Today in Global Small Business: Find International Buyers

©2019 Women Entrepreneurs Grow Global™.  All rights reserved.

What's affecting me, my clients, my colleagues and other global small business owners:

• Is your business open for world business?  There is only one way to find out.  Listen in on wegg's® upcoming wegginar® on Wednesday, October 2 at 11AM CT (free, thanks to wegg's sponsors, but you must register to participate) to hear Monica Toporkiewicz, Senior International Trade Specialist, U.S. Department of Commerce talk about how to find international buyers for your business. To learn more and to register, visit: https://womenentrepreneursgrowglobal.org/2019/09/16/how-to-find-international-buyers/
• Quote of the week: “There is only one way to avoid criticism:  do nothing, say nothing, and be nothing." – Artistotle
• Without a clear organizational strategy, most supply chain managers typically revert to creating their own supply chain strategy.  That can be good and bad. 
• Speaking of supply chains ... suppliers are suffering in GM strike.
• State Cashmere, a D2C brand that sells high-quality cashmere products, learned how to navigate their global ecommerce expansion. 
• Is America's global leadership in peril?

Our New Chicago Fav Irish Place

Sometimes you have to hunt down a place for good food, ambiance and location but in our case, we stumbled upon an awesome restaurant while out running, of all things.  It's 4D Irish Pub and Cafe (4D stands for 4 Dublin) in Chicago.  Haven't tried it?  Well you have been missing out on scrumptious Irish food and fun.

We not only loved the food (The Beyond Burger and Grown Up Grilled Cheese were the favs) but loved the atmosphere as we celebrated a birthday, especially looking out at the semi-private room with a wall full of books.  4D serves modern favorites with an Irish flair.  Each dish tastes like home-cooked comfort food.

Give it a try – a taste of Dublin brought to Chicago's Streeterville neighborhood – and be sure to mention that O'Delaney sent you!

Photos courtesy:  @2019 Laurel J. Delaney.  All rights reserved.

Money Talks As Long As You Understand the Language

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Problem:  Language barriers can hinder international commerce.  Solution: Language barriers can be solved by machine-based translation programs, which are becoming sophisticated enough to enable people in different countries to communicate as if they spoke the same language.

But online buyers beware:

While machine translation is getting smarter, many consumers still have memories of the humorous, incorrect outputs they’ve gotten from Google Translate and other programs while trying to send emails or complete homework assignments. For businesses and customers to trust the technology in a commercial setting, users need to feel more secure about the results since their cash is on the line.

Read more about new technology that could turn small businesses into international companies.

Got Two Minutes to Listen to Some Trade Talk? (Podcast)

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Got two minutes?  Then listen to Sandler, Travis and Rosenberg, P.A.'s Two Minutes in Trade:  How Are the New Tariffs Impacting Small Businesses?

There are only seven days left [from 9/23/19] to request tariff exclusions from List 3. As of today, there are sixteen thousand, six hundred and thirty-eight petitions filed, and only few dozen exclusions granted. We cannot tell exactly how many of these petitions are from small businesses but based on my [?] experience that number is going to be large.  

For more information listen to today's Two Minutes in Trade.

Make No Mistake: The Future Belongs to Patriots and Globalists

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USA President Trump read his 37-minute address to the U.N. in a somber monotone, rarely punctuating words or pausing for emphasis, but his message for the 74th session of the annual gathering of world leaders was clear.

“The future does not belong to globalists,” Trump said. “The future belongs to patriots.”

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Make no mistake:  All our colleagues, clients, and other global small business owners who read this blog know that the future belongs to both patriots and globalists.  They don't have to be mutually exclusive.  In fact, they can be aligned provided one has the right mindset.

Entrepreneurs Are Responsible for Almost All Net New Job Creation

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There been a lot of talk about a possible recession, about protection of jobs from global competition, about income inequality, about interest rate cuts, tax cuts, and increased tax incentives.  What's left out of the analysis?

Missing almost entirely from the national discussion is entrepreneurship. This despite the fact that entrepreneurs, not big businesses, are responsible for almost all net new job creation. 

Policymakers have pushed entrepreneurship to the side, prioritizing support for big business over new and small businesses.

See what this author thinks is ahead and is a good start for bringing entrepreneurs into the conversation.

Today in Global Small Business: From a Basement to $5.78 Billion Global Fashion Company

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What's affecting me, my clients, my colleagues and other global small business owners:

• The U.S. Postal Service loses tens of millions of dollars a year delivering packages from overseas because rates, set by the UPU, don’t fully cover costs (e.g., especially for China).  There might be a change coming soon – a shift that could increase the prices consumers pay for holiday shipping, yet prove a bonanza for parcel shippers that compete with the U.S. Postal Service.
• Quote of the week: “If you want a dramatically better answer, the key is to ask a better question." – Hal Gregersen, author and MIT professor
• India once had the world’s fastest-growing economy, but it has been battered by global and domestic forces. See how India’s troubles might be a warning sign for other developing countries.
• While international growth will undoubtedly present exciting opportunities, it is vital to carry out due diligence of any new market to protect the financial side of things such as potential tax liabilities and compliance obligations.
• From a basement to $5.78 billion global fashion company, here's how Michael Kors did it. 
• Bring on some new fresh faces at ABC's Shark Tank, especially business owners who focus on the potential for international expansion.

A Boat Tour of Chicago on the Riverfront (Video)

How to Become Instantly More Valuable: Become a Global Leader

The Rise of Women Entrepreneurs in India

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India has been hailed as one of the fastest growing start-up ecosystem in the world, with 11% of adult population being directly engaged in early stage entrepreneurship.

The share of women entrepreneurs in the modern start-up ecosystem is also steadily rising. According to Sixth Economic Census released by the Ministry of Statistics and Programme Implementation, women constitute around 14% of the total entrepreneurship i.e. 8.05 million out of the total 58.5 million entrepreneurs in India.

What does this mean?

Changing trends in the corporate, social and higher education sector are further enabling women to take a leap and realize their entrepreneurial potential.  These include:

• Opportunity
• Education
• Financial freedom
• Access to mentorship
• Social dynamics
• Way forward

Check out more here.

What Would You Do If Your Firm Lost $1.9 billion in a Year?

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Burdened by its persistent loss-making ability, WeWork, an American real estate company that provides shared workspaces for technology startups, and services for other enterprises, could postpone its now controversial IPO until October.  Why?  To get its ducks (offices) in a row.  Here's the scoop.

WeWork is badly in need of more cash, having lost $1.9 billion on revenues of $1.8 billion in 2018. For the first half of 2019, WeWork reported an operating loss of $1.37 billion, more than double the loss for H1 2018. It reported $1.54 billion in revenues in the first half of 2019. The company is on track to exceed its operating losses in 2018.

Feeling the heat from lackluster investor interest and burdened by its persistent loss-making ability, WeWork has some issues.

Indiana Business Owners: Grab Your Grant Money to Export

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Indiana secured a U.S. Small Business Administration grant that that will reimburse local businesses trying to reach global markets, such as on trade missions.  All Indiana firms have to do is apply.

The state of Indiana received a $495,000 State Trade and Export Promotion grant from the U.S. Small Business Administration to help small businesses export more Hoosier-made products to markets around the world. It's adding another $165,000 in matching funds, so up to $660,000 in funding will be available to Hoosier small businesses to help them sell their products or services around the world.

Bring on the STEP funding to Indiana and let's open doors to the world for business owners.

Today in Global Small Business: wegg® Workshop 9/18/19 Helps Women Export

©2019 Women Entrepreneurs Grow Global™.  All rights reserved.

What's affecting me, my clients, my colleagues and other global small business owners:

• Learn how to start and grow a global business at the upcoming on-the-ground wegg® workshop held in Chicago and hosted by Associated Bank on Wednesday, September 18, 2019 from 8:30-11:30 a.m. Central Time.  The presenter is the fabulous business owner Loree Sandler, founder of Let Them Eat Candles.  To learn more and to register, visit:  https://womenentrepreneursgrowglobal.org/2019/08/06/a-companys-intersection-with-global-adventure/. 
• Quote of the week: “As young people make decisions about which jobs to pursue, I always tell them that [global] learning is more important than initial compensation – they can't afford not to learn." – Hank Paulson, former Secretary of the Treasury
• According to the most recent International Trade Association data available through the federal Small Business Administration [9/15/19], small businesses represent 97.7% of the U.S. firms that export goods to other countries. In fact, they account for more than a third of the country’s known export value.
• Advancements in machine translation technology are helping consumers, gamers and small businesses.  See how and why here.
• Remembering people we lost to the casualties of 9/11.  It never goes away ...
• In the face of severe competition, McDonald's identifies a big weakness and does something about it. Can it make a difference?

On a Boat That Is Moving Through Water

©2019 Laurel J. Delaney.  All rights reserved.

"Being on a boat that's moving through the water, it's so clear. Everything falls into place in terms of what's important and what's not." – James Taylor

Life is Good (Podcast)

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Brothers Bert and John Jacobs in the late 80s were living as nomads, traveling from college to college selling t-shirts out of their van.

It wasn't a sustainable living – until one day, they created a new design. It was a simple sketch of a grinning face, with three words printed underneath: Life Is Good.

The rest is history and now Life is Good is more than $100 million in annual revenue.  Listen to the podcast here.

Four Beautiful Ladies with a Lot of Global Talent (Music Video)

Kabbage Customers Are Optimistic About Economy, At Least for Borrowing Money

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As the trade war between the US and China causes global markets to gyrate, investor confidence has become a bit wobbly.

But not everyone is losing their nerve. Rob Frohwein, co-founder and CEO of small-business lending platform Kabbage, says his company’s customers are optimistic [at least for borrowing money]. The Atlanta-based company originated $670 million in loans during the second quarter, a 45% jump from a year earlier.

When companies use the right online technology, borrowing can be handled much more quickly.

Read more about how small business owners are fearless about the US recession, at least according to one online lender.

Is Your Company Making the Most Out of AI?

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Artificial Intelligence (AI) is happening today, transforming companies of all sizes all over the world. Its adoption has driven down costs and made it increasingly accessible to small and midsize businesses.

So how can you leverage AI?  The article below shares three ideas.

Making the most out of AI.

Today in Global Small Business: Best Defense Against Terrorism?

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What's affecting me, my clients, my colleagues and other global small business owners:

• Three ways to market your small business on a shoestring budget.
• Quote of the week: “It was the hardest thing [filming Terminator:  Dark Fate], and the greatest thing,” Hamilton said. “And isn’t that what we want?" – Linda Hamilton, star of Terminator 2:  Judgment Day and upcoming role in Terminator:  Dark Fate
• The best defense against terrorism?  Global small businesses.  
• Has social media become a scapegoat for the broader problems of globalization and the forced deemphasis of community in the place of perpetual bombardment from strangers?
• Why localization is essential for expanding overseas.
• Is the slowing global economy a boon or a bane?

Be Happy: Ride a Bike

©2019 Laurel J. Delaney.  All rights reserved.

"You can't be sad while riding a bicycle." – Anonymous

Meet Your Favorite Down-Time Distraction

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Explore the wonderful world of podcasts, get ready to meet your new favorite down-time distraction.

Similar to talk radio shows, they generally consist of a host or hosts who discuss subject material, interview guests, tell stories, or some combination thereof. Many have theme or background music, and regular commercials by sponsors, just like radio or TV programs. Podcasts can make excellent audio entertainment while you’re working on mindless tasks, commuting, cleaning, cooking, or doing anything that doesn’t require your full attention.

Pop on your headphones and get listening.

As You Grow a Global Business Like Gympass, Focus on Physical and Mental Health

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Meet the founder, Cesar Carvalho, of the truly international business, Gympass.  The story goes like this:  When Cesar left his small hometown in the Brazilian state of Minas Gerais to study in São Paulo, he had no idea he would be where he is today.

The entrepreneur leading one of the largest corporate platforms for physical activity in the world is having a whirlwind of a year: he moved to the United States in January to accelerate the company's expansion, already present in 14 countries. Months later, in June, a $300 million funding round led by SoftBank raised the startup's market value beyond $ 1 billion.

What keeps his sanity and rhythm for running a hip business is his focus on physical and mental health.  It goes like this:

"No matter where I am in the world, I make sure that I am back in time for dinner with my wife on Friday. Weekends are sacred, and are reserved for her and my children, as well as physical activities with them - I rarely work on those days," he [Cesar] points out.

Read more about how Gympass is a Brazilian company gone global.

An Online Pass Makes a Las Cruces Film Festival Global

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The Las Cruces, New Mexico-based Borderscene Film Festival (BFF), now in its second year, is aiming to go global by offering an online-only pass, where viewers can watch films from the comfort of their homes.

Whether someone is located in the UK, Argentina or Chicago, provided they have an Internet connection, they can view the BFF.

The pass gives viewers around the world a chance to see the 75 films that will screen at the festival, which begins Sept. 7 and runs through Sept. 9 at different locations in and around Las Cruces.

Learn more about how a local festival wants to get as many eyes as possible on their films and will do so through going global.

Elon Musk's China-Based Boring Company

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China is the future.  At least that is what Elon Musk says after he recently announced the launch of his Boring Company in China.

He’s [Elon Musk] right. Especially if this keeps up: over 90% of American companies in China say that their Chinese competition, both state and private, receive “tangible benefits” that they do not. In other words, a near plurality of American companies say they are playing on a totally uneven playing field. But herein lies the rub. They all want to be there anyway, and less than 10% have plans to leave.

There you have it.  Current tariffs on China are not enough to persuade multinationals to leave.  Discover more about how U.S. companies think China is unfair, but they don't really care.  And read the Tweet about the Boring Company.

Today in Global Small Business: The Promise and Pitfalls of Localism

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What's affecting me, my clients, my colleagues and other global small business owners:

• Four tips to protect your small business during a downturn.
• Quote of the week: “Without continual growth and progress, such words as improvement, achievement, and success have no meaning." – Benjamin Franklin
• Funding Circle, a small business loans platform in the UK, US, Germany and the Netherlands, recently closed its first asset-backed securitization of US small business loans originated through its platform.
• Why localization is essential for expanding overseas.
• The promise and pitfalls of localism.
• Nearly 84% of global ecommerce sales happen outside of Western continents such as North America and Europe, and overall sales are expected to reach $4.8 trillion USD by 2021.  Then why have some of the world’s largest and best-known multi-nationals failed spectacularly when expanding abroad?
• USA national holiday Labor Day is a time to reflect and honor workers.