As an entrepreneur, your time is stretched. Every day you are bombarded with employees, clients, finance, sales, marketing and even the occasional emergency.
With all of this, paying attention to the news seems unimportant. But paying attention to current events can be critical to entrepreneurial success for the following reasons:
- National economic news can directly affect your bottom line, especially news on interest rates and inflation.
- Technology innovation can completely can completely change an industry overnight. The Pony Express was wiped out in a matter of months by the telegraph.
- Local news can often include new local regulations on employees and local tax proposals. For example, the City of Seattle recently enacted secure scheduling laws for some employers. Understanding the law early can help an employer plan ahead.
The best, quick sources for the news can include daily emails from local business journals and daily news briefs from your local trade association. Staying informed can keep you ahead of the competition and all you to plan for your businesses future.