With 2015 on the cusp of wrapping up, I’ve been reflecting back on the last six years of owning MyCorporation. It’s been a long road, but we wouldn’t be where we are today (thriving!) if we hadn’t experienced each and every twist and turn. It all started back in 2004 when I joined the MyCorporation team, not as the CEO but as the vice president of legal affairs. With years in law school and some time in a law firm partnership, I was happy to be applying my legal knowledge in an area that interested me. In 2005, the business was acquired by Intuit. The acquisition brought about a much-needed new perspective on running MyCorporation, but there was still untapped potential that I was wishing I could get my hands on. Then, finally, in 2009 I purchased the division. And now here we are- six full years later! (more…)
A fear of failure can be paralytic, especially to a small business owner or would-be entrepreneur. It means losing all the time, effort, energy, and money risked on an enterprise. But what if someone said that failure was a good thing? That, in fact, feelings of failure and defeat carry the true key to success?
Our good friend Fran Tarkenton argues exactly that in his new book “The Power of Failure“. Fran Tarkenton is no stranger to failing – he helped bring the Minnesota Vikings to the Super Bowl three times during the 1970’s, and each time lost. After turning to business, the first two companies he founded eventually folded. But he didn’t allow himself to be engulfed by that failure and now, as CEO of Tarkenton Companies, is a wildly successful entrepreneur.
Failure, he posits, is a gift that brings incredible power. In “The Power of Failure” Tarkenton shares never-before told stories of his time in the NFL, and the personal, occasionally painful, moments he experienced. Through his own hard-learned lessons and invaluable advice given to him from friends and mentors like Sam Walton and Bernie Marcus, Tarkenton lays out the myths and truths of failure, and how to follow through to success. (more…)
As you small business grows, it’s hard to pin down the best time to hire new people. Managers are especially difficult to time correctly. In many cases, they are seen as a luxury for small business and should only be brought into your management team if absolutely necessary. But as your company grows and your job as owner changes, managers are the key to a successful, growing small business.
When you first started you may have ended your day at 6pm, then it became 7pm, and now you leave later than you ever intended. If you find that your days are getting longer because you have to fix every little problem in you company, it’s probably time to hire a manager. As Reza Chowdhury, of AlleyWatch said in an interview with Bplans, ”You’ll likely find yourself trapped in a perpetual hamster wheel, focused on tasks that are not a good use of neither your time nor skill set. At this point, it’s time to bring in the help to allow you to focus on the big picture.” (more…)
Underwriting is a vital part of the financial and insurance industries. An underwriter is effectively the person that assesses risk, and determines the suitability of potential clients looking to avail of whatever service their employer provides, be it insurance, a loan, or capital. Underwriters have the responsibility of defining the terms within which the service will be offered. And, because of this, they are in very high demand. After all, without a qualified underwriter, lenders and insurance agencies would be lost. But how do you become an underwriter? And can underwriters work independently as a small business?
What do you have to do to become an underwriter?
Normally, you at least need a bachelor’s degree in finance, or another business-related field. Underwriters also have to be meticulous, detail-oriented, and thorough. (more…)
The holidays are over– and so is 2015. You know what that means…taxes! If you haven’t started getting your 2014 taxes in order yet, you need to take the turn of the New Year as a sign that you should get going. After all, the sooner you start, the more time you have to get everything right.
Think back to the beginning of 2014. Did you wildly overpay? If so, that’s because you didn’t take advantage of all the methods you have at your disposal to lower your tax bill. Here is a handful you should definitely take a look at ASAP. (more…)
2014 is about to wrap up, and, as is the case with the closing of each year, we can’t help but think about what the coming year will mean for small business. So we scoured the internet for predictions about 2015 and lessons learned from 2014 to create our latest infographic, “2015 Small Business Industry Predictions.”
One of the best things we found was this hopeful statistic: 58% of small business owners expect that they will experience growth in 2015. Entrepreneurs everywhere think it’s going to be a great year for business!
What are your predictions?
If you’ve come across the term “Microloan” while searching for small business loan options, you’ve likely inferred that it is a loan with a small borrowing limit. Maybe that sounds like just what your company needs, but you most likely have questions about how this funding alternative works. Just how micro are these loans? How do they compare to traditional bank loans and other borrowing alternatives?
Here are answers to small business owners’ most frequently asked questions about microloans: (more…)