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The Business Times Contributors THE BUSINESS TIMES MayJANUARY 12-25, 2022 15-28, 2015 Opinion Opinion Business BriefsA new year affords Business Peoplea new opportunity to meet local needs Almanac
A new year almost always brings an opportunity for a fresh start and renewed ambition to do things better.
In business, that usually boils down to providing customers better products and services faster and at lower cost than competitors. Part of the process must include listening to customers to determine what they actually need and then meeting that need. After all, it does little good to offer the latest and greatest if nobody actually wants what you’re selling.
Just like the businesses that belong to the group, the Grand Junction Area Chamber of Commerce invariably starts out the new year with a reassessment of the services and resources it provides and how well they match with members needs. Jeff Franklin, the new chairman of the chamber board of directors, personifies this approach in describing what he considers his role for the coming year: listen to members, determine their needs and then meet those needs. It’s a role with which Franklin is familiar as market president of Bank of Colorado.
The process will take on a more structured approach in what the chamber plans as the resumption of a program aptly called Listening to Business. Under the program, business owners participate in in-depth interviews to identify barriers to growth and other problems they encounter.
The new year offers a good time to join the proverbial club.
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It’s that time of year when resolutions and prognostications abound. My favorite saying applied to New Year’s resolutions is in saying they’re basically a bunch of promises to break the first week of January. And while I won’t predict a whole lot, I can pretty much accurately nail a few things that without question will make the news. You will see these are pretty, well, predictable: ■ Prediction one: There will be some sort of weather event, natural disaster or heinous occurrence where someone will be interviewed and say the following: “I’ve never seen anything like that in my lifetime.” It’s as if this person is a required attendee at every news reporting event. While I understand most people’s perspective can indeed be limited by, or contained within, their own personal experiences, it is too much to ask to consult some historical perspective before saying such a thing? Yes, this response can apply to some events. But when it comes to weather and natural disasters, I’m pretty sure this is simply history repeating itself. Same as it has for millions and millions of years. More important, the planet made it! What didn’t were certain species. How’s that for perspective? ■ Prediction two: When it comes to a crime or something that occurs between humans, the other required attendee at all news reporting events is the person who says this: “They we’re just the nicest people, and in no way did I see something like this coming.” Exactly. No one does most of the time when it comes to neighbors and acquaintances. People should be surprised at what goes on from time to time in their neighborhoods, towns and with people they know because people are good. And for the times that they shouldn’t be shocked — like with politicians, repeat offenders and terrorists — where’s the interview that says, “This doesn’t surprise me in the least.” ■ Prediction three: Something good will happen economically, and the government will take credit for it. The most recent example is gas prices, where people ask me why I won’t credit the president for low gas prices. My answer is simple: Government never makes the price of something go down and simply takes credit for good news. Gas pricing is subject to many global factors. Now there are government answers to addressing some of them to keep prices stable for Americans, but our government has none of them in place. The only things it has in place in the
Bold predictions for 2015 more like not-so-bold repeats long run always hurt consumers. Another fact is that unemployment reaches a certain level based on the economy. And while the government might brag the number is low, it’s more than likely the government did something to cause that number being low — and not in a good way. Conversely, when business picks up, it’s because the people who need to buy widgets who were not buying widgets because the economy was contracting due to natural (or unnatural, government caused) reasons, decided we better buy some widgets. The government had nothing to do with this. ■ Prediction four: In keeping with things the government does, I predict the government will manipulate the numbers to make the claim the economy is getting better because of how hard it is working to help all of us “working Americans.” Now Craig Hall you might say, “Craig, you always say this about President Obama because you don’t like him.” You’re right in a sense. I don’t know the man, but what I know of him and his thinking, I don’t like it or him one iota. Before you go off, however, I didn’t like President Bush and his bailouts, stimulus and his abandoning the free market to save the free market. And I don’t know him either. What the government does, and the only thing it can do, is hurt the economy. Unless it does nothing or put criminals in jail instead of partnering with them, nothing the government does will help. Always look at it this way, whatever the government says it is doing, whatever the name of the law it is passing, or whatever the name or goal of the bureaucracy it is presenting to the people, expect the polar opposite to occur. I guess what I’m saying is that perhaps it’s time to get out of our own perspective. There’s plenty of history books and historical research out there to begin to understand that all of this has happened before. And it will again, whether the topic is people or government. The best recommendation is to find some books or try that whole Google thing. There’s a lot of information on the Great Depression. The truth is it wasn’t even a good one until the government got involved. There’s also plenty of research on the medieval warm period when the planet was much warmer than today with a whole lot less people (and warmer well before man was here at all). And yep, people have been killing other surprised people since history was first written. Maybe some research will help stop all of these trends. Otherwise, we’ll be saying we’ve never seen anything like it in our lives. And not in a good way. Craig Hall is owner and publisher of the Business Times. Reach him at 424-5133 Copyright © 2022 — All rights reserved. or publisher@thebusinesstimes.com. F ✦
As I begin today’s column, it’s hard to believe I have nothing I want to write about. After all, the world is upside down with fish-in-a-barrel content to jump upon. Please forgive me if you think I shouldn’t write about fish in a barrel having a right to life, liberty and the pursuit of happiness — whether it’s because the victimized fish are enslaved by said barrel or the victim of random gun violence for the purposes of some writer using a metaphor.
But that’s how ridiculous things have become in our country. People can literally not say anything for fear or someone playing the victim, being hurt by words or marginalized. And we can point fingers — no, not in the shape of a firearm, just a random, non-specific, harmless way of pointing I’m sure people much smarter than you and I will come up with new regulations and governing boards so as to not offend when identifying a mass murderer in a courtroom to not harm his (or hers, my goodness this is getting more difficult, but I don’t want to exclude a woman’s ability to be equal in the mass murdering category) selfesteem as they stand trial — to the source.
It’s as simple as this: As long as people go to the government with grievances (not redress of grievances as the Constitution allows for) demanding politicians create a special solution and right for them — and only them — this will only get worse. There are two big problems here: The sheer number of folks demanding government actions against those who think differently and politicians willing to do anything to get votes by taking up these causes. And they are increasing exponentially as I type. Never fear, there will be a governing board to enforce your way of thinking onto others at the implied barrel of a gun (there I go again) soon enough. After all, there’s no size limit government needs to reach to make other folks live, think and do as someone else demands. Government’s ability to do the right thing to get your vote knows no bounds. The only problem is government rarely, if ever, does the right thing.
And when your specific right to be the expert way of thinking on any given topic is granted via government subsidy or backing, you’ve hit the jackpot. If your favorite politician embraces your desire and creates a new right, law or select committee to address your specific concern or cause, no one else can be allowed authority or even an opinion on the topic. This applies to any topic the government is so eager to address for you. Because the government isn’t broaching your cause to help you, it’s hijacking (sorry to hijackers) your grievance or cause to take over your cause.
Entrepreneurship also a team sport And, yes, this goes for both sides of the aisle. Let’s use marijuana as an example. Put me squarely in the don’t care column for today Some folks want it legalized and others will
There’s a conception of entrepreneurs as rugged individuals who pull fight to the death to never allow it, all while themselves and their ventures up by their bootstraps. They work for themselves, most folks simply don’t care. If you’re a call their own shots and assume the risks of their pursuits. slick politician, you embrace all three ways I’m not an entrepreneur myself, but I’ve reported on their of thinking because that’s how you become activities long enough to know there’s a lot of truth to that the drug kingpin. For the anti-pot folks, description. I’m still amazed, in fact, by the efforts of those you assure them you’ll regulate it and only who believe they’ve got better products and services to bring those who are government qualified will to market and are willing to work that hard to realize their have the ability to sell it in certain places aspirations. Don’t forget, either, a lot of the big corporations with full government oversight — all while that have grown into recognizable brands started out as small collecting a tax windfall. For the folks businesses birthed by determined individuals. who want it legalized, you promise them I’ve also learned over the years successful entrepreneurs are invariably a savvy bunch who take advantage of every Craig Hall access to it while “allowing” it to be sold in their communities while calling it “legal” Phil Castle opportunity and find ways to operate more efficiently. If there’s help to be had, they seek it out. That includes the people they (it’s anything but) and collecting sales tax windfalls from it. For the folks who don’t hire to help their ventures grow, counselors who offer them care, it’s the easy road to beaucoup bucks guidance and mentors who share their experience and wisdom. In that respect, because you allow things like the rumor it entrepreneurship becomes a team sport. will fund schools (after all, everything you
All this comes to mind after interviewing Jeff Engell, the new director of do is “for the children”) while suppressing the Small Business Development Center in Grand Junction. Engell offered an crime rates and taking little flack because important reminder of all the resources available in the Grand Valley to help these folks aren’t in the market — all while entrepreneurs succeed — whether they’re starting businesses, growing existing enjoying the tax windfall. operations or planning how to sell or pass along mature enterprises. Now substitute school curriculum,
Engell has been on an entrepreneurial journey as founder of a consulting firm freedom of speech, voting rights, racial that assisted businesses and governments around the world. Now he’s eager to tensions, COVID, business licensing, help other entrpreneurs along their journeys. He oversees programs and services interstate commerce, war, foreign policy, at the center that include free and low-cost counseling and instruction. poverty, Social Security funding, Medicare
That’s not to mention all the additional resources available at the Business and Medicaid, insurance, inflation, Incubator Center, which houses the Small Business Development Center. Those cost of living, housing, cakes, public resources include low-cost space and shared services as well as a revolving loan transportation, roads, infrastructure, the fund that provides access to financing to small businesses. Internet, airwaves, essential businesses,
That’s also not to mention the other organizations and agencies in the Grand essential employees, income taxes, Valley that support businesses in so many ways — the Fruita, Grand Junction property taxes, firearms … ad infinitum. and Palisade chambers of commerce come to mind, as does the Grand Junction Everything above (and thousands Economic Partnership and Mesa County Workforce Center. So, for that matter, and thousands more) has the parties do banks, accounting and legal firms and staffing and HR companies. demanding their way and only their way,
Engell raised an excellent point in our interview. Entrepreneurs are often willing politicians or bureaucrats ready experts in the products and services they’ve developed. But they could need some to collect taxes or fees with total control help in the operational side of business — accounting, financing and marketing. in regulating all of them (for the folks
Entrepreneurs remain rugged individuals. Their individualism motivates them demanding their way) and the millions to work for themselves and determine their destinies. But savvy entrepreneurs who just want to be left alone because it also know better than to reinvent wheels. They seek out the people and resources doesn’t concern them. Problem is with who help them succeed. government, it always concerns everyone. The truth is, it’s only the third group Phil Castle is editor of the Business Times. Reach him at 424-5133 or who has the moral and ethical high ground. phil@thebusinesstimes.com. Because the folks who desire their freedom to F live their lives as they see fit within the laws of civil society are doing the right thing — handling life on their own without taxation and government interference in their private lives. They don’t demand how others live and certainly don’t use the government to enforce it. Think of it this way: Why does the government roll out underrepresented and marginalized victims on almost a daily basis? It’s because government controls the marginalized business. If government’s involved, it’s for its own interests — not yours. But always note, government works best when marginalized. Craig Hall is owner and publisher of the Business Times. Reach him at 424-5133 or publisher@thebusinesstimes.com.
Danger for the dollar: Could the world change its reserve currency?
Recent headlines posed the question: Is the United States dollar in danger? Corresponding newspaper and cable television reports raised concerns over the possibility the U.S. dollar could no longer serve as the world’s reserve currency. What does it mean to be the world’s reserve currency? According to “A Primer on Reserve Currencies” by Brent Radcliffe, a reserve currency is a recognized national currency held by central banks and major financial institutions to use for international transactions and global finance.
According to Richard Best, the U.S. dollar became the world’s reserve currency as a result of the Bretton Woods Agreement in 1944, when delegates from 44 Allied countries met in Bretton Wood, N.H., to devise a system to manage foreign exchanges that wouldn’t disadvantage any country. The delegation adopted the U.S. dollar as the world’s reserve currency backed by the world’s largest gold reserves. This resulted in countries accumulating reserves of dollars instead of gold.
That led in turn to countries buying U.S. Treasury securities because they considered them a safe store of money. Demand for Treasury securities coupled with U.S. deficit spending caused the U.S. to flood the market with paper money. Countries began to worry about the stability of the dollar and converted dollar reserves into gold. This demand forced President Richard Nixon to decouple the dollar from gold, resulting in the floating exchange rates of today.
Why is the U.S. dollar challenged as the default global reserve currency?
Dave Manuel explained how the staggering debt of the U.S. and continued deficit spending ruins the credibility of the dollar. When the Federal Reserve continues to print dollars to purchase debt, the value of the dollar drops. Foreign investors wonder if the U.S. will collapse under mounting debt.
A report by Michelle Jones explores the advantages and disadvantages of reserve currencies. As Saudi Arabia threatens to switch from the dollar to the Chinese yuan for oil sales to China,
Phyllis Hunsinger concerns about the dollar come to the forefront again.
After the Russian invasion of Ukraine, the U.S. cut off Russian access to foreign currency reserves. That could lead other countries to question U.S. loyalty to them.
The advantage for the U.S. to have the dollar as the global reserve currency is that transaction costs and exchange rates are reduced. Jones said the biggest disadvantage is the U.S. can borrow in its own currency without having to prop up the dollar to avoid default.
Lawmakers have irresponsibly taken advantage of reduced borrowing costs, contributing to excessive U.S. debt. Interest payments alone exceed $900 million a day. Debt is ruining the lives of Americans.
Admiral Michael Mullen, former chairman of the Joint Chiefs of Staff, said losing the world’s reserve currency status seems to be the least of the U.S. problems. “The most significant threat to our national security is our debt.”
The proverbial elephant in the room is our staggering debt.
Phyllis Hunsinger is founder of the Freedom & Responsibility Education Enterprise Foundation in Grand Junction. The FREE Foundation provides resources to students and teachers in Western Colorado to promote the understanding of economics, financial literacy and free enterprise. A former teacher, principal and superintendent, Hunsinger wrote “Down and Dirty: A ‘How To’ Math Book.” Reach Hunsinger at phyllis@free-dom.us.com. For more information about the FREE Foundation, log on to the website located at www.free-dom.us.com. F
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The Business Times welcomes letters to the editor and guest columns on issues affecting businesses in Western Colorado. Submissions should be emailed to phil@thebusinesstimes.com and include names and telephone numbers for verification.
In celebrating small businesses, don’t forget the role of Big Tech
In celebrating the efforts of small businesses, elected officials and policymakers must also celebrate the drivers of entrepreneurship and small business growth — and that includes Big Tech. Companies usually targeted by politicians and their appointees — Amazon, Apple, Facebook and Google, among them — have taken the entrepreneurial journey from startups to wildly successful businesses. All these enterprises are headquartered in the United States and serve as examples of amazing entrepreneurial success stories. It’s appropriate to celebrate the cases in which small businesses serve consumers well and, by doing so, become global leaders. Even when hit with a barrage of political rhetoric about Big Tech and so-called monopolies or monopoly power,
Raymond don’t ignore the market realities that no matter how large and successful a company becomes, it can’t afford to rest on its
Keating laurels. Especially in this dynamic, 21st century economy, large firms compete against current, emerging and future ventures both domestically and internationally.
To get a flavor of this reality, check out some of the U.S. Census data on employer firms (2019 latest) by size in major tech sectors. Among software publishers, 97 percent of firms have less than 500 employees and nearly 67 percent have fewer than 10 employers. Among internet publishing, broadcasting and web search portals, almost 98 percent of firms have fewer than 500 employees and more than 82 percent have less than 10. In the telecommunications sector, 98.5 percent of firms have less than 500 employees and almost 76 percent have less than 10.
A survey conducted by the Small Business & Entrepreneurship Council of entrepreneurs who started businesses during the pandemic revealed how vital various technology tools and platforms were to their launches and ongoing operations.
When asked what tools or sales channels they use to sell products or services, 65 percent said they used physical stores, followed by 62 percent citing Facebook, 48 percent citing Instagram and 47 percent websites. Entrepreneurs understand the importance of a combination of physical and online presences.
What about technology’s role in starting up the business? Well, 89 percent of entrepreneurs agreed social media was a major factor in launching their businesses. While 87 percent said access to electronic payment options was important, 79 percent cited affordable online ads, 77 percent pointed to e-commerce sites and website builders, 73 percent noted access to back office services provided by technology platforms and 56 percent highlighted access to online marketplaces.
Fully 68 percent of these pandemic entrepreneurs said they relied on established tech platforms either a great deal (38 percent) or quite a bit (30 percent), with another 22 percent saying somewhat.
Finally, small business owners understand government attacks on big business usually have negative consequences for small firms. The survey of entrepreneurs who started firms up during the pandemic found that 61 percent of those who responded were worried proposed regulations on tech companies could hurt their businesses. Of those, 58 percent were worried tech regulation would make it more expensive to access and retain customers. An identical proportion were worried they’d have to pay for services provided for free, and 47 percent were worried it could be harder for customers to find their businesses.
National Small Business Week brings out politicians who sing the praises of small businesses. Rightly so.
President Joe Biden declared: “For generations, small businesses across America have shaped and embodied our nation’s entrepreneurial spirit and driven our economy forward. Today, more than 32 million small businesses employ almost half of America’s work force and represent the heart and soul of countless communities. During National Small Business Week, we celebrate America’s small businesses and their enormous contributions to American life and prosperity.”
That’s great. But President Biden and members of Congress need to reverse course on a wide array of policy measures — including proposals and actions that vastly increase regulation on technology leaders or aim to break up these firms — which in the end would directly or indirectly inflict real harm on America’s small businesses and our vibrant startup ecosystem.
Raymond Keating is chief economist for the Small Business & Entrepreneurship Council, a nonpartisan advocacy, research and education organization dedicated to protecting small business and promoting entrepreneurship. Reach Keating through the website at www.sbecouncil.org. F
