BBB Blog

The pending end of the eviction moratorium raises many questions for those who are still struggling with the economic impact of the pandemic. While many programs were introduced at the start of the pandemic from EIDL to PPP, the ongoing nature of the crisis has created a new inflection point where some programs are ending and replacement programs emerging. Creatives from artists, culinary professionals, freelance and gig workers impacted by the ongoing crisis may have to explore new resources to find assistance.

This may require reimaging the type of assistance impacted workers need and the potential agencies offering support. In an effort to assist in sorting through the flood of information, here are vignettes covering possible resources that may be of assistance:

The Consumer Financial Protection Bureau website offers a plethora of resources to protect and manage your wellbeing during this difficult time. Here they have listed help for homeowners, renters, and landlords. The CFPB features informative videos and can help you learn what your next steps are, help you get the help you are entitled to, and educate you on what all of this means for your specific situation. Additionally, the CFPB lists resources such as housing counselors, lawyers, and key terms to help understand the basics. 

Another resource that has been a key channel of information and resources is the Small Business Administration. Traditionally focused on providing small business counseling, local SBA Development offices have been information centers for federal programs, relief funds, and business loan programs. By contacting your local SBA development, you can set up a one on one appointment to learn how the resources can apply to you as either someone who is self-employed, a small business, or who is creating a business due to the impact of Covid-19 on your industry. To locate the nearest office, visit the US Small Business Admin website.

Additional resources for Mississippi small businesses seeking covid relief can be found HERE.Entergy offers a program named ReSkillMS if you have lost employment due to COVID-19. ReSkillMS was created to help Mississippians find jobs with higher wages and help employers fill skilled positions. Other information is listed about economic development organizations getting creative due to the change of multiple federally funded programs. 

 A short video by Quentin Brewer at BancorpSouth offers tips and resources for those with questions about business banking as part of our BBB series.  Watch the video here!  

The YAC is ready to start scheduling workshops for this year! We would love to get feedback from you on what advice was most beneficial from the previous year, who you would like to hear from, and what we can add to our BBB series for you! Please fill out this short survey! CLICK HERE.

What is grit and why do you need it to be successful in the business world?

Grit is defined by the Merriam-Webster as “firmness of mind or spirit: unyielding courage in the face of hardship or danger.” Angela Duckworth is conducting research on grit through the “Genius Grant” to further study the importance of having grit in terms of success. Duckworth defines grit as “perseverance and passion for long-term goals.”

Characteristics that measure grit include courage, conscientiousness, follow through, resilience, and excellence. Click here to learn more about each characteristic of grit.

Personally, I associate grit in my own life as perseverance. Whether it be running the extra mile or even getting my oil changed on time. I challenge myself to set goals that are within my reach and actually complete them in a timely manner. By doing this, it creates a sense of accomplishment and ultimately setting myself up for success. Remember to find comfort in the discomforting times and to celebrate your small wins. Eleanor Roosevelt said, “Do something that scares you every day.” Having grit starts and ends with YOU!

Whether you are starting a business or have experience in the business world- understanding and implementing grit into your life is extremely beneficial. Grit allows for one not to be measured by their IQ but rather their work ethic. Completing what you say you will do is rewarding- and good for business.

Tools to understand GRIT:

• Watch Angela Duckworth’s Ted Talk here.
• To see how gritty, you are- click here!

(This is a self-assessment test to see how passionate and persevering you are. Once you have an idea, you can move forward to better yourself and your business!)

Local Artists Catherine Smith & Pam Locke discuss entrepreneurship as artists.Thank you for following along with The Big Bad Business Blog. CLICK HERE to sign up for The Big Bad Business Newsletter!

Intellectual Property refers to artistic works, literary works, inventions, technology, designs, symbols, names, and images used in commerce. Basically, intellectual property is anything that you can create or invent as your own. Your intellectual property is protected by law by copyrights, patents, and trademarks enables you to benefit financially and earn recognition from your creation.

Oxford Languages defines Intellectual Property as a work or invention that is the result of creativity, such as a manuscript or a design, to which one has rights and for which one may apply for a patent, copyright, trademark, etc.

4 Types of Intellectual Property

1. Patent:
A patent, as defined by the U.S. Patent and Trademark Office, is limited-duration protection that can be used to protect inventions or discoveries that are new, non-obvious, and useful, such as a new process, machine, article of manufacture, or composition of matter. Patents allow a patent owner to commercialize their patent by selling the patent, producing a product, or licensing production to a third party. Law prevents from selling the idea or producing the product without possessing the patent.

Patents can fall under three different categories:
>>>Utility-Utility Patent Definition
>>>Design-Design Patent Definition
>>>Plant-Plant Patent: Definition & Overview

2. Copyright:

Unlike patents, copyrights do not protect ideas. Only tangible expressions of ideas and creations such as original artworks, music, literary works, software codes, and architectural drawings are protected by copyright. Copyright protections are automatic in the sense that once you create something, it’s yours. You own it. You can sell it, reproduce it, publish it, or license it in any way you see fit. However, if you feel your copyright protections are being infringed upon, and you wish to take legal actions, registration of your copyright will be necessary. Visit the US Copyright Office for registration and more information.

3. Trademark:

A trademark protects words, phrases, or symbols that allow customers to easily identify a brand, service, or product. Names, logos, smells, sounds, mascots, and color schemes can be trademarked. Trademark examples include McDonald’s golden arches, Nike’s Swoosh, Pepsi’s blue and red, Apple’s apple, Geico’s talking gecko, Google, and Chanel No 5. Unlike patents and copyrights, a trademark does not expire.

4. Trade Secrets:

Trade secrets are private information that is pertinent to a business. They give a business a competitive edge in their industry or marketplace. Think of the formula for Coke or KFC’s herb & spices blend. If this information was acquired and used by a competitor, it could be detrimental to those companies. Trade secrets are protected without official registration, unlike the above protections. However, if there is a breach of trade secrets, the court may be asked to step in to prevent other parties from using the secrets.

The Yoknapatawpha Arts Council's own Wayne Andrews discusses IP Law with Micheal Mosher of the Ole Miss Office of Technology Commercialization in this hour long video: Literary Bit of Intellectual Property This discussion was a part of the Literary Bit Festival in November of 2020. Micheal goes into nuances of contracts, documentation of intellectual property, nondisclosure agreements, and your rights as an intellectual property holder. Thank you for following along with The Big Bad Business Blog.

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Have you made a vision board? We want to see it! CLICK HERE to share your vision board with us and sign up for The Big Bad Business Newsletter! Thanks for following along with the Big Bad Business Blog!

Are you a more visual person? Do you prefer creating collages over crunching numbers? Writing for fun rather than writing market research? Create a vision board. A vision board is a visualization tool created with pictures, words, or a combination of things. 

It could be your first step towards developing an idea for your business or jumpstart creating a business plan. It might be the creative jump you need to get to planning. A vision board is a great way to focus yourself and have intentional dreams. You can do this in your personal and professional life. I know it sounds a little “woo-woo” but it could be a fun exercise or experiment if you’re feeling stuck. How to Make a Vision Board That Actually Works:

• 1. Start with an idea dump. Take about 10 minutes to dump your dreams. What are your intentions in business? What do you want in life? What are your dreams and aspirations? If you’re feeling stuck, look for inspiration. What brings you joy?

• 2. In one year, what does your business look like? Where will you be? What do you want your work life balance to look like? Take a few minutes, maybe 5 or so, to collect your thoughts and write down your vision for the future.

• 3. What about 5 years? What are your dreams for the future? Where do you see yourself and your business? Take five minutes, think about your wants and dreams for growth and creation. Write down your aspirations.

• 4. What about 10 years? Take about 10 minutes, think about where you see yourself, where you see your business, and what you want for your life. Write down what you hope to happen in a decade.

Now that you’ve taken some time to think about what you want from the future and your business, put your dreams onto a vision board. A vision board can be a digital creation made in Adobe Illustrator, a Pinterest Board, a handmade photo collage, written notes, or a scrapbook style poster board covered in photos, drawings, and post it notes. Put it somewhere that you can see it everyday. On your desk, in your studio, wherever you need a daily reminder to work hard towards your goals.

Once you have your board and your notes pair it down to the essentials to create an action plan. What are the steps to take to make your dreams happen? Create action steps from point A to B, B to C, etc. This will be the groundwork to reach your goals.

Have you made a vision board? We want to see it! CLICK HERE to share your vision board with us and sign up for The Big Bad Business Newsletter! Thanks for following along with the Big Bad Business Blog!

Quentin Brewer, First Vice President and Commercial Lender at Bancorpsouth, discusses the loan process for small businesses. Do you have any tips regarding the funding for your business? We’d love to hear about it. CLICK HERE to tell us about it and sign up for the Big Bad Business Newsletter, bringing business information directly to your inbox every two weeks.