Business & Finance
Inc. Magazine

Inc. Magazine

November 2020

Founded in 1979 and acquired in 2005 by Mansueto Ventures LLC, Inc. is the only major brand dedicated exclusively to owners and managers of growing private companies, with the aim to deliver real solutions for today’s innovative company builders.

United States
Mansueto Ventures LLC
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6 Issues

in this issue

2 min.
ask an expert is this a business?

BUCHANAN My kitchen cabinet is full of spices that are years old. I cook a lot, but not often enough to use up the standard 1.5 ounces of paprika, mace, or turmeric before it goes bad. (Old paprika, in particular, is a real downer.) I’d like to lease spice dispenser units (similar to coffee bean dispensers) to gourmet shops and high-end grocery stores. The units would store whole spices and grind them in tiny increments into small, recyclable bottles. Preprinted peel-and-stick labels next to each spice dispenser would ensure cinnamon is not confused with nutmeg. The price-per-ounce would be slightly more than buying a standard bottle, but smaller quantities means the consumer would actually spend—and waste—less. Units would be restocked using client feedback and data analytics to predict what each store will…

3 min.
smart solutions tame payroll complexity

Even before the COVID-19 pandemic hit, HR trends such as remote work and employee self-service were gradually infiltrating the workplace and creating additional payroll complexity for small and midsize businesses (SMBs). The pandemic has not only accelerated those trends, it’s thrown entirely new challenges into the mix. “The pandemic has hit SMB employers especially hard because their budgets, staff, and technological resources are more limited than those of larger employers,” says attorney Rena Pirsos, legal editor at XpertHR, a compliance consulting firm. “The impacts are many and interrelated.” A June 2020 Paychex® survey found that 52 percent of SMBs plan to allow or require employees to work remotely, and 41 percent see more flexible work schedules becoming a permanent part of the employment landscape. The trend toward mobile HR technology to enable…

6 min.
go take a leap

Most companies have adjusted to pandemic life—they’ve refitted their existing organization to the new environment. But rather than simply adjust, think about the giant opportunity you now have to completely reboot—to take all the promise and unfulfilled potential of your team on a six-month journey toward 10x transformation. Before the pandemic, you were hopeful, but hungry for fast and focused collaboration and constructive and candid discussion. You were eager, but impatient to see signs of agility from your senior team in the face of change—or to initiate disruptive change. The potential for exponential growth and unrealized innovation maybe felt just out of reach. Look back on the past six months and your team likely did some extraordinary things. But what about the next six months? There will be great fortunes lost and…

3 min.
why every small business must embrace digital payments

Soon after the COVID-19 quarantine began in March, Kevin Phalen, SVP, Global Head of Visa Business Solutions at Visa, began receiving a flurry of questions from small business owners about how to take their companies online. “A lot of businesses had to build their digital presence from scratch,” Phalen says. “They came to us saying, ‘How can you help?’” According to Visa, half of America’s small businesses had no online presence before the pandemic. While that has increased, companies in the U.S. and beyond are still trying to figure out how to get more digital, including creating a larger web-based presence and offering contactless payments, where clients can tap a card on a point-of-sale device to pay for an item. Embracing digital commerce is neither complicated nor expensive. Where to start? Here…

9 min.
the world’s best mba programs for entrepreneurship in 2021

When Charlie Olson stepped onto Stanford University’s campus to start the fulltime MBA program in the fall of 2015, he didn’t consider himself an entrepreneur. Those were the “hyper-creative” types who had the ability to build something out of nothing — a mindset, and a skill set, he just didn’t have. Or so he thought. That began to change early in Olson’s second year at Stanford’s Graduate School of Business when he met Eric Lax, who was studying for both an MBA and a master’s in data science. “He had the brightest, most creative, most innovative mind that I had ever met,” Olson says of their first meeting. “I thought, ‘Hey, you know what, I actually have a shot at entrepreneurship as long as I pay attention to Eric.’” Pay attention he…

4 min.
a pattern of success

Jenny Zhu, founder and CEO of Triangle Home Fashions, which moved to East Brunswick, New Jersey, last year, was born and raised in rural China. There, she got her hands on glossy magazines as a teenager and began dreaming of being a designer and business owner. “My blood boiled,” she says. Small-town life could not contain her, so she moved to Beijing, the big city, working during the day and studying English at night school. The energy of the city shot through her. “I felt it again–my blood boiled,” she says. “Entrepreneurship was all over the place. I thought, ‘Oh, my god, one day I’m going to be somebody.’ ” She is. Twenty-one years after coming to the United States, and 12 years after launching her business in Cranbury, New Jersey, Zhu…