3 Things You Should Know About Small Business: Mar. 7
NEW YORK (MainStreet) -- What's happening in small business today?
1. One woman explains why she won't label her business. Inc.com contributor Vanessa Merit Nornberg, owner of Metal Mafia, a wholesale body and costume jewelry company, has had a completed application for a woman-owned business certification in her files for six years. The reason she hasn't sent it in is not because her company doesn't qualify, but because the owner does not want the label to get her business.
"I don't like the idea of women business owners being labeled as such, because it's as reductive and demeaning to women as it is to men. When male business owners are evaluated, they are evaluated on their skills as business owners," Merit Nornberg writes.
"I never wanted to be recognized as a woman entrepreneur, but rather as the owner of a great business," she writes. "I put all my efforts into making that a reality, not in getting a stamp of approval that might allow people to pigeonhole my company, or to pretend we owed our success to the fact that we might look politically correct on someone's balance sheet. "
2. The handshake deal lives on. Some industries still rely on the good old handshake to seal deal terms, a New York Times blog notes. Small businesses should make sure there are more formal contracts in place, though, especially when it's time to exit the business.
3. Capital-raising restrictions get a look. Lawmakers are working to ease restrictions for closely held companies raising capital and preparing to go public. U.S. Senate Democrats want to put their own mark on the House Republican sponsored legislation, and insiders say the potential for bipartisan agreement on parts of the plan is strong, according to Bloomberg. The House will begin debate today and may vote on the measure Thursday.
Majority Leader Harry Reid of Nevada said his Senate Democrats will look to propose a quick counter-version "in the same framework of getting something done to help create capital so small business can do a better job," the Bloomberg article says.
Written by Laurie Kulikowski in New York.
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