Inflation, Jobless Claims, The Spirit of the Entrepreneur and Giving Thanks.
Inflation is going… down?
It appears so.
This was a big week for the CPI – didn’t we just talk about this? Time flies, and I guess that’s why it’s only 35 days until Christmas. WHAAAAT!!!!!!?????
Deep breath…
CPI, year over year, was 3.2%, down from 3.7% last month.
Core CPI, year over year, was 4.0%, down ever so slightly from 4.1%
This is all very good Good News. Now for some bad Good News.
Initial jobless claims were higher than expected!
They came in at 231,000, higher than last week's 218,000.
It’s bad for the laid-off folks, but the higher number influences the Fed to drop rates.
And that’s good news.
It’s looking increasingly like the Fed will hold off on raising rates even higher than they are.
And that’s good Good News because businesses have been feeling the pinch of paying double the interest than they did a year ago.
Now we wait for the early results of the holiday shopping season…
The Spirit of the Entrepreneur
This past week, a very large shindig was put on by Mike Stull and the Inland Empire Center for Entrepreneurship at Cal State U. San Bernardino.
By large, I mean 900 people were in attendance.
And 31 companies competing for a title in 7 categories.
It is always a pleasure to be at this event as it brings to my mind why I so enjoy helping businesses succeed.
Some comments from participants at the event:
“We sacrificed dreams of owning a home to start this business…”
“We wanted to make the world a better place… thanks to God and to my husband who never questioned my dreams…”
“I started a law firm where I would want to work at… and I thank God for that.”
“It’s better to get it right than to be right.” That was from the blind finalist.
“Thank you, God.”
“As a business owner, you are crazy enough to work 80 hours to avoid working 40 hours.”
“My thanks to my spouse and my kids…”
“I owe it all to my team…”
Two things were ubiquitous. Almost all thanked God. I think this is because when you have no idea how you will make payroll, you turn to the one being who can make it happen.
Coincidently, starting a business requires a lot of faith, too.
The other, quoted by winners and finalists, was how grateful they were to their team. At the end of the day, week, month, quarter, and year, it is your team that gets you across the finish line.
While there were only 7 winners amongst the 31 finalists, the take-away from all the owners and their teams should be the awareness that they are not the only ones that have put everything on the line to be where they are today.
You, as a business owner, are the reason the following phrase was written:
To be successful, you have to be willing to do the things today that others won’t do in order to have the things tomorrow that others won’t have.
Hence the 80 hour/week job opportunity…
The time for Giving Thanks…
It turns out the folks on the Mayflower had the honor of starting the inaugural Thanksgiving celebration in North America. They landed on what is now Cape Cod on November 11, 1620. While it is documented that they attempted to continue to Virginia, I suspect the captain had enough of people saying, “Are we there yet?” and just dropped the anchor in the closest bay he could find.
A year later, only 53 of the original 103 remained, having lost most to a nasty combination of scurvy, pneumonia, and tuberculosis. They were able to plant crops in the spring of 1621 and, with the help of the local Wampanoag Indians, managed to survive, and it is with the Wampanoags that they celebrated Thanksgiving in 1621, 402 years ago this week. Fun Fact: The Wampanoags helped the Pilgrims get their act together in exchange for protection from the competing Narragansett tribe. And the protection racket was born…
I have found that the most successful business owners and managers also show their thanks to their employees – see Spirit Awards above. As much as many of us dread getting together with the entire office, complete with spouses, the company holiday party fosters team building and camaraderie, particularly if there is a gift exchange and an ugly sweater competition. One owner I know holds a huge raffle for his staff of 100+ workers where everyone walks away with something, ranging from TVs to tools, and bakeware to baskets of goodies and gift cards. Now that is a Thanksgiving. Oh, and don’t forget your customers.
So, let’s carve a little time out to thank the folks who helped make you or your department successful or helped take your company to the finish line this year. Whether you have 1 employee or hundreds, show them you care. It will pay dividends, I promise you that.
Have a wonderful Thanksgiving, and count your blessings; after all, you are in the United States of America, the greatest country in the world. Remember, no one is risking their life to get into China, Russia, North Korea, Venezuela, or any other two-bit dictatorship. Oddly enough, millions risk their lives to get into the USA each year. Maybe that freedom thing that allows you to be whatever you work hard for has something to do with it. Funny how that works out.
And from me, thank you for being a reader and sharing your thoughts with me to help make me better, each and every week.
