Posts tagged with "resources"

Majority of Recent Graduates Plan to Start a Business: AICPA Survey

The entrepreneurial spirit in America is alive and well. As they prepare to enter the workforce, seven in ten (70 percent) young adult job seekers say the freedom of being their own boss is worth more than the benefit of job security working for someone else. Additionally, more than half (53 percent) said they are likely to start their own business in the future.

This, according to research conducted by MAVY Poll on behalf of the American Institute of CPAs (AICPA) among millennials who graduated from college in the last 24 months or will graduate in the next 12 months and are currently looking for employment referred to as “young adult job seekers.” “It’s not surprising that the generation currently entering the labor market is looking beyond the traditional approach of rising through the ranks in a well-defined career path,” said Gregory Anton, CPA, CGMA, chairman of the AICPA’s National CPA Financial Literacy Commission. “Developments in technology and the internet have made it easier than ever to start a business. However, they have not necessarily made it easier to succeed.” Small Business Startups Don’t Need to Go It Alone Ambitious young entrepreneurs are not alone. Each month, approximately 540,000 people become new business owners. Contrary to the commonly-held belief that most businesses fail to gain any traction, according to the Small Business Administration (SBA), roughly 80 percent survive the first year. However, the success rate of small businesses begins to fall sharply as time goes on. Only about half survive past the five-year mark, and beyond that, only about one in three get to the 10-year mark.

“I don’t know of anyone who sets out to start a business that closes in three years. But the reality is, the first few years are almost always the hardest. That means every financial decision needs to be well thought out, with a clear eye to the future.” said Teresa Mason, CPA member of the AICPA PCPS Executive Committee. “Working with a CPA helps small business owners ensure their business plan is structured to be as tax-efficient as possible. CPAs also partner with business owners to help them work out their cash flow consideration and opportunities for growth.”

For those looking to start a business, the AICPA’s National CPA Financial Literacy Commission share these tips to help to set yourself up for success:

1. Start with a Solid Financial Foundation

“The stronger of a financial foundation you build early in your career, the more options you’ll have in the future. Paying off your student loan debt, getting a head start on saving for retirement and having an emergency fund affords entrepreneurs a degree of flexibility that they wouldn’t otherwise have.” – Gregory Anton, CPA, CGMA, chairman of the AICPA’s National CPA Financial Literacy Commission.

2. Ask Yourself the Tough Questions

“Being your own boss means looking only to yourself for the income you’ll need to meet your obligations and save for your goals. This means asking yourself some tough questions. Do you have enough set aside to cover your expenses during a potentially slow start-up period that new businesses often face? Do you have a ‘Plan B’ in the event that your expectations aren’t realized within a reasonable time frame? Address these scenarios proactively and have a plan in place.” – Neal Stern, CPA member of the AICPA National CPA Financial Literacy Commission.

3. Prepare for All the Costs Involved

“Before going out on your own professionally, it is important to compare your current budget with your forecasted budget. Know what you are currently getting versus what you may or may not have available if you start your own business. For example, if your current employer provides healthcare, retirement benefits and pays for out of pocket expenses you will now need to factor those expenses into what it is going to cost you to be on your own. These expenses can quickly add up which is why talking to a CPA about the costs involved in running your own business is critical.” – Michael Eisenberg, CPA/PFS member of the AICPA National CPA Financial Literacy Commission.

4. Keep Finances Organized & Build an Emergency Fund

“Maintain a bill-paying checking account where all your fixed monthly bills with a due date and a consistent amount are paid. Make sure that account always has at least 2 months’ worth of bill payment money in it, ideally 3+, and set up as many as you can for auto-pay on their due date. This not only helps eliminate late fees, but it’s an easier way to quickly see how much is ‘leftover’ to reinvest in your business. It can be tempting when you get a big check to take care of that month’s bills then spend the rest on wants, but until you can consistently keep 3+ months of expenses in that account, you have to resist the wants. This will give your business the chance it needs.” – Kelley Long, CPA/PFS member of the AICPA Consumer Financial Education Advocates.

5. Take Advantage of Free Tools & Resources

For those who want help turning their idea into a successful business, the AICPA’s #CPApowered website provides free tools designed to help small businesses grow. Experienced CPAs share insight on a range of topics such as the risks involved in starting a business and how to acquire financing. And to help those who don’t know where to begin, there is even a small business checklist.The AICPA’s 360 Degrees of Financial Literacy website also features free resources including information about how to plan for a career change as well as a wide-variety of calculators on topics like loan repayment and setting a monthly budget.

THE ECONOMIST x OPEN FUTURE

The Economist, a leading source of analysis on international business and world affairs, today announced “Open Future”, an editorially driven initiative (www.economist.com/openfuture) which aims to remake the case for The Economist’s founding principles of classical British liberalism which are being challenged from all sides in the current political climate of populism and authoritarianism.

“Although the world has changed dramatically since James Wilson founded The Economist to fight against the Corn Laws, the liberalism we have championed since 1843 is as important and relevant as ever,” said Zanny Minton Beddoes, editor-in-chief, The Economist.  “Yet the core tenets of that liberalism—faith in free markets and open societies—face greater resistance today than they have for many years. From globalization to free speech, basic elements of the liberal credo are assailed from right and left.”

Content for Open Future will be developed and organised around five themes: Open Society (diversity, and individual rights versus group rights); Open Borders (migration); Open Markets (trade, markets, taxes and welfare reform); Open Ideas (free speech); and Open Progress (the impact and regulation of technology). In addition to content from The Economist editorial staff, the Open Future hub will feature commentary from outside contributors, including from those with dissenting points of view.

The initiative launches with a debate between Larry Summers and Evan Smith about no-platforming and free speech at universities. Mr Summers is the Charles W. Eliot University Professor and President Emeritus at Harvard University. He served as Secretary of the Treasury for President Clinton and as the Director of the National Economic Council for President Barack Obama. Evan Smith is a Research Fellow in history at Flinders University in Adelaide, Australia and is writing a book on the history of no-platforming.

A special report on the future of liberalism written by editor-in-chief Zanny Minton Beddoes will appear in the newspaper’s 175th anniversary edition dated September 15th. And on that Saturday, the newspaper will host the Open Future Festival, to be held simultaneously in Hong Kong, London and New York. There will also be an Open Future essay contest for young people; surveys and other data visualizations; podcasts; social-media programs and new video from Economist Films.

Pilgrimage Festival x Buy Passes NOW

“Pilgrimage Music Festival, held just south of Nashville in Franklin, Tennessee, established itself as a festival to watch.” – Rolling Stone

 

“The festival favors rock, country, gospel, pop, Americana and the intersection of all of the above, and the rest of the roster reflects this.” – Billboard

 

“While the growing number of music festivals across the country continue to pump out similar-looking lineup posters, genre-focused events like Pilgrimage will most likely see plenty of both pop and country music-loving attendees walk through its gates come September.” – AXS

 

Passes for the fourth annual Pilgrimage Music & Cultural Festival in Franklin, TN September 22 and 23, 2018 are now on sale. Pilgrimage announced their lineup earlier this week that will entice music lovers to #MakeThePilgrimage to The Park at Harlinsdale for two unforgettable days of music, art and culture set against the natural amphitheaters with memorable performances by Jack White, Chris Stapleton, Lionel Richie, Hozier, Brandi Carlile and more in an intimate setting. The full 2018 lineup includes:

Jack White * Chris Stapleton * Lionel Richie

Hozier * Brandi Carlile * Counting Crows

Amos Lee * Bleachers * Lord Huron * Dawes

Maggie Rogers * Elle King * Mat Kearney

Valerie June * The Struts * Jade Bird * Kevin Griffin * Keb’ Mo’

The White Buffalo * Pete Yorn * The Record Company

Caitlyn Smith * John Moreland * The Infamous Stringdusters

Tall Heights * Tyminski * Aaron Lee Tasjan * Jillian Jacqueline

Low Cut Connie * Donovan Woods * Courtney Marie Andrews

Rebirth Brass Band * Wild Rivers * Joshua Hedley * Caroline Rose

Robert Finley * Devon Gilfillian *Whitney Rose * Lilly Hiatt

Sarah Shook & The Disarmers * AHI * Liz Longley * Hannah Dasher

Josh Martin * Bishop Gunn * Ralph’s World + Friends * Siama’s Congo Roots * 123 Andrés

Mister G * Cajun Mike * Tom Mason and the Blue Buccaneers + more

 

PRESS HERE to watch Artist Announce Video

 

Experience why Rolling Stone called Pilgrimage “a festival to watch” and “one of the South’s premier festivals” by The Tennessean with a 2-Day Pilgrimage pass ($185) OR 2-Day VIP Village pass ($975) as well as on-site parking passes for $60 while limited supplies last. The VIP Village is presented in partnership with Strategic Hospitality of Nashville. Want to bring the kids? No problem! Pilgrimage has something for everyone and children 10 and under get in FREE when accompanied by an adult Pilgrimage Pass. To purchase your passes, please visit www.pilgrimagefestival.com/tickets.

 

This year the festival unveiled an exclusive new experience called The Grand Champion Experience with Blackberry Farm– a heralded culinary, event and hotel venue in the Great Smoky Mountains of Tennessee. The Grand Champion pass includes all the amenities provided in the VIP Village Experience, plus even more exclusive access to live performances, with Blackberry Farm culinary & beverage delights at the Festival, and a private Friday night banquet.

 

This year Pilgrimage will also feature a Made South Maker Village with over 60 local and regional craft vendors and Bell’s Brewery Craft Beer Hall with televised SEC and NFL football games. You can also experience the Millville, TN Market as well as the Farm to Turntable food truck park featuring 18 local food trucks including bars and shaded center court. Between sets, celebrate the musical heritage of the Deep South with the Americana Music Triangle Experience.  And everything is conveniently located to historic downtown Franklin, TN at The Park at Harlinsdale! Festival-goers can plan their trip to Franklin as well as get more information and lodging suggestions at visitfranklin.com.

 

Pilgrimage would also like to welcome the following brand partners to the Pilgrimage family this year which include Bell’s Brewery, ASCAP, Citibank, Deep South Studios, The Frye Company, George Dickel, Kirkland’s, Maui Jim, Tito’s Handmade Vodka and Visit Franklin as well as the Americana Music Triangle Experience partners (Visit Franklin, Tupelo Convention & Visitors Bureau, State of Tennessee Tourism Development, Alabama Tourism Department, Florence Lauderdale Tourism, Ryman Auditorium, Tunica Convention & Visitors Bureau, State of Arkansas, New Orleans Jazz Museum, and the Country Music Hall of Fame).

 

A very special thanks to the community partners including Americana Music Triangle, Heritage Foundation, Friends of Franklin Parks, MusiCares®, City of Franklin, Visit Franklin and Williamson Chamber of Commerce.

 

The festival continues to drive tourism dollars to Williamson County and the Pilgrimage Foundation, the festival’s non-profit arm, will donate a portion of each ticket sale to benefit the City of Franklin and Friends of Franklin Parks. In addition, a portion of ticket sales will also benefit MusiCares, a nonprofit organization that was established by the Recording Academy™ to provide a wide range of emergency financial assistance and addiction recovery resources to members of the music community.

 

 
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