Today’s Show Recap

Thanks for listening to Makin’ It. On this week’s episode, we talk about feeding the world with the help of technology, the class action lawsuit against Target for the well-known data breach, and 10 numbers that show the power of small business. Let us know what you think of the show in the comments section at the bottom of the page!

Let’s get started!

Beginning this week, Tommy, Todd and Brittany bring up the topic of genetically modified foods. In a recent article in “Entrepreneur” magazine, it was stated that salmon are being genetically modified to be two to three times the size of regular salmon with the use of steroids, and there is a fear that these salmon will get into the regular population of salmon and cause an extinction of the natural fish. However, it was noted that only sterilized female salmon were being modified, which means they are being bred for consumption purposes only.

While genetically modified foods could help solve world hunger, is there an underlying problem with them? With the emergence of genetically modified foods, we don’t know the long-term effects of what eating these foods does to our bodies. Children are hitting puberty sooner, and it was noted that men have lower testosterone levels at age 60 now than men of the same age in the 1950s. Moreover, is it different to modify a soy bean to get the best crop than giving growth hormones to salmon?

Still, is the decision to genetically modify foods being made for consumers or for the agra companies? These industries benefit from having giant fish raised in record times. However, consumers are starting to voice their opinions about genetically modified foods and preemptively affecting the products before they reach the shelves. Trader Joe’s is one company that is getting the message from its consumers, pledging not to sell genetically modified foods.

What do you think of genetically modified meats and plants in our food? Let us know in the comments section.

Next up, Tommy and Todd discuss a class action lawsuit filed against Target for the data breach that occurred recently. Target is being blamed for the unprecedented amount of data that was compromised. This fact can set a precedent that companies are responsible for damage done by hackers when the company is the actual victim of the attack. However, the banks are liable for the any stolen money as a result of the breach, which is why they are now going after Target in the lawsuit. As a result of the data breach, credit cards with chips are being distributed, and chips help protect credit card numbers by providing a different number each time it is used.

OMG Fact of the Week:
Babies can breathe and swallow at the same time until they are roughly six months old.

Tommy and Todd now talk about a recent Staples infographic about the 10 numbers that show the true power of small businesses. Tommy and Todd explore how these numbers have an effect on the small business industry and show how these numbers truly show the power of small businesses if they were combined together. Let’s take a look at the list.

  • 28 million is the number of small businesses in the United States.
  • 10% is the percent increase in new entrepreneurs each year.
  • 27% is the percent small businesses have increased pay since January 2016.
  • 71 months is the number of how many months in a row the small business sector has shown big growth.
  • 7% of businesses are considered small businesses.
  • 50% is the percentage of the country’s domestic products are accounted for by small businesses.
  • $30,000 is the average start-up cost of a small business.
  • Two times is the likelihood an immigrant is going to start a small business than a person native born American (not a Native American).
  • 68% is the percent increase in the women-owned small businesses since 2007.
  • 4% is the percent net profit margin for the top small business industry.

Finally, Tommy, Todd and Brittany end our show with the Makin’ It or Breakin’ It segment. This time, we talk about online gambling and whether it should be held to the same standards as regular gambling. Online gambling companies FanDuel and DraftKings are in trouble with the state of Nevada because they are not required to follow the state gambling laws, get gambling licenses, or pay taxes in the various states where people are doing the gambling. Online gambling business growth has blown up in the last year, and companies like FanDuel and DraftKings have since operated under the radar.

The problem arose when a DraftKings employee won $350,000 playing a FanDuel contest, which could be seen as an example of insider trading in the online gaming industry. The question remains is online gambling really gaming? Or, is it gambling? Gambling is typically defined by how it is packaged. If it’s for a charity, such as church bingo, it’s not really gambling. Moreover, is the game won by random luck, or does it require a skill? Finally, many online gaming companies advertise that people can make enough money to earn a living. Could online gaming be considered a profession?

Is online gambling illegal? Should online gambling companies have to follow the same rules and regulations as regular gambling? Should online gambling be considered a profession? What do you think? Let us know in the comments.

Thanks for tuning in to Makin’ It. Let us know what you think of the show and if you have questions about your business, send us an email at info@makinitnow.com or leave us a comment below. We love to hear from our listeners and we read comments on the air. We just might choose yours for next week’s show (so don’t forget to tune in!).

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Additional Resources for Entrepreneurs:

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