October 2024

Data breaches can be devastating for businesses, costing an average of $3.92 million per incident, according to a recent Security Intelligence report. As a business owner, safeguarding your company from such risks is crucial, especially as cyber threats become more sophisticated and prevalent.

Understanding the fundamentals of security and risk management is no longer optional; it’s essential. The CISSP Security & Risk Management Training Bundle offers comprehensive training designed to arm you and your team with the skills needed to effectively navigate these challenges. This comprehensive risk management training bundle is available for $29.97 (reg. $424) but only during this limited-time sale.

Essential IT training for your team

This training bundle includes eight courses covering vital domains in Security and Risk Management, Asset Security, Security Engineering, Communication and Network Security and more.

The first course in the bundle focuses on Security and Risk Management, which lays the groundwork for all subsequent domains. It covers key topics such as security governance, compliance, risk management concepts, and the development of security policies.

Asset Security delves into managing and protecting critical organizational assets. This includes understanding data ownership, data classification, and implementing appropriate data security controls.

Security Engineering is where you’ll get to study the engineering lifecycle and the various security components necessary to protect data structures and physical facilities. You’ll explore vulnerabilities in security architectures and the essential role of cryptography in information security.

These three are just the introductory courses. Dedicated professionals can tackle all eight courses and apply what you’ve learned to your own security infrastructure.

The bundle goes beyond theory, diving into the practical aspects of security engineering. Courses within this area teach how to identify and mitigate vulnerabilities, apply cryptographic tools, and build secure facilities and systems. These lessons empower businesses to engineer robust defenses that are both scalable and adaptable to future threats.

Train your own cybersecurity team

Invest in your company’s cybersecurity.

October 27 at 11:59 p.m. PT is the deadline to get the CISSP Security and Risk Management Training Bundle on sale for $29.97.

StackSocial prices subject to change.

The most recent data from the new Global Entrepreneurship Monitor report reveals a powerful trend for the future of entrepreneurship.

Young adults, aged 18-24, had both the highest entrepreneurial activity and entrepreneurial intentions in the United States, according to the Global Entrepreneurship Monitor 2023-2024 United States Report. With similar results in 2022, this is not just a minor shift — it’s a fundamental change that could have lasting impacts on the economy and society.

I serve as the chair of the board for the Global Entrepreneurship Research Association, the entity that oversees GEM, which was founded in 1999 as a joint venture of Babson College and the London Business School. As the GEM U.S. team co-leader and a professor of entrepreneurship at Babson, I see firsthand the impact of the research created by the Global Entrepreneurship Monitor.

Here are three entrepreneurship trends from the new GEM report that are changing the landscape for the future.

Related: 21 Success Tips for Young and Aspiring Entrepreneurs

1. Young entrepreneurs on the rise

For years, entrepreneurship has been dominated by older, more experienced individuals, but this year’s report shows that the youngest adults are now at the forefront. According to GEM, 24% of 18- to 24-year-olds are engaged in some form of entrepreneurial activity, a higher rate than any other age group. What’s driving these young entrepreneurs is equally remarkable: They aren’t just starting businesses to make money; many are deeply committed to making a positive impact on society and the environment.

These young entrepreneurs make sustainability a key priority. They are more likely than entrepreneurs from older generations to build businesses with sustainability as a core focus — whether that means reducing their environmental footprint or focusing on social causes. This shift toward impact-driven entrepreneurship isn’t just anecdotal. GEM data shows a significant number of young entrepreneurs taking real, measurable steps to create businesses that align with their values. With sustainability as their north star, young entrepreneurs appear to be simultaneously pursuing societal impact as well as profits.

However, it’s not all smooth sailing. While young people are leading the way in starting businesses, they are also discontinuing them at higher rates than their older counterparts. The discontinuation rate for 18- to 24-year-olds is 15%, the highest among all age groups. This is not surprising, given the challenges of inexperience and more limited access to capital. Starting a business is tough, and sustaining one is even more challenging. But despite these hurdles, the enthusiasm and energy that young people bring to entrepreneurship are undeniable, and with the right support, this generation has the potential to drive substantial change.

2. Tech gender gap narrows

One of the most promising findings in the GEM report is the narrowing gender gap in the technology sector. Historically, tech startups have been dominated by men, but 2023 saw a record-low difference in the number of men and women starting tech companies. The gap has narrowed to just 1%, with 8% of women compared with 9% of men launching businesses in the Information and Communication Technology (ICT) sector.

This is a significant step forward and reflects broader efforts to support more women technology startups. Still, it’s important to recognize that while progress is being made, continued focus on providing equal opportunities is essential to ensuring this trend continues.

3. Optimistic outlook for Black and Hispanic entrepreneurs

Another highlight from the report is the optimistic outlook among Black and Hispanic entrepreneurs. These groups showed stronger confidence in their entrepreneurial abilities and lower fear of failure compared to their white counterparts. Black respondents, in particular, demonstrated high levels of resilience and self-assurance, which is vital in overcoming barriers faced in starting and sustaining businesses. This optimism is encouraging, but there’s still much work to be done in assuring ecosystems offer equal opportunities for all aspiring entrepreneurs, regardless of their background.

Related: I Wish I Received This Advice as a Young Entrepreneur

A promising future

Reflecting on the key findings of this year’s GEM report, it’s clear that the entrepreneurial landscape is changing in meaningful ways. The rise of young, sustainability-driven entrepreneurs signals a future where business is not only about profit but also about making a difference. These young entrepreneurs are launching businesses at a time when the world is looking for solutions to some of its most pressing challenges — climate change, poverty and economic recovery.

Yet, to fully realize the potential of this next generation, there must be more focus on addressing the challenges they encounter. Young entrepreneurs need access to the right resources — whether it’s funding, education or mentorship — to turn their innovative ideas into sustainable businesses. The narrowing gender gap in tech is encouraging, but we must continue to foster environments that support women and other underrepresented groups in entrepreneurship.

The GEM report paints a picture of an entrepreneurial future driven by purpose, diversity and innovation. But it also reminds us of the work that lies ahead in making entrepreneurship more accessible and sustainable. If we can provide young entrepreneurs with the tools and support they need, we will not only see more businesses being created — we’ll see businesses that are making a lasting, positive impact on the world.

Social media platforms are constantly evolving to keep creators engaged, but the changes to their monetization systems aren’t always in the creators’ best interest. Recently, platforms like Meta (Instagram/Facebook) and X (formerly Twitter) made adjustments to their creator monetization platforms in an effort to keep us producing content that keeps users scrolling. But let’s be honest — these systems are designed to benefit the platform more than the creator.

Not everyone is on these platforms to make money from their monetization programs, but if you are — and you’re relying on these platforms for revenue — you’re playing a losing game. Algorithms control the visibility of your content, and whether you’re earning from ad revenue or just trying to reach more people, it’s the platform that ultimately calls the shots.

I’ve experienced this firsthand. Over the last year, I racked up 35.9 million impressions on X. You’d think with that kind of reach, the payout would be significant, right? Well, not quite. My total earnings? $115.24. That’s barely enough for a decent pair of sneakers.

The truth is, if you’re relying solely on platforms like Meta or X to build your livelihood, you’re going to be disappointed. These platforms are great for visibility, but they aren’t designed to make creators rich. It’s time to stop chasing likes, shares and viral moments and start taking control of your content and revenue streams.

Related: 3 Reasons Why Relying on Social-Media Marketing Is a Losing Strategy

Platforms are for awareness, not revenue

Let’s get this straight — social media platforms are excellent tools for building awareness. They can help you reach new audiences, grow your following and gain visibility. But when it comes to monetizing that reach, the situation changes. The problem isn’t with creators not making good content; it’s that the platforms themselves control how many people see your work and how much you earn from it.

Creators need to understand that these platforms are ad platforms first, not creator-first. They profit from ads, not from paying creators. Recent changes on Meta and X reflect this, as both platforms have made tweaks to their monetization systems to keep creators engaged and pumping out content. However, these changes don’t really shift the balance in the creator’s favor.

The reality of revenue share on social platforms

Here’s how monetization on these platforms works:

• Meta (Instagram/Facebook): They’ve introduced In-Stream Ads and Ads on Reels, allowing creators to earn from their content. But unless you have a huge following, those earnings will be minimal. They may give the illusion of helping creators, but the lion’s share of the revenue goes to Meta.

• X (formerly Twitter): X recently made a switch to paying creators based on engagement from Premium users only. This means if your audience isn’t subscribed to X Premium, their engagement doesn’t count toward your earnings. In other words, the platform is asking you to push their premium service to make money.

The common theme? These platforms dictate your reach and earnings. Even with millions of impressions, you might still see shockingly low payouts. That’s the reality of relying on algorithms and ad-based revenue.

What content ownership really means

When I say “take ownership of your content,” I’m talking about moving away from platforms you don’t control. You need to be in charge of where your content lives, how it’s monetized and who gets to access it.

This is what true ownership looks like:

• Your content resides on a platform you control.

• You decide how it’s monetized.

• You set the terms for who gets access and keep 100% of the revenue.

Social media platforms are useful for visibility, but if they change their algorithms or policies, your reach and income can vanish overnight. Creators who rely solely on these platforms are always at risk of having their hard-earned audience controlled by someone else’s rules.

I’ve seen creators with massive followings wake up one day to find their reach has been slashed because of an algorithm update. That’s the trap: You’re constantly at the mercy of decisions made by the platform, not by you.

Related: Using Social Media Alone To Build Your Brand’s Online Community Means You Risk Losing It All. Here’s Why.

Creators are sleeping on email

The crazy part? Many creators are still sleeping on email. Even some of the biggest names in content creation are putting all their faith in social media platforms. But email is one of the most powerful tools for reaching your audience directly. Unlike social media, you own your email list. Algorithms can’t touch it.

Take Morning Brew as an example. They built their media empire by delivering free content through email. They cut through the social media noise, and today, they’re monetizing that audience through ads and sponsorships — keeping the majority of the revenue for themselves.

Email marketing gives you control and consistency. You don’t have to worry about reach being throttled because you own the relationship with your audience.

Why every creator needs a paid newsletter or course

If you’re serious about monetizing your audience, it’s time to move beyond relying solely on social platforms. Instead, focus on creating content you can own, like a paid newsletter or an online course.

Here’s why these models work:

1. Paid newsletters: A paid newsletter allows you to deliver exclusive, high-value content directly to your subscribers. This creates recurring revenue and puts you in control of what you’re delivering and how much you’re charging. Morning Brew is a prime example of how this model can be scaled. By giving away content for free, they built a massive audience, which they now monetize through ads and sponsorships.

2. Online courses: Have a skill or expertise? Package it up and sell it as a course. Online courses are a scalable product that keeps generating revenue even after you’ve created it. You can build a course once and keep profiting from it indefinitely.

How you can leverage social platforms for awareness

Just because I’m saying don’t rely on social platforms for revenue doesn’t mean you shouldn’t use them. Social platforms are still one of the best ways to build awareness and get attention at the top of the funnel. Here’s how you can leverage them to support your monetization strategy:

1. Create awareness: Post engaging content that hooks people in. Your goal is to drive visibility, not immediate monetization.

2. Drive traffic to owned channels: Once you’ve captured attention, move your audience to your email list, website or paid newsletter — platforms you control.

3. Monetize on your terms: With your audience on a platform you own, you can monetize however you see fit, keeping all the revenue and growing your business sustainably.

Related: Why Email Marketing Is Better for Your Business Than Social Media

The creator economy is evolving, and the future belongs to those who take control of their content and revenue streams. Social media platforms like Meta and X are great for building awareness, but you shouldn’t depend on them for monetization.

Instead, take control by moving your audience to a platform like email newsletters or online courses, where you own the content, the reach and the revenue. You’ll be free from the constant algorithm changes and in control of how much you earn.

Ready to take control of your future? Start building your audience and stop relying on social platforms to determine your success. The future of your business depends on it.

Adobe has new AI updates for its creative cloud subscribers — whether they like AI or not.

Adobe announced last week that Photoshop, Premiere Pro, and other popular programs would get AI enhancements. A Friday report from The Verge shows that Adobe doesn’t plan to offer alternative versions of products without AI for artists who oppose the technology.

Related: I Tried the ‘Anti-AI App’ That Suddenly Drew Half a Million Artists Away From Instagram

“Our goal is to make our customers successful, and we think that in order for them to be successful, they need to embrace the tech,” Adobe’s vice president of generative AI Alexandru Costin told the publication.

Adobe’s pro-AI stance is at odds with some of its user base, who were outraged earlier this year when Adobe changed its terms of use.

The language of the terms left the door open for Adobe to train its AI on user images.

Adobe has since updated its terms of service to clarify that it will not use local or cloud content to train generative AI, but anti-AI sentiment remains strong among creatives.

In June, an anti-AI app named Cara gained over half a million users in a week for its focus on human-created art. The app, which looks similar to Instagram, bans users from posting AI-generated images. It also automatically protects art against AI training by adding a “NoAI” label to all images that users upload.

Related: Using AI to Promote Your Business? New TikTok Labels Will Let Everyone Know

What Are Adobe’s New AI Features?

One of Adobe’s AI additions to Photoshop is a gesture called generative fill. Users can select part of an image, type in what they want to see, and generate content to layer on top of what they have. For example, they could add a raindrop to a leaf.

Adobe also introduced AI video tools for its video editing program Premiere, so users can prolong videos with generative extend and add, replace, or remove moving objects.

3. Generative Fill

→ Add and remove content from your image
→ Create variations of your favourite outputs
→ Reference images to guide resultspic.twitter.com/hN20bFhbUm

— Alex Banks (@thealexbanks) October 18, 2024

Photoshop and Premiere Pro are part of Adobe’s Creative Cloud, a subscription service with over 33 million members.

Related: This Is How to Separate Fact From AI Fiction During Election Season, According to an Adobe Executive

Restaurants in 2024 tend to be filled with Instagramable spots and a robust menu that can appeal to a variety of TikTok trends. But the new Italian bistro, Cotoletta, in Miami’s Coconut Grove neighborhood, has become a buzzy new addition to the Magic City’s scorching-hot dining scene because of its decidedly pared-back approach.

The menu only offers one entrée, the Cotoletta alla Milanese.

The restaurant opened last week, serving its single, perfected veal cutlet, and has garnered much fanfare. The dish is based on the classic Veal Milanese and is served with a side.

Related: Want to Open a Restaurant? Here’s a Step-By-Step Guide

Restaurateur Andrea Fraquelli of 84 Magic Hospitality told the Miami Herald that the simplicity adds a “human touch” to dining.

“We’ve all had Cotoletta alla Milanese before, but rare in the way the Milanese intended,” he told the outlet. “It’s been imitated and altered over the years, but here, we’re focused on doing justice to this dish.”

Cotoletta offers a prix fixe menu for two at $80 that includes Cotoletta alla Milanese and a choice of side: pasta, fries, or salad. Desserts are $9 each, and there’s also a wine list.

Related: An Ivy League Sophomore Says He Found a $105,000 Side Hustle: Selling Coveted Restaurant Reservations

We are less than two weeks from the election that will decide who will occupy the White House and fill vacant Senate seats, governors’ mansions and countless local offices. Whether you realize it or not, how you vote can influence the success or failure of your small business.

Tempting as it may be to pick candidates whose ideology and political leanings mirror your own, as a small or medium-sized business (SMB), your vote shouldn’t be driven by emotion alone. Instead, it should be a strategic decision that could have a bearing on the health of your business, including its cash flow, the health and well-being of your employees, your community and even the economy at large.

But how do you do this when the most abundant source of information on all candidates — mainstream media — leads with inflammatory headlines designed to create divisions and confuse voters? Although it contradicts how most of us have traditionally voted, I encourage you to gather intelligence and focus on the policies that best support SMBs.

Whether you own a café, a clothing boutique or a startup business you run from the comfort of your home, beyond the big issues that have the potential to turn otherwise pleasant conversations into heated debates, it’s crucial to understand how tax policies, regulations, healthcare and trade tariffs can make or break your business.

Related: How the 2024 Election May Impact Interest Rates

In my work as a strategic advisor to both SMBs and Fortune 100 companies, I’ve seen firsthand how an understanding of candidates’ platforms and voting on the issues not often discussed on the campaign trail and in interviews has more of a direct impact on the success of their organizations.

Most business owners — small or large companies — share the same concerns: managing cash flow, keeping abreast of regulatory changes and benchmarking against the competition, all with an eye on expansion.

We can’t avoid the histrionics in most mainstream media (particularly during a contentious election), but remember, most of it is just noise. The real issues that matter to your business are being financially stable, having access to resources, and being able to adapt in a dynamic business environment — even amid a crisis.

If you’ve considered hiring an advisor, it’s easy to confuse the work I do with that of a business coach. While business coaches focus on personal development and team dynamics, the job of a strategic advisor is to help set long-term goals, stay on mission, and show business owners and CEOs how to lead with empathy.

Related: Survey: Small Business Owners Are Following Election Closely

Beyond the hot-button issues

“In this world, nothing is certain but death and taxes” — Benjamin Franklin

Few statements more accurately reflect life in a capitalist society. While we can’t avoid them, how tax policies (corporate tax rates, deductions and/or incentives) are structured can directly influence how much money you have to reinvest in your business.

For example, both presidential candidates discuss tax policies that will support large corporations in various ways. However, you shouldn’t infer from their rhetoric that their campaign promises imply a trickle-down effect on smaller businesses.

Where does your candidate stand on tax credits for recruitment, business expansion, and deductions? Whether you own a “mom and pop” shop or you’re the CEO of a multinational Fortune 500 corporation, the goal is the same: to retain more of what you earn.

Here are some things you should be considering as you head to the polls on November 5th.

Related: This Election Season Full of Deepfakes, Doubts and Disinformation Should Motivate You to Do Your Own Research — Here’s How to Uncover the Truth

Regulations

Regulations are in place for a reason: to protect consumers and the environment, ensure workplace safety, promote equity, and more. Setting regulations isn’t as easy as it sounds.

Overregulating an industry can hamper innovation, making it difficult for a business to stand apart from its competition. Under-regulation, by contrast, can favor larger corporations with more resources than bootstrapped businesses and startups. Deregulation is its own can of worms. After all, it benefits all businesses in one way: it reduces bureaucracy and oversight, but it can also reduce protections for the environment and consumers. So, there’s a lot to consider when it comes to where candidates stand on regulations.

For example, in heavily regulated industries such as manufacturing, healthcare, food service and others, you want policies that create a level playing field and protect your customers, but that won’t overwhelm SMBs with administrative red tape. Talk about a balancing act.

Access to capital

Whether you’re a startup, looking to expand, or just replace outdated equipment, access to capital can be a life saver for a small business. In addition to lines of credit with a bank, many small businesses turn to the Small Business Administration (SBA).

For example, in 2022, the SBA loaned $44 billion to 60,000 U.S.-based small businesses. If you were considering applying for a small business loan, do you know where your candidate stands on supporting SBA-backed loans?

Healthcare costs

Healthcare accounts for a significant outlay of cash for many business owners. To stay competitive in recruitment, regardless of a business’s size, it means offering health insurance for employees and their families.

Although seen as a necessary benefit, healthcare costs can cripple a small business. It makes sense to consider a candidate who offers a practical approach to reducing healthcare costs without compromising the quality of care you’re able to provide staff members.

As premiums and prescription medication costs continue to rise, offering such an important benefit can be a serious pain point for small businesses. As such, knowing where candidates stand on healthcare reform is critical.

For example, candidates who support providing tax credits for businesses that provide healthcare can help SMBs lower these costs. One candidate believes in reforms to the Affordable Care Act (ACA), while another supports solutions like Medicare expansion. Which one is right for you and your business?

Labor laws and minimum wage

Among other labor issues, each candidate approaches paid leave requirements differently. A candidate who advocates for balanced labor laws — ones that protect employees while also considering the realities of small business operations — can ensure your employees’ rights are protected while also ensuring profitability for you.

Although noble to advocate for higher minimum wages, for the small business owner who relies on lower-wage employees to fill certain positions, such an increase can mean the difference between success and failure.

An alternative is increasing the minimum wage moderately, and this could be complemented by incentives for businesses that create new jobs or offer training programs. It’s essential to evaluate these policies through the lens of your business’s long-term goals.

Trade and tariff policies

Trade policies are inherently complex, but that’s no reason to bury your head in the sand. Knowing where your candidate stands on international trade can allow you to predict better how their policies will affect your supply chain and, ultimately, your ability to be in the black.

Restrictions and changing international agreements can impact your operating expenses and control how competitive you are in a global marketplace.

Some candidates may support tariffs or trade restrictions to protect domestic industries. This makes sense. While it can benefit certain sectors, it can also drive up the cost of imported materials for many industries.

Free trade agreements may be an option as it helps reduce barriers to international commerce, making it more cost-effective for SMBs to source materials or export overseas. But are the benefits reciprocal to the other countries involved, and moreover, how important is this to you?

Why your vote matters

It’s easy to get pulled in by headlines and even easier to be swayed by a candidate’s views on things that we all feel are important. However, as a small business owner, your vote is not just about personal preferences. It’s about going with the candidate whose policies will allow your company to succeed and thrive — particularly in these uncertain economic times.

Directors and Officers (D&O) insurance — which protects business leaders from personal losses if they are sued due to their decisions made on behalf of the company — is a critical component of risk management for businesses of all sizes. Small to mid-size businesses (SMBs) and non-profits, in particular, face growing pressure to secure this coverage as they navigate regulatory complexities, market volatility and increased exposure to lawsuits. The outcome of the 2024 election will likely shape the Directors & Officers insurance market in several key ways, particularly through changes in regulatory frameworks, litigation risk and corporate governance expectations.

1. Regulatory and compliance pressures

D&O insurance premiums are heavily influenced by the regulatory environment that business leaders operate within. Regulatory enforcement and new compliance requirements can significantly increase the exposure of directors and officers to lawsuits and regulatory actions, impacting the cost and availability of Directors & Officers insurance.

Republican influence: If Republicans gain control, we could see a rollback of certain regulations, particularly in sectors such as finance, healthcare and environmental protection. Reduced regulatory enforcement may lower litigation risks for directors and officers, which could stabilize or even reduce the cost of Directors & Officers premiums for SMBs. However, less regulation could also lead to greater public scrutiny and private litigation, which could offset some of these benefits, especially in industries where consumers or shareholders are more likely to take legal action in response to perceived misconduct. This could potentially affect non-profits more than most businesses.

Democratic influence: A Democratic victory could lead to more robust regulatory enforcement, especially in areas like environmental compliance, data privacy and corporate governance. This increased regulatory pressure may heighten the risks for directors and officers, making the cost of Directors & Officers insurance more expensive and harder to secure. SMBs, which often have less robust compliance programs than larger corporations, could see a significant uptick in the cost of their Directors & Officers premiums in the elevated risk of regulatory actions and lawsuits.

Related: Do You Have the Right Insurance for Your Business? Here’s How to Understand Your Options

2. Litigation risk and corporate accountability

D&O insurance protects business leaders against lawsuits from shareholders, employees, competitors and regulatory bodies. The legal landscape that shapes these risks can shift dramatically based on political control, impacting the frequency and severity of claims filed against directors and officers.

Republican influence: A more business-friendly environment under Republican leadership may reduce the overall litigation risk for companies, potentially easing the burden on Directors & Officers insurers. There may be fewer regulations and less aggressive enforcement of corporate accountability laws, resulting in lower claims activity. This could translate into lower premiums for SMBs, as insurers face reduced risk of large payouts.

Democratic influence: A Democratic-led administration could lead to increased accountability measures, such as more aggressive oversight on Environmental, Social and Governance (ESG) issues and expanded legal protections for employees and shareholders. These policies could lead to a higher frequency of lawsuits, particularly around issues of corporate governance, labor practices and climate-related risks. As a result, Directors & Officers insurers may raise premiums or tighten underwriting standards, especially for SMBs that might not have the same level of risk management resources as larger companies.

3. ESG (Environmental, Social and Governance) considerations

The push for stronger ESG standards has already begun influencing the Directors & Officers insurance market, with insurers increasingly focusing on how companies manage risks related to climate change, diversity and corporate ethics. The 2024 election could either accelerate or slow down this trend, affecting how D&O policies are priced and underwritten.

Republican policies: A Republican administration may downplay the importance of ESG regulations, reducing the pressure on businesses to meet stringent ESG criteria. This could lead to fewer claims related to ESG failures, keeping the cost of Directors & Officers insurance premiums lower for businesses not heavily invested in ESG compliance. However, directors and officers may still face reputational risks, which could result in private litigation even in the absence of regulatory enforcement.

Democratic policies: A Democratic government is likely to intensify the focus on ESG issues, increasing the expectations placed on directors and officers to ensure that their companies comply with environmental standards, social justice initiatives and governance reforms. This heightened scrutiny could lead to more claims being filed against directors for failing to meet these expectations, pushing up the cost of Directors & Officers insurance premiums even higher for businesses seen as lagging in ESG efforts. SMBs, in particular, may struggle to meet these requirements, further increasing their risk exposure. This may become an added benefit or consequence for non-profits depending on their market and mission.

4. Cybersecurity Risks and D&O Insurance

Cybersecurity is an area of growing concern for directors and officers, especially in an increasingly digital world. The exposure to lawsuits stemming from data breaches, ransomware attacks and failure to protect sensitive customer information is on the rise, and D&O policies are evolving to address these risks.

Republican Influence: A Republican administration may adopt a lighter regulatory touch when it comes to cybersecurity, focusing more on voluntary guidelines rather than strict enforcement. While this could reduce immediate compliance costs for businesses, it may increase litigation risk if cyberattacks lead to major breaches and subsequent shareholder lawsuits. Directors and officers could still be held personally liable for failing to implement adequate cybersecurity protections, which could impact the cost of Directors & Officers premiums.

Democratic Influence: A Democratic administration may impose stricter regulations around data privacy and cybersecurity. This could lead to greater liability for directors and officers, especially if their companies suffer breaches or fail to meet enhanced security standards. Insurers may respond to this heightened risk by raising the cost of Directors & Officers premiums, particularly for businesses in sectors that are frequent targets of cyberattacks, such as healthcare, finance, and retail.

October is National Cyber Security month and a great time to audit your online security. During this annual event, government and cybersecurity leaders and the insurance community, come together to raise awareness about the importance of cybersecurity. If you want to audit your cybersecurity, here are nine essential cybersecurity controls you can implement to manage your exposure.

Related: 5 Tips for Business Owners to Control Insurance Premiums

Navigating the D&O insurance landscape post-election

For small and mid-size businesses and non-profits, the D&O insurance market is likely to experience significant shifts depending on the outcome of the 2024 election. The regulatory environment, litigation landscape and corporate governance expectations will play a critical role in shaping the cost of Directors & Officers insurance.

Regardless of the election outcome, SMBs should prepare for potential changes by reassessing their risk management strategies and ensuring that their directors and officers are well-protected against evolving risks. Working closely with insurance brokers to tailor D&O coverage to the specific needs and vulnerabilities of the business will be crucial in maintaining effective coverage at a reasonable cost in the post-election environment.

In the best-case scenario, a side hustle could turn into a multimillion-dollar business that generates a passive income stream — but at the very least, starting a side gig could help pay some bills.

A new survey from personal finance software company Quicken shows that almost half (43%) of Americans with a side hustle, or an extra source of income added to a primary income, make more money and clock in fewer hours overall than those without a side hustle.

The three most popular side hustles pursued by those who work less and make more money were personal assistance (20%), cooking and baking (16%), and caregiving (16%). One in five people with side hustles said they were business owners, too, selling products online or offering services like photography.

The majority of people with side hustles (82%) said starting a side gig helped them financially, and kept them from living paycheck to paycheck. Most with side hustles (57%) had savings equal to at least four months of living expenses.

Related: Side Hustles Are Soaring as Entrepreneurs Start Businesses Working Part- or Full-Time Elsewhere, According to a New Report

The survey also found that, for younger side hustlers, a way to an extra income doubles as a path to becoming more employable. 44% of Gen Z (born between 1997 and 2012) choose to start a side hustle in order to obtain skills for long-term careers, much higher than the overall 18% of Americans who started a side hustle with the same motivation.

Quicken conducted the survey online, gathering responses from more than 1,000 Americans.

Additional research on side hustles, released in August by NEXT Insurance, showed that three out of five people bring in less than $1,000 monthly in side income, while 22% make $1,000 to $10,000 a month, and 15% make more than $10,000.

Related: Starting a Side Hustle Should Come With a Warning Label — Here’s What You Need to Know

Barbara Corcoran still thinks now is the “very best time” to buy a house. But you only have one month.

The real estate maven and “Shark Tank” star posted a warning to Instagram on Thursday for people waiting to jump into the real estate market.

Related: Barbara Corcoran Says This Is the One Question to Ask Before Selling Your Home

“I’m here to tell you, you have one month to buy a house,” Corcoran said in the video. “One month!”

Corcoran noted when the Fed cut interest rates, everyone expected mortgage rates to follow suit, but that has not happened yet. In fact, they’ve gone up, which has taken a lot of buyers out of the market.

“Everyone’s moved to the sideline,” she added, “taking a wait-and-see attitude.”

The “uncertainty in the market” is caused by a lack of inventory, persistent inflation, high interest rates, and the upcoming election, so many would-be buyers are pausing their home-buying dreams. However, she said, this is the time when you can “find the best deals” because there will be “someone out there who will take a bid because they are uncertain, too.”

Related: ‘Not a Big Deal’: Barbara Corcoran Says the NAR Ruling Hasn’t Had Much of an Impact So Far

“If you are planning on waiting a year and seeing where interest rates go, you are out of your mind,” she added. “There’s not enough houses.”

She also noted that, like this year, prices will go up another 5%.

For entrepreneur and investor Daymond John, deciding which projects he chooses to put his time, energy and money behind comes down to one thing: making a positive impact on the world.

In 2020, he created Black Entrepreneurs Day (BED), wanting to do something to uplift Americans who were aching in the aftermath of George Floyd’s murder. “People were in the streets burning businesses when I said they should be building them,” John told Entrepreneur. “So I called friends in business and some great brands to see what we could do to empower people, and show them how we were able to overcome struggles and find success.

“What started as a virtual call from Daymond’s basement has now become an annual in-person event featuring some of the most accomplished people who live at the intersection of business and culture. The 5th Annual Black Entrepreneurs Day is taking place on Friday, November 22 at the Fox Theater in Atlanta, and will feature a slate of guests including Kelly Rowland, Flavor Flav, Charlamagne tha God, Olympic gymnast Jordan Chiles and many others. In-person and streaming tickets are free and can be ordered at blackentrepreneursday.com.

Related: How Daymond John Went From Selling T-Shirts on the Street to Running a $350 Million Company

BED isn’t just in the business of inspiring entrepreneurs, it is also in the business of funding them. From October 24 to November 1, entrepreneurs can apply for a $25,000 Powershift Grant. (Apply here.) Along with partners JPMorgan Chase, Hilton, T-Mobile for Business and Constant Contact, a total of $100,000 in grants will be given to small business owners.

So what does it take to earn the trust and support of BED’s investors and win one of those grants? We asked and “The People’s Shark” himself.

When someone is pitching you, what do you want to hear that makes you say, “I want to give my money to this person”?
You want to hear them ask and answer the three questions: 1. Why me? 2. Why now? 3. And why this? You’re going to talk about who you are, what you’ve been through and why you decided to do this business. You saw a pain in the market or you want to bring somebody joy. And then we want to know that you know your numbers. We want to hear how obsessed you are with your customers. We want to know that you’re moving and shaking, you’re agile and you’re changing with the times. You’re working with AI. You’re making sure you’re employing people from your community. If you have a real passion for it, it’s infectious. It’s kind of like, “Man, I want to know this person. I want to root for them because they are somebody who’s going add value to people’s lives.”

What advice would you give to a young Daymond John?
I would say to a younger me that you already know the branding. You’re obsessed with your culture. You’re obsessed with the product. You want to make the best clothes ever. But you won’t be able to run this business and keep it sustainable if you don’t learn your numbers. What are the costs of goods? Who do you sell to? How many people do you need to employ? What number do you need to get to to be at your margins? Do you have the business structure for someone to be able to invest or are all your receipts in a shoe box? That’s what I would have told my younger self.

If you were starting today and had just $1,000 in your bank account to work with, what would you do?
I would start with the homework of asking “What am I trying to solve?” And then I start with the OPMs. That stands for Other People’s Mindpower, Manpower, Manufacturing, Marketing, Money. I don’t spend my thousand dollars, I’m going to borrow their OPM. And then I’m going to study for six months or a year to figure out how I can get into this market and help solve the problem. And then DM 50 people a day looking for funding, mentorship and collaboration. I’m not going to use my thousand dollars. I’m going to try to use everything else.

Applications for BED’s Powershift Grant are being accepted from October 24 to November 1.