Five Things To Know This Week:
1) The Power of “Why”
2) Go to Bed!
3) Inflation Woes
4) Wordle Tips & Tricks
5) Resource of the Week: IRS Small Business and Self-Employed Tax Center
Small Business Edge
Brian Moran & Associates
The Power of “Why”
When my kids were younger, between the four of them, I think I heard the word “why” about a million times. Kids are full of wonder and curiosity, trying to figure out the “why” of everything, from the color of the sky to the reason we rooted for the New York Mets.
In the Working Knowledge newsletter from the Harvard Business School, Harvard Business School Professor Francesca Gino says the impulse to ask curious questions fades as we grow older, “either because we feel the pressure to just execute in our jobs, or because we don’t want to be judged or come across as silly for not knowing.”
Gino conducted a study several years ago exploring the “big five” personality traits (extraversion, agreeableness, openness, conscientiousness, and neuroticism). And they added a sixth—curiosity, to see if “piqued curiosity spurred people to network more with others outside their immediate workgroups.”
And, says Gino, “When we received the results, none of the big five were particularly important. The one that stood out was curiosity.”
Read more about the power of why and why you should spur your team to be more curious.
Go to Bed!
It’s ironic for me to tell you that since just a few years ago, I was keeping typical entrepreneurial hours—meaning I got very little sleep. That’s not a good thing, and I’ve (mostly) reformed my ways.
Patrick M. Fuller, a neuroscientist and professor at the University of California, Davis, studies how the brain regulates sleeping and waking. He calls sleep the “third pillar” of health, along with nutrition and physical exercise.
Fuller says they know from studies that “the sweet spot for sleep is seven to eight hours a night for most people.”
Not getting enough sleep our ability to remember, concentrate, and make good decisions. All crucially important for small business owners.
Read more to find out why sleep is so important and how to get a good night’s sleep.
Chances are, the rising inflation rate is impacting your small business. Is inflation going to be with us for a while, or will it (hopefully) deflate soon.
MarketReseach.com asked several experts to weigh in, and their answers are interesting.
Read more about the impact of inflation on our businesses.
Wordle Tips & Tricks
Are you as addicted to Wordle as so many people need to be? It’s addictive, to be sure. A business owner friend of mine won’t go to sleep until she plays the game (which debuts every day at midnight—and interferes with her sleep—see #2 above).
Writing in the Tom’s Guide newsletter, a Wordle aficionado (he’s only lost once in 275 games played) shares his secrets—including how to choose the crucial first word.
Read more about how you can win at Wordle.
Resource of the Week: IRS Small Business and Self-Employed Tax Center
Filing taxes can be a tedious and challenging process for small business owners. The Internal Revenue Service (IRS) has created an online resource center to help make filing just a bit easier. The IRS Small Business and Self-Employed Tax Center is designed for taxpayers who typically file a Form 1040 with Schedules C, E, or F, or Form 2106, and small businesses with assets under $10 million.
These forms are stored online at the IRS Small Business and Tax Center, along with instructions on how to file them, contractor information, and what to expect when tax season comes around. There are categories that span several topics, including stages of owning a business, recordkeeping, employment taxes, Employer ID Numbers, and changes due to coronavirus.