August 2024

Many of us expected robots to be a part of our future, but perhaps not in the way we imagined. Instead of doing our chores and serving us hors d’oeuvres (like Rosey the Robot from The Jetsons), AI wants to think for us.

ChatGPT and other virtual assistants can give us mountains of information on any topic under the sun in seconds — but how useful are they?

I wanted to see what ChatGPT had to say about marketing. My business, PostcardMania, has helped 118,342 small business owners all over the country with effective marketing strategies for over 26 years. How did ChatGPT’s advice compare to what we’ve learned?

Related: ChatGPT Is Powerful — and Can Wreak Havoc If You Don’t Know Its 5 Fatal Flaws

I put this prompt in ChatGPT and was surprised by what I found.

Prompt: Recommend marketing strategies that will generate new leads and sales for a small business in 100 words or less.

This is what ChatGPT advised:

1. Content marketing: Create valuable content (blogs, videos) that address customer pain points.

2. Social media advertising: Targeted campaigns on platforms like Facebook and Instagram.

3. Email marketing: Engage potential customers with personalized newsletters and offers.

4. Referral programs: Incentivize current customers to refer others.

5. SEO optimization: Improve search engine rankings with targeted keywords.

6. Partnerships: Collaborate with complementary businesses for mutual promotion.

7. Local events: Host or participate in community events to build local awareness.

It’s a good start. However, ChatGPT missed these three recommendations that can improve the trajectory of your business (I know because they were key to my journey to $100 million in annual revenue).

They neglected reputation management and social proof, which 93% of consumers check before buying

An overwhelming amount of people check Google reviews. One report found a whopping 93% of buyers look to them before making a purchase. This means that you could be losing 93% of prospects if generating good reviews isn’t a priority.

The good news is it’s not as complicated as you might think. People most often go out of their way to leave a negative review — 95% — while only 47% take the time to post a positive review.

The key is simply asking! And this isn’t even a challenge when you can automate requests through email or text message. According to research, 70% of consumers will leave a review if asked.

The online platform Podium was a game-changer for us because you can send review requests for several different platforms from one central dashboard.

After we started using Podium in 2020, the number of our reviews increased 250% from 2020 to 2022. As of July 2024, PostcardMania has over 2,795 five-star reviews on Google, the BBB and Trust Pilot.

Related: 6 Proactive Ways to Promote Good Reviews and Supercharge Your Online Reputation

They didn’t recommend direct mail marketing, which generates 6x more revenue per lead than digital sources

Since 1998, I’ve mailed postcards every single week to generate leads and connect with customers. Since then, I’ve only increased my mailings, and we’re now up to 232,000 postcards a week. The only time I cut my direct mail marketing was in 2008 during the recession, and that mistake crippled our revenue until we corrected our mailings.

I’ve also tracked the growth that mailing postcards has created. From 2019 to 2023, I increased our own mailing volume by 16%. Simultaneously, our revenue has grown an average of 15% each year. This is a perfect example of how the amount of marketing you put out guides your return.

I’ve also found that direct mail leads generate six times more revenue than digital leads. We analyzed 114,373 leads that converted to sales in 2023 and found that postcard leads generated 600% more revenue per lead ($229.41) than leads from digital sources ($37.09).

There is a science behind direct mail’s effectiveness, though. One study that tracked each participant’s eye movement and heart rate while engaging with mail found that people experienced more excitement and desire while interacting with printed advertisements as opposed to digital.

Due to the tangible nature of mail, people also recall printed ads better than digital ads. One study found that when asked to cite the brand of an advertisement they had just seen, 75% of participants could recall the brand behind the direct mail piece. Only 44% of recipients could recall the brand behind the digital ad — a 70% difference.

With so much data backing direct mail, leaving it out of your annual budget would be a huge mistake.

They failed to mention the biggest factor of success: how much you should be marketing — a massive amount

ChatGPT neglected to inform readers exactly how much time, money and effort they should allocate to marketing.

In my decades of experience running a business with over 380 staff, I understand marketing plans might end up on the back burner. So much goes into running a business that all too often entrepreneurs think a simple marketing plan is sufficient. This is the farthest thing from the truth.

In fact, most of my clients hate when I tell them this…

Marketing is the biggest differentiator between businesses that survive and those that thrive.

Related: The Growth Hack My Clients Hate the Most is the One that Promises the Biggest Financial Rewards — Here’s What You Should Know

You need to market like you are an athlete training for your last chance at the Olympic gold medal. The survival and ultimate longevity of your business are on the line; why would you market like you were playing T-ball?

Even if you have a limited budget, put as much money into your marketing as possible. I even suggest you find areas where you could cut back and reallocate the funds to your marketing (as long as it doesn’t put jobs at risk).

Whatever you decide to do — whether it’s social media ads, SEO, direct mail — just give it all you’ve got. You won’t regret it, and you’ll likely not only beat out your competition but win the gold … that is, the gold of increased revenue.

Younger Americans think relaxing on vacation is overrated, according to new research.

A survey of 2,000 Americans who travel (evenly split by generation) looked at how people of different ages vacation and found both Gen X (51%) and Baby Boomers (57%) prioritize relaxation when traveling, while Gen Z (54%) and millennials (45%) are more interested in making memories.

In fact, 29% of those who don’t prioritize relaxation when they’re away find it to be a waste of time — especially millennials (30%).

Related: This Former Flight Attendant and Her Roommate Started a Side Hustle With Just $2,000 Each. Then It Earned Them Nearly $600,000 — and Counting.

Conducted by Talker Research for Apple Vacations, the survey found that these preferences may change in the future, as 59% shared their vacation priorities have shifted as they got older.

A quarter of millennials reported that sightseeing is a thing of the past, and Gen Z is no longer prioritizing learning new things while traveling (28%).

Respondents from different generations recalled the average age they were when their vacation preferences changed. Gen Z preferences shift at age 18, while millennials see it at 27, Gen X at 38 and Baby Boomers at 54.

Something that won’t change is Americans’ love for traveling, with one in four (28%) sharing that traveling is a high priority for them these days.

Although millennials are most focused on traveling right now (38%), Gen Z (35%) is most likely to surpass the average number of trips taken annually.

Looking at the differences in how they enjoy this time away, results showed that Baby Boomers (74%) prefer domestic travel, while Gen Z (14%) is the most likely to enjoy international travel.

Family-friendly (33%) and tropical (27%) destinations are favored across the generations, but Gen Z (25%) and millennials (24%) also share a strong love for theme parks.

In addition to their top picks, Gen X (21%) and Baby Boomers (24%) are also drawn to small towns.

Related: Airbnb and Vrbo Often Have Wildly Different Prices for the Same Listing. This Entrepreneur Built a Platform to Find You the Best Deal.

“Relaxation looks and feels different for everyone,” says Dana Studebaker, vice president of marketing at Apple Vacations. “I feel most relaxed when reading a great book on the beach, knowing that all I need is at my fingertips at an all-inclusive resort, but others feel renewed after a beautiful backpacking trip through the mountains, soaking up history in a big city. This is the beauty of travel: Your vacations can evolve with your preferences.”

Before their trip, Gen Z is especially keen on creating a vacation plan (60%) and Baby Boomers are the likeliest to go with the flow (40%).

Gen X (53%) and Baby Boomers (65%) who prefer going with the flow agree that this helps them avoid feeling rushed or tied to a plan.

Planners find comfort in mapping their day (56%) and say it helps them make the most of their time (54%).

Gen Z embraces the safety they feel when planning things out (46%), while Baby Boomers who prefer to plan ahead also enjoy the feeling of checking off things they want to do (50%).

When travel planning, millennials are most likely to use a travel agent (18%), while Gen Z leans heavily on social media for planning (55%) and inspiration (66%).

Older generations prefer to keep things more classic, with Gen X trusting word of mouth (44%) and Baby Boomers referencing travel magazines or websites for advice (34%).

Related: Her Private Chef Side Hustle Might Earn Tens of Thousands and ‘Seem Glamorous’ — But It’s Not for the Faint of Heart. Here’s an Inside Look.

Before vacationing, millennials are the likeliest to read restaurant menus (34%); instead, Gen X looks at pictures others have posted (36%).

Gen Z respondents are most likely to look at how much things cost and the currency exchange (49%), as well as the transportation options (43%).

Looking ahead, half of respondents plan to travel more as they get older.

Gen Z will take advantage of this the most (73%), planning to travel with their friends (43%), while Baby Boomers will travel to connect with other family members (20%).

Family is top of mind for those who traveled with their parents when growing up, with 77% planning to continue the tradition of traveling with their kids to bond (66%) and make new memories (65%).

“Getting out of the house and spending quality time with family while traveling is the best way to build memories,” says Michael Lowery, senior vice president and global head of consumer business units at Apple Vacations. “When traveling with a larger group with many ages to keep in mind, I always go for an all-inclusive resort because any worries about entertaining different ages are taken care of. Some guests may enjoy a day at the spa, and others can safely be thrilled with resort excursions and activities.”

See a complete breakdown of the survey results below.

Just days after Starbucks announced that it is tapping Chipotle CEO Brian Niccol as the coffee chain’s new CEO, Starbucks is setting the record straight on his commuting expectations.

Starbucks will not require Niccol to work in the company’s office in Seattle when he starts his new job in September. Instead, he’ll have a remote office setup in Newport Beach, California, where Chipotle’s headquarters and Niccols are currently located.

Related: Starbucks CEO Steps Down Suddenly, Chipotle CEO Brian Niccol to Step Into Role

The two cities are approximately 1,000 miles away from each other.

Bloomberg reported that the flexibility of remote work was a big part of the draw when poaching Niccol.

Niccol will have an office in Starbucks’ Seattle HQ for visits, and the company will pay for housing costs for three months while Niccol finds secondary housing in Seattle. Should he decide to move out of California and to Seattle full-time, Starbucks will reimburse him for relocation expenses.

Starbucks also disclosed Niccol’s lucrative pay package in a filing on Wednesday, which states that he will receive a $10 million signing bonus and $75 million Starbucks stock. His base salary annually will be $1.6 million with the opportunity to earn both $23 million in share-based bonuses each year and an additional $3.6 million cash bonus.

Should everything vest in Niccol’s favor, he could earn over $113 million in his first year alone.

Related: Chipotle CEO Addresses Backlash Over Portion Sizes: ‘There Was Never a Directive to Provide Less’

“I am excited to join Starbucks and grateful for the opportunity to help steward this incredible company, alongside hundreds of thousands of devoted partners,” Niccol said in a Starbucks investor release on Tuesday. “As I embark upon this journey, I am energized by the tremendous potential to drive growth and further enhance the Starbucks experience for our customers and partners, while staying true to our mission and values.”

Niccol made an estimated $22.5 million at Chipotle in 2023.

While AI has been in existence since the 1950s, it has only just recently become a household name with the introduction of OpenAI’s ChatGPT less than two years ago. As an investor in both OpenAI and xAI, I continuously ask myself the ethical ramifications of this new technology, how intelligent it is and whether it is the best path forward for humanity. As an experiment, I asked ChatGPT its opinion about artificial intelligence (AI) systems in today’s society, and this is what it had to say:

“As an artificial intelligence language model, I do not have personal opinions or beliefs. However, I can provide an objective analysis of AI systems in today’s society. AI has brought about numerous benefits to society, such as improved efficiency, accuracy, and decision-making processes. It has also contributed to advancements in medical research, transportation, and various other industries. However, the deployment of AI systems in today’s society also presents potential risks, such as job displacement, privacy concerns, and the possibility of biased algorithms. Therefore, it is crucial to ensure that AI is developed ethically and responsibly to mitigate these risks and ensure that the technology benefits society as a whole. In summary, AI systems have immense potential to positively impact society, but their deployment must be done with careful consideration and ethical responsibility.”

Related: The Only Drawback of AI Is Your Attitude. Here Are 4 Things You Need to Change Your Outlook — And Harness AI for Success.

While this response shows AI is still robotic and objective in its methods of “thinking,” it is also, in fact, intimately aware of the ethical concerns bearing over its use. At this critical point in history, where we sit at the precipice of mass AI adoption, we still can’t seem to decide whether AI will be our savior or our villain. Ultimately, it comes down to the applications and responsible management of AI systems.

As an investor, I am in the unique position of being able to help push these new AI companies forward. In the last two years, we have seen a “gold rush” of AI startups. Many have raised impressive rounds; many have faltered, and some have already seen acquisitions. However, the first two I have invested in OpenAI and xAI are now well-known. The former for its ability to have tackled the challenge of global mass adoption and the latter for its commitment to building a more ethical system for the AI ecoverse.

When it comes to applications in AI, it’s safe to say that humans have always strived to create tools to make our lives easier; this is not new. Historically, “mechanical muscles” and outsourcing shifted physical labor. Now, we’re at the point where “mechanical minds” will unleash a cascade of applications across industries. Automation has evolved from more than just the physical.

One major development pushing forward the AI adoption frontier is Microsoft’s continued investment in OpenAI. This partnership will likely lead to everything from optimized Excels to AI-generated PowerPoints and even more support in email management. Upper-class work is now also ripe for disruption.

In finance, AI can be leveraged in various ways. AI algorithms can identify patterns of behavior, such as unusual transactions or identity theft, allowing financial institutions to detect and prevent activities quickly. AI can also analyze market trends and make assumptions about future trends, assisting institutions in making more accurate decisions.

While this is only one sample of industry transformation, there are some areas of work that will be impacted less by AI. These industries are those operating in information asymmetry — such as early-stage venture capital. For AI to work effectively, the model must have access to data. Industries whose data is private, segregated and complex cannot train and build inferences in the same way that a model based on publicly available information can. The strength of AI is dependent on the value of its underlying data and model, which in turn is dependent on the quality of the rules set forth by the humans crafting the algorithms.

In terms of management, we must continue to maintain an element of skepticism and criticism as the growing adoption of AI increases. These tools will continue to develop, but they should not be treated as an all-knowing source of truth. Again, this is critical because these systems only know what is in their underlying systems. As people, investors and business-minded individuals, we must acknowledge the strength of these systems while also considering the fact that they must be constantly maintained. While AI employs a constantly evolving algorithm that learns from itself and experiences, we must still continue to adjust the rules and data sources supporting these AI systems.

Related: AI Will Radically Transform the Workplace — Here’s How HR Teams Can Prepare for It

Diversity of thought and perspectives is critical for those who have the power to develop these systems. A system created by humans with biases will intrinsically be biased as well. We must maintain human values in control of the systems. In today’s society, where truth seems to be subjective, belief in these systems can be both extremely advantageous and extremely detrimental. We must refrain from programming systems to tell people what they want to hear. It is important for people to understand and respect the limitations of AI.

At the same time, just because humanity is capable of doing something doesn’t always mean it should. We could likely replace most jobs with AI, but should we? Where do we draw the line? How do we ensure honesty and integrity in future systems and platforms? This is part of what xAI and OpenAI have committed to tackling and why I have believed in and supported them from the beginning.

AI will undoubtedly transform all of our lives, but this transformation will only be positive if we continue to be critical stewards of truth and information. As investors, I encourage everyone to maintain a healthy dose of skepticism when investing in AI-powered solutions. Look at the human beings who stand behind those systems because their beliefs are the ones teaching and driving the solution.

If Donald Trump is re-elected as president, and assuming Congress cooperates, there will be significant changes to personal and business income taxes. Trump’s main tax policy goal is to make the Tax Cuts and Jobs Act (TCJA) permanent, which was passed during his first term. Some parts of the TCJA have already expired or are being phased out, and the majority of the other provisions will expire by the end of 2025.

Supporters of these tax cuts say they drive economic growth. Opponents are concerned about the impact on government spending and budget deficits. Regardless, below are ten of the most significant ways your taxes could be impacted by a Trump re-election.

Related: 10 Tax Law Changes You Need to Know to Save Your Business Thousands of Dollars

1. Individual tax rates could reduce

If the TCJA becomes permanent, individuals earning more than $500,000 would be taxed at a top rate of 37%. If the TCJA expires, those making over $426,700 would be taxed at a top rate of 39.6%.

2. Individual tax “standard” deductions would stay high

The TCJA increased the individual tax deduction — used by people who don’t itemize their deductible expenses on their tax returns — to $12,400 for individuals and $24,800 for those filing joint returns. If it expires, these deductions would revert back to their previous levels of $6,200 and $12,400, respectively. However, personal exemptions for the taxpayer, their spouse and each of their dependents — which were as much as $4,050 — could return, and that would offset some of the increased tax cost.

3. Corporate tax rates would go even lower

The TCJA lowered the corporate tax rate from 28% to 21% for those businesses that file C-Corporation tax returns. Trump has said he wants to lower this rate to 20%, which would put the U.S. at one of the lowest corporate tax burdens in the world.

4. The qualified business income (QBI) tax deduction continues

More than 90% of U.S. businesses are considered to be “pass-through” entities. Owners of these firms generally file S-Corporation or partnership tax returns, and the net income from the business flows through to the owner’s tax return and is taxed at individual rates. The TCJA introduced a significant tax deduction — the qualified income tax deduction (QBI) — that allowed many of these businesses to deduct up to 20% of their company’s income before it passed through to their individual returns. Trump wants to make this tax deduction permanent.

Related: How to Get the Most Money Out of Your Side Hustle During Tax Season, From an Expert Who Raised $75.2 Million to Make Filing Easier

5. Estate tax exemptions would stay at their current levels

With more than half of small business owners being over the age of 50, succession and estate planning have become a significant issue. For those looking to pass assets to their heirs, they’ll face a federal estate tax rate of 40%. However, the TCJA increased the exemption for assets that would be subject to this tax to over $11.2 million for individuals and $24.4 million for people who are married. While the rate would remain the same if the TCJA expires, those exemption amounts would fall to $5.6 million and $11.2 million, respectively. This would be in addition to the estate taxes levied by many states.

6. Research and development expenses are once again deductible in the first year

Back in 2022, the ability to deduct research and development expenses (which includes certain materials, compensation and outside contractor costs used to develop new products or improve existing products) in their first year expired. This, unfortunately, forced those businesses taking advantage of this deduction to capitalize and then amortize those expenses over five years, which spread out the tax benefits of these costs. If made permanent, the TCJA would once again allow business owners to take these deductions in their first year.

7. Big deductions would return for capital equipment purchases

Similar to research and development expenses, businesses enjoyed significant deductions for capital expenditures such as machinery, equipment, computer hardware, autos and other fixtures in the first year those assets were placed into service. Those deductions have begun to phase out but would be restored under Trump’s tax plan.

Trump has also announced his intention to pursue two other tax reforms, although details are scant at the moment.

8. No more taxes on tip income

The first is for tip income, which Trump has proposed making non-taxable. This would have far-reaching effects not only on service workers but also on the way small businesses potentially pay their workers, with the incentive to encourage more tipping from customers and less payroll compensation from their pockets.

9. More tariffs

Tariffs are taxes that businesses pay to import goods and ultimately wind up as higher costs for consumers. Under a Trump administration, a baseline tariff of 10% would be imposed on all imports, with a 60% tariff levied on Chinese goods.

Expansion of 529 plans

529 plans have been a popular way for individuals to save after-tax money — and have it grow tax-free – as long as the funds are used for higher education and private and religious school education. Trump would expand the use of 529 funds so that they can be used for homeschooling.

The takeaway is that Trump’s tax positions lean heavily towards lower taxation of both businesses and individuals, which he believes will spur economic growth. This growth would then generate more tax revenues for the government. However, his policies could result in significant deficits if this growth doesn’t happen.

It was only four years ago that we found ourselves amid a global pandemic. Unemployment numbers hit all-time highs in 2020 as many businesses couldn’t operate and many others had to drastically shift how they operated.

Since then, many have returned to work, but not everyone has. Some saw their layoff as an opportunity to go back to school, learn new skills, travel or raise a family. After making decisions like these, returning to work can be nerve-wracking. If you’re looking to return to work (or recently did), here are five things you need to know.

Related: Got a Gap on Your Resume? Here’s How to Own It

1. Time away from work likely made you stronger, not weaker

The best leaders and critical thinkers are those who’ve had a full array of life experiences and exposed themselves to different things, people and places. Work experience is (obviously) great, but it’s just one kind of experience. When that’s all we have, we tend to lack the ability to reason through different kinds of scenarios and relate to different kinds of individuals. We end up being one-dimensional and not able to think outside of one box.

When we take time away from work, we do new things we’ve never done before. We invest time in things we didn’t previously have time for. These things shift our perspective and expand us. Time away has likely caused you to grow and evolve (for the better). During my 21-year career, I’ve chosen to leave my job three different times.

I traveled internationally, cared for a dying family member, became a marathon runner, published two books and held my own photography gallery opening. These experiences dramatically expanded my worldview and tremendously changed me. They helped me become more aware, confident, relatable and accountable. That all made me a better leader and employee. If you’ve taken time away to raise children, go back to school or serve on a board, that’s undoubtedly changed you into a more well-rounded and stronger individual.

2. You’re not the first or only person to rejoin the workforce after time away

Lots of people take time away from work at some point during their lives. It’s not abnormal and you’re not alone. It’s more than likely your future boss or the person interviewing you has also taken time away from work or knows many who have. Make sure you never fall into the trap of believing that being out of work is bad or problematic — because it isn’t.

Having an employment gap on your resume isn’t a red flag, especially if you filled the time doing something meaningful like accomplishing a big goal or developing a different skill. If you’re currently out of work and this isn’t the case, you can still make it the case. Read a book (or several). Join a club. Take a class. Give back to the community by volunteering. Force yourself to develop or grow. That way, you’ll have something to share with others when you do return to work.

Related: Why Entrepreneurs Should Invest in Sabbaticals: 5 Tips for Taking Productive Time Away From Work

3. Your skills and talents don’t disappear overnight (or even in a year)

Being out of work doesn’t change who you are or what you know. Your resume still exists. Your professional accomplishments and work experiences don’t simply disintegrate because you took a step back to focus on other parts of your life. It’s the same with your college degree, past certifications and training. It all still happened. It’s amazing how quickly old skills return.

Even after employment gaps, I was quickly able to get caught up when it came to using databases or systems, crunching numbers or fulfilling my professional responsibilities. Especially when it comes to the talents or gifts required for people-related endeavors, such as leadership or sales. You don’t simply forget how to interact with others because life has looked a little different for a few months or years. You’ll still know how to ask questions, listen and care about the answers.

4. Not working was probably the right life decision — and the right employer will understand

It’s easy to assume others will think less of us after we’ve taken a break from work. No doubt, some people will. Those people aren’t worth your time. Whoever is looking down on you for taking time away to paint, travel, raise a family or go back to school is not the right employer for you. That’s because they’re judging your choices and refusing to accept who you are as a person.

Great companies and great leaders care about their employees as people — not just workhorses. If the person interviewing (or leading you) is raising an eyebrow at your choice to focus on some other aspect of your life than just work, you’re probably not in a place where you’re valued as a person. If you took time away from work to do something that felt to you, it was probably the right choice. The right employer will know (and respect) that.

Related: Here’s How You Get Back Into the Business World After Taking A Break

5. You’ll have plenty of tools, resources and people who are there to help you

Today’s rate of technological advancement is great, so taking time off means you might return to a changed industry. That can be scary and overwhelming. Just because you’re reentering the workforce doesn’t mean you have to go it alone. Don’t make the mistake of refusing to ask for help because you don’t want to look foolish or weak. Leveraging tools around you doesn’t mean you’re overwhelmed or in over your head. It means you’re resourceful and humble. Identify what you need to get back to speed. Figure out what things you need to learn (or relearn). Then, speak up. Publicly announce it to someone (even if it’s just the person sitting next to you). You’ll be surprised at how willing people will be to help you. It’s okay to ask for help.

Self-fulfilling prophecies are real. If you believe that returning to work will be hard, then it will be. If you believe that taking time away from work has put you at some sort of deficiency, then it will. Whatever you tell yourself is true, is what will be true for you. Remember that your thoughts and feelings are both choices. You get to choose how to feel about your return to the workforce. Where there’s a will, there’s a way. Choose to be confident and stand by your decisions. If you remember these five truths, your return to work will be stellar and you’re likely to be a better employee than you were when you left.

The social security number of every American may have been compromised in a massive cybersecurity breach that could threaten the identity of all citizens.

The hacking group USDoD claims that they’ve leaked 2.7 billion personal information records, including social security numbers, full names, and home addresses from a data broker called National Public Data (NPD).

Related: Hack Exposes 10 Billion Passwords, Largest Leak in History

NPD is a background check agency that gives sensitive personal information to potential employers and staffing agencies during screening processes, as well as private investigators.

According to a class action lawsuit, NPD obtained the data without consent, and the breach occurred sometime in April 2024.

The lawsuit alleges that “upon information and belief” USDoD was “able to exfiltrate the unencrypted PII of billions of individuals” and that the personal information was “published, offered for sale and sold on the Dark Web by cybercriminals.”

According to BleepingComputer, the data was leaked for $3.5 million.

How do I know if I was hacked?

There are several ways to check if you’ve had your personal information leaked.

First, monitor your credit reports and look for unauthorized or fraudulent activity, including opening new bank accounts, credit cards, or large withdrawals.

Related: Mark Cuban Issues Warning After His Google Account Is Hacked

If you receive notice from a debt collector or notice fraudulent activity, contact your financial institutions and law enforcement.

Also, be the first to initiate calls (meaning if you get a call, tell them you’ll call back), and don’t give out your social security number.

California wants to equip its workforce with AI skills by partnering with Nvidia on training across the state. The AI chip giant is headquartered in Santa Clara and is currently the third most valuable company in the world.

California Governor Gavin Newsom and Nvidia CEO Jensen Huang announced the “first-of-its-kind” partnership that will focus on training students in AI, creating jobs, and using AI to solve real-world problems.

“Together with California, Nvidia will train 100,000 students, college faculty, developers, and data scientists,” Huang stated, adding that the aim was “to prepare California for tomorrow’s challenges” and “unlock prosperity.”

Related: How Nvidia CEO Jensen Huang Transformed a Graphics Card Company Into an AI Giant: ‘One of the Most Remarkable Business Pivots in History’

The partnership brings AI workshops, labs, curriculum, certifications, and technology from Nvidia to community colleges. Individuals have the opportunity to enhance their careers through these efforts.

The state of California benefits from a pipeline of AI talent and will explore how it can nurture early-stage AI startups through the effort.

“We’re in the early stages of a new industrial revolution that will transform trillion-dollar industries around the world,” Huang stated.

^{Nvidia founder and CEO Jensen Huang talks next to a robot. Credit: JOSH EDELSON / AFP}

AI has helped reduce repetitive tasks and streamline communication, say company leaders. A recent Microsoft study found that even though employers are looking for candidates with AI skills, only 39% have provided AI training for existing employees. And the majority of AI use in the office is secretive, with 78% using AI tools at work “without guidance or clearance from the top.”

At the same time, it’s expensive to create AI: One model could cost $100 million today and tens of billions of dollars in the next few years. AI could also drive energy emissions up, as seen by Google’s July environmental report.

Despite AI’s drawbacks, it could have a positive impact in California through the new partnership. California is the most populated state in the nation, with over 39 million residents. California’s unemployment rate hit 5.3% in February; as of June, there were 999,897 people unemployed in the state.

Related: Nvidia’s CEO Sold Stock for the First Time This Year and Netted the Most He Ever Has in a Single Month

Small businesses are the backbone of our economy, driving job creation, innovation and community development. Yet, according to the U.S. Chamber of Commerce, cash flow problems and poor business management are two of the top three reasons why nearly half of all SMBs fail within the first five years.

This doesn’t have to be the case.

Today, thanks to innovations in software management, cloud-based reporting and outsourced CFO services, SMBs have an unprecedented opportunity to transform their financial operations from a compliance slog into a strategic superpower.

Finances are the heartbeat of every thriving business. However, not every founder has the energy, resources, or expertise to keep meticulous records, set up back-office infrastructure, and find ways to manage both human and financial capital. Fractionalization, or Finance as a Service (FaaS), is the future of finance for SMBs. With the right FaaS partner, founders can get better insights, improve their financial firepower, and clear their headspace to focus on what they do best.

Effective finance operations are essential to support smart decision-making and fuel growth. If you are a growing small business, startup, influencer or streamer, getting your finances not just in order but actively working for you can activate your business’ potential and propel you toward explosive growth.

Here are four ways expert FinOps partners can help change the game:

Related: Bridging Finance And Operations: A Partnership For Better Business

1. They can modernize your processes, leading to actionable insights.

Today’s service providers can streamline your entire financial ecosystem, turning what can often be a chaotic and time-consuming process into a well-oiled machine. Innovative partners can integrate tech stacks and build a robust infrastructure in the cloud. Automation reduces the risk of human error, leading to more accurate data and faster processing times.

With reliable, real-time financial data at your fingertips, you can make more informed decisions, react quickly to market changes, and identify growth opportunities. The peace of mind that comes from knowing your accurate and up-to-date financial data allows you to focus on strategic planning and long-term success. When your financial foundation is strong, you not only sleep better at night but also have the confidence to drive your business forward.

Related: How to Use Automation (and Avoid the Pitfalls) as an Entrepreneur

2. They can optimize financial health through strategic advisory services

FinOps experts bring a wealth of knowledge and specialized services to the table, making them invaluable partners for small businesses looking to optimize their financial health. They offer various services, from bookkeeping and compliance reporting to tax planning and strategic finance support. But look for a provider who can help you optimize your financial health with services beyond the basics – spending management, forecasting, and live dashboard reporting.

FinOps experts can help you leverage cutting-edge technology to stay ahead of the curve, so you’re not just keeping your financial house in order — you’re actively positioning your business for growth and success.

3. They can address your unique goals with personalized service from expert teams

You know your business better than anyone else. However, a good partner will have experience in your industry and understand the unique challenges you face. Your FaaS partner will be just as invested in your success as you are, and they will tailor solutions to support your individual goals. They will be able to anticipate potential roadblocks and offer proactive solutions.

A true partner won’t offer a one-size-fits-all service but will instead work closely with you to align strategies that specifically address your needs. With a collaborative approach, your SaaS partner should become an extension of your team, tackling challenges together to drive your business forward.

4. They can scale with you as you grow.

The operations support you need right now may not be the same as what you need in a year or even in six months. And that’s expected. Providers with scalable cloud-based solutions can start with the basics and grow from there. For example, a FaaS provider may offer basic bookkeeping for now, then expand to CFO services, tax planning or HR management services as you need them. They can also help you integrate new systems as you adopt them and streamline operations as you grow. This scalability ensures that your financial infrastructure evolves alongside your business. With a flexible partner, you can adapt quickly to new opportunities or challenges, knowing that your financial operations will always support your next move.

The right FaaS partner can provide the back-office muscle that your ambitious aspirations call for, launching your businesses into a healthier financial future. With passionate experts as partners, you can unlock business potential and stay in the game for years to come. Partnering with the right FinOps allows you to focus on what you do best—driving innovation and growth. By transforming your financial operations into a strategic asset, you can not only survive the challenges that come your way but thrive in an ever-evolving marketplace. When you make FinOps your superpower, you can get to your goals faster, grow smarter, and achieve financial peace of mind sooner.

Are you ready for some marketplace mayhem?

On this episode of Entrepreneur Elevator Pitch, tech entrepreneurs share their grand visions of digital platforms built to fill the needs of businesses and customers alike. But while their two-sided marketplace pitches might sound polished, do these companies have that one thing that all investors crave — profitability?

Longtime viewers of Entrepreneur Elevator Pitch know that every episode challenges contestants to step inside our elevator and pitch their company in just 60 seconds. A board of investors is watching and if they like what they hear, the elevator doors open and the entrepreneur has the chance to win a life-changing investment. But if the investors don’t like what they hear, the elevator heads to the ground floor and their shot at glory is over.

It’s never easy — and it is always unpredictable. Watch to see whose flashy presentation quickly loses its luster as our investors start firing away with questions and whose pitch builds into a boardroom bidding war!

Season 11, Episode 7 Board of Investors

Season 11, Episode 7 Entrepreneurs

• Nikki Sanz, founder of Giggs, a platform connecting live event professionals and employers.
• Jennifer Tsay, founder of Shoott, a platform that helps you find affordable photographers vetted by your local community.
• Wayne Reuvers, founder of Live Retail, a marketing company that promises to 3X your product in your local markets without 3X-ing your budget.

How to Watch

Season 11 of Entrepreneur Elevator Pitch is presented by Amazon Business. New episodes stream on Wednesdays on Entrepreneur.com and EntrepreneurTV. Follow Entrepreneur Elevator Pitch on Facebook, YouTube and IGTV.