Americans are tired of tipping. When an iPad screen requests an extra 35% for someone to hand you a room-temperature muffin, it can feel downright good to hit $0.00. But it can feel bad, too, because servicepeople — who often receive a subminimum wage — need gratuities to make ends meet.

In Chicago, lawmakers are set to raise the minimum wage for tipped workers, who’d receive the same baseline pay as any other professionals. The local restaurant industry first opposed the measure, as it would increase labor costs and thus, menu prices; however, the Illinois Restaurant Association agreed to a compromise that would raise wages over five years.

Higher menu prices could scare customers away, but if those 35% iPad tip requests vanished, it might actually lure customers back.

Founder vs. Investor: Get capital without losing your company

Top Tools: Our favorite credit card processors

The C-Note: Don’t let these myths stop you from getting support

Telemarketers: HBO doc has us letting all calls go to voicemail

(Source: Little City Books)

Founders don’t want to yield control. Investors don’t want to open their wallets with no strings attached. So, does the relationship need to be a battle of wills?

Not at all, according to entrepreneur Elizabeth Joy Zalman and venture capitalist Jerry Neumann, co-authors of Founder vs. Investor: The Honest Truth About Venture Capital From Startup to IPO. It’s simultaneously a guide for founders (so they don’t get ousted by their board of directors) and for investors (so they don’t smother visionary brilliance).

Zalman and Neumann told b. how the two sides can solve mutual problems by better understanding each other.

b.: How can investors and founders work together to make the relationship less adversarial? 

Neumann: We’re not trying to get rid of the places where founders and investors fight — because we really can’t. … That will always happen. But if you know it’s going to happen, and you know why it’s going to happen, you can work through it and work with it. 

Zalman: The answer is pause, and breathe, and diligence. Pick up the phone. Ask questions.

b.: What’s a big problem that founders and investors should anticipate?

Neumann: Both sides feel like when they say things that aren’t necessarily 100% true, it’s an acceptable sales tactic. … Founders will say, “We’re going to be a billion-dollar company in three years.” … And VCs will say, “We’re going to be there every day helping you pack boxes and putting shipping labels on them.” Not literally, but you know what I mean.

And, of course, VCs don’t do that. They’re not good at that! That leads to people being disappointed on both sides.

Zalman: It’s important for founders to understand why VCs are giving them money. Investors are placing bets. They’re going to place 50 or 100 bets for a fund, and every one of those funds should show a crazy return. A lot of times, an investor would rather go to zero than just get their money paid back 1X or 2X. They want the thousand X.

Some founders might want [billions]. But some may just want to sell the company for $50 million because that’s a $10 million check for them. And that is life-changing money. … A lot of the friction comes from differences in perspective on what we want the outcome to be. 

b.: What else should founders know about VCs?

Neumann: Good founders will ask, “What can you do for me besides giving me money?” … I tell them there are a few things I can do for a founder: I can help you with strategic conversations. I can help you to vet C-level candidates. I can introduce you to more venture capitalists as you need them later in your company’s life; I can tell you what they’re going to want from your company. 

But I can’t help you find customers. I can’t help you find employees generally. I can’t help you find partnerships. I’m not going to read your code. I’m not going to be very good at vetting your product. I can’t help you with the operational things — and you don’t want me to help you with them.

b.: What should VCs know about founders? 

Zalman: To speak more frankly to founders. I have had contentious relationships with a few of my investors over the years, but what I have appreciated … is they have told me exactly what they are feeling and exactly what they wanted to do.

One person once said to me, “If I’m going to stab you, it’s going to be in the front, not the back.” Which is a terrible thing to say, but it’s also completely true. It helps me to understand exactly the person I’m dealing with. 

Read our full Q&A with the authors at business.com.

If you’re shopping around for a new laptop, you know how pricey the best devices can be. Fortunately, LG is making top-tier computing more affordable by offering discounts of up to $350 on UltraPC and gram laptops with Windows 11 Pro through September 30. Windows 11 is the most secure Windows ever.

Businesses report 58% drop in security incidents with Windows 11 Pro devices.[1]  Thanks to LG, right now you can get these superior machines and keep some money in your pocket. Now, that’s what we call a cost-saving measure! Want to take advantage of this great offer from LG, but not sure which laptop you need? Take a look at the wide selection of LG laptops and get ready to save on your next device.

[1] SMB Windows 11 Survey Report. Techaisle, February 2022. Windows 11 results are in comparison with Windows 10 devices.

Year after year, American consumers use less and less cash. Recent data from the Federal Reserve shows that cash accounted for only 18% of payments in 2022. That’s down from 31% in 2016. (Meanwhile, credit card usage jumped by that amount.)

It’s imperative for you to work with a top credit card processor, but choosing the right one can be difficult. Some offer subscription pricing while others take a higher cut of your revenue (called interchange-plus pricing). A few also offer point-of-sale hardware. The best processor will depend on your business’s individual needs, as well as your profit margins and monthly sales volume.

Click here to learn the best credit card processors to choose from.

(Source: Shutterstock)

The C-Note series is presented with our partners at Silver Lining.

No entrepreneur is an island; it takes a village to build a sustainable and profitable business. Still, too many of us are going it alone, missing our goals, and becoming frustrated. Here are some common myths that business owners fall for when it comes to getting structure and support:

“Telling another business owner my problems is embarrassing”

Eighty percent of small businesses fail within their first 18 months — but if yours is struggling, you might feel a sense of "I'm the only one.” The truth is that all business owners struggle at some point. Vulnerably sharing your business growth challenges with an industry peer will give you some emotional relief. They may even have some advice to help you overcome the challenge!

“Nothing is free, including help”

First, people generally love sharing their wisdom (direct competitors, however, might need some convincing). Secondly, if you reach out to another service provider for help, your products could be helpful for them. Trading services with another business owner means you get what you need without spending a single extra dollar.

“Getting a mentor or joining a support program will mean I have to give up control”

Business owners are often highly independent and cringe at giving away even an ounce of control to someone else. The good news is that the best mentors and business coaches want to sit in the passenger seat, not the driver's seat. Instead of trying to meddle, they empower you.

Getting the proper support and structure will give you the necessary knowledge and resources without distracting you from the parts of your business that only you can do.

Visit Silver Lining for tips on what it takes to launch, run, and grow a successful business.

(Source: HBO)

In Telemarketers, the new three-part docuseries from HBO, director Sam Lipman-Stern — along with a former coworker — attempt to uncover the dark truth behind the New Jersey-based fundraising company that once employed them.

Using often comically amateur investigative journalism tactics, the pair uncovers a ring of corruption. Among many other twists, Telemarketers provides a stark look at how AI is being used to take advantage of both vulnerable workers and consumers.

It’s also a cold reminder to stay ethical and honest when you attempt to win customers over the phone.

(Source: X)

Written by Dawn Allcot and Tess Barker. “The C-Note” is by Carissa Reiniger and Courtney Napier.

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