5 Things You Need To Know This Week

1) Sales of Businesses are Still Rising

2) The Self-Employed are Happier 

3) Llama Has Entered the AI Horse Race

4) Podcast Wisdom

5) Words to Live By

  The Consequences of Not Respecting Time

I live on a one-way street in a tiny town (pop 4,000) with an elementary school at the end of my block. Even with four brightly colored signs indicating that it’s a one-way street, people still drive the wrong way down our block.

Sometimes it’s because they aren’t paying attention; other times, they don’t want to spend the extra 60 to 90 seconds it would take to drive around the block. While these people frustrate me to no end, there is another group of drivers who are worse!

Last weekend, I was doing yard work when a car drove slowly past my house. Suddenly, the driver stopped, put his car into reverse, and quickly sped backward down the block. I ran to the street to catch him pulling into the school parking lot.

I walked to the school to confront him. He was watching his young daughter go down the slide. I asked him if he drove in reverse down my block. He admitted to doing so. I then said, “Could you please do me a favor? Next time, take the extra 60 seconds and drive around the block. We have a lot of young children, just like your daughter, who run throughout this neighborhood and usually only look one way while crossing the street. It would be awful if your life, and theirs, changed forever in a split second.”

He thought about my words and then said, “Yeah…ok,” and I turned to walk back to my house.

I hope he got the message. As human beings, we have such little respect for time. We waste hours of every single day doing meaningless and unimportant tasks and then drive backward down a one-way street to save 60 seconds without thinking of the potential risks.

When something irreversible happens, it is just that…irreversible. We must constantly remind ourselves not to cut corners—to drive around the block when it’s a one-way street and be mindful that our actions, no matter how small, could greatly impact others.

Take time to do things right, and take time to do the right things.

Enjoy today,

Brian

1. Sales of Businesses are Still Rising

BizBuySell, the largest online exchange for buying and selling businesses, is out with its Insights Report from Q2, which shows business transactions were up 8% from the first quarter of 2023. BizBuySell says that indicates business buyers “are adjusting to the new higher interest rate environment.”

Specifically, restaurant transactions increased 10.3% from the same quarter last year, “continuing their comeback after shutting down during the pandemic or switching to takeout-only models.” However, fewer retail stores were sold—transactions were down 12.3% from Q2 2022.

Baby boomers selling to “corporate refugees” are fueling the rise in business transactions. Indeed, 46% of business buyers say “they want to leave their current job to be more in control of their futures.”

Read more about business transactions.

2. The Self-Employed are Happier

According to a recent Pew Research Center survey of employed Americans, most self-employed workers (62%) are extremely or very satisfied with their work life, compared with 51% of those who are not self-employed. The self-employed also “express higher levels of enjoyment and fulfillment” about their jobs.

Part of their happiness is that more self-employed people can always work from home.

A Pew Research Center analysis of government data shows that there are 15 million self-employed Americans in the workforce.

Read more about why the self-employed are more satisfied with work.

3. Llama Has Entered the AI Horse Race

That’s how Wired characterizes Meta’s Llama AI. A few weeks ago, Meta released Llama 2, a version that Wired reports “is open source and free for commercial use.” Meta says this version can generate results “on par” with ChatGPT.

Wired says, “By supplying a cheaper option, Meta’s Llama 2 makes it easier for small companies or lone coders to create new products and services, potentially accelerating the current AI boom.”

Learn more about how small businesses can take advantage of Llama 2.

4. Podcast Quote of the Week

Podcast Quote: “Business decisions must come from a high degree of self-awareness. By acknowledging one’s strengths and weaknesses, a business owner can build a team that complements their abilities, leading to maximum efficiency. This process, while challenging, is crucial for entrepreneurial success.” – Seán O’Dowd, Managing Director at Silvercrest Asset Management from The Bricks or Sticks Podcast Episode, Jack and the Beanstalk

 5. Words to Live By