Business Entrepreneur

I left the entrepreneurial life: Here’s what it taught me from start to finish

(ENTREPRENEUR) It’s a long and winding road in life as an entrepreneur, from building from the ground up to sustaining success. Joy comes in the journey.

Published

3 weeks ago

June 8, 2022

Cynthia Eck

Woman working remotely as an entrepreneur in life.

I left the entrepreneurial life.

It started on a whim. I’d grown tired of making other people wealthy while staying in the same place and decided I needed to do this for myself. I was between jobs and had just moved back to the Austin area, so I started a kitchen-table graphic design company with the help of my daughter, who is also a designer. In two years, we were a four-person team, with clients ranging from Travel Texas to TGI Fridays.

We worked remotely, were family-friendly, had a four-day work week, and had the luxury of taking on projects that we loved. It was ideal, but fragile. There were feast or famine moments, and while we officially only worked four days a week, business development and strategy was my round-the-clock obligation.

We hung in there for nearly eight years. When my daughter received an opportunity of a lifetime to work abroad, she grabbed it. Around the same time, my biggest client decided to take their art department in-house, so we lost half of our annual revenue. It was a big loss. I tried a rebrand, a partnership, and a few podcasts, but my little agency was treading water.

Major clients turned into gigs, and money was tight. I had to find a job.

There’s a language you speak with other entrepreneurs, and a certain reverence is reserved for those who have succeeded. They have clout, grit, moxy, and chops. They are brave enough to go toe-to-toe on a job with companies who possess fat bank accounts, strategists, and actual creative departments. It’s an amazing feeling to be at the helm, and to see your work in major media, and to see your clients thrive. To leave that for the safety of a steady paycheck and healthcare is at once a great relief, and terribly heartbreaking.

When searching for a job as a former entrepreneur, you’re seen as a bit of a renegade. You have the skills and experience they’re looking for, but lack the pedigree of a big agency, and the civility of corporate life. You’re too bossy or crafty to be an associate, but too rough around the edges to be a leader. You’re in a bit of a no-man’s land, which sort of only resonates with other entrepreneurs or start-ups. And working for those guys is why you left office life in the first place.

Six months later, we all entered the Covid era, and I was and remain glad to have a good job. I still do one or two gigs a year. I say that it’s to keep my agency’s portfolio active, but I imagine it’s mostly because I still wish I had a piece of that life.

Business Entrepreneur

Scammers are out to prey on MLM victims and small businesses

(ENTREPRENEUR) MLM pyramid schemes are already predatory enough, but for victims trying to get out of the cycle, scammers are waiting on the sidelines.

Published

14 hours ago

June 28, 2022

Delilah Redfield

Predatory, scam, rip-off, shady, trap… all of these may be words that rightfully come to mind when I mention pyramid schemes, multi-level marketing campaigns, or “MLM.”

It probably conjures images of annoying messages from the one gullible high school friend you haven’t quite had the heart to unfriend on Facebook. Perhaps you know someone who got put through the wringer themselves. The one thing victims of these predatory marketing schemes have in common is being in the hole of a lot of money. Usually money the victims can’t afford, since these scams prey on the economically vulnerable. Truly, there are few things more universally detestable than MLM pyramid schemes… but I found one.

Did you know there is an entire secondary scammer market to recycle victims of MLMs?

A new spin on the idea of ambulance chasers, there is an entire demographic of scammers out there that trawl social media such as Facebook and Reddit to find recently victimized people looking for a way out of the pyramid-shaped hole they’ve found themselves in, offer services to these victims to “assist” them in recovering lost investments or liquidating their almost valueless inventory, and then ghosting the victims – taking them for their non-existent money a second time. They often pose as legal representation or consumer relief of one flavor or another.

Here is an example posted on the subreddit r/antiMLM:

That website doesn’t exist. That is not a real law firm. The premise is a scam looking to make a sucker twice out of the same victim. One commenter using the user name ‘lemontest’ shared the following account:

After my relative got scammed by a company that promised to help her set up a drop-shipping business, another business magically appeared that promised to get her money back. She gave them money and never heard from them again. I’m sure there’s a lot of money to be made selling contact lists of people who fall for get rich quick schemes.

How incredibly filthy toxic is that? Be vigilant out there, the scammers are creative.

If you (asking for a friend of course) or anyone else you know has fallen victim to any online scam, I recommend this light-hearted, and a little bit cheeky, recovery guide found on the Federal Trade Commission website and authored by Jon M. Taylor, MBA, Ph.D. of the Consumer Awareness Institute.

Any stories to share about MLMs or other comments? I’d love to hear from you.

Business Entrepreneur

The BEST report to gain perspective on all sides of the media (bye bias!)

(ENTREPRENEUR) We all want to stay informed, but American media has both obvious bias and hidden agendas. Sign up for these reports to see all sides.

Published

1 day ago

June 27, 2022

Dawn Brotherton, Staff Writer

Especially near elections, politically-charged business decisions, and on highly controversial topics, it’s hard to find non-bias media nowadays. Every news site or TV show seems to have a hidden agenda, but this new report aims to show all sides.

Ground News aims to give readers an opportunity to reduce their own media bias by aggregating news from many different sources in a way to showcase stories across the political spectrum. The Blindspot Report identifies news stories from both sides of the arena, helping readers see how bias is impacting the information they receive. This newsletter can give you a different perspective to understand both sides of the issue.

Is media bias even a thing?

Technology may have revolutionized the way we share information, but it has also exacerbated the divide between different views. Americans seem to be more polarized than ever before. It feels as if there isn’t any common ground for civil discourse. Although most Americans are getting better at identifying fake news, media bias often gives us a slanted perspective on the news. Media bias occurs when journalists or producers allow their own opinions to impact the way they report the news. A study out of UCLA found that media bias is real. When you get all your news from one source, you may not be getting the entire picture.

Sign up for the Blindspot Report

We’re all biased, regardless of where you sit on the political spectrum. We want information that supports our morals and ethics. We want someone to confirm what we believe. It’s human nature to want to listen to people who agree with us. Reading alternate sources to get your news isn’t about changing your own point of view. It’s about helping you compare different perspectives to let you think more clearly.

Ground News has three newsletters that help you stay informed. Sign up for the Blindspot Report to see what you’re missing.

Business Entrepreneur

Small businesses angry at depletion of COVID-19 relief funds without warning

(ENTREPRENEUR) Small businesses are in shock when they find out COVID-19 relief funds are no longer available, with an email update from the SBA.

Published

5 days ago

June 23, 2022

Dawn Brotherton, Staff Writer

Small businesses are no longer offered EDIL loans from the SBA.

In May, the Small Business Administration (SBA) sent out an update to borrowers of the Economic Injury Disaster Loan (EIDL) for COVID-19 relief. The EIDL program is now out of funds, according to an email sent to borrowers.

The loan program formally closed back in December 2021, but there was a period when small businesses who had already received funding could request additional money. That period is now officially over, and the $345 billion that was allotted for COVID-19 relief is gone.

The impact of EIDL

Many owners and entrepreneurs are outraged and frustrated with the lack of transparency from the SBA. There was no warning that the funds were almost depleted and many businesses were relying on that loan money to keep their businesses afloat as the economy rebounds. However, SBA Administrator Isabella Casillas Guzman praised the program,

“The SBA has delivered historic economic relief to millions of America’s small businesses through the COVID Economic Injury Disaster Loan program…”

According to an SBA press release, over $390 billion in aid was distributed to nearly 4 million businesses.

Small businesses still need help

In May, Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization (WHO), told health ministers that COVID-19 and its effects are not over. Here in the United States, life seems to be getting back to normal, if you discount the horrific inflation and gas prices, which are further impacting the recovery of small businesses.

Congress has been wrangling with legislation (H.R. 3807) that would offer more funding for those that were hit hard due to covid. Getting the House and Senate to agree on this legislation is expected to be difficult. So, no guarantees that more help is coming.

The SBA recommends that businesses who need more resources contact their local SBA office. Virtual appointments can be made for those who wish to avoid contact.