This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

3 Things You Should Know About Small Business: Nov. 13

NEW YORK ( TheStreet) -- What's happening in small business today?

1. National Entrepreneur Month and Global Entrepreneurship Week.This week is a busy one when it comes to celebrating our country's entrepreneurs. Earlier this month, President Barack Obama proclaimed that November was National Entrepreneurship Month and this Thursday to be National Entrepreneur Day.

The proclamation coincides with the kick off to Global Entrepreneurship Week (GEW) , which launched on Monday in 130 countries. For the fifth consecutive year, the event features a wide range of events, activities and competitions designed to strengthen the entrepreneurial ecosystems that are responsible for job creation and economic growth, according to the Kauffman Foundation, the organization that created GEW.

GEW "connects people through activities designed to help them acquire the skills and networks necessary to take the next step, no matter where they are along the startup spectrum," according to a press release. National campaigns in 130 countries are in full swing as more than 24,000 partner organizations hold nearly 40,000 activities, Kauffman says.

The event was kicked off the event by naming the winner to Startup Open, a competition that recognizes the year's most innovative new company. The grand prize went to Dropifi.

"The young cofounders from Ghana took the top prize for their smart widget that replaces static 'contact us' forms -- reading such things as personalities and emotions, allowing companies to better analyze incoming messages and route them accordingly," the release says.

Dropifi won an all-expenses-paid trip to Rio de Janeiro, Brazil, in March 2013 to attend one of the world's largest gatherings of startup champions, the Global Entrepreneurship Congress.

Biosyntia of Denmark won another GEW competition -- the Cleantech Open Global Ideas Competition. Biosyntia won for its work in helping chemical manufacturers move to biochemical methods while reducing costs and CO2 emissions.

Follow Global Entrepreneurship Week on Twitter at @unleashingideas.

2. Consumers are already shopping for the holidays; are you ready for them? Every year it seems like the holiday season starts earlier and earlier. According to the National Retail Federation annual survey, 52.8% of Americans have already started their holiday shopping, up from 51.4% last year.

The survey polled 9,383 consumers and was conducted for NRF by BIGinsight from November 1-6, 2012.

"In order to win over savvy shoppers this year, retailers are well aware that their deals have to stand out, and it looks like there's plenty of people eager to get their hands on the exclusive promotions we are already seeing," said NRF CEO Matthew Shay. "With more promotions to come, gift givers will have ample opportunities this holiday season to seek out the perfect gift -- either for themselves or for others."

Shoppers plan to spend a little more too this year on their gift buying. According to a separate NRF survey, the average holiday shopper will spend $749.51 on gifts, décor, greeting cards and more, up slightly from the $740.57 the average shopper actually spent last year. NRF is forecasting holiday sales to increase 4.1% to $586.1 billion.

3. How to turn a struggling franchise unit into a profitable one. Smoothie King's Rose Kuhnau shares her experience with taking over a struggling unit in New Orleans and how she turned it into one of the brand's best. According to QSR Magazine, Kuhnau says there are four key points to getting a unit profitable.

Franchisees must recognize their role in the overall mission of the brand. That means continually reinvesting in the business as well as maintenance upkeep and offering strong customer service.

If you're going to make fixes, do it all at once, whether that's a new marketing strategy, new hires or renovations.

Be sure to understand the experience from the other side of the counter. "The reason units get this way is because some franchisees don't reinvest in the business. They come into work through the back door and go straight into their office. Continually experience your business from your customer's perspective," Kuhnau says.

Get operations in check. Try holding weekly meetings with managers, where staff is accountable for weekly cost of goods and labor. Look for other ways to save money and operate efficiently. "Can you lower your phone bill? What are other landscaping businesses charging? What's my retention rate? There are so many factors that can assist you in running sound operations and saving money as a result," she says.

-- Written by Laurie Kulikowski in New York.

To contact Laurie Kulikowski, send an email to:

>To submit a news tip, email:


Follow TheStreet on Twitter and become a fan on Facebook.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs