From Small Success to Great Achievement: A NerdWallet conversation with the MBDA’S Access to Capital Team
Created on April 29, 2015
In honor of National Small Business Week 2015, the U.S. Department of Commerce’s Minority Business Development Agency is teaming up with NerdWallet to host a Google Hangout on how minority-owned businesses can start and grow their companies.
The online discussion will feature Carmen West and Nick Perkins, of MBDA’s Access to Capital team, and Cindy Yang, NerdWallet’s small business expert. During the discussion, the panelists will address how the MBDA helps minority-owned businesses expand, and Yang will discuss NerdWallet’s resources for small businesses just starting out.
“MBDA’s Access to Capital team seeks to align with organizations that speak to America’s business owners and minority communities,” says Efrain Gonzalez, Associate Director, Office of Business Development. “MBDA is pleased to participate in this Google Hangout to share and discuss how our 44 business centers across the country provide capital resources that complement the services of NerdWallet and other organizations that provide resources to small businesses.”
The Google Hangout will be broadcast live on NerdWallet’s Youtube channel. During the second half of the webinar, Perkins, West, and Yang will take questions from the audience through Twitter. Tweet questions using the hashtag #DreamSmallBiz to either @NerdWallet or @USMBDA.
Created on April 24, 2015
There are various factors to consider when deciding to use credit for your business. The most crucial and overlooked component is can you afford to use it? Every business’s credit needs are different. Many small business owners have the misconception that if business credit is granted to them, they can afford to use it. Credit applications don’t ask what your business expenses are, whether or not your business equipment is outdated and needs to be replaced soon, or if you need to hire new employees, or how much is spent on advertising each month.
So before you start applying for business credit or accept the first credit offer that comes in the mail, understand that there are three main points to consider before filling out an application. Let’s review these three key points below:
Business Spending Patterns
The first question to be addressed is how you intend to use your company’s credit. As a business do you plan to pay off the balance owing every month, or do you anticipate carrying a balance month to month? Do you plan to use your business credit for day to day purchases, or just for unforeseen expenses?
Created on April 24, 2015
Did you know that more than 95 percent of the world’s consumers live outside the United States? That’s a staggering number – and perhaps even more so is this figure: only one percent of U.S. small businesses are selling to those consumers.
The benefits abound when it comes to selling Made-in-America goods and services internationally. In addition to the cultural exchange inherent when developing global relationships, U.S. businesses – including small, minority- and women-owned businesses – can grow faster, hire more employees and pay higher wages.
There’s a huge global market for your small business offerings, so here are a few insights from experienced exporters to consider as you go about gathering international market intelligence.
Created on April 21, 2015
By 2017, the number of smartphone users in the U.S. is expected to surpass 200 million, nearly 65 percent of the population. Negotiating security in the face of an ever-growing implementation of mobile devices presents serious challenges for organizations. Risks include the growth of Bring Your Own Device (BYOD) (coupled with a lack of security controls for these devices), loss/theft of devices, and the proliferation of mobile malware.
Users need to understand the risks and the steps they can take to minimize them, particularly as cybercriminals often use employees as the entry point into an organization’s network. Below are some key actions users can take to help minimize the likelihood of a successful cyber attack.
Regularly update your device.
Mobile malware increased 75% in 2014 from 2013, and further increases in malware are expected in 2015, particularly in mobile ransomware. Updated operating systems and security software are critical in protecting against emerging threats.
Created on April 20, 2015
During this past weekend Nate Yohannes, my Senior Advisor, and I did the startup pitching rounds in our nation's capital.
On Friday night Nate was a judge at Mark Cuban's Recess, the college version of ABC's Shark Tank ("from dorm room to board room"). Recess is a music tour/music festival (like SXSW), entrepreneur speaker series and pitch competition with the winning prize of $10k towards your student loan (thanks to USA Network) and a flight to Hollywood, California to pitch to Cuban and his venture capital fund. Chip Conley, cofounder/ Head of Global Hospitality & Strategy at Airbnb was on hand too and provided advice to startup players in the room. Cool stuff.