Small Business Recovery by Mediaplanet_USA

A Mediaplanet Guide to Protecting Small Business During a Pandemic

Small Business Recovery

Lori Greiner The entrepreneur and television personality talks about keeping the spirit of entrepreneurship alive

What Kevin Oâ&#x20AC;&#x2122;Leary says small businesses can do to thrive during this time Gary Vaynerchuk shares how to create a digital presence for your business DECEMBER 2020 | FUTUREOFBUSINESSANDTECH.COM

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Leveling the Playing Field for Small Business Owners Start Small Think Big is supporting Black- and Brown-owned businesses to help them survive and thrive during the pandemic and beyond.

ongstanding systemic barriers and institutional racism have created profound inequities in the United States. Anyone can try to get ahead, but depending on the color of your skin, your bank balance, the neighborhood you live in, or who you know, the deck could be stacked against you. COVID has only exacerbated these injustices. At Start Small Think Big, we’re all for small. We invest in businesses that are ready to grow but can’t afford or access the resources they need to get stronger. Previously unemployed, Jessica Spaulding, a single @MEDIAPLANETUSA

mom and woman of color, is now the proud owner of Harlem Chocolate Factory. Yolfer Carvajal, a first-generation immigrant and owner of Pabade Bakery, is thriving. LaParis Phillips, owner of Brooklyn Blooms, and Hector Carvajal, owner of Don Carvajal Cafe, grew their businesses during the pandemic! They pivoted and their businesses boomed. Support businesses in need Start Small Think Big provides businesses like these, and thousands more like them, with free legal, financial, and marketing support. We harness the expertise of top lawyers, financial @FUTUREBUSINESSTECH

experts, and marketing professionals who are passionate about supporting small business. Last year alone, we engaged over 2,000 volunteers who provided pro bono legal, financial, and marketing services valued at over $14 million. Each Start Small Think Big client — with whom we work one-onone — receives more than 50 hours of assistance over the course of a year, valued at more than $30,000. Our services are completely free. When we lift up a small business, we lift up a community. Studies show 48 percent of small business purchases are recirculated

locally, compared to only 14 percent by chain stores. Studies also show that businesses owned by people of color are more likely to hire from within their own communities. This means supporting Black- and Brown-owned businesses also supports Black and Brown families, community members, and employees. During a pandemic COVID continues to ravage small businesses across the country. Our clients are bracing themselves for a severe and prolonged crisis. We remain steadfast in our commitment to investing in those that have been hit the

hardest, and activating their ability to generate and build wealth through entrepreneurship. If all people, regardless of their financial status, zip code, and connections, are going to have the power to make decisions about their own lives, we must invest in their ability to build assets for themselves and their families. If the color of a person’s skin is going to continue to determine what they can and can’t do, we must level the playing field. n This has been paid for by Start Small Think Big. Start Small Think Big

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Publisher Neetu Wadhwani Business Developer Abe Freedberg Managing Director Luciana Olson Lead Designer Tiffany Pryor Designer Tiffany Jackson Lead Editor Mina Fanous Copy Editor Dustin Brennan Director of Sales Stephanie King Partnerships and Distribution Manager Jordan Hernandez Director of Product Faye Godfrey Cover Photo Patrick Ecclesine All photos are credited to Getty Images unless otherwise specified. This section was created by Mediaplanet and did not involve USA Today.

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What Really Matters When Deciding to Start a Business Ramit Sethi is a personal finance advisor and entrepreneurial mentor who wrote the New York Times Bestseller “I Will Teach You to Be Rich.” We asked him about what aspiring entrepreneurs should consider when thinking about starting a business. What’s your advice to small businesses looking for their brand’s purpose? Forget about it. The last time you ordered takeout, did you stop to think about the restaurant’s “brand purpose?” No, you were hungry. The last time you got your oil changed, did you look up your mechanic’s website to find the brand purpose? No, you just wanted to get out of there in 15 minutes. So many entrepreneurs are misled by prognosticators and consultants, who encourage them to sit down in a conference room with whiteboards and sketch out their “brand purpose” for weeks on end. This is a waste of time. You’d be better served speaking to 15 prospects, asking them what their real problems are and what a magical solution would be, then creating something to help them. A successful business is simple. You’ll know it when you create something valuable and your customers are delighted to pay. What qualities do successful entrepreneurs have in common? Entrepreneurs are diverse. They’re Black, white, Asian, Hispanic; old and young; men and women; technical and non-technical; extroverts and introverts; decisive and uncertain. There is no credential for being an entrepreneur. The one quality I’ve seen in myself and other entrepreneurs is an unwillingness to take the default route in life. Entrepreneurs look at a business and say, “Why do they do that?” They make certain unconventional decisions, whether about their lifestyle, finances, or health. They have an idea about the way things should be, and there are clues in their everyday lives. Beyond money, what do you see as a measure of a successful business? You can tell a business is successful when it’s profitable, it has a strong point of view differentiating it from competition, and has customers who love and trust the product. PHOTO: COURTESY OF RAMIT SETHI

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The Keys to Small Business Success in a COVID Climate Although COVID-19 has put a strain on business and many other facets of society, small businesses can take advantage of their innate agility to succeed during this time. The coronavirus pandemic has been brutally efficient in exposing societies’ preexisting conditions. By the end of 2020, 1 in 3 businesses will have failed due to the COVID-19 crisis. This extraordinary reality leaves two-thirds operating with one-third prospering due to individual industries and diversification. The other third remains in urgent need of recovery policy and engagement. These small businesses are on the verge of falling off a cliff. There have never been more obstacles in the way of entrepreneurial advancement. Pragmatism is the guiding principle used to recover from the inflicted economic damage. As we race to study, understand, and counteract this virus, small businesses’ success rests on the societal foundations of healthcare and education. Volatile future The era of perceived stability has vanished. Many small businesses and entrepreneurs are not prepared to handle this virus’ magnitude of volatility. Adaptation is necessary to overcome the lack of capital

and capacity to withstand prolonged periods of revenue loss. Finding ways to increase job education and skills training allows small businesses to make efficient, high-value decisions that maximize the resources needed for longterm flexibility. Risk mitigation is becoming one of the most essential strategies for investors and business owners looking to positively situate themselves in our current reality. Human resource investment is crucial to overhauling conventional business norms in sustainability and environmental impact. Going through changes Small business owners can persist in this climate through evaluation and procedural change. Our advice to entrepreneurs and small business owners is to divide your day into three parts. First, owners review operations, contracts, and agreements to be thoroughly knowledgeable about their enterprise’s current status. No business can move into the future while lacking a well-developed understanding of the present. Second, small business owners must spend time with employees, exploring employee contentment, and ensuring their focus aligns with the company’s greater vision to endure. Across all sectors and enterprises, staff and employee well-being are para-

mount. We have experienced the consequences businesses face when they fail to prioritize human health during both model and exceptional times. This internal commitment will allow owners to fulfill part three: connecting with customers. Regardless of the method, owners and managers need to speak directly to their clients to gain better insight into useful innovations that will meet their current needs. The choice is simple. Small businesses can innovate or fail. Emphasizing sustainability This moment is not about delegation for owners. In evoking humanity and steadfast focus, you will prevail. Small businesses can protect and consolidate their existing capital and labor force by making pragmatic and strategic decisions to mitigate risk and short-term loss. In the past, we have emphasized speed, efficiency, and growth at the expense of sustainability, resilience, and fairness. Small companies went unnoticed as they shaped the “invisible” core of our global economy. Now they elicit the visibility merited by playing the significant role of curating the world of tomorrow. Small businesses and entrepreneurs — it is time for you to lead. n Dr. Ayman El Tarabishy, President & CEO, International Council for Small Business (ICSB)

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How a COVID-19 Diagnosis Helped This Couple Find a New Purpose

PHOTO: CHRIS FRANCIS

and both participated in a serology test. They’ve documented the whole process. Recovery has been slow for both of them. They consider themselves long-haulers with Chris’s cough still persisting. Krista’s sense of smell is coming back, but her sense of taste is lagging.

When filmmakers Chris and Krista Francis got diagnosed with COVID-19 earlier this year, they decided to make the best of a sour situation. They filmed their illness and recovery, and the result is a documentary called “Making Lemonade: Our COVID-19 Story.” Chris has been running his video production company, Rosedale, for 11 years. He was busy with video projects in March before the pandemic brought their business to a halt. “Everything changed so quickly,” he says. Then right after lockdown, they both got sick. Krista got sick first with a loss of smell and taste. Then Chris had a

sinus infection, headache, and coughing. Both tested positive for COVID-19. Chris was bored during his isolation and decided to document their illness and recovery process. “It’s what a filmmaker does,” he says. They started filming guerrilla style with their iPhone 11 Pros. Slowly they started to use their professional equipment, which had been locked in a shared office space. Over time, friends were able to drop off Chris’ cameras, lighting, and other equipment at the couple’s San Diego apartment. The first edit of the documentary was 13 minutes. But then the couple started doing medical research and documented that process as well. The finished film is 46 minutes.

Serendipitous The film was always about making the best of the situation. A while after they chose their title, “Making Lemonade,” Chris realized the name was “serendipitous” because when he donated plasma, he noticed when it was separated from the blood, it was yellow and looked like lemonade. “We couldn’t control getting the virus. We couldn’t control what it was going to do to us,” he says. “But we could control how we were going to respond to what happened to us. And we really wanted to do as much good as possible to help other people.” They’ve participated in over 20 volunteer medical studies. Krista is participating in a year-long study at UCSD; Chris donated plasma;

Passion projects While the pandemic took away business opportunities for the couple, it also opened up the possibility of pursuing passion projects — something Chris has wanted to do for a while. “I’ve been wanting to transition into original content for a long time,” he says. “It’s just never been a good time to turn down paid client work for five or six months to tackle a passion project.” Their film, which is now available on Google Play, YouTube, Vimeo on Demand, and Tubi, has received five film awards. Feedback has been positive with viewers saying it’s funny, hopeful, informative, and inspiring. Fresh start The couple is eager to move forward and rebuild their careers, with a new focus on producing original content. Chris is grateful to focus on filmmaking instead of office work. “I’m the one that makes sure we get paid,” says Krista, who has a 9-to-5 job and handles accounts management for their production company. They credit Wave — free financial software built for entrepreneurs — with help-

ing them streamline their business and manage their money, including sending and tracking invoices. Wave also offers a no-fee bank account for small business owners, Wave Money, that manages bookkeeping automatically. Many other entrepreneurs are ready for a fresh start too. Wave wants to help small business owners move forward and rebuild post-pandemic. “Our goal at Wave is to remove obstacles so entrepreneurs like Chris and Krista can focus on what they are passionate about, without worrying about the back-office tasks that can make running a small business feel daunting,” says Kirk Simpson, co-founder and CEO of Wave. “Chris and Krista are the best example of entrepreneurial drive in the face of financial and health challenges. They turned what could’ve been a crippling situation into a new business venture, and it’s stories like theirs that motivate us to do everything we can to help entrepreneurs run their business with ease and make room for innovation.” n Kristen Castillo

To learn how Wave can help you manage your finances with software built for small business owners, visit waveapps.com.

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“Shark Tank” Star Lori Greiner Offers Her Tips for Small Business Owners Whether trying to get a business off the ground or getting it to turn a profit during the pandemic, small business owners have plenty on their plates right now. Lori Greiner, dubbed the “Queen of QVC” and one of the stars of ABC’s “Shark Tank,” shared some advice for these entrepreneurs during this difficult time. What are the top challenges facing small businesses today? Due to the pandemic, there are different challenges facing small businesses today, depending on what that business is. Some businesses have had to close their doors, like restaurants and small shops, and then struggle when they reopen to get the word out, get foot traffic, and get customers because a lot of people are not going out like they once did. People are shopping online, more people are cooking at home, so small businesses need to be creative and use incentives. If open again or reopening as many are, I think one of the most important things is to do everything to get the word out that you are open, doing things safely and with the utmost care. Even sharing what some of those things are on menus, on your website, in posters in windows, make sure people know you’re back in business and why they should feel comfortable going there. Make sure it is a good experience once people start coming back in. Go over and above with your caring and customer service. If you can’t be open and had to close your doors, you need to pivot. For example, if you’re a restaurant and you have one thing people adored, that was your most popular thing, that people were always coming in for (i.e., everyone loves your brioche cinnamon rolls) think about how you can sell that thing online. I know several people who took their best recipe, highlighted it, and made it an online product. Put up signs in the windows of your restaurant 6

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or store telling people to go online: “Your favorite — my brioche rolls — available online now!” Use your storefront to put up signs directing people to your website. People will still drive by, and I’m sure they miss going to your restaurant, so they will catch that sign. What advice would you give to small businesses looking for their brand’s purpose? Think about what your brand purpose is — what is important to you? For me, it was always creating quality products that everyone could enjoy at an affordable price, and giving back by helping others. For example, today, I find with many of my “Shark Tank” entrepreneurs that we talk about brand authenticity, mission statements, giving back to the environment, and products that care about the environment, quality, etc. These are the kinds of things you can share when talking about your brand. How do you overcome fear of the unknown if you’re someone who has had to pivot their business? You know the famous Franklin D. Roosevelt saying: “The only thing we have to fear is fear itself.” This is really true, especially if you’re someone having to pivot and change your business model because of things out of your control. You have to do everything you can to pivot and keep your business alive, or create a new business to go forward. Remember you were successful the first time and you can be successful again. Don’t become immobilized by fear. Take action, and know you have nothing to lose and everything to gain. There’s never failure in trying. Be proud of what you tried and not ashamed of what doesn’t work out. Use the same great drive, tenacity, and knowledge you did the first time all over again. n PHOTO: PATRICK ECCLESINE MEDIAPLANET

Helping Small Businesses Succeed at Digital Marketing Jim Continenza, chairman and CEO of Vivial, talks about why small businesses need to have an effective online presence, and shares tips for how business owners can do just that. Why is it so important for small businesses to focus on digital marketing right now? According to Google, 86 percent of people rely on the internet to find local businesses and 60 percent of smartphone users have contacted a company directly after seeing them in search results. The fact of the matter is, regardless of industry or location, people are looking for local providers online. It doesn’t matter if you are brick-and-mortar, e-commerce, or somewhere in between. One of your top marketing priorities needs to be increasing your online visibility and searchability — because it leads to greater brand awareness, increased web and foot traffic, and, ultimately, sales. How is digital marketing today different than it was a few years ago? The global expansion of digital marketing has been incredible. Local businesses can reach and interact with customers like never before. Take text messaging for example. It’s no longer reserved for Fortune 500 companies, but now available to the sole proprietor. And it’s no longer just simple responses to keywords. The evolution of messaging has been amazing. From two-way communication to multimedia messaging, businesses of all sizes can create personalized communication. And with the rollout of next-generation texting, businesses will be able to strengthen their interaction with customers, increasing satisfaction and growing brand loyalty.

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Social Media Expert Gary Vaynerchuk Shares His Advice for Small Businesses Now the chairman of VaynerX, a modern-day media and communications holding company, and the CEO of VaynerMedia, a full-service advertising agency, Gary Vaynerchuk started out marketing his father’s brick-and mortar-wine business. He recently shared his insights on how small businesses can maximize the power of social media to grow their reach and wealth.

Do the same types of messages work across all social media platforms? How do you know if something will work on TikTok and not on LinkedIn? Like anything in life, you have to be good at it. You could tell me right now that cooking meals is the most important thing in the world for your business. And then I would have to start the process of learning how to cook. And that’s my analogy for social. Somebody looking at your picture or video on Pinterest is a very different person than someone looking at it on LinkedIn. Their mindsets

are different when they’re on a different platform. It’s no different than when you’re at the office, versus being at home, or on the golf course, or on a vacation with your best friends. There’s different context. And I would argue as much as I’ve talked about content, the context of where you’re making these pieces of content is almost the most important variable of success. What qualities do you think successful entrepreneurs have in common? They lack the fear of judgment of others, and the successful ones are wildly patient in

the macro but extremely efficient in the day-to-day micro. They think about things in a 10-year window to be successful, not a 10-day window, but on a daily basis, they’re making every hour matter. What inspires you in business? I think it’s like art; you get to create. I literally thought of this in my mind and now I have a business of 1,000 people. There have been 15 marriages. You’re an artist, you’re creating things from your mind that become real things in the world, and for me that’s invigorating and has been from the age of 6. n

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with Cisco’s cloud-based collaboration solutions, you can do cloud calling, cloud messaging, and document sharing, all over the Webex platform. And then you can buy additional licenses as your small business expands and grows. Challenge: Financing All the technology in the world can’t help if your business can’t afford it. In addition to technical savvy, small businesses should seek out partners who offer financing solutions.

How Small Businesses Can Survive a Pandemic The global pandemic has hit small businesses especially hard, but technology and financial tools are available to help them cope. Small businesses have been hit especially hard by the global pandemic. A recent survey showed that most only had about two weeks of operating capital. And money is just one problem. Small businesses have faced several challenges, from being able to facilitate remote work, being able to do it securely, and enabling teams to easily collaborate wherever work was now taking place. Across various industries like retail and restaurants, the business owners had to look into enabling low- or no-touch transactions, among other shifts to their business models. The question became, how can small businesses

adapt, adopt, and overcome — and ultimately thrive? Overcoming the challenges Challenge: Remote work Many small businesses weren’t prepared for remote access. Small businesses typically don’t have a dedicated IT staff. Solution: It’s all about partnerships. Small business owners really need to think about partnering with an entity that can educate them and give them the right tools. For example, technology leader Cisco has a product portfolio specifically for small business, including solutions for networking, security, collaboration, and other IT needs. What’s great about these solutions is they’re cloud-based and easy to deploy. Companies can sign up and get access to

these tools right away — and they’re scalable. If you have five employees today, and then a month from now you have 10 employees, you can quickly and easily get those employees on board. Challenge: Network security On a home network, you can have different people accessing your company computers or other devices like a phone or tablet. Or non-company devices can be accessing your company router or networking equipment. Solution: Small businesses can benefit from comprehensive products. Start with a secure, robust network, because without it, nothing you put on top of it is going to work. With that foundation, you can add licenses and services, like Cisco’s Duo and Umbrella, which protect

users, devices, and networks from attacks. Your partner can help assess your needs, how many staff you have, where you’re going, and then help you decide additional licenses for the functionalities that you buy. Challenge: Collaboration Remote work makes collaboration more difficult. The challenge is facilitating meetings, messaging, and calling from anywhere that work is being done. A comprehensive solution that can address all your collaboration needs is key. Solution: Small businesses should consider “one-stop shop” solutions like Webex that offer various collaboration functions in one platform. And, as with security tools, they should look for solutions that allow them to easily scale. For example,

Solution: Specifically, Cisco has built a financing program called Cisco Capital for Small Business. Qualified companies can get 90 days with zero percent interest, payment-free. This provides access to the technology you need at once; you don’t have to wait. And then you can finance your payments over six months to five years to get those monthly payments low enough. The future As our current state will begin to shift into a hybrid model with employees both working from home and the office, a trusted partner that can help small businesses through the current crisis and beyond is crucial — that’s the vision of the future of small businesses. n Jeff Somers

For more information on Cisco Designed and additional resources for small business recovery, including a trusted Cisco partner near you, visit: https://www.cisco. com/c/en/us/solutions/ small-business/smallbusiness-recovery.html

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Inspiring the Entrepreneurs and Small Business Owners of America We asked our panel of entrepreneurial experts to share how small business owners can survive and even grow during a pandemic, and why Main Street shops are the backbone of the U.S. economy.

Robin Sharma Author, “The Monk Who Sold His Ferrari,” “The Greatness Guide,” and “The 5AM Club”

In your opinion, why are small businesses the backbone of the American economy? Robin Sharma: Small businesses employ people. They deliver rich value to the communities they serve. Their owners are innovators and some of the most productive people in the economy, and they are the risk-takers who build a better world. Melinda Emerson: Small businesses create 70-80 percent of the net new jobs in the American economy. They are a part of every local community in this nation. Who is your dentist, auto mechanic, florist, pizza shop owner, barber, nail stylist, and shoe cobbler? Local businesses tend to hire from the community, and they are community leaders that help local schools, youth sports leagues, and Girl Scout troops. 10

Melinda Emerson “SmallBizLady;” President, Quintessence Group

What are the top challenges facing small businesses today? RS: One top challenge facing small businesses today is letting go of the way things have always been done, and pivoting to a new and better way to operate so the business grows. We must adapt to the new environment rather than resist and cling to the past. Another challenge is managing the relentless change coming at entrepreneurs. I think it’s important to remember that deep change is really just progress in wolf’s clothing. We must train our brains to focus on the opportunities in storms rather than fight change and hope things will return to normal. They will not. Ramon Ray: Small business owners are not monolithic and all of them face many different challenges. Before

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Ramon Ray Founder, Smart Hustle Media

COVID, small business owners were focused on how to operate and grow. Now, as we are still in the reopening phase, business owners are asking: “How do I adjust to the new world we’re in?” “How do I function as a business when I have to follow new protocols?” “How do I offer new products to current customers, find new customers, or offer new products and services to a new set of customers?” What would you say to an aspiring entrepreneur who’s hesitant to take the risk of starting their own business? Melissa Butler: I would challenge them to question why they’re fearful. Oftentimes, we are fearful because we think other people are so much more equipped. I can tell you firsthand that I was not equipped. I didn’t know what I didn’t know, and I certainly didn’t know about the

Melissa Butler Founder and CEO, Lip Bar

business industry that I was getting into. Challenge yourself to ask yourself the tough question of “Why do I not believe in myself?” Because ultimately, that’s what it comes down to. What’s one aspect of doing business in America that is different from anywhere else in the world? ME: America is by far one of the most difficult places in the world to do business. It’s so difficult to access capital, microloan programs are ineffective, and labor is so costly. If you can build a million-dollar business here in America, that is a real accomplishment. RR: America is absolutely the land of the most opportunities. I’ve traveled around the world and just about every entrepreneur will tell you that America is indeed land of the most opportunity for all.

In America, we have proven systems that work, business laws that are not hindered by corrupt officials wanting bribes, and a large ecosystem of consumers ready to buy whatever you can invent. Just ask any entrepreneur who’s been on “Shark Tank” or who we’ve featured on SmartHustle.com. What can budding entrepreneurs and small business owners do to find their brand purpose? MB: If you don’t know what your purpose is, then I question what your business is. You don’t have a business if you don’t have a purpose because, at the end of the day, every business should be solving a problem. Your purpose should be to make your customers’ lives easier, better, faster, healthier, whatever your value proposition is, that is your purpose. n

“Shark Tank” Investor Kevin O’Leary Wants to Help Aspiring Entrepreneurs

What are the top challenges facing small businesses today?

What is your advice to small business entrepreneurs looking for their brand purpose?

Figuring out how to sell directly to their customers — how do they form direct relationships with them? And this isn’t happening just in the United States, it’s happening all around the world. The pandemic has forced us to work remotely but also connect directly with our customers wherever they are. That is the challenge and also the opportunity, because one of the upsides of this direct relationship is when you sell through retail, you basically make 50 cents on the dollar because you have to pay the retailer and the distributor, and other costs associated with transporting a product to multiple locations before it’s in the consumer’s hands. That’s not the case in direct-to-consumer. You basically get 100 percent of the margins if you can acquire the customer and ship directly to them. So there’s a tremendous upside for business in terms of digitizing and it’s happening all over America today.

The key is to have a mission. What is the reason you’re starting the business? Why are you doing it? Who are you helping? And what are you giving back? These are the questions every consumer has today. Sustainability is becoming a very important message in terms of brand awareness. [Consumers prefer] companies that solve problems that also give back to their communities, or provide sustainable solutions; because so many consumers are concerned about the environment today and sustainability, if you totally ignore that, they prefer other brands. What are your top tips for turning passion into a successful career in a pandemic? I’ve had an opportunity now for the past few years to lecture at places like Harvard, MIT, Notre Dame, Temple, Waterloo, and McGill. I teach graduating cohorts of engineers, because a third

PHOTO:COURTESY OF KEVIN O’LEARY

“Shark Tank” investor Kevin O’Leary (also known as Mr. Wonderful) wants to help entrepreneurs survive and thrive, especially during the pandemic. Read on for his advice on finding brand purpose, managing capital, and tapping into your business passion.

of those classes are going to become engineers. I tell everybody the same thing: make sure that’s the journey you want. The journey of entrepreneurship is very, very chaotic, tense, and volatile. It’s not for everybody. But if it’s the journey you want to take, realize that it’s not a life-balance situation. You’re going to have to work incredibly hard for

some period of time, because there are people all around the world who want to kick your ass. It’s not a domestic competition anymore, it’s a global competition. Entrepreneurship is the journey. And this is the passion of it for personal freedom, to be able to control your own destiny, your own time, your own pursuits. And if you are successful, to have the

financing ability to pursue things that matter to you for the rest of your days. There will come a time where you don’t have to work at all, and yet you’ll want to work even harder. That is the definition and the passion of entrepreneurship, and I wish it for everybody because it’s a wonderful outcome for your career — if you’re willing to do the sacrifice. n MEDIAPLANET

What Mark Cuban Looks for in a Successful Business Billionaire entrepreneur and “Shark Tank” star Mark Cuban has made a career out of evaluating and investing in businesses. We asked him about what he looks for when investing in a start-up, and how small business owners can better understand and cater to what their customers want. What are the top challenges facing America’s small businesses today? Understanding the needs of their employees and customers, and helping them navigate through the pandemic. What advice would you give to a small business owner looking to define their brand’s purpose? Know what your value is to your customers. Your customers define your brand and how they see you. Ask them what they think of your company. That can drive your brand. Do you have any tips for how entrepreneurs can raise and better manage their capital? The best solution is to not raise capital and to run your business to be profitable from day one. What are some important start-up qualities investors look for? Profitability, stability, mission, growth, and differentiation. What is the one question every investor will ask an entrepreneur before investing? How can I get a return on my investment? Why is creating an omni-channel experience for customers a key to success today? You want your products to be available where your customers want to buy. Your customers control what channels you are on and always will. PHOTO: COURTESY OF MARK CUBAN

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The Help Available to Get Businesses and Individuals Through the Pandemic Life has been upended by the coronavirus pandemic but this, too, shall pass. Here are the resources available to help you and your business make it through this challenging time. This year has certainly presented some unfamiliar challenges and, to some, a repeat of the past. We were forced to re-evaluate, refocus, and reposition as our leaders, healthcare professionals, and other essential workers fought to provide direction and support, sustain life, and keep us afloat. We were encouraged to update, improve, and learn new ways to advance our businesses, products, and services. This is our reality and call to action. This, too, shall pass, but during the process, we must be proactive, and keep our minds engaged and motivated. Balance is important, so also take the time to rest, be present with your loved ones, build and maintain relationships, relax, and create your list of things to do that will bring about the greatest opportunity for growth. Some of these things we may have neglected or pushed to the bottom of the priority list, but now is your chance to address them. This is not a time to feel demotivated, but rather empowered. Tomorrow is not

a guarantee, so work on making today count. Finding support Businesses are having to explore new ways to expand, incorporate technology, and receive financial aid to survive. Efforts are in place, such as the U.S. government’s $2 trillion CARES Act and the Paycheck Protection Program (PPP), which, based on what the U.S. Small Business Administration (SBA) reported in July, approved 4.9 million loans for a total of more than $521 billion.

Tomorrow is not a guarantee, so work on making today count.

Applicants in California received the most money overall ($68.2 billion), followed by Texas at $41.1 billion and New York at $38.3 billion. Businesses in California, Texas, and New York that received loans reported having about 4.1 million, 2.7 million, and 2 million

total employees, respectively. The program is said to have approximately $132 billion in funding remaining. Creating assets The private sector is also actively trying to find workable solutions, but there will not be enough funding for everyone, and sadly that will mean businesses and jobs will be lost. We all know that no matter the help being offered, it won’t allow all businesses and individuals to fully recover what they lost. Find ways to use your expertise and create assets. Change the mindset of fearbased influences and be creative. Allow your imagination to come alive. Avoid negative people and thoughts, as they will only depress you, and cause you to become overwhelmed and lose focus on what matters now: time. When one door closes, windows of opportunity fly open once you remain positive and do your part. There is a vaccine on the horizon! We have to find other ways to thrive. It is our responsibility to be proactive and adhere to the CDC guidelines, stay home, and practice social distancing to play our part to save lives and our economy. This time calls for a complete reset. n Laura Butler, SCORE

The Challenges of 2020 Will Make You a Better Entrepreneur

As the pandemic altered our lives this year, I think we collectively went through four phases. The first was panic, as we feared for the future. The second was adaptation, as we tried to make sense of our world. The third was a “new normal,” as we cautiously lifted ourselves back up. And the fourth — and most important — was this: I wouldn’t go back. Not everyone is at that last phase yet. For many people, it’ll take more time to get there. And to be clear, when I say, “I wouldn’t go back,” I’m not blind to the immeasurable loss that so many people felt this year. But I will tell you this: Over and over, entrepreneurs tell me about the same experience. They were forced to change this year, and it was hard and difficult, but it ultimately improved their businesses and expanded their lives. Tales of change For example, I talked to artist Meg O’Hara. She once made her living painting landscapes for ski resorts. When the resorts closed, she started contacting skiers directly, and earned significantly more money, from significantly more clients, than she ever had before. “My business fundamentally changed,” she told me. “I don’t think it can go back.” I also talked to Marisa Sergi of L’uva Bella Winery. Her com-

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It’s been a hard year. But also a good year. Why? Because we were forced to change, and small business owners will be better because of it.

pany once made a wide range of wines, but COVID forced them to look deeply at their SKUs, ditch the majority of them, and concentrate only on the best performers. The result: “I foresee that this decision will build a company that has longevity,” she said, “because we’re really focused on executing on the highest level.” An unprecedented uptick There will also be more of us — more people who take control of their futures, who hoist the weight of their world upon their own shoulders. In the third quarter of 2020, as we all moved into that “new normal” phase

— the number of new business applications in the United States skyrocketed. There were nearly 1.6 million of them, a 77.4 percent increase over the previous quarter, and the highest this country has seen in a decade. That’s what human spirit looks like. When we hit a wall, we don’t just stand there staring at it. We adapt. We transform. We accept that the past is gone and the future is unwritten, and we can carry the lessons from both. That’s why we’ll never go back. n Jason Feifer, Editor in Chief, Entrepreneur Magazine

How High School Swimmer Norah Kolb Brought the RayBoard to Market High school junior Norah Kolb is getting a kick out of being an entrepreneur. The 17-year-old, who’s a competitive swimmer, invented an ergonomic kickboard called Ray-Board. It all started when Kolb was in eighth grade and a school assignment called for creating a product for an invention convention. She decided to create something related to what she knew best — swimming. Uncomfortable, inefficient kickboards were a problem for her, causing shoulder pain and visits to a physical therapist. “I just wanted to create a solution to allow swimmers to really focus on their kicking without having to deal with an uncomfortable kickboard,” said Kolb, who’s been swimming since she was 8 years old. She submitted a few sketches of her idea and an application to the Connecticut Invention Convention, and ended up winning the ESPN award for best sports-related invention. She then presented the board at a local “Shark Tank”-like competition, where she won the top prize of $12,000 to invest in developing the product. With swimmers in mind She designed Ray-Boards to be wide at the bottom and narrow at the top to fit swimmers’ natural arm and shoulder positions. The kickboard is comfortable, supportive, ergonomic, and efficient. Kolb spent two years testing different foams, making prototypes, and working with suppliers. She had a Kickstarter fundraiser and started selling the product this spring. Feedback has been positive, with customers telling her they couldn’t believe something like this hadn’t been invented before. Kolb is grateful to (and inspired by) her parents, who are also entrepreneurs and have engineering degrees. Kolb, who swims on her high school team and a local USA Swimming team, plans to go to college and may focus on being an entrepreneur. She says starting the company gave her business insights and resulted in personal growth, too. “It definitely has grown my confidence a lot,” she said. “I would say don’t be afraid to try new things and step out of your comfort zone.” Kristen Castillo

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Why More Small Businesses Are Getting Grants for Digital Export Strategies With business becoming more global than ever before, the SBA is helping American small businesses export their goods worldwide. As virtual connections and digital transactions become the new normal, U.S. small businesses are positioning themselves to sell to a broader range of customers at home and abroad. Business owners are embracing new tools to enter and grow in the virtual world, and reach the 95 percent of the world’s consumers located outside the United States. The U.S. Small Business Administration (SBA) has extensive resources to help. This year, SBA is proud to celebrate the 10th anniversary of the State Trade Expansion Program (STEP). For the past 10 years, STEP has provided grants to help small businesses with the fundamentals of exporting, including participating in trade missions and trade shows, and utilizing technology to connect virtually with buyers. Recently, STEP has pivoted to help businesses take advantage of new and existing virtual tools. STEP grants help small businesses quickly prepare and serve an international customer base by funding the translation and optimization of websites, developing marketing strategies, and designing global marketing products and campaigns. Since STEP was created, it has helped more than 12,000 businesses to achieve $3.8 billion in exports across 141 countries. A key to expanding any business is finding more customers. In today’s modern global economy, small businesses have more tools to access the virtual world and grow their operations by entering the international marketplace. SBA is your partner when you are looking to take your business global. Visit STEP at sba.gov to find out how to apply for STEP funding, and boost your access to the virtual world and grow your global business. Loretta Greene, Associate Administrator, Office of International Trade, Small Business Administration (SBA)

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Digital Tools Are Critical to Small Business Survival and Future Success The economy has been stagnant as a whole in 2020, but many small businesses that embraced digital tools have improved or even expanded their operations during this time. COVID-19 upended our entire economy, but small businesses have been hit particularly hard by quarantines, lockdowns, and uncertainty. Every American knows the sadness of their favorite ice cream parlor or exercise studio closing. But amidst this fight’s pain, critical lessons learned will help small businesses survive the pandemic and emerge stronger and more prepared for the next crisis. Many small businesses have stabilized or even expanded during COVID, thanks to the Digital Safety Net — a collection of free and low-cost online tools that simplify advertising, e-commerce, marketing,

social media, financial management, and business operations. The most successful “digital drivers” represent 35 percent of small businesses nationally. The good news is that 75 percent have adopted more digital tools during COVID-19 and more than half intend to use more of them in the future. Leading the way Policymakers must also recognize that America’s largest technology companies provide so much of our Digital Safety Net — big brands like Google, Amazon, Facebook, QuickBooks, Zoom, and Microsoft. Large companies like these have the scale to offer free and affordable technology to millions of small businesses in need. When Congress and the Trump Administration attack leading digital companies for being too big and successful, they risk undermining those

companies’ business models that today support free and low-cost tools like Gmail, Amazon Marketplace, Facebook, Instagram, and so many others on which small businesses rely. One pandemic lesson is that with the right tools, small businesses are incredibly resilient. Their futures depend on how quickly they adopt digital technology, how well they use new tools, and whether the government will allow big companies to continue offering them support. The small business game was already changing before COVID-19 inflicted so much pain on our society. Now it’s up to Main Street small businesses to continue embracing digital tools and everything they offer to be strong and resilient to survive the COVID pandemic, and prepare for the next challenge. n Jake Ward, President, Connected Commerce Council (3C)

The pandemic has upended traditional business practices. Successful companies have gone online and started trading internationally. Remember the business world before the pandemic? We made face-to-face sales calls, visited suppliers’ factories, and shook hands over signed deals. For business-to-business (or B2B) companies that make and sell products to other companies, hopping a plane to trade shows was the primary way to showcase their wares, meet new customers and suppliers, and find new ideas and innovations to stay ahead of the competition. Few of those old forms of business became advisable as COVID-19 surged

and stay-at-home orders took effect, and business leaders scrambled to find new ways of operating. For Main Street retailers and restaurants, that meant curbside, delivery, and e-commerce offerings. And for the B2B manufacturers, wholesalers, and distributors who aren’t traditionally known as early adopters of digital technologies, they have been getting their business online quickly and finding trading partners globally. These have proven to be lifelines for a growing number of businesses during the pandemic. Online marketplace We all know about the surge of business-to-consumer (B2C) e-commerce and have probably even ordered groceries, clothes, or other personal items

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Why Small Businesses Need to Get Digital and Go Global

while sheltering in place this year. But the B2B companies that rushed online found a huge opportunity in the $23.9 trillion global B2B e-commerce market, which is actually six times larger than B2C e-commerce, according to the U.S. International Trade Administration. And they found that B2B e-commerce platforms like Alibaba. com gave them easy access to trade in bulk with companies domestically and around the globe. Why? Because, in some ways, e-commerce storefronts are digital versions of showrooms and trade shows — primarily in that they give manufacturers, wholesalers, distributors, and brands that sell or source in bulk a chance to connect with potential customers and suppliers.

Worry-free Fortunately, going digital doesn’t have to be difficult and there are some great resources out there to help in the process, from the U.S. Small Business Association (SBA) to the National Association of Manufacturers (NAM) to local Chambers of Commerce. I’m also proud of Alibaba.com’s Digitization Sprint for U.S. Manufacturers, a new four-week masterclass that is available to qualified, U.S.based manufacturers at no cost and has been designed by the industry’s leading experts to accelerate the digitization of online marketing, selling, and sourcing to ensure long-term success. As small businesses are digitizing, many are also globalizing at the same time. According to those same Alibaba. com surveys, cross-border business is increasingly important to small B2B companies, making up an average of 25 percent of their business — a significant boost from 17 percent in December 2019 just before the pandemic. These are critical advantages at a time when small businesses are being tested like never before. Now is the time for business owners and leaders to integrate e-commerce as a core part of their business in order to shore up against today’s challenges, modernize to stay competitive even in the best of times, and seize a share of the enormous global B2B e-commerce opportunity. n This has been paid for by Alibaba.com. John Caplan, President of North America and Europe, Alibaba.com

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