Ready to roll in a recession getty Starting a business during a downturn can be nerve-wracking, yet some of the most famous brands were launched during an economic crisis. Airbnb and Uber began trading during the 2008 global financial crisis; Burger King opened its doors in 1953 when the U.S. was in recession, while Hewlett-Packard was founded in a Palo Alto garage in 1939 during the Great Depression. With the R-word threatening to rear its head again, the key question is why? According to John Mullins , associate professor of management practice at London Business School and author of ‘ Break the Rules! The Six Counter–Conventional Mindsets of Entrepreneurs That Can Help Anyone Change the World ’, there are three key reasons. He says: “Firstly, during or in anticipation of economic downturns, as we are seeing today, large companies are cutting costs and reeling in their ambitions, which means less innovation and less competition for others who innovate. Secondly, many of the resources a startup needs, people, real estate, etc., become more plentiful and cheaper. Third, entrepreneurs with great business ideas are probably more inclined to think, why not give that good idea a go?” That was the reasoning […]

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Copy This Embed Code: Ad BALTIMORE — In Maryland, consumers have the power to choose who supplies their gas and electricity. This de-regulation is supposed to promote competition by allowing customers to shop around for better prices, but an Annapolis business owner said this backfired when his employee switched their service without his knowledge. It started with a collection notice from a company called SFE Energy. “I’ve never heard of this company before in my life. We’ve been with BGE for 30 years,” said George Criswell, president of Criswell Acura. Criswell ignored the bill at first. “I thought it was a fake bill, we get fake bills in the mail pretty often, so I put ‘do not pay,’ put it aside. I started thinking about it a few days later and then I started Googling it – where is this bill coming from? Who are these people?” said Criswell. He asked his employees, and a worker in accounts payable recognized the name. She claimed to have authorization to change the supplier and signed a contract in June. The locked in rate was 14.03 cents per kilowatt hour for 4 years. The rate is slightly lower than BGE’s peak rate […]

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Marshall Denney , a retired U.S. Marine Corps colonel, has joined Client Solution Architects , a provider of integrated technology platforms and operational support services to defense and federal government clients, as vice president of the company’s Navy business unit, GovCon Wire has learned. In this capacity, he will lead efforts to achieve the company’s financial and business goals inside the service branch, CSA said Tuesday. “Operational excellence will ultimately determine how quickly we grow, and Marshall’s high degree of proficiency in business development and corporate operations will ensure accelerated growth as we expand and introduce our capabilities to key and adjacent markets within the Navy,” said Tim Spadafore , chief operating officer of CSA. Before CSA, Denney managed the counterthreat and capabilities integration and major command technology integration business units at Amentum . He also served as VP of operations for electromagnetic spectrum and information assurance at AECOM (NYSE: ACM). His 28-year career in the Marine Corps included time as a commanding officer, director of the Joint Electronic Warfare Center and deputy director of operations for U.S. Cyber Command. “It is my responsibility to take the reins to continue to build our three verticals of cyber and information […]

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Emmy the Cow stands in the front window of Green Cow Creamery in Cuero. CUERO — Look out Ruby Begonia, Emmy the Green Cow may soon take over as the mascot of Cuero’s Main Street. Since June, Emmy has attracted visitors in downtown Cuero to the Green Cow Creamery, which offers store-made ice cream. Emmy is stationed in the window so all who pass will see her. The creamery, which in addition to ice cream also offers adult alcohol-infused ice cream, is already turning a profit and had the owners talking abut expanding. It is the brain child of Jeanette Rocha, who opened the business after growing tired of the corporate world in the Houston area. Jeanette, 51, gave up her $300,000-a-year marketing executive position to move to her husband’s hometown and to start a business. She was a store manager for Walmart in Houston for many years as well as working in various marketing roles. “I’ve always wanted to start my own business,” Jeanette said. “I was always thinking about what I was going to do outside of the corporate world because it’s demanding. It’s stressful.” She and her husband Rudy Rocha, 53, had planned to retire to […]

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Active cyber insurance provider Coalition has announced that it has launched its own full-stack insurance carrier called Coalition Insurance Company (CIC). With an A- rating from AM Best, CIC is backed by Coalition’s Active Insurance platform. The carrier will allow brokers to secure cyber protection for a broader range of clients while providing coverage that meets specific client needs, the company explained. Policies issued by CIC will include robust cyber protection for both small and midsize businesses that lack the tools and resources to mitigate cyber risks. “The launch of Coalition Insurance Company marks a critical step in our company’s mission to protect the unprotected,” said Coalition co-founder and CEO Joshua Motta. “Cyber risk exists for any business—regardless of size or industry. With our own carrier, we can innovate faster to protect the broadest set of businesses from emerging cyber threats and make cyber insurance more accessible to small businesses who need it most.” CIC will begin quoting its admitted cyber product in several states starting March 2023, a release said. A national rollout is expected in the months to come. Last year, Coalition acquired Digital Affect Insurance Company from Munich Re Digital Partners US Holding Corporation. The acquisition […]

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Undated photo of downtown Vincennes. (photo courtesy: Tom Bartholomew/Knox Co. Chamber of Commerce) KNOX COUNTY, Ind. – Officials in Knox County have launched a local business retention and expansion program aimed at helping local businesses and improving economic development. Knox County Indiana Economic Development and the Knox County Chamber of Commerce are partnering on this effort to examine the needs and challenges facing employers. The partners have initiated a survey process to survey local business owners and managers. In an interview with Inside INdiana Business, Knox County Development Corp. CEO Chris Pfaff explained what he hopes the survey will discover. “I think the biggest thing is just looking for trends, and then any specific thing that are barriers to growth,” said Pfaff. “There are a lot of different questions in there about how do you perceive our community? And a lot of these questions are teasers to open up a conversation with our local companies about their experience in doing business here in Vincennes and Knox County.” The partners say a number of Knox County businesses will receive a letter in the coming weeks detailing how they can participate in the program. It will explain why participating in the […]

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COSHOCTON − Two local businesses recently received Community Improvement Awards from the Coshocton County Chamber of Commerce for expansions designed to boost the local area. MFM Building Products was recognized for completing its $8 million expansion project in November. Coshocton Regional Medical Center was honored for opening a new walk-in clinic in Warsaw in December. Representatives were presented with plaques at the chamber’s quarterly luncheon held at the M Event Center. MFM held a groundbreaking in March 2021 for a new 46,000-square-foot warehouse to hold raw materials and some finished goods. This allowed a new product line to be added in the main building. Another building where raw materials were stored was also remodeled into office space. A building once used for storage and offices was razed and turned into green space and parking. The firm manufactures exterior, self-adhering waterproofing membranes for the construction industry. Examples include waterproofing material under roof shingles and around windows. MFM sells products to direct distributors, not to contractors or the general public. MFM does business across North America and some countries overseas such as Thailand, Australia and New Zealand. "It was a tough build with the supply chain issues," said Fulfillment Manager Paul […]

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Personal finance fintech SoFi Technologies ( US:SOFI ) began the trading week with a 12.5% gain on Monday after reporting fourth quarter results which showed continued positive momentum. For the final quarter of 2022, SoFi reported continued growth in sales and tracked closer towards profitability. SoFi generated GAAP net revenues of $456.68 million for Q4, which grew from $423.99 million in Q3 and was ahead of analyst forecasts of around $425 million. On an adjusted view, net revenue grew from $423.99 million in Q3 to $456.68 million in Q4. Underlying profits measured by adjusted EBITDA grew from $44.30 million in the third quarter to $70.06 million and beat consensus forecasts of $43 million by 62%. The group’s net loss improved significantly from -$74.21 million in Q3 to -$40.00 million in Q4, equating to an EPS loss of -5 cents per share. The EPS figure was well ahead of analyst estimates of -9 cents per share. The positive business performance was supported by new member additions of around 480,000 and new products added of over 695,000. With the year now ended, SoFi’s CEO Anthony Noto provided an updated outlook picture with guidance for 2023. Noto expects SoFi to generate adjusted […]

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Schnearia Ashley, senior vice president of CRA Community development manager; Ryan V. Thompson, assistant vice president; Jeremy Ben-zev, market president; Tanya T. Morris, Mom Your Business executive director; Ebony Young, event coordinator; and Karren Henderson, board member. Philadelphia-based organization, Mom Your Business, announced that it has received a $30,000 grant from the Truist Foundation aimed at supporting the group’s Founders to Funders program. The grant will be used to support the organization’s current operating structure by strengthening the small businesses that the group guides, according to a news release. The group said it will invest the funds into serving “Black women currently participating in the Founders to Funders Business Accelerator (who) need capital, resources and support to continue to grow their business(es).” “We are extremely grateful to Truist Foundation. Black women continue starting businesses faster than any other group yet receive the least investment. This grant will allow us to support their development and provide them with capital to grow as well,” said Tanya T. Morris, the president/founder of Mom Your Business. Mom Your Business is a nonprofit organization founded in 2017 that specializes in aiding Black and brown women by connecting them to “resources and opportunities that lead […]

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UPS electric vehicle delivery van on 2nd December 2022 in London, United Kingdom. UPS electric vehicle delivery van on 2nd December 2022 in London, United Kingdom. Mike Kemp | In Pictures | Getty Images United Parcel Service on Tuesday morning reported fourth-quarter revenue that missed Wall Street’s expectations and declined from last year, as the company continues to see volume decline amid cooling demand. Here’s how UPS performed in the fourth quarter , compared with what Wall Street anticipated, based on an average of analysts’ estimates compiled by Refinitiv: Adjusted earnings per share: $3.62 vs $3.59. Total revenue: $27.03 billion vs $28.09 billion. For the three-month period ended Dec. 31, the company reported adjusted net income of $3.15 billion, or $3.62 per share, compared with $3.15 billion, or $3.59 per share, a year earlier. The company on Tuesday offered full-year guidance that fell below analyst’s expectations. It is projecting revenue between $97 billion and $99.4 billion, versus analyst’s estimates of $99.98 billion. Since taking the helm in 2020, CEO Carol Tomé has been championing a “Better not Bigger” business strategy, focusing on high-margin shipments rather than just boosting volume. That strategy was put to the test last quarter as […]

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