Team Altman Important Small Business News:

Entrepreneurs: Will be Forced to do Much More with Much Less if the U.S. Congress has Its Way

Global Entrepreneurs and Small Businesses will feel the huge impact from new sweeping taxes, fees and other various costs the U.S. Congress wants to impose on the backbone of the Global Economy, and as U.S. Entrepreneurs and Small Businesses bear the brunt of the costs, the ultimate impact will have far reaching effects that could potentially change the future face of the global economies as much of the investment capital now located in the U.S. will be forced to move to other more friendly markets, and even more importantly, the entrepreneurial and technological talent that refuses to “do more with less” in the U.S. market, will move along with the capital to the more business friendly markets in the Global Economy as part of their entrepreneurial strategies. It is important for everyone to understand that the economic impact will be felt by all households in the economy as the increased costs to business are passed on to all consumers in the market, and the most amazing fact not many taxpayers are aware of is that the increased taxes and costs go into effect immediately, while the services won’t be available for over three years. How many people do you know that will pay for a service today and wait three years while continuing to pay, before they can use the service?

A Reckless Congress!

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A simple fact proven over and over again, is that there is no simple formula for Entrepreneurs to use when creating a successful business, yet many Entrepreneurs have found there is an easier way to increase their chances of success by studying the wisdom, principles and insights of successful Entrepreneurs that have already accomplished success in their entrepreneurial endeavors, and following are just a few Entrepreneurial Words of Wisdom:

“Entrepreneurs are risk takers, willing to roll the dice with their money or reputation on the line in support of an idea or enterprise. They willingly assume responsibility for the success or failure of a venture and are answerable for all its facets.” –Victor Kiam, owner of Remington Products

“The best reason to start an organization is to make meaning; to create a product or service to make the world a better place.”–Guy Kawasaki, venture capitalist, CEO of Garage Technology Ventures

“A friendship founded on business is a good deal better than a business founded on friendship.”–John D. Rockefeller, founder of Standard Oil

“An entrepreneur tends to bite off a little more than he can chew hoping he’ll quickly learn how to chew it.”–Roy Ash, co-founder of Litton Industries

“I’ve been blessed to find people who are smarter than I am, and they help me to execute the vision I have.”–Russell Simmons, founder of Def Jam

“One of the unique things we small companies have over the big guys is the ability to establish personal relationships. Big companies really can’t do that. You read about effective organizations, learning organizations, lean and mean organizations, but small companies can be virtuous. We as small companies can have virtue because we as small companies are basically the embodiment of one or two people, and people can have virtue, while organizations really can’t.”–Jim Koch, founder of Boston Beer Company

“Experience taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. The second is that you’re generally better off sticking with what you know. And the third is that sometimes your best investments are the ones you don’t make.”–Donald Trump, real estate developer

“High expectations are the key to everything.”–Sam Walton, founder of Wal-Mart

“A successful person isn’t necessarily better than her less successful peers at solving problems; her pattern-recognition facilities have just learned what problems are worth solving”–Ray Kurzweil, Inventor

“I wanted to be an editor or a journalist, I wasn’t really interested in being an entrepreneur, but I soon found I had to become an entrepreneur in order to keep my magazine going”—Richard Branson, Virgin Records & Airlines

“Entrepreneurial profit is the expression of the value of what the entrepreneur contributes to production”–Joseph A. Schumpeter, Economist

“The entrepreneur always searches for change, responds to it, and exploits it as an opportunity”—Peter Drucker, Author & Businessman

“You are surrounded by simple, obvious solutions that can dramatically increase your income, power, influence and success. The problem is, you just don’t see them”—Jay Abraham

“There is no substitute for knowledge. To this day, I read three newspapers a day. It is impossible to read a paper without being exposed to ideas. And ideas.. more than money.. are the real currency for success”—Eli Broad

“I believe the true road to preeminent success in any line is to make yourself master in that line. I have no faith in the policy of scattering one’s resources, and in my experience I have rarely if ever met a man who achieved preeminence in money making.. certainly never one in manufacturing.. who was interested in many concerns”—Andrew Carnegie

“The remarkable social impact and economic success of the Internet is in many ways directly attributable to the architectural characteristics that were part of its design. The Internet was designed with no gatekeepers over new content or services”—Vinton Cerf

“There are a lot of things that go into creating success. I don’t like to do just the things I like to do. I like to do things that cause the company to succeed. I don’t spend a lot of time doing my favorite activities”—Michael Dell

“What is it that you like doing? If you don’t like it, get out of it, because you’ll be lousy at it. You don’t have to stay with a job for the rest of your life, because if you don’t like it you’ll never be successful in it”—Lee Iacocca

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iPhoneAlley.com reported Monday that the soon to be released mobile credit card transaction service (co-founded by Jack Dorsey of Twitter) will launch soon, as in early this summer for the extremely low price of $1.00. If you aren’t aware of it already, by plugging the very small device that reads credit cards into the headphone jack of the iPhone, anyone with the device can conduct credit card transactions instantly by using the iPhone app developed for the service.

Of course, user’s will need a bank account, and any account will work with Square, and the only charge to use the service is $1.00 for the app and the card reader accessory, and Square will actually donate .01 to the users charity selection. Just think what this will mean to Small Businesses that are used to dealing in only cash, and the record keeping will be mad much simpler with records available for each transaction.

In case you haven’t seen it already, we have included an introductory video produced by Square.

Square’s On-the-Go iPhone Credit Card Scanner Will Cost $1

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When you ride any of the scariest rides at amusement parks across the U.S. and world, there is a “point of no return” where you suddenly realize there is “no way out” and the reality of the situation starts to sink in, well that is what has happened in the reality of the ride we are on called “America’s National Debt,” the exception being there is no amusement to it.

Congress continues to raise the national debt ceiling currently set at $12.1 trillion, and it will continue to increase on a regular basis, evidenced by President Obama requesting a higher debt ceiling as the U.S. continues to borrow money to fund its many programs.

Like the scary amusement park rides, the ceiling keeps rising and rising, and whether there is “no way out” is a matter of economic and policy debate, and political will. Either way, the prospect of runaway deficits and debt are a good bit scarier for the American people and their nation’s future.

A true statement attributed to a recent U.S. President and repeated over and over by concerned citizens across the country is that “Future generations shouldn’t be forced to pay back money that we have borrowed,” and continue to borrow.

Nice sentiment, but the reality is that on our current course of adding spending without cutting costs, if you add in deficits that will skyrocket as baby boomers continue to retire and the long-term unfunded commitments to entitlement programs such as Medicare and Social Security, every man, woman and child is saddled with debt approaching $200,000, and that is roughly four times the average American household’s net worth.

One can rail against the fiscal irresponsibility of an administration and Congress that have let federal spending grow by well over 5 to 10 percent a year in real terms, the fastest in 40 years, while raising taxes amid reduced revenues to levels that haven’t been seen since cars had hand cranks.

One can also rail about the hypocrisy of policymakers agonizing over budget cuts that amount to one-tenth of 1 percent of federal spending while designing and approving huge spending bills and new supplemental appropriations for the wars in Iraq and Afghanistan that dwarf the Lilliputian budget cuts.

But as some might say, it’s all mind-numbing numbers, and that we’ve worked our way out of deficits before, as we did as recently as the Clinton administration, or, as the really cynical, that might think — and not care — that the Chinese, Japanese and Saudis will bail us out by continue to lend us more money, as they have been doing at new unprecedented rates in the last few years.

However, deficits have a way of hitting home in much more personal terms.

As the deficits continue to march towards higher levels, they will crowd out investment, further slowing economic growth and reduce the average family’s annual income by several hundred dollars in just a few short years.

At some near future point, the U.S. Government Debt will likely drive up interest rates, making the typical $250,000 mortgage, plus the interest that Americans pay on other purchases, cost about several more thousand per year.

Moreover, if we keep our current promises to the elderly, without reforming and controlling the costs of entitlements, the average family would have to pay at least $7,000 a year more in taxes by 2030.

And, like the scariest of amusement park rides, deficits ultimately might spook the paying customers so much that they go running to the exits, and foreign investors who have been so willing to-date to finance our debt could decide to pull out, especially when the point is reach where they can get more in return for their investment somewhere else, throwing the financial markets and the economy into even greater turmoil.

Deficits are such a large and growing problem that we need to come up with additional tax revenues and well-targeted cuts in spending, and the big entitlement programs need to be fundamentally reformed, especially so that ever-rising health care costs, in particular, can be contained, before contemplating a new health-care plan.

Developing such policies that produce meaningful reductions in the deficit requires both political will and bipartisan compromise, something that does not exist today, but at some point the people should and will demand such noble bravery from their government, a true “look at yourself in the mirror” moment.

Unlike the scary amusement park rides though, our country cannot just “get off” the scary ride, but instead, our children and grandchildren, and generations to come will face the horrors wrought by deficits every day.

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