an international business plan competition which targets women entrepreneurs who lead creative, sustainable and socially responsible enterprises.
The Awards are given annually to five laureates, one per continent. Applicants can be from any country and are invited to apply by presenting their business project in the initial phase pre-launch or start-up (no older than three years).
The prize includes personalized coaching, a $20,000 grant as well as an invitation to the Women's Forum Global Meeting in Deauville (France). Applications will be accepted until March 10, 2010.
For more information including eligibility criteria, please visit the
website: http://www.cartierwomensinitiative.com/. Second Round of Broadband Stimulus Funds Coming Online - Applications Accepted Feb. 16-March 15 - Workshops and Outreach Session Announced The second rounds of funds will become available for USDA's Broadband Initiative Program (BIP). The changes in this second round simplify the application process, streamline program requirements, clarify definitions and offer expanded opportunities to bring broadband service to rural America. Applications under the second BIP NOFA will be accepted between February 16, 2010 and March 15, 2010. To read more about funding opportunities, priorities and process, please click here. Additional information about the programs and how to apply for funds can be found at: http://www.broadbandusa.gov/. Background: On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act of 2009 (Recovery Act). The legislation provides funding to the Department of Agriculture and Department of Commerce to expand broadband access to rural and unserved areas of the country. The Recovery Act authorized USDA budget authority of $2.5 billion that it is using flexibly to provide loans, grants and loan/grant combinations to expand broadband access in rural America. USDA expects to use approximately $2 billion to provide grants, while the remaining funds will finance loans, for potential total investment in rural broadband of around $3-$4 billion, which may vary depending on the demand for grants versus loans. USDA will award all funds no later than September 30, 2010. Click here for Fact Sheet Broadband Workshops and Pre-Workshop Outreach Events The U.S. Department of Agriculture, Rural Utilities Service(RUS) and the U.S. Department of Commerce, National Telecommunications and Information Administration (NTIA), are co-sponsoring ten workshops for the general public, aimed at helping prospective applicants better understand the mission, scope, process and requirements of the Broadband Initiatives Program (BIP) and the Broadband Technology Opportunities Program (BTOP). The Federal Communication Commission (FCC) will also make a presentation regarding broadband technology and licensed spectrum at the close of each workshop. The Pre-Workshop Outreach Events are open to the general public and the information shared during the sessions will include: contact information for RUS and NTIA program personnel; a presentation on how to do business with the federal government; and topics of interest to local attendees. The pre-events will provide networking opportunities as well as highlight the opportunities broadband deployment and adoption offer for promoting economic growth, job creation, education, health care, and public safety in minority, tribal and rural communities. For more information about the workshops, and their dates and locations please click here. Now Available: Audio of "Flex Options -- Best Practices in the New Year" National Teleconference On January 14, the U.S. Department of Labor Women's Bureau hosted the first Flex Options national teleconference of the New Year. The event included presentations by several organizations that have experienced long-term success with innovative approaches to workplace flexibility. Expert presenters included: Danette Campbell, Senior Telework Advisor, U.S. Patent and Tredemark Office; Shirley Crews Taylor, Director, Flexible Workplace Initiative, City of Houston; and Laura Schoppe, President, Fuentek, Inc. A lively Q&A session followed the presentation. To listen to the teleconference, please visit: https://www.mymeetings.com/mm/ims/d.php?o=1382286 The Pass Code is: FLEX OPTIONS. This audio will be available up until February 14, 2010. Also, the Flex Options project has just published its January 2010 edition of Flex News - a regular newsletter featuring updates and news about the progress of workplace flexibility. To access Flex News, please click here. SCORE Offers Top 10 Secrets for Small Business Success in 2010 Make 2010 a small business year for growth and profits with success secrets from SCORE. The experts at SCORE are dedicated to supporting America's engine for economic growth-small business. SCORE provides mentoring, coaching, training and resources. Every day, SCORE mentors are helping small businesses succeed. SCORE CEO Ken Yancey says, "When it comes to getting ahead in business, it's all about making the rights moves at the right times. At SCORE, we share secrets for success, based on having helped more than 8.5 million entrepreneurs. This year, we've come up with our top 10 list to make 2010 a profitable year for America's small businesses." SCORE's Top 10 Secrets for Small Business Success in 2010 - 1. Grow your customer base. Understand your customer demographics and why they buy your products and services. Win clients over with new and diversified products. Offer multiple price points and create packages or customizable plans, which give your customers greater freedom and flexibility.
- 2. Expand low budget marketing. Promote your business for free on Twitter, and set up a Facebook fan page. Start a blog and comment on other blogs. Take this opportunity to communicate with customers about your business. Go viral.
- 3. Surround yourself with experts. Get feedback from advisors you trust. Entrepreneurs count on SCORE for free and confidential business mentoring. Use a mentor to test ideas, map a sales plan and focus on success. Ask SCORE for advice and meet with a SCORE mentor.
- 4. Add ecommerce through a web site. Your business needs a web site to stay competitive. Secure all variations on your company's domain name. Use online forms to encourage interaction. Add a shopping cart to sell your products, not just promote the brand.
- 5. Free up time to sharpen your focus. Organize for success. Set a time each week to handle routine tasks. Use a PDA to keep track of phone numbers, dates, appointments and meetings. Take short breaks to refresh and recharge.
- 6. Create experience events to draw in customers. Host special events like demonstrations, trunk shows and classes. Offer rebate programs to encourage repeat purchases. Rearrange merchandise to make it appear fresh and provide a fresh customer experience.
- 7. Network to build buzz and referrals. Join groups that represent your clients. If you don't have the money to join an association, offer to donate your services. Take advantage of social gatherings, committee appointments, membership meetings and networking events. Each meeting is an opportunity for referrals.
- 8. Track your cash flow. The one thing all businesses need is cash. Ensure that you collect receivables within 30 days. Monitor invoices. Pay early when you get a discount. Always keep an eye on your cash. Prepare cash flow reports so you understand your cash needs.
- 9. Plan for financing success. Even if you're in business, you should have a business plan ready to submit to potential lenders. Know how additional funding will help you grow your business, and demonstrate your ability to re-pay the loan.
- 10. Consider an LLC. As a sole proprietor, you are personally liable for the debts and liabilities of your business. A corporation or limited liability corporation (LLC) protects your personal assets and property. You can register your business as a separate legal entity.
Learn more at www.score.org. Do You Suffer From "Ping-Pong Syndrome?" Results of Staples 4th Annual Small Business Survey Prioritizing cost-cutting measures, checking Facebook and Twitter, and navigating the complexities of data protection and increased airport security are just a few of the ongoing challenges in the modern-day business climate stretching small-business owners like never before. According to the 4th Annual Staples National Small Business Survey (Nasdaq: SPLS), a majority of business owners (61 percent) suffer from "ping-pong" syndrome as a result of constant bouncing between competing work demands and distractions brought on by a poor economy, evolving technologies, and world events that challenge even a three-person small business. "Small-business owners confront unprecedented pressures and distractions on top of the challenging economic climate," said Karen Kerrigan, President of the Small Business and Entrepreneurship Council in response to the findings of the survey. "Now they are dealing with concerns ranging from Web site operations, data security, and smarter lead generation, to personal interests like family obligations, health, and even Facebook updates. Facing this barrage of attention-grabbing priorities, small-business owners need an easy way to focus on pragmatics and business priorities to move ahead." More than half of survey respondents (51 percent) blame growing to-do lists as the biggest cause of ping-pong syndrome. The survey also revealed that 53 percent of small-business owners do not have enough time to do everything on these lists, and a surprising 53 percent are so overwhelmed, they purposefully write things on their to-do list they have already completed just to be able to cross something off. "Clearly small-business owners are looking for help in maintaining focus, setting goals, and bringing order to their increasingly chaotic lives," said Kerrigan. Additional survey results indicating the prevalence of ping-pong syndrome include: - Financial pressures: The recession has mandated small businesses to focus on cost-savings tactics in 2009, with 41 percent implementing stricter rules or oversight for expenses, and reducing or eliminating business subscriptions (26 percent). Among those small-business owners who implemented cost-saving tactics in 2009, almost two-thirds (65 percent) will maintain them in 2010, often wrestling with decisions about when and how to shift gears as the economy shows signs of recovery. In addition, nearly half of respondents (46 percent) say they are finding it is taking clients longer to pay now than in the past 12 months, and an equal proportion are taking longer to pay their vendors. More than half (55 percent) say clients are asking for more discounts compared to the past 12 months.
- Day-lighting: More than one third of the respondents (34 percent) have found themselves "day-lighting," or working another job on the side for financial security in these tough economic times. This is significantly more true among younger owners (43 percent vs. 23 percent), and part-time business owners (41 percent vs. 31 percent). Of the day-lighters, more than one third (37 percent) are working at least three hours a day doing so, stretching the small-business owner even further.
- Advancing the business: The majority of small-business owners have yet to achieve most or all of their dreams for their company (77 percent). And more than 80 percent of small-business owners admitted that they don't monitor their goal-setting or enlist the proper "coaches" and advisors to help them achieve their goals.
- Social Media: While only one in five small-business owners have a corporate presence on a social networking site and the majority of respondents (70 percent) are not blogging, Twittering, WebExing, podcasting, or using social media for their business, a majority of small-business owners do have personal Facebook pages (57 percent), and one quarter of these (25 percent) can't make it through the day without visiting their personal page.
In addition to growing to-do lists and other pressures, there is the basic question of survival. One quarter (26 percent) of respondents are unsure if their businesses will exist in 12 months if the economic climate remains unchanged, and nearly one quarter (23 percent) believe economic conditions will get worse, before they improve. Two in five (42 percent) small-business owners have already considered closing down their business, while contemplating how they will re-enter the job force. Staples is launching a new, one-of-its-kind program called Staples stickK to It! Business Challenge. Small businesses can log on to www.staples.com/goals to commit to achieving goals, such as getting organized and saving money. Participants can track their progress and earn EasyPoints by completing steps toward achieving their goals that are redeemable for Staples merchandise. Matt Lesko and Small Business Before the Christmas break, WE Inc. Founder and SBE Council President & CEO Karen Kerrigan caught up Matt Lesko who runs the "government money club"...the world's largest database of government programs. Lesko stopped by the SBE Council office to interview Kerrigan about SBE Council, and to offer some inside advice about various programs the government offers that are the most useful for small businesses. Kerrigan highlighted a variety of international trade programs and resources, government procurement help as well as other "free" or low-cost stuff and training that are helpful for entrepreneurs. To watch the interview, please click here. Lesko also pointed us to the following video resources, which offer advice and ideas for small business owners: Free Consulting: http://myamericanbenefitsplan.com/columbus_sbdc.php
Free Counseling for Government Contracts: http://myamericanbenefitsplan.com/free_counseling_for_govt_contracts.php
Business Incubators Increase Your Success: http://myamericanbenefitsplan.com/business_incubators_increase_your_success.php Knowledge@Wharton, January 20-February 2 enews Crisis in Haiti: Where Do We Go from Here?
"The earthquake that rocked Haiti last week has caused unimaginable death and destruction, a reminder that catastrophes are usually unforeseeable and therefore almost impossible to prepare for. Can any country or region of the world, rich or poor, take meaningful steps to avoid the destruction caused by catastrophes ranging from earthquakes and hurricanes to terrorist attacks and pandemics? Knowledge@Wharton asked professors Howard Kunreuther and Michael Useem, authors of a new book titled, Learning from Catastrophes: Strategies for Reaction and Response, and Morris A. Cohen to talk about the situation in Haiti and the challenges of dealing with such crises." Real Estate
(Article with Videos)
Global Real Estate: Ready for a Rebound?
"The global real estate community is breathing easier than it was a year ago, judging by the sentiments of participants at a recent Knowledge@Wharton global real estate forum titled, "The Road to Recovery: Investing in the Global Real Estate Rebound." Held at the New York Stock Exchange on December 11, in conjunction with Interconnect Events, the forum focused on the developed world's challenges in freeing up private capital and finding opportunities in distressed real estate assets, among other topics. According to some speakers and panelists, opportunities that receded in the West in the wake of the financial crisis can still be found in emerging markets, although the barriers to entry remain high."
Strategic Management
Flexing Its Muscle: Why Manufacturing Is Bouncing Back
"Is the manufacturing sector getting more respect? Although it represents a declining share of the U.S. economy, signs of a manufacturing rebound in the nation and around the world seem to be another indication that the global recession is coming to an end, according to Wharton faculty and a number of economists. At the same time, they note, the rise in industrial production may be tempered by weakness elsewhere in the economy, including continued high unemployment and slow growth in consumer spending."
Managing Technology
Will Google's Nexus One Change the Wireless Industry?
"On January 5, Google launched the Nexus One -- its new ‘superphone' -- with a good deal of fanfare. Although the launch itself was quickly overshadowed by the online giant's surprise showdown with China over censorship, the company's attempt to rewrite the rules of the wireless industry has not gone unnoticed. Through its online store, Google is selling the Nexus One directly to consumers, sidestepping service providers that operate as device gatekeepers under the traditional sales model. The operation is off to a somewhat rocky start, leaving some observers to wonder whether Google can adapt to its new role in direct sales, but the bigger question is whether Google can alter consumer behavior and the economics of an entire industry."
Leadership and Change
Full of Beans: How a Classically Trained Chef Reinvented Fast Food
"Steve Ells started out with a hole-in-the-wall restaurant offering fast food that was quick and unpretentious. Today, Chipotle Mexican Grill is a publicly traded company with $1.3 billion in revenues from some 900 restaurants across North America. In November, Ells formally announced plans for the first European Chipotle. It's been quite a U-turn for someone whose dream at one point was to open a white-tablecloth, haute-cuisine restaurant. During a recent Wharton Leadership Lecture, Ells talked about his goal of changing the way people think about fast food."
Marketing
Higher Profits for the Major Record Labels? New Research Suggests a Counterintuitive Strategy
"Over the last decade, much has changed for digital music consumers -- including the growing array of mobile music and the rise of several new business rivals to Apple's iTunes store. But one thing has been remarkably steady -- the price, long established at 99 cents for the majority of individual songs. New research by Wharton marketing professor Raghuram Iyengar suggests that the major record labels, which have not always been happy with the iTunes pricing strategy, could be making higher profits from their music catalogues -- not by raising their prices, but by lowering them."
Finance and Investment
Seeing Red: What Are the Costs of China's Currency Policy?
"In the depths of the recession, many critics of China's currency policy -- which keeps the yuan artificially low in value -- held their tongues. After all, that policy allowed other countries, especially the United States, to borrow from China the vast sums they needed to stimulate their economies. But now that the world economy is improving, some are resuming the call for China to let the yuan gain strength, and eventually to float freely -- as the dollar, euro and yen do -- allowing other nations to better compete with China's exports. What is the best currency policy? Are China's interests really at odds with those of the rest of the world? Wharton faculty and other experts weigh in."
Innovation and Entrepreneurship
Adobe Systems Co-founder John Warnock on the Competitive Advantages of Aesthetics and the 'Right' Technology
"John Warnock's sense of aesthetics, combined with a strong belief "in doing things right" technically, has driven Adobe Systems -- the company Warnock founded with Charles "Chuck" Geshcke -- throughout much of its history. Yet while that passion has led to the development of many of Adobe's most successful products and the establishment of key standards for print and interactive publishing, it has also hampered the company in responding to some of the major shifts in technology, like the rise of the web. In an interview with Knowledge@Wharton, Warnock talks about Adobe's history and its business strategy, as well as topics like why he avoids using Microsoft software and why he believes Apple CEO Steve Jobs should re-engage a partnership with his company."
Business Tips and Trends News "A systemic shift in small business lending," BusinessWeek.com, January 22, 2010. "As banks cut back on lending directly to small businesses, CDFIs are expanding their role and tapping recently formed bank holding companies for capital." "Venture Capital was Tight for Tech Start Ups," New York Times, January 22, 2010. "Venture capitalists, whose money provides fuel to technology start-ups, last year invested the lowest amount in such companies since 1997, according to a report from PricewaterhouseCoopers and the National Venture Capital Association released on Friday." "9 Businesses You Can Start in Your Pajamas in 2010," Inc.com, January 2010. "For Many Start-Ups, A Spot on the Nasdaq is No Longer the Goal," New York Times, January 17, 2010. "In the last two years, only 18 tech start-ups have gone public, compared with 143 in the two years prior. The Sarbanes-Oxley Act of 2002, which tightened corporate governance and accounting rules, has taken a lot of the blame. "Four Legal Pitfalls Loom in 2010," BusinessWeek.com, January 12, 2010. "Attorneys identify employee lawsuits, immigration audits, improper insurance, and Internet security as risks this year and offer their advice." "U.S. Now a Renters' Market," WSJ.com, January 7, 2010. "With Apartment-Vacancy Rate at 30-Year High, Landlords Cut Prices 3% in 2009." "Contract Jobs Are a Viable Way to Stay Afloat," Workforce.com, January 2010. "Temporary jobs, formerly the exclusive territory of receptionists and data-entry personnel, are now an option for almost every type of professional." "Tech Concepts You Need to Know for 2010," FoxNews.com, December 29, 2009. "From DNA origami to anthropomimetics, here are the big ideas that will make headlines next year. Get to know them now, before you touch a piezoelectric display or buy your first ultracapacitor." "Learn the Ropes of Entrepreneur- VC-Angel Tug of War," FOXBusiness.com, December 29, 2009. "In the 2009 economic climate, as angels and venture capitalists tightened their grip on the rope, companies seeking funding found themselves playing by a new set of rules. So what's the state of the playing field today, and what can entrepreneurs expect from investors in the coming year?" "Top Digital Trends of 2010," Brandweek.com, December 28, 2009. "As a rough 2009 draws to a close, the digital marketing world is looking ahead to 2010, hoping to deliver stronger growth in the sector, which is one of the few bright spots in the media world. What lies ahead? We identified 10 trends that are sure to make waves in 2010." "3 Powerful Social Good Trends in 2010," mashable.com, December 23, 2009. "As we close the books on a decade in which the Internet has been used primarily as a marketing vehicle for fundraising, social change on the web is poised for a shakeup. In 2010, three disruptive trends that ask for your participation rather than your pocketbook will emerge and use the web's unique potential to empower new forms of social change." "8 News Media Business Trends for 2010," mashable.com, December 23, 2009. "With the news industry struggling to find new revenue streams that can reshape their broken business model, 2010 will be defined by experiments in news media monetization." "Trends That Will Shape Small Business in 2010," openforum.com, December 2009. "The groundwork for some of these trends has been in place for years, but I think we will see small business owners finally start to embrace the following five significant expansions in the New Year." "10 Crucial Consumer Trends for 2010," Trendwatching.com, December 2009. "Opportunities aplenty in 2010 for those obsessed with satisfying consumer needs in new ways." "5 Ways to Actually Make Money on Twitter," Inc.com, December 9, 2009.
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