In the News: Small Business Owners Ready to Handle a Crisis

Small business owners wear many hats and they are always putting out fires, but 2020 was especially challenging. However, 82% of entrepreneurs said they are better prepared to handle a crisis. This according to a new survey and report from American Express.

Entrepreneurs in the U.S. are optimistic, better yet they believe (81%) the benefits of running a business still outweigh the challenges, even in the midst of a pandemic. The financial stability (89%), the ability to create jobs (85%), turning passion into a business (86%), and the flexibility to set their own hours (85%) all add up to more positive experiences.

This doesn’t mean there aren’t any challenges, but when they do come up they say are better equipped to deal with it. As a matter of fact, three in four or 75% of the entrepreneurs say they are optimistic about the recovery of their business.

Read the optimism of small business owners in 82% of Entrepreneurs Feel Better Prepared to Handle a Crisis and get inspired. And while you are at it, take a look at the rest of this week’s small business news roundup below.

Small Business News Roundup for Nov. 13, 2020

This week’s big stories for small business owners are:

Shopify Gift a Business Lets You Buy a Pre-Built Ecommerce Shop

Ecommerce giants Shopify is launching a new feature known as Gift A Business. The aim of the initiative is to encourage people to purchase a business for a budding entrepreneur if their life. Shopify’s Exchange Marketplace enables people to buy and sell businesses. The platform’s new Gift A Business feature allows anyone to purchase a pre-built Shopify store for family and friends.

Federal Judge Orders Release of PPP Loan Information

A federal judge in Washington, D.C., has ordered the U.S. Small Business Administration to disclose detailed information about the $659 billion Paycheck Protection Program (PPP) loans by November 19. The decision was in response to a lawsuit filed in May by several news organizations under the Freedom of Information Act (FOIA).

Otter Introduces Live Captions for Zoom Calls

Otter has announced the launch of its latest offering Otter Live Captions For Zoom that provides live transcriptions for Zoom meetings. With Otter, users can get automatic transcriptions on Zoom’s Pro, Business, or Enterprise plans. The live captions by Otter use Artificial intelligence (AI) for Zoom meetings and webinars to see captions in real-time in the Zoom window.

What is Industry 4.0 and What Place Does Small Business Have in It?

Industry 4.0 is the latest evolution of the Industrial Revolution, which began in 2011 with advances in data storage, networking, and artificial intelligence. A new highly informative infographic and report by PARTsolutions titled “Industry 4.0” highlights the history of the Industrial Revolution as well as where 4.0 is heading. What is Industry 4.0? Industry 1.

BidToTalk Developing Unique Platform for Influencers

Wildeye has announced the release of its latest solution BidToTalk which offers influencers the ability to create auctions for audiences to bid for one-on-one video calls. Influencers will be provided with a bid box profile to display the auction’s status while fans can make bids during the allotted time slot. For the service, BidToTalk will charge 20% for every call.

51% of Americans Left a Job in 2020

iHire’s 2020 Talent Retention report has found that 51.1% of American employees have left their jobs in the past year. The report also notes that job dissatisfaction has risen by 7.4% from 2019. The report has noted despite the high unemployment rates, layoffs haven’t been the only drivers for high turnover in 2020. iHire Talent Retention Report 2020 Of the 51.

Adobe Expects Cyber Months in 2020, Not Just a Cyber Week

Adobe has released its annual online shopping predictions for the 2020 holiday season. The predictions are based on Adobe Analytics data, which analyzed over one trillion visits to retail sites across the United States. It also looked at data from 100 million Stock Keeping Units (SKUs) from 80 of the 100 largest US retailers.

American Shoppers Will Spend More Than $500 on Black Friday

There is no doubt Black Friday 2020 is going to be different, however, 42% of Americans say they plan to spend $500 shopping. The good news for businesses is online commerce now makes it possible to continue operating even during a pandemic. Data from Stock Apps reveals another 25% of Americans have yet to make up their mind as to how much they will spend exactly.

Data Surveillance During Remote Work Leaves Businesses Vulnerable

Remote work has enabled businesses to weather the storm of the pandemic and adapt to new work environments while keeping business going. Yet, with employees now working remotely, the line between personal and professional data has been blurred and that comes with significant risk.