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Small business owners happy with current business conditions but fear recession

A Capital One survey reported business owners doing well but are preparing for a recession–just in case.

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A Capital One survey reported business owners doing well but are preparing for a recession–just in case.

Small business owners feel good about the current state of the economy but expressed fears of a recession in a new survey from Capital One

Capital One commissioned a survey of 500 small businesses in the US with revenue less than $10 million, asking them a range of questions about the state of the country’s economy.

Almost 65% of businesses said conditions for businesses were good or excellent right now, while nearly half told the survey they were concerned about the potential effects of a recession in the next year.

The bi-annual Small Business Growth Index also said 85% of companies would be affected if a recession started in the next six months, and less than 40% said they were financially prepared to withstand a recession. 

“Running a small business requires relentless optimism and motivation, and it is encouraging to see that business owners are not letting speculation of a potential recession dampen their optimism,” said Jenn Flynn, head of small business bank at Capital One. “With the 2020 election looming, business owners’ top concerns continue to focus on taxes, technology, and cash flow, which will potentially play a role in their voting decisions.” 

SEE: 10 books every small business entrepreneur should read (free PDF) (TechRepublic)

The 2020 US presidential election also weighs heavily on the minds of small business owners. Almost 70% of respondents said the election would have an affect on their business, with most concerned about higher taxes, more competition, and rapid technological changes.

The survey had a number of statistics that reflected the conflicted feelings of many small business owners. Despite generally positive views about the current state of the economy, just 36% of survey respondents think their company will be in a better place financially in six months. 

Hiring trends have remained the same as they were in the spring, with 30% of companies saying they planned to hire in the next six months.

The survey said small businesses run by millenials, minorities, and women were more likely to hire in the next six months. Companies hope to lure top-tier candidates with higher salaries, more purpose-driven business concepts, and flexible schedules.

“It is an interesting point in time, as the economy continues to be relatively strong and optimism remains steady, many are still concerned about a potential recession and uncertain impact of the 2020 presidential election,” said Brad Jiulianti, head of small business card at Capital One. “We are confident that the small business community will continue to tackle the challenges that come their way while staying positive and courageous.”

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Image: monkeybusinessimages, Getty Images/iStockphoto

Source: https://www.techrepublic.com/article/small-business-owners-happy-with-current-business-conditions-but-fear-recession/#ftag=RSS56d97e7

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The US Navy stealth destroyer Zumwalt successfully fire off an SM-2 missile for the first time

Yesterday we wrote about China’s nuclear-capable bomber after a new video circulating on social networks shows a Chinese H-6N bomber with a weapon system. The video, which was recorded by a Chinese civilian, showed the footage of the bomber as it was landing […]

The post The US Navy stealth destroyer Zumwalt successfully fire off an SM-2 missile for the first time appeared first on Tech News | Startups News.

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Yesterday we wrote about China’s nuclear-capable bomber after a new video circulating on social networks shows a Chinese H-6N bomber with a weapon system. The video, which was recorded by a Chinese civilian, showed the footage of the bomber as it was landing at Neixiang Ma’ao air base in central China. In the video, the H-6N bomber is seen carrying a large missile with the telltale nose shape of a weapon that can travel faster than Mach 5.

While everyone was talking about China’s nuclear-capable H-6 bomber, this week the US Navy stealth destroyer Zumwalt successfully fire off an SM-2 missile for the first time. On October 13, the US Navy successfully executed the first live-fire test of the MK 57 Vertical Launching System with a Standard Missile (SM-2) on the Naval Air Weapons Center Weapons Division Sea Test Range, Point Mugu. Delivered to the Navy in April, Zumwalt successfully showed off its ability to detect, track, and engage an anti-ship cruise missile with an SM-2. The USS Zumwalt is the world’s first stealth warship and the largest-ever destroyer built for the US Navy.

According to the US Navy, the test also assessed the ship’s ability to hold up against the shock and vibration of weapon firing, along with any hazards and degradations resulting from the live firing, the Navy said. “Today’s successful test not only demonstrates the ship’s capability to fire missiles and conduct self-defense, but it is also a significant step toward more advanced combat system testing and operations for our Navy’s most technically innovative warship,” DDG 1000 program manager Capt. Matt Schroeder said Monday in a press release.

The SM-2 missile was built by Ratheon. It includes radar seeker technologies in continuous wave and interrupted continuous wave guidance modes, tail controls, and solid rocket motor propulsion to engage high-speed maneuvering threats and updated radar targeting and directional warheads. The SM-2 also has an extensive flight test history, with more than 2,700 successful live firings.

The Zumwalt-class is one of the new generations of guided-missile destroyers, incorporating the latest solutions in the field of military shipbuilding: stealth, missile systems, artillery, new power plants, and advanced electronics. According to the Department of Navy, the Zumwalt was first commissioned in 2016 but won’t be ready for any sort of action until the second half of 2021. The six hundred foot long destroyer is six years late and has racked up a total price tag of $7.8 billion dollars.

“The ships’ stealth and ability to operate in both the open-ocean and near-shore environments creates a new level of battlespace complexity for potential adversaries. The Zumwalt class will also operate as a key enabler in the acceleration of new warfighting capabilities and rapid development and validation of operational tactics, techniques, and procedures,” the Navy said.

Below is the video of the launch.


Source: https://techstartups.com/2020/10/24/us-navy-stealth-destroyer-zumwalt-successfully-fire-off-sm-2-missile-first-time/

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Dr. Fauci says it might be time to mandate masks as coronavirus cases surge across the US

The rise in the number of coronavirus cases has led to renewed calls for mask mandate. On Friday alone, 32 states saw a sudden increase in the number of reported COVID-19 cases. The University of Washington’s Institute for Health Metrics and […]

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The rise in the number of coronavirus cases has led to renewed calls for mask mandate. On Friday alone, 32 states saw a sudden increase in the number of reported COVID-19 cases. The University of Washington’s Institute for Health Metrics and Evaluation said the country was entering a winter surge as new infections passed 75,000 in a single day on Friday and more than 800 deaths were reported.

As mask mandate debate rages, Dr. Anothony Fauci says it might be time to mandate masks as Covid-19 surges across the US. In an interview with CNN on Friday, the nation’s top infectious-disease expert told CNN’s Erin Burnett: “Well, if people are not wearing masks, then maybe we should be mandating it.” However, Dr. Fauci cautioned that he doesn’t think a federal law would be the way to go. Dr. Fauci added that enforcing mask mandates may be tricky, but it might be time to call for them.

“There’s going to be a difficulty enforcing it, but if everyone agrees that this is something that’s important and they mandate it and everybody pulls together and says, you know, we’re going to mandate it but let’s just do it, I think that would be a great idea to have everybody do it uniformly,” he said.

Back in July, Dr. Fauci also told Alabama Sen. Doug Jones saying, “I don’t like to be authoritarian from the federal government, but at the local level, if governors and others essentially mandate the use of masks when you have an outbreak, I think that would be very important.”

In the early months of the coronavirus pandemic, Dr. Anthony Fauci said, ‘There’s no reason to be walking around with a mask.” Since then, over 200 thousand Americans have died from the deadly virus. Dr. Fauci later changed his tune encouraging people to wear masks as part of safety measures to slow the spread of the virus.


Source: https://techstartups.com/2020/10/24/dr-fauci-says-might-time-mandate-masks-coronavirus-cases-surge-across-us/

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David Barrett, founder and CEO of San Francisco tech company Expensify, emailed 10 million customers urging them to vote for Biden and stop Evil Trump

In 2008, when former President Barack Obama was running for the White House, he said that if elected, he could, like the creator of the universe, calm the rising seas. Then on June 3, 2008, when he had clinched the Democratic […]

The post David Barrett, founder and CEO of San Francisco tech company Expensify, emailed 10 million customers urging them to vote for Biden and stop Evil Trump appeared first on Tech News | Startups News.

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In 2008, when former President Barack Obama was running for the White House, he said that if elected, he could, like the creator of the universe, calm the rising seas. Then on June 3, 2008, when he had clinched the Democratic nomination, he made the following infamous statement: “This was the moment when the rise of the oceans began to slow and our planet began to heal.” Fast forward eight years later, the National Oceanic and Atmospheric Administration reported in June 2016 showed that “sea level has been rising over the past century, and the rate has increased in recent decades.”

Now, it is another presidential election season in America. However, unlike in 2008, the Silicon Valley elites believe the biggest problem we face in America today is Evil. And we must do something to eradicate evil. Just like the prophets in the Bible warned of impending doom, the tech oligarchs in Silicon Valley are asking Americans to take a stand and defeat evil. Also this time, the elites have chosen an American “savior” who will defeat evil and bring us peace. That savior, according to David Barrett, the founder, and CEO of San Francisco tech company Expensify, is Joe Biden.

Unlike other companies, such as Apple, Facebook, Google, and Twitter that have sought to limit internal discussion on hot-button issues and disguise their support for Biden using censorship, Barrett thinks “anything less than a vote for Biden is a vote against democracy.”

In a polarizing email sent to his company’s 10 million customers, Barrett said: “All evil needs is for good people to stand aside. Not standing for anything means you’re standing for the status quo.” Barrett did not stop there. He went on to lecture Americans saying: “If you are a US citizen, anything less than a vote for Biden is a vote against democracy.”

In his email, Barrett criticized the Trump administration’s efforts to suppress voter turnout and its false claims about voter fraud. It urged Americans to vote for Biden on November 3.

“I wouldn’t be sending this email if this election were just about ‘normal issues’ — taxes, legislative priorities, healthcare, etc.,” Barrett wrote. “But it isn’t. This election is a referendum on what limits, if any, we place on our elected leaders to govern us in a fair and representative way. This election will decide if widespread voter suppression is an acceptable governing tactic.”

According to multiple media sources, Barrett said that Expensify employees contributed edits to the letter and that about two-thirds voted to send it.

Read the full email from Expensify CEO David Barrett below:

Subject: Protect democracy, vote for Biden.

I know you don’t want to hear this from me. And I guarantee I don’t want to say it. But we are facing an unprecedented attack on the foundations of democracy itself. If you are a US citizen, anything less than a vote for Biden is a vote against democracy.

That’s right, I’m saying a vote for Trump, a vote for a third-party candidate, or simply not voting at all — they’re all the same, and they all mean:

“I care more about my favorite issue than democracy. I believe Trump winning is more important than democracy. I am comfortable standing aside and allowing democracy to be methodically dismantled, in plain sight.”

If the polls are accurate, there’s a roughly 50% chance that you agree Trump needs to go. You know what to do: show up on November 3rd and vote for Biden. Or even better, don’t wait until then: vote today. Go to Vote.org if you need help figuring out how.

The rest of this email is intended to address the concerns of those who disagree, and I’ll try to take the most likely questions in turn:

Q: Why do you care so much about democracy?

Democracy is core to our business success, in a variety of ways. Internally, we are a famously “flat” organization — nobody reports to anyone else, and advancement is the result of meeting well defined criteria as judged by the vote of those who have already advanced. How we compensate each other is left up to a team vote as well. Even our external business model depends on individual employees “electing” to adopt Expensify as individuals, and then “campaigning” internally to get it adopted companywide. At every layer, democracy is our core competitive advantage — both as a company, and as a nation. But that advantage is only as strong as the clarity of our rules and the fairness of their application. Any attempt to disrupt the rules or apply them unfairly is a direct threat to the strength of our company, and the strength of our nation.

Q: What gives you the right to tell me what to do?

The first amendment. To be clear, you don’t need to listen. But the first amendment exists to encourage people like you and me to find some way to talk about the issues that matter, set aside our differences, and find a common ground on which to collectively govern 331 million citizens. Yes democratic self-rule can be inconvenient. But a burden of democracy is that this is literally our job, so I’m asking all of us to take it seriously.

Q: But you’re a company, shouldn’t you remain neutral?

Expensify depends on a functioning society and economy; not many expense reports get filed during a civil war. As CEO of this business, it’s my job to plot a course through any storm — and all evidence suggests that another 4 (or as Trump has hinted — 8, or more?) years of Trump leadership will damage our democracy to such an extent, I’m obligated on behalf of shareholders to take any action I can to avoid it. I am confident our democracy (and Expensify) can survive a Biden presidency. I can’t say the same about Trump. It’s truly as simple as that.

Q: Don’t you think you’re… exaggerating a bit?

I truly wish I was. I wouldn’t be sending this email if this election were just about “normal issues” — taxes, legislative priorities, healthcare, etc. But it isn’t. This election is a referendum on what limits, if any, we place on our elected leaders to govern us in a fair and representative way. This election will decide if widespread voter suppression is an acceptable governing tactic.

Q: Doesn’t everyone suppress votes?

Not like Trump. This is the most heavily litigated election in history, with over 300 lawsuits rushing through the courts before election day. And in every case, Biden is pushing to enable voters while Trump is pushing to suppress them. The trend couldn’t be more clear: Biden wants democracy, Trump does not. A vote for Trump is to endorse voter suppression, it really is very basic. This isn’t about party politics: if Biden were advocating for half of the voter suppression that Trump is actively doing, then I’d be fighting against Biden, too. This is bigger than politics as usual: this is about the very foundation of our nation.

Q: Isn’t Trump just trying to prevent voter fraud?

Voter fraud is virtually nonexistent, as overwhelmingly shown by data showcased by the White House itself. That data comes from the Heritage Foundation, a conservative think tank counting every single known case of voter fraud since 1948, which adds up to only 1,290 distinct votes over 78 years. In 2016 alone there were 138 million votes. There is just no credible argument that voter fraud is significant, even based on Trump’s own data.

Q: Isn’t Biden just using more widespread voting to get elected?

Absolutely. This is the heart of the issue. Biden believes that enabling more people to vote will help him win. Biden wins by promoting democracy; Trump wins by suppressing it. A vote for Biden is a vote for democracy.

Q: So what if Trump gets elected by voter suppression, all’s fair right?

Well that’s what we’re going to decide, on November 3rd. Do you want your elected official to win based on the merits of their ideas? Or based on the ruthlessness of their voter suppression? And if you’re ok with “just a little suppression” — where do you draw the line?

Q: Why send me this when the polls say Biden is going to win?

The polls said Trump was going to lose last time, and he didn’t. But even if the polls can be trusted, that might still not be enough. Trump has stated repeatedly he will only honor an election that he personally feels is fair. So much depending on his personal judgement is worrying, because he has rejected the overwhelming expert consensus that voter fraud has been negligible historically, and has also said he believes it would be impossible to lose a fair election. Accordingly, the only way to ensure a peaceful transition of power is to ensure this election is an overwhelming, undeniable landslide in favor of Biden. Any excuse to question the election is an opportunity for Trump to refuse to leave the White House, plunging this country into a Constitutional crisis bordering on civil war. No matter how slight that risk might be, the consequences of it happening would be so catastrophic to society and the economy, we need to do all we can to prevent it.

So one final plea. As a fellow citizen, I fully support and respect your Constitutional right to disagree — and as an avid supporter of democracy, I value that disagreement. Constructive, well-informed debate (hopefully using the most accurate, least biased news source available) is what makes this nation so exceptional.

But the Constitution is only as strong as the respect we give it. I’m asking you to cherish it close to your heart, and demand that those you elect do the same.

-david
Founder and CEO of Expensify

PS: Agree or disagree? Reply to this email to share your thoughts with Concierge, or hit me up on Twitter @dbarrett to discuss!

PPS: Want to do even more? Support the National Popular Vote to make every vote count equally toward the presidential election, even if you aren’t in one of the 12 states deciding this election.

PPPS: Are you annoyed that you received this as a non-US citizen? If you’re lucky enough to live in a democracy, then I’d encourage you to protect it and be willing to do uncomfortable things — like emailing millions of customers — to defend it.


Source: https://techstartups.com/2020/10/24/expensify-founder-ceo-david-barrett-emailed-10-million-customers-urging-vote-biden-stop-evil-trump-anything-less-vote-biden-vote-democracy-barrett/

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