Small Business Owners Deal with Crisis

How are small business owners dealing with the latest financial crisis? How do they know if their bank is failing? What if they have a loan that is taken over by the FDIC or is acquired by a competitor? How could "Alf" speak English so well? You’re telling me the guy is from Melmac, eats cats and has the face of a bull terrier, yet he can pontificate like Oscar Wilde?

BusinessWeek responded to three of these pressing questions in a recent article focused on the impact the recent financial goings on have had on American small businesses. The article touches on the status and trends of banks, credit unions, loans and other information that could be useful to know:

While the financial crisis doesn’t necessarily affect the small business sector directly, economic pessimism and fears about winter fuel costs are likely to sap consumer confidence for some time. "Entrepreneurs should be mentally and financially prepared to hunker down in this economy for a couple of years," Thacker says. "The downturn that started a year ago could last another two Christmas seasons. I’m hoping its going to be less time than that, but people are worried."

Shameless plug: For those truly interested in helping their small business thrive, the Indiana Chamber offers Building a Business in Indiana. This publication, authored by attorneys at Bose McKinney & Evans LLP, walks new business owners through myriad trials and issues regarding a new business — things like protecting your company, taking advantage of the available tax credits and grants, legal obligations to employees, tax status and much more.

Beijing Olympics Serve as Educational Tool

Catching bits and pieces of Olympic television coverage (and who couldn’t watch at least a little on any of the many "family" of NBC networks) over the weekend prompts the following:

  • I consider myself a fairly intelligent 45-year-old who pays attention to what goes on around him. But who knew there really were 205 countries eligible to participate in these Olympic Games. Guinea and Guinea-Bissau, both different from Papua New Guinea? Mauritania and Mauritius? Where are Comoros and Turkmanistan? Maybe our children going back to school in this and coming weeks could gain a world history lesson.
  • The U.S. is certainly guilty in other areas, but a $300 million price tag for the opening ceremonies? Think of the other ways some of that money could have been spent.
  • There is a rule in place that gymnastics (maybe all) competitors have to be at least 16 years old. Most of the Chinese female gymnasts, however, appear to have been babies during the 1996 Atlanta Games rather than the 1992 event in Barcelona.
  • That said, the Games are capitivating. It’s not just national pride, but watching the underdogs, from wherever, competing against the big countries is what it’s all about.
  • Michael Phelps might erase former IU Hoosier Mark Spitz from the record book, but 41-year-old Dara Torres swimming — and successfully — against women half her age is truly amazing.
  • This is supposed to be about business. So, we’ll end with no matter what you think about China and its politics, rest assured that the country will continue to grow in prominence and in its place in the international business world.

Also, read the China Business Review’s take on the overall impact the Olympics will have on Beijing and the nation.

Remembering Tim Russert

As you’ve probably heard, "Meet the Press" moderator and NBC News Washington Bureau Chief Tim Russert has died suddenly today.

Russert eloquently spoke at the Indiana Chamber’s Annual Awards Dinner in 2004, bringing in the largest recorded attendance to date. Furthermore, he’s highly praised by those on our staff who had the opportunity to meet him. This BizVoice article from our 2004 September/October edition also provides some background into his life and his motivations.

The Chamber is grateful for Mr. Russert’s association with us and believes he will be remembered fondly by journalists, politicos, et al.