Winning The War Against Small Business In A Global Economy

Online, March 30, 2011 (Newswire.com) - Answering the call for an effective strategy to counter the war against small business in the U.S., Adam J. Kovitz, Co-Chairperson of TNNWC Group, LLC, maintains entrepreneurs already possess the requisite weaponry to win. Further, Kovitz names names of such banks as Chase Bank (J.P. Morgan Chase) as primary culprits in this battle. Corporations such as these, Kovitz argues, should not receive entrepreneurs' business. To do otherwise, he says, would be effectively rewarding their predatory and conspiratorial behavior.

Kovitz had described this war as a battle by major banks and corporations to squeeze out smaller players (read: small business) by such tactics as extension of accounts payable to their vendors from the traditional Net 30 to Net 60 (and even Net 120). (Kovitz credited Jeffrey Leonard's recent Washington Monthly column with the notion.)

Kovitz says Chase emerged from the federal TARP program in healthy fashion, paying back the U.S. government within a year of receiving the bailout and posting $11.7 billion in profits for fiscal 09. To compensate for pressure by the Federal Reserve to limit excessive fees, Kovitz points to plans by Chase and other major banks to cap spending limits on its debit cards at $100 and possibly even $50. Finally, he says Chase is exploring imposition of high ATM transaction fees for non-customers.

"My question is why would any small business want to work with an outfit such as Chase?" Kovitz asks. "Part of a successful strategy to win the war waged on small business is to only work with banks that are entrepreneur-friendly, and yes, they really do exist!"

Another tactic Kovitz recommends is to pursue other avenues for financing. "Crowdfunding is quickly becoming a very viable and highly successful approach to raise capital," he explains. "This is precisely why we at TNNWC have included such innovative funding opportunities in its offerings to members as specialized finance and venture capital."

In addition, Kovitz contends small businesses must acknowledge the reality of the global economy and seize the opportunity rather than worry about this "brave new world" of business.
"The American Dream is nothing more and nothing less than the spirit of the entrepreneur, and it remains as vital and vibrant today as it did a century ago," he says. "For some, the challenge of global economics and global competition is daunting, even overwhelming. As a glass-half-full kind of fellow, I must insist that the only way to win is to embrace the opportunities that lie hidden somewhere in those 'hills.' Only then will we see the latest iteration of the American Dream. And by realizing this dream, we will win. In this, I have no doubt."

Kovitz and Douglas Castle, co-chairman and CEO of TNNWC, LLC, launched their organization with a vision of a global organization based on mutually beneficial relationships and symbiotic partnerships. As services offered by other businesses are identified for TNNWC members, they are added by way of strategic partnerships.

Membership in TNNWC is free.

About TNNWC Group, LLC: TNNWC Group, LLC is a comprehensive media and services provider conglomerate which addresses the needs of entrepreneurial businesses, emerging enterprises, and growing companies. Services provided include venture capital, building customer traffic and loyalty, and assisting companies with cultivating international connections and customers.

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