GOP candidates: Fix US economy or fail like Europe

ROCHESTER, Mich.—United in agreement for once, Republican presidential rivals warned forcefully Wednesday night the United States could be doomed to the same sort of financial crisis that is afflicting Europe unless federal deficits are drastically cut and the economy somehow revived.

Though sexual harassment allegations facing Herman Cain have dominated the GOP campaign for more than a week, the debate in economically ailing Michigan focused almost entirely on financial worries and proposed solutions in the U.S.

The candidates generally stuck to practiced speech lines -- with a late exception. In the middle of one answer, Texas Gov. Rick Perry found himself unable to recall the names of all three of the Cabinet-level agencies he wants to eliminate, even leaning over to Rep. Ron Paul for help at one point.

"The third agency of government I would do away with -- the Education, the Commerce. And let's see. I can't. The third one I can't. Oops," he said, forgetting for a moment that he wants to abolish the Department of Energy.

On one specific issue that Congress must address soon, the candidates generally backed an extension of the Social Security payroll tax cut scheduled to expire at the end of the year. That was a rare moment of accord with President Barack Obama and many congressional Democrats, who have been warning that consumers could be hurt if the reduction is not renewed.

"I'm not prepared to raise taxes on working Americans in the middle of a recession that's this bad," said former House Speaker Newt Gingrich, a sentiment quickly seconded by former Massachusetts Gov. Mitt Romney.

Perry disagreed, and Rep. Michelle Bachmann of Minnesota said she opposed the one-year reduction when it was approved late last year. She said it had so far "blown a hole of $100 billion in the Social Security trust fund."

Asked about Europe's financial troubles, the candidates seemed to speak with one voice in saying Italy and other European countries should rise or fall on their own without any American bailout. And several of the White House hopefuls warned that unless U.S. deficits are cut and the economy invigorated, America is headed for the same type of downward spiral.

"Europe is able to take care of their own problems. We don't want to step in and bail out their banks and their economies," former Massachusetts Gov. Mitt Romney said as he and GOP rivals met for the first time in three weeks in campaign debate.

Even so, he said the United States should continue contributing to organizations like the International Monetary Fund that are working to prevent a meltdown in troubled economies overseas.,

Paul was more emphatic about the debt. "You have to let it liquidate. We took 40 years to build up this worldwide debt," he added.

Cain said there wasn't much the United States could do to directly to help Italy at present because the economy there is in such difficult shape. "We need to focus on the economy or we will fail," he said, referring to the U.S. and calling for spending cuts, a strong dollar and measures to stimulate growth.

The Cain accusations did come up, though briefly.

"The American people deserve better than someone being tried in the court of public opinion due to unfounded accusations," he said when the question came up early in the debate. "I value my character and my integrity more than anything else. And for every one person that comes forward with an unfair accusation there are probably, there are thousands who come forward and say none of that ever happened with Herman Cain."

Romney, a former venture capitalist, was asked if he would keep Cain on the job as a CEO given the accusations. He responded, "Herman Cain is the person to respond to these questions. He just did."

On another point, Cain felt it necessary to make a post-debate apology to House Democratic leader Nancy Pelosi, whom he had called "Princess Nancy" for sidetracking Republican legislation when she was speaker.

The announced topic for the evening was the economy, a subject that produced few if any early sparks among rivals who often spar energetically.

Perry, Gingrich, Bachmann and former Pennsylvania Sen. Rick Santorum joined Romney, Cain, Paul and Huntsman on stage at Oakland University in Michigan, a state where unemployment is 11.1 percent and well above the national 9 percent jobless rate.

The debate took place less than two months before Iowa's kickoff caucuses, as the pace of campaign activity accelerates and public opinion polls suggest the race remains quite fluid. Romney and Cain currently share co-front-runner status in most surveys, with Perry and Gingrich roughly tied for third, within striking distance.

Not surprisingly, none of the contenders found much to like in Obama's economic stewardship.

Perry said the next president should systematically judge all of the government regulations enacted since Obama took office on a standard of whether they created jobs. Any that failed should be repealed, he said.

Bachmann sharply criticized Fannie Mae and Freddie Mac. She said the latter had recently given multimillion-dollar bonuses to executives even though it was seeking a new federal bailout.

Gingrich, who last held public office more than a decade ago, bristled when asked what advice his company had given Freddie Mac for a $300,000 fee. "Advice on precisely what they didn't do," he shot back -- stop backing mortgages to applicants who aren't credit-worthy.

The government rescued mortgage giants Fannie Mae and Freddie Mac in September 2008 to cover their losses on soured mortgage loans. Since then, a federal regulator has controlled their financial decisions.

The cost to taxpayers so far has been about $169 billion, the most expensive bailout of the financial crisis.

There was only scant mention of the Michigan auto industry, which benefited in 2008 and 2009 from a federal bailout that both President George W. Bush and Obama backed.

All eight Republicans on the debate stage say they wouldn't have offered government assistance.

Not so Obama, who stood outside a factory not far from the debate site recently and said government bailouts of General Motors and Chrysler were a success that saved thousands of American jobs.

Mistakes Entrepreneurs Should Avoid on Social Media

The start of a new business demands that you even market it online; but how do you go about using social media to your benefit without making common mistakes that most new entrepreneurs do? Find out here...
Every entrepreneur understands the importance of an online presence, owing to the rapid growth of the number of people who spend time online, and rely on the information found there for their needs and requirements. What every entrepreneur doesn't understand is the importance of using this critical tool in the right manner. Simply posting updates is not only what social media marketing centers on. Such a process requires time, patience and skill that eventually culminates into a fool-proof social media marketing strategy. Until then, the right kind and amount of attention on the process is essential. Here's a look into the mistakes entrepreneurs should avoid on social media, at the start-up level, as well as when they ease into their business.

Common Social Media Mistakes Your Start-up Should Avoid

You know you are supposed to be out there, but how should you go about making that mark, a presence that people remember you for and by? Facebook, Twitter, your own blogs, and other social bookmarking websites are integral tools you need to make your presence felt in the worldwide web. What you must understand is that most people are resistant to marketing, particularly when their feeds are being spammed by a lot of organizations trying to grab their attention. So you have to establish a certain amount of credibility to ensure that your efforts at social media marketing are duly rewarded. Before you hit enter on your first online post, here's what you should be avoiding, particularly at the start.

1. Starting Off Without a Plan/Goal
If you don't know what you're going to be doing online, there is no point of starting off your social media strategy. While most businesses will benefit from social media marketing, there are others that may just not benefit from it. Before you begin, analyze whether your business really needs all the time and effort you are going to put in it online. Next, when you do start, ensure that you have a plan and understand the goal you intend to achieve with this program. Don't do it just because everyone else is doing it. Do it because you intend to highlight your business and direct your consumer to a reliable brand.

2. Maintaining an Incomplete Profile
Your profile is a sign of authenticity of your business; and leaving it incomplete has the consumer wondering whether you are actually reliable as a business and a person. As has been mentioned earlier, credibility is what people look for in any company promoting itself online. So not only should your profile be complete, your business should be clearly described with an address and contact number so that people can interact with you via different media.

3. Lack of Consistency
You post an update today and then forget about your profile for the rest of the week. No one will remember you if you are not around enough. Moreover, if you are looking to optimize your searches, you ought to know that search engines even crawl through your Facebook and Twitter updates based on their frequency, and help direct traffic to your website. So you have two reasons why you need to be consistent with your updates. Consistency also refers to the fact that if you are present on more than one social media site, you should be updating all of them with the same frequency and maintain the same profiles on each.

4. Spamming
Being consistent is one thing, and spamming your readers with posts about irrelevant information is another. Keep spamming and you will find that your readers will simply unsubscribe to your posts and you will lose a major following. Don't panic and post something just for the heck of posting something. Ensure that it is in keeping with your brand image and will be useful to the reader.

5. Beating Around the Bush
In the desire to be artistic, a lot of entrepreneurs end up posting articles or updates that end up appearing irrelevant to the actual subject they are talking about. While verbal artistry is commendable and even helpful, in some cases it can backfire, and there are only a few people who give others a second chance. It is hence, better to keep the update to the point and specific to what you are actually referring to. Also ensure that the language you use is grammatically correct and professional.

6. Giving Up too Soon
Creating an online presence takes a fair amount of time. However, the biggest mistake entrepreneurs tend to make is to stop their regular updates once they develop an adequate following. Remember, maintaining your online presence is as demanding as creating it. Don't undermine your followers by simply stopping your regular updates about the latest in your business and still expect them to remain loyal to you.

7. Giving the Job to Someone Else
At least in the initial stages, you, the entrepreneur have to be involved in creating a social media presence. Hiring someone else to do it may benefit you in terms of strategy, but the passion that you can exude in your effort is bound to be lacking among those who work for you. Give the job to an image management consultant or to a junior whom you don't know what to do with, and find that they are not likely to have that visible drive as you do. Even in the later stages, keep yourself involved in this area of your business. It will show and it will work.

8. Not Valuing Feedback
If you have put in effort to make a mark among your followers, then ensure that you respond to their queries, their appreciation, and their criticism. The whole concept of social media revolves around interaction. When you don't interact and start having a one-sided conversation where you continue promoting without addressing the reader, you are bound to lose your following. Also, a lot of people tend to recede into a shell when they receive negative feedback. On the other hand, there are some who get defensive upon receiving negative feedback. Accept that this is all a part of the game, and instead of hiding or lashing out, it is a good idea to accept your mistake or clarify the issue if it is not a mistake but has simply been misunderstood. Whatever it is, positive or negative, acknowledge your reader's/consumer's feedback.

9. Getting Personal
There is a thin line between being friendly with your reader and getting personal with her/him. The idea is to mark a clear difference between the two so that you know where to stop. Don't give your opinion on matters that don't concern you or don't have a direct connection with your business, at least not when you are just starting out with your social media program. Perhaps later, when yourself and your followers begin to find you a credible person capable of giving an opinion, only then should you go about doing so.

10. Not Connecting with Others in the Business
No business can thrive without another's and this is the philosophy that you should keep in mind whenever you enter social media to market your business or brand. You have to connect with others around you, who can help leverage your brand, while you simultaneously help leverage theirs. As mentioned earlier, it is a two-way street, and one person simply cannot move forward without the other.

Social media marketing consists of stiff competition. There are people who are already masters of the game, and for newbies like you, the going may be tough initially. However, a clear idea of what you should and shouldn't do is sure to get you ahead. While being thoughtful about the mistakes you should avoid is important, don't get too cautious. Not much has been achieved without risk, and this fact is no different even for you. Good Luck!

Read More:
http://www.buzzle.com/articles/mistakes-entrepreneurs-should-avoid-on-social-media.html

Side Businesses You Can Start for Extra Cash

Starting a business to supplement your day job's income can help ease worries over your 401(k) losses. For Matthew Griffin of Indianapolis, it also helped him make better brownies.

In 2004 Griffin created a side company for his idea of a new brownie-baking pan that yields more than four corner brownies, hoping the invention might add to his income. Without quitting his day job, he perfected the design with his wife, Emily, for several years. The success of their company, Baker's Edge, grew steadily, and Griffin became full-time CEO and president in 2008.

Griffin's advice to others who start a side business: "Keep your day job and your side job separate. Mixing the two will cause serious issues, and can quickly cause you to lose the stability of your full-time job."

Simple Side-Business Ideas

Whether the struggling economy or an inventive idea is prodding your inner entrepreneur, here are five categories of side businesses that are easy to start (Note: Possible hourly salary data from PayScale.com included, where possible, but rates may vary by location and experience):

Social sales. Companies like Mary Kay, Pampered Chef, Tupperware, and Stella & Dot rely on thousands of independent sales people who work very flexible schedules, often while networking at house parties. Startup kits can cost more than $100, but training time is short. The earnings potential attracts many, often leading to a career change. Stella & Dot stylists, for example, can earn more than $75 per hour, according to the company's website.

Freelancing. Turn one of your marketable skills into a moneymaker to pursue at your convenience. The options are wide for needs you can fill in the marketplace, such as writing/editing, animal care, cutting hair ($22 to $44/hr), being a DJ at weddings, organizing closets, translation (up to $40/hr), and mowing lawns.

Or try a freelance activity that meets one of your needs, too. Tom and Melissa Dowler of Boston started their video production company, Long Haul Films, as a creative outlet they could pursue as a couple.

Online stores. One person's junk is another resourceful person's goldmine, as many eBay store owners have shown us. Or you can set up shop using your own unique domain name and sell items you make or collect. (Yahoo! Small Business tools can help with buying a domain and setting up an online store.)

Think broadly -- maybe your customers would rather rent than buy. New Yorker Brittany Haas started her boutique, Something Borrowed NY, to rent designer bridal accessories.

Consulting. Use your expertise to fill a need. For example, you can prepare taxes ($22/hr) for people who find the process too confusing. Other skills that lend themselves well to consulting include personal finance advising (up to $63/hr), wedding preparations, Internet marketing, computer troubleshooting, public speaking, and interior design (up to $40/hr with 5 years of experience). One simple way to get started: become a registered expert on JustAnswer.

Teaching. You may need a certain level of training or certification for some side businesses in this category, such as yoga instructors (up to $47/hr) or fitness trainers (up to $29/hr). Ask yourself: What am I good at? The many options in this field can include musical instruments, foreign languages, academic tutoring, dance, and various forms of art.

Jason Fitzgerald of Washington, D.C., turned his skills as an elite marathoner into a Strength Running program in 2010 that has helped many runners get stronger and prevent overuse injuries.

Startup Tips from the Experts

The work of starting and maintaining a side business will be much easier if you heed the following advice.

* Map out the details. Video producer Melissa Dowler says, "Put together a business and marketing plan; get business cards printed; make sure you have an up-to-date website and social media; and set achievable goals that you can work towards. All of these things will help you keep focused and stick with it during stressful or busy times."
* Make time for your side job. "If you really want to develop it as an income source, you need to be consistent and dedicate the time to it," Griffin says. "Be prepared to give up your free time. If you are doing it right, it should feel like you have two full-time jobs."

* Guard against burnout. "Give yourself at least one night a week to relax," says boutique owner Haas. "Without that needed break, you won't be able to give 110% to each job."
* Put your heart in it. Marathon runner Fitzgerald says, "Make sure that you are deeply passionate about your business; that will keep you going during times of low revenue when you're not seeing a lot of return on your time investment."

From:
http://smallbusiness.yahoo.com/advisor/side-businesses-you-can-start-for-extra-cash.html