November 10, 2009
TWITTER interview: Anthony Crescenzi, PIMCO SVP and Portfolio Manager, Esteemed Author, Regular Special Guest and sited expert on CNBC, Bloomberg and WSJ
Follow us on twitter: @bizdrive, @bizdrive_Darren, @bizdrive_carly, @bizdrive_jenna, @bizdrive_guest
Q 1 The October NFIB index increased a tad, to 89.1 from 88.8 in September. What led the increase?
A 1 More small businesses said that they expected a better economy and their hiring plans improved.
Q 2 Why is it important that small businesses feel confident about economic prospects?
A 2 Job creation. Census Bureau data show that about 80% of net new jobs created from 1990-2003 were by small businesses.
Q 3 Aside from direct job creation, what else about the small business sector is important to economic activity?
A 3 For one, note that SBA data indicate that small businesses apply for 13-14x more patents per employee than do large firms.
Q 4 What can government do to help the small business sector to rebound?
A 4 Boost immigration of technology experts, commercialize academia, give tax benefits to those that lend to the sector, and boost govt help.
Q 5 What is worrying small businesses these days? Why is their confidence lower than for big businesses?
A 5 Small business owners worry about new healthcare costs, expiring tax cuts (2011), credit availability, immigration laws, and more.
Q 6 What is one way the small businesses can do more to be ready for a recovering economy?
A 6 Invest in technology and gain a presence on the Internet. It can help cut costs and attract new customers from around the world.
Q 7 What are barriers to success for small business these days?
A 7 Cost, time and knowledge – unless you choose innovative website such as Bizdrive.biz where costs are minimal compared to the benefits of expanding market share.
Q8 How soon before the small business sector begins operating on all cylinders again?
A8 It could be around the corner because of massive monetary and fiscal stimulus. Business owners need prepare now to capitalize.
Q9 How does the “New Normal” play into the outlook for small businesses, in particular as is relates to the consumer?
A9 Following a big loss of wealth, consumers are apt to be more thrifty and save more. Consumers are likely to become choosier about the services they buy and the prices they pay.
Q10 How might the US economy regain its vigor and return to the old normal of robust economic activity?
A10 With its financial and economic system broken, new industries such as the green economy must supplant the old ones.
A10 (more) This has always been the case in the U.S., the only question usually over its timing. The green economy is now.
From Tracey DeLeeuw @bizdrive
Anthony Crescenzi @bizdrive_guest - Thank you so much for your candid answers and the insights and ideas you've shared with us today.
Anthony Crescenzi @bizdrive_guest: I'll put the transcript of this interview at http://bizdrive.blogspot.com and hope you'll take questions?
The video version of this interview with Anthony Crescenzi of Pimco @bizdrive_guest will be available on www.bizdrive.biz and youtube soon!
From Anthony Crescenzi @bizdrive_guest
@bizdrive @bizdrive_carly @bizdrive_darren @bizdrive_jenna - Thanks for the great questions on the small biz outlook and success to Bizdrive
Highlights from the Video Interview will be published to YouTube and BizdriveTV shortly.
Questions for Anthony Crescenzi may be submitted as comments to this blog and he will answer them for the next several weeks.
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Bizdrive.biz and Bizdrive TV wish to extend extreme gratitude to Anthony Crescenzi for his participation in this cross channel interview.
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