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Preventing a Ransomware Attack | NoMoreRansom.org

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“We are experiencing the most significant cyber security threat we’ve ever seen in the United States.” FBI

Ransomware is malware that locks your computer and mobile devices or encrypts your electronic files. When this happens, you can’t get to the data unless you pay a ransom. However this is not guaranteed. The general advice is not to pay the ransom. By sending your money to cybercriminals you’ll only confirm that ransomware works, and there’s no guarantee you’ll get the decryption software key you need in return.

FBI warns of attacks

Federal agencies warned that cybercriminals are unleashing a wave of data-scrambling extortion attempts against the U.S. health care system designed to lock up hospital information systems, which could hurt patient care just as nationwide cases of COVID-19 are spiking.

The FBI and two federal agencies warned that they had “credible information of an increased and imminent cybercrime threat to U.S. hospitals and healthcare providers.” The alert said malicious groups are targeting the sector with attacks that produce “data theft and disruption of healthcare services.”

Independent security experts say ransomware has already hobbled at least five U.S. hospitals, and could potentially impact hundreds more.

Prevention is possible

Following simple cyber security advice can help you to avoid becoming a victim of ransomware.

How to prevent a ransomware attack, according to NoMoreRansom.com:

  1. Back-up! Back-up! Back-up! Have a recovery system in place so a ransomware infection can’t destroy your personal data forever. It’s best to create two back-up copies: one to be stored in the cloud (remember to use a service that makes an automatic backup of your files) and one to store physically (portable hard drive, thumb drive, extra laptop, etc.). Disconnect these from your computer when you are done. Your back up copies will also come in handy should you accidentally delete a critical file or experience a hard drive failure.
  2. Use robust antivirus software to protect your system from ransomware. Do not switch off the ‘heuristic functions’ as these help the solution to catch samples of ransomware that have not yet been formally detected.
  3. Keep all the software on your computer up to date. When your operating system (OS) or applications release a new version, install it. And if the software offers the option of automatic updating, take it.
  4. Trust no one. Literally. Any account can be compromised and malicious links can be sent from the accounts of friends on social media, colleagues or an online gaming partner. Never open attachments in emails from someone you don’t know. Cybercriminals often distribute fake email messages that look very much like email notifications from an online store, a bank, the police, a court or a tax collection agency, luring recipients into clicking on a malicious link and releasing the malware into their system.
  5. Enable the ‘Show file extensions’ option in the Windows settings on your computer. This will make it much easier to spot potentially malicious files. Stay away from file extensions like ‘.exe’, ‘.vbs’ and ‘.scr’. Scammers can use several extensions to disguise a malicious file as a video, photo, or document.
  6. Prevent the infection from spreading. If you discover a rogue or unknown process on your machine, disconnect it immediately from the internet or other network connections (such as home Wi-Fi) — this will prevent the infection from spreading.

There is some good news; sometimes it is possible for infected users to regain access to their encrypted files or locked systems, without having to pay cybercriminals. The site, NoMoreRansom.org, has created a repository of keys and applications that can decrypt data locked by different types of ransomware.

References:

  1. https://www.nomoreransom.org/en/prevention-advice.html
  2. https://finance.yahoo.com/news/fbi-warns-ransomware-assault-threatens-045020352.html?utm_content=buffereda70&utm_medium=social&utm_source=facebook.com&utm_campaign=yahoofinance&fbclid=iwar3oe_50gpble_5qsdzzfisph9mrzoqntgrbtpwe4ypxcfxbjlsimxeqvqg&guccounter=1&guce_referrer=aHR0cDovL20uZmFjZWJvb2suY29t&guce_referrer_sig=AQAAAJNntoT0-u5WR8b7u270VS8dxLGxdRqAV_CKIjMruMa158Szv2KzHYHYZwfQbkGZkRu2mLDRpWIX4G27oN-LlCeb7PD706F51B87qLrCWoh5sC-EQfnccM4CFMfu8KAtB5-pca-gn8eGCkv3LL5OjsoZjCKF2XKoV12OG5zszKhA

How 5G Technology Is Changing the World

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5G technology is being called “the investment for the next decade” and the “key growth driver of all “tech” stocks in 2020”.

Every industry relies more and more on innovative technologies like artificial intelligence (AI), robotics, and machine learning, the stock market continues to be dominated by tech stocks that are effectively disrupting life as we know it.

The fact is, over the last two decades, technology has become such an integral part of our lives from the moment we are woken by our intelligent tablets to when our smart homes turn off the lights in the evening.

This continual shift towards faster speeds and greater interconnectivity offers investors an entirely new sector to capitalize on. Indeed, we are referring to 5G or fifth-generation technology, and there are a handful of small-cap tech stocks that could offer major upside.

5G is much more than the next generation of wireless technology–it is expected to be a game changing wireless network technology. 5G stands for fifth-generation cellular wireless.

Essentially, 5G network technology is projected to have greater bandwidth capacity, significantly faster mobile data speeds (around 1Gbps according to Qualcomm’s CEO) and lower latency. It is expected to usher in intelligence cities and to allow vehicle-to-vehicle communications which is critical to self-driving cars.

One speaker at CES 2020 described 5G as an use case technology; that it will enhance everything we do, and improve how we live, work and play. 5G is expected to deliver faster download speeds, real-time responses, and enhanced connectivity permitting improved mobile streaming and and gaming experiences. Basically, 5G will herald in new possibilities like smart cities and self-driving cars.

Harvard Business Review reports that 5G is positioned to be…

Nicki Palmer, the head of technology and product development at Verizon, observed that 5G will usher in speeds 100X faster and bandwidth 1,000X greater than 4G networks. Industries that 5G is set to completely transform are:

  • The $1.8 trillion energy industry: 5G will help unleash a wave of “smart grids,” electrical networks designed to handle the advanced technical requirements of the 21st century. This could save our economy $36 billion a year.
  • The $5 trillion agriculture industry: 5G will usher in a massive upgrade to our nation’s farms. Autonomous tractors will sow seeds, sensor-equipped drones will monitor the crops, and cows will wear 5G-connected collars that tell farmers everything from what they’re eating to how they’re sleeping.
  • The $7 trillion healthcare industry: The healthcare system deals with a projected 2.3 quadrillion gigabytes of data, from patient information to high-resolution MRI images. 5G-enabled systems will be able to process this data efficiently, with practically no lag.
  • The $22 trillion retail industry: Mobile shopping is already massive. More than 100 million Americans made a purchase on their smartphone in 2018. Just imagine how many more purchases they’d make if their internet connection were 100 times faster. The profit potential is HUGE.
  • The $35 trillion manufacturing industry: The remarkable power of 5G networks will encourage the adoption of augmented reality (AR) in factory settings. This is PROVEN to boost productivity by up to 50%.

As you can see, the economic impact of 5G could exceed $70 trillion. In other words, 5G is TRULY – as The Washington Post puts it – “the mother of invention.”

5G networks using millimeter wave spectrum.

Testing has shown that millimeter waves enable lightening-quick over-the-air transmissions. But, for all their speed, millimeter waves have really poor propagation techniques — i.e. 5G millimeter waves can’t penetrate buildings exterior shell.

References:

  1. https://investorplace.com/investors-guide-5g-stocks/
  2. https://www.brownleeglobal.com/5g-is-a-game-changer-brownlee-global/

Owning a Successful Business Is the Single Best Way to Accumulate Wealth

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Successful investing for the long term and accumulating wealth are about owning a portion of a successful business. It is the single best way to accumulate wealth.

It is extremely difficult for individuals to accumulate wealth by earning income and slugging their way through a 9 to 5 job. It’s very hard to get truly wealthy by renting out your time. Bottomline…you can only work so many hours. 

Even high earners like corporate executives, doctors and lawyers don’t typically earn millions of dollars a year. Instead, the path to amassing vast fortunes is paved by owning assets like stocks of a successful business and allowing the assets to to appreciate in value and work for you.

The single greatest wealth-building secret on the planet and the path to amassing vast fortunes is paved by owning a successful business through investing for the long term in stocks. Controlling vast sums of stock market wealth is a common thread among the world’s wealthy.

That doesn’t mean you have to create and build the next Tesla, Amazon or Walmart. You can “piggyback” on billionaire CEOs like Bezos by buying shares of their companies on the stock market.  This is the playbook many wealthy folks follow.

Recent data from investment bank Goldman Sachs shows the wealthiest 1% of US households own more than half the stocks in America. At the end of 2019, they controlled $21 trillion in stock market wealth.

Over long term, ownership of companies through stocks have outperformed bonds and most other asset classes. This makes sense when you think about it. Stocks are riskier than bonds, so you expect to earn a higher return on capital. 

When you save for the future by paying yourself first and invest for the long term your capital in a successful business, you accumulate assets that earn money while you sleep. For example, by owning Amazon shares, every time the stock soars, your net worth increases.

When Amazon crushes earnings, you win, too. Think of it as a second income that often brings in more than your main job.

References:

  1. https://www.forbes.com/sites/stephenmcbride1/2020/08/19/why-owning-stocks-is-the-single-best-way-to-get-rich/#6ede923248ec

Healthy Aging and Lifestyle: Happiness and Gratitude

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Gratitude is the expression of appreciation for what one has.

Attitude of Gratitude and why gratitude sprouts happiness

“The Grass is Always Greener on the Other Side” refers individuals who are not satisfied with their own lot in life and always assumes that there are better things in other places. This view appears to be a common human quality of always wanting something different than what you have. It assumes that your neighbor’s yard ( or circumstance) is greener (or more desirable) than yours, when, in reality, they are the same or your neighbor is actually coveting what you have.

“The grass is greener” expresses the idea that people often think a different set of circumstances would bring them greater happiness and joy in life; however, the phrase is often used in the context of reminding people that this is not usually the case. A more apt phrase is “the grass is greener where you water it., ” suggesting that good situations come from the energy you put into them, not from dreaming about them.

Developing an attitude of gratitude means that over time, gratitude can boost happiness and fosters both mental and psychological health, even among those already struggling with mental and physical health problems.

According to Psychology Today, “Gratitude is about feeling and expressing appreciation: for all we’ve received, all that we have (however little it may be), and for all that has not befallen us.” Studies show that practicing gratitude curbs the use of words expressing negative emotions and shifts inner attention away from such negative emotions as resentment and envy, minimizing the possibility of ruminating, which is a hallmark of depression.

Gratitude is a key tenet in all major philosophies and religions. That’s because gratitude is the foundation of happiness. We only have a limited amount of focus, so when you are able to be appreciative of what you have, your brain is unable to give life and energy to thoughts about what you don’t have. Seeing events in your life as gifts allow you to perceive how they may help you grow and become a better person, and the application of this attitude during tough times is the hallmark of resilience.

“Our happiness depends on the habit of mind we cultivate. So practice happy thinking every day. Cultivate the merry heart, develop the happiness habit, and life will become a continual feast.”

“Studies show that people can deliberately cultivate gratitude—and there are important social and personal benefits to doing so. It is possible to feel grateful for loved ones, colleagues, animals, nature, and life in general. The emotion generates a climate of positivity that both reaches inward and extends outward.” Norman Vincent Peale

Happiness is arguably one of the most important goals in life.

“Happiness has to do with your mindset, not with outside circumstance.” Steve Maraboli, Life, the Truth, and Being Free

“Happiness is best described as coming from between — that is if you get the right kind of relationship between yourself and other people, yourself and your work, and yourself and something larger than yourself… if you get those three relationships right … it will draw you out into the world, it will engage your passions, it will give you the kind of support that you need and want and it’ll give you a sense of meaning and purpose in life,” according to happiness expert Jonathan Haidt, the Thomas Cooley Professor of Ethical Leadership, based in the Business and Society Program at New York University.

“Money never made a man happy yet, nor will it. There is nothing in its nature to produce happiness. The more a man has, the more he wants. Instead of its filling a vacuum, it makes one.” Benjamin Franklin

What makes a person feel happy and grateful depends on the person and the degree to which we are inclined to experience and express gratitude. It can be something as simple as a call from a friend or a pleasant evening dinner with family. Engaging in a more specific act and how we think about an act, such as volunteering your time and talent to help others, can make people feel good about themselves.

“It isn’t what you have or who you are or where you are or what you are doing that makes you happy or unhappy. It is what you think about it.” Dale Carnegie, How to Win Friends and Influence People

Tips to Foster Gratitude

  • Keep a journal of or in some way note big and little joys of daily life.
  • Write down daily “three good things”—identify three things that have gone well for you and identify the cause.
  • Write thank-you notes to others.
  • Think about people who have inspired you and what about them was most significant.
  • Engage in “mental subtraction.” Imagine what your life would be like if some positive event had not occurred.

“Gratitude is the appreciation of things that are not deserved, earned or demanded – those wonderful things that we take for granted.” – Renée Paule

Learning to be thankful and regularly expressing gratitude is an important part of personal happiness. Being thankful gives us an appreciation for what we have.

  1. https://www.cnbc.com/2019/04/11/nyus-jonathan-haidt-formula-for-lasting-happiness-and-purpose.html?__source=facebook%7Cmain
  2. https://www.psychologytoday.com/us/blog/some-assembly-required/201411/the-benefits-cultivating-attitude-gratitude
  3. https://www.psychologytoday.com/us/basics/gratitude

Wear a Mask in Public

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Wear a mask when you go out in public.

CDC Director Robert Redfield said “face masks are the most important, powerful public health tool” to protect people from coronavirus infection and community spread.

 

Bach Wisdom—16 Timeless Truths

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16 FINANCIAL TRUTHS, ACCORDING TO DAVID BACH, YOU CAN TAKE EVERYWHERE!

Advice from David Bach, author The Automatic Millionaire

  1. Always spend less than you make – your life will be much easier and less stressful.
  2. Pay yourself first – at least an hour a day of your income – you’re going to work 90,000 hours over your lifetime you should keep at least an hour a day of your income.
  3. Don’t budget – you’re too busy, and you will just get frustrated and fail–instead automate your financial life. When it’s automatic you can’t fail.
  4. Be an investor, not a borrower – investors get rich borrowers stay poor.
  5. Buy a home, don’t rent. Renters stay poor – homeowners and landlords build wealth.
  6. Don’t lend money to friends or family (you will lose both) — and you’re not a bank.
  7. Never invest in things you don’t understand. If the investment can’t be explained to you on one piece of paper it’s too complicated. Pass.
  8. Invest for the long-term – building wealth takes decades not days.
  9. Don’t try to time the market, it won’t work. Investors who time the market always fail.
  10. Never invest on margin – leverage kills you when things go wrong.
  11. This time is different — it’s never different. Things work until they don’t work. Never bet the farm, you can lose it.
  12. Once you become rich — stay rich. It beats starting over (ask anyone who has had to).
  13. Give back — because the more you give the more you grow – and you make the world a better place.
  14. Never give up. No matter what happens, no matter how many times you fail as long as you get up and try again you haven’t lost.
  15. Compound interest really is a miracle that works when you work it. Save $10 a day at 10% interest in 40 years you’ll have $1,897,244. Earn half of that and you’ll have close to half a million dollars. That will be way better than not having saved. Trust me. Your older self will thank you.
  16. To find the money to save and invest you need to find your Latte Factor. The Latte Factor is the simple metaphor that will teach and inspire you to realize you are richer than you think and small amounts of money can change your life – if you invest it! Come check more at www.thelattefactor.com.

———————————————————————-

These truths, according to David, have come from over 30 years of learning. Mostly from experience and also mentors. Feel free to pass them along. Peter Lynch, the genius money manager from Fidelity, definitely gets credit for #7.

Take what you love and leave the rest behind.

You don’t have to believe in them all…but, according to David, most of the truths will help you financially.

****AND SHARE AWAY****BECAUSE SHARING IS CARING.

Source: Bach Wisdom—16 Timeless Truths

David BachDavid Bach is a financial expert and bestselling financial author. He has written ten consecutive New York Times bestsellers with more than seven million books in print, translated in over 19 languages.

His book The Automatic Millionaire spent 31 weeks on the New York Times bestseller list. And, over the past 20 years David has touched tens of millions through his seminars, speeches and thousands of media appearances. He has been a contributor to NBC’s Today Show appearing more than 100 times, and a regular on The Oprah Winfrey Show, ABC, CBS, Fox, CNBC, CNN, Yahoo, The View, PBS, and many more.

Long Term Thinking and Planning

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Long-term thinking and planning are core values

In the book 7 Habits of Highly Effective People, Stephen Covey explains in the book’s second habit that it’s important to “Begin with the End in Mind”. This habit is all about knowing your purpose and what you’re trying to achieve. Beginning with the end in mind is all about asking yourself questions to determine your long term objectives and the reasons behind wanting to achieve them.

Habit 2 is based on imagination–the ability to envision in your mind what you cannot at present see with your eyes, according to FranklinCovey. It is based on the principle that all things are created twice. There is a mental (first) creation, and a physical (second) creation. The physical creation follows the mental, just as a building follows a blueprint. If you don’t make a conscious effort to visualize who you are and what you want in life, then you empower other people and circumstances to shape you and your life by default.

“Are you–right now–who you want to be, what you dreamed you’d be, doing what you always wanted to do?” FranklinCovey

According to Covey, before you can live a purposeful, meaningful life, you’ve got to have a vision of what that life looks like. When you know how you want people to talk about and remember you at the end of our life, you can start taking action now to make that scenario a reality later. With the ‘End in Mind’, you’ll know what you need to do day to day and week to week to get there.

‘Begin with the End in Mind’ means to begin each day, task, or project with a clear vision of your desired direction and destination, and then continue by flexing your proactive muscles to make things happen. 

It’s never too late to change course.

“People are working harder than ever, but because they lack clarity and vision, they aren’t getting very far. They, in essence, are pushing a rope with all of their might.” Dr. Stephen R. Covey

Personal journeys are all about defining your direction and moving towards it with consistency, perseverance and persistence. It’s important to remember that you are in control of developing your personal journeys to wealth, health and emotional well-being.

It’s imperative to understand that if you don’t have an end goal in mind, how will you know where are you going. How can you possibly know whether you’ve succeeded, failed or reached a place somewhere in between, if you don’t know your destination. Knowing your end goal can give you the continued motivation you need to achieve success.

Yet, the end product (goal) isn’t as important as the process. As Covey explains, “writing a mission statement changes you because it forces you to think through your priorities deeply, carefully, and to align your behavior with your beliefs.”

Additionally, it’s important to ‘focus on the process’. Remember, the important thing is that you’re intentionally thinking about what it means to live a life of purpose and meaning on a daily basis and how to get there.

References:

  1. https://www.franklincovey.com/the-7-habits/habit-2.html
  2. https://www.thediscoveryway.com/begin-end-mind-7-habits-highly-effective-people-explained/#:~:text=Begin%20with%20the%20end%20in%20mind%3A%207%20Habits,can%20use%20it%20to%20develop%20your%20personal%20leadership.

COVID-19 is Spreading in U.S. with Pandemic Fatigue, Cooler Weather, Eased Restrictions

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Coronavirus cases are surging again across the U.S.

New coronavirus cases and hospitalizations continue to increase in the U.S., which could be an indication of a ‘fall surge’ of respiratory virus infections predicted by public-health officials.

For multiple times since October began, newly reported cases nationally ticked above 50,000, fueled by infectious outbreaks in several regions of the country.

The seven-day moving average of new U.S. infections, which smooths out day-to-day fluctuations, was above 50K, the highest since mid-August. The 14-day average stood at 47K. When the seven-day average is higher than the 14-day average, as it has been since early October , it suggests cases are rising.

While circumstances differ locally, many regions across the U.S. have a seven-day average of new cases greater than their 14-day average, according to a Wall Street Journal analysis of Johns Hopkins figures.

Hospitalizations also have increased across the U.S. in recent weeks, though deaths haven’t surged at a similar pace. Deaths often lag behind new cases and hospitalizations, given the duration of the disease. The seven-day average of daily deaths attributed to Covid-19 has been hovering around 700 for about three weeks, down from around 1,000 two months ago.

Thanks to improved detection, most people infected in the summer had mild or no symptoms. But as cases soar, hospitalizations and deaths are also expected to rise.

U.S. has more fatalities than any other country in the world

The U.S. has more fatalities than any other country in the world—more than 217,600 since the pandemic began. But it doesn’t have the highest percentage of cases that are fatal. About 2.7% of reported cases in the U.S. have been fatal, according to data from Johns Hopkins. That figure has declined in recent months as treatments have improved and testing has expanded, allowing more mild and asymptomatic cases to be detected.

“I long for the day when each and every day we see fewer cases than the day before,” said David Aronoff, director of the Division of Infectious Diseases at Vanderbilt University Medical Center in Nashville, Tenn. “But if you were to ask me when that day would be, I don’t honestly know.”

Daily case-count tallies are likely to increase or remain at high levels without concerted use of such strategies as enhanced testing, widespread mask-wearing and clear, consistent messaging, epidemiologists and public-health researchers said.

Since summer, younger people make up a growing share of new U.S. infections.

Despite the rising numbers of infections, many have grown tired of restrictions on their social life and say they would rather risk catching the virus than stop seeing family and friends.

Additionally, mixed and inconsistent messaging from federal and local officials over preventive measures has sowed confusion and complacency. Some local governments have eased restrictions on businesses and requirements to wear masks. Meanwhile, college students returned to campuses, leading to some spreading of the virus, and the onset of cooler weather has led many Americans indoors, where the virus is more transmittable, public-health researchers said.

References:

  1. https://www.wsj.com/articles/why-covid-19-is-spreading-again-fatigue-colder-weather-eased-restrictions-11602759601
  2. https://www.wsj.com/articles/covid-19s-global-divide-as-west-reels-asia-keeps-virus-at-bay-11603186202

Making the American Dream Available to Every American – CEO Newel Brands

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How can we make the American dream available not just to a select few Americans, but to every American?

African Americans don’t feel fully part of the fabric of America society because systemic racism, discrimination and economic/social injustice have been barriers that have effectively denied people of color their full rights and privileges of American citizenship. Blacks and people of color have had to fight and to demand for decades for their inalienable civil and human rights and privileges, which are accorded freely to the majority, to become full citizens in America.

“As Americans, we need to proactively address aspects of our society in which discrimination and racism are systemic and root them out,” Ravi Saligram, Newel Brand’s President and CEO wrote. “We need to open our hearts and truly believe that every one of us is equal, not succumb to tawdry stereotypes or allow the insidious hand of unconscious bias to seep deep into our souls.”

Saligram wrote in a letter to Newel Brand’s team members entitled “Embracing Our Humanity” that “his hope [is that] this tragedy will galvanize Americans—black, brown, white, Democrat, Independent, Republican, male, female or however one identifies—to come together to acknowledge and reject racism and discrimination of any kind. As Americans, we need to proactively address aspects of our society in which discrimination and racism are systemic and root them out. We need to open our hearts and truly believe that every one of us is equal, not succumb to tawdry stereotypes or allow the insidious hand of unconscious bias to seep deep into our souls.”

Social scientists say crises like COVID-19 and the murder of George Floyd are “focusing events,” events that recalibrates public policy and cultural norms. It often takes a crisis or tragedy to get society to wake up, look in the mirror, face up to uncomfortable truths and find a better way forward.

We require new and innovative thinking and actions in America to solve deep rooted societal problems of systematic racism and economic inequality, to repair the economic devastation caused by the pandemic and to heal and bring spiritual peace (free of the burdens of uncertainty, fear and anxiety) to the country and the world.  

“It would be tragic if the narrative that the general public remembers is property damage and violent acts instead of focusing on the real issues at hand, namely justice, equality and ending systemic discrimination,” Saligram wrote. “We cannot revert to the old normal of ‘Us versus Them’ and perpetuate senseless killings of people of color.”

References:

  1. https://www.marketwatch.com/story/i-can-be-a-three-time-ceo-because-ive-never-been-infected-by-systemic-racism-newell-chief-executive-vows-to-level-the-playing-field-for-black-employees-11603123364
  2. https://www.marketwatch.com/story/back-to-normal-we-can-do-better-here-are-the-best-new-ideas-in-money-11601997311?mod=bniim
  3. https://www.newellbrands.com/embracing-our-humanity
  4. https://www.cgg.org/index.cfm/library/article/id/273/the-fruit-of-spirit-peace.htm

Shopify and Operation HOPE to Create One Million Black-Owned Businesses by 2030

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Operation HOPE and Shopify Join Forces to Help Create One Million Black-Owned Businesses by 2030

See the source image Operation HOPE and Shopify Join Forces to Help Create One Million Black-Owned Businesses by 2030

Operation HOPE in partnership with Shopify today announced a new initiative called ‘HOPE One Million New Black Business & New Black Entrepreneurship Initiative (1MBB)’.  The initiative’s goal is to help create one million new Black-owned businesses in the U.S. by 2030. To realize this mission, Operation HOPE is working with Shopify, a leading global commerce company.  Shopify intends to provide up to approximately $130 million of resources through 1MBB over the course of this initiative.

Shopify advances mission with up to ~$130 million of resources

Shopify’s mission is “Making commerce better for everyone”  The ‘all-in-one’ e-commerce company helps “people achieve independence by making it easier to start, run, and grow a business.” They “believe the future of commerce has more voices, not fewer, so…[they’re] reducing the barriers to business ownership to make commerce better for everyone.”

“We [Shopify] work to break down the barriers to entrepreneurship every day,” said Harley Finkelstein, Shopify President. “By collaborating with Operation HOPE and working together on our shared passion for helping underserved communities succeed, we believe we can help unlock even more economic opportunities for Black business owners across the country, leading to greater choices for shoppers everywhere.”

Historically, the Black community has faced systemic barriers to entry that have prevented their full participation in the entrepreneurial journey. Together with Shopify, Operation HOPE aims to reduce these obstacles, encouraging more aspiring Black entrepreneurs to start and scale businesses, and provide them with the tools, resources, and education they may need to succeed.

Operation HOPE research has shown that 58% of Black businesses were deemed at risk or distressed and suffering from low profits, low credit scores, or income shocks in the months immediately following the onset of the COVID-19 pandemic (April 2020). Over the course of the pandemic, the number of Black workers and business owners fell sharply, over 40%, a more severe economic impact compared to other racial groups. The pandemic’s disproportionate effects on Black businesses result in both acute and long-term impacts on Black families and future generations. At present, four in 10 Black adults belong to families in which someone lost a job, was furloughed, or had hours cut, or lost work-related income because of the COVID-19.

To level the playing field, 1MBB intends to focus on critical tools for business success such as technology and resources, educational programs, and the opportunity to access capital. Through this program, Black business owners have the opportunity to sign up for Operation HOPE’s programs of community uplift, financial literacy and education, and upon graduation, Shopify plans to provide aspiring Black entrepreneurs a tailored education with tools and resources to launch or expand their businesses.

“Creating generational wealth through the creation of new Black businesses and Black entrepreneurs is a direct gateway to social justice. The creation of ownership, jobs and opportunity in a generation helps to strengthen democracy and ensure freedom through self-determination. This is empowerment at scale,” said John Hope Bryant, CEO and Founder of Operation HOPE. “To have Shopify actively supporting the 1MBB Initiative is a true game changer. Working together, we can scale our business creation platform to help underserved communities and enhance economic prosperity across America.”

To learn more about this initiative, visit www.HOPE1MBB.org.

References:

  1. https://news.yahoo.com/operation-hope-shopify-join-forces-122900144.html
  2. https://www.businesswire.com/news/home/20201020005715/en