5 Reasons Why It Sucks to Be an Entrepreneur

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(This post originally appeared on Entrepreneur)

A recent study, featured in an opinion piece by Bloomberg’s Noah Smith, found that entrepreneurs make more money (and earn a better financial return) than salaried workers after taking into consideration their lifetime earnings.

“The lifetime risk-return tradeoff of starting a business looks pretty attractive after all,” he writes. But there is one dilemma, he notes. That is, if people can make more money over a lifetime running a business, why don’t more do it?

Oh, I’ll tell you why, Noah. It’s because running a business can suck. I should know. I’ve been running a business for more than 20 years. Even though I wouldn’t want to be working for anyone and I enjoy the control it gives me and the money I make, I get why many people would prefer not to be a business owner. Want some examples? Read More…

13 Things You’re Going to Like About the New Trans-Pacific Partnership


(This post originally appeared on Inc.)

Finally, after many years of negotiations, the 12 countries (Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam) making up the Trans-Pacific Partnership (TPP) have finally reached a comprehensive new trade agreement. We’re still a long ways away from a final sign-off–the President needs to give Congress a 90 day advanced noticed that he intends to sign it and then Congress needs to pass it, which given the current political environment in Washington will be tenuous.

There are the obvious geopolitical reasons for doing this, particularly the need to establish a strong foothold in Asia to combat China’s growth. And of course this agreement is not perfect. No agreement is. There needs to be more specifics. Some of the provisions are too general and seem easy to defy. Bernie Sanders and Donald Trump say it’s a bad deal for American workers, who are apt to lose jobs to workers in other countries where producing goods is easier and cheaper. Some of the new rules and regulations may be detrimental to companies in certain industries. You can argue that giving a tiny country like Brunei the same rights and access to U.S. markets as Japan is questionable. Read More…

The 5 Biggest Things In Tech You Missed This Week: 10/2


(This post originally appeared on Forbes)

Here are five things that happened in the world of technology this past week and why they’re important for your business (and mine). Did you miss them?

Merchants are still not getting the whole EMV chip thing.

Effective October 1st the credit card industry is now requiring merchants to accept cards that have encrypted EMV chips. Astudy released this week by The Hartford found that 86% of small merchants still did not have point of sale systems that are compliant and 50% weren’t even aware of the requirement.

Why this is important for your business: If you do not have point of sale equipment that can accept an EMV chip card in your store, and a fraudulent transaction occurs, you will now be held responsible for those charges by the credit card company. There will be a cost for upgrading your equipment but your potential liability could be much greater. You can read more about this change here. Read More…

City Was Right To Go Overboard for Pope Visit

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(This post originally appeared on PhillyMag)

Can we all agree that the City went completely overboard for the Pope visit?

Here’s what I saw in Center City Saturday and Sunday:

-Locust, Spruce, Pine and Lombard Streets were vacant — literally a mile from where the Pope or any of the crowds. Was it really necessary to extend the zone that far?

-A more than quiet Rittenhouse Square, save for a lonely band of military guys sitting on their Humvee and a medical tent armed with emergency personnel looking for someone with a mosquito bite to treat. Read More…

The 1 Huge Thing Missing From the GOP Tax Plans So Far


(This post originally appeared on Inc.)

So far, four Republican candidates have released details of their tax plans. And yet all four are missing something – as Donald Trump would put it – HUGE.

Among many ideas, Jeb Bush wants to lower tax rates across the board for both individuals and corporations as well as cut back the capital gains rate. He plans a “holiday” for companies who repatriate their foreign cash back to the U.S. and to give businesses the opportunity to write off equipment at the time of purchase, rather than depreciate. Trump also has many ideas. Although he doesn’t propose the equipment deduction, his plan is somewhat similar to Bush’s with even lower rates for individuals and corporations and capital gains, including a 15% pass-through rate for those of that are S-Corps and proprietorships. Rubio’s plan is to lower rates for individuals and corporations–including pass-throughs (but not as much as Trump and Bush) and to eliminate the capital gains rate altogether. Like Bush, he proposes to expense capital equipment. Rand Paul wants a flat tax. Read More…


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