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3 Reasons Why a Strong Purpose Is a Good Business Idea

What is Trump’s payroll tax holiday and how will it affect you? Everything you need to know

Lucid challenges Tesla with a luxury EV sedan that has a record 517 miles of range per charge

What do you do when your business disappears overnight?

Mnuchin: Stimulus checks still on the table following Trump’s order to provide $400 enhanced unemployment benefits

Teslanomics: How to justify being the most valuable car company on earth

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3 Reasons Why a Strong Purpose Is a Good Business Idea

wayne August 11, 2020


6 min read

Opinions expressed by Entrepreneur contributors are their own.


Most entrepreneurs enter that space because they want to create a positive impact on the world. They have a purpose and a mission. They see a problem; they find a way to solve it. The reasons why we do the things that we do are everything.

However, it can be all too easy to lose sight of this as we go further down the road. As investors demand returns, or as revenue demands become more pressing. As we start to work longer hours, and as our own ego starts to get in the way.

However, purpose and profit are delicately intertwined. Perhaps, you can have one without the other, but as we move forward into a more millennial- and Generation Z-led workforce (those born between 1983 and 2003), the case for having both becomes far more compelling. And yes, profitable.

Related Link: 5 Ways Entrepreneurs Can Combine Purpose and Profit

1. It acts as a North Star

When you are clear on your own and your business’s purpose and what you stand for (and don’t stand for), it’s easier to make decisions and assess opportunities.

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What is Trump’s payroll tax holiday and how will it affect you? Everything you need to know

wayne August 11, 2020

Amid a standstill in Congress over a fresh round of stimulus, President Trump issued several executive orders over the weekend to fast-track some economic aid initiatives to deal with the continued fallout from the coronavirus pandemic. One key order is a so-called payroll tax holiday—which would put a moratorium on paying certain payroll tax until next year.

The order has already been met with a lot of criticism, including that the tax deferral wouldn’t help the people who might need it most who have lost their jobs and aren’t currently paying payroll tax. Meanwhile, there’s a catch: the order is only a deferral of the taxes, so it won’t forgive them—as things stand, you’ll have to pay the taxes later.

“It is far from clear that the payroll tax holiday will achieve its intended objective of, as the president said, ‘save American jobs and provide relief to the American workers’,” Bankrate.com senior economic analyst Mark Hamrick said in a note Monday. “The bill is still due, it just isn’t due in the short-term. Let’s remember it is the unemployed who need help, not so much Americans who are still working and who’d get the benefit.”

What is the payroll tax holiday?

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Lucid challenges Tesla with a luxury EV sedan that has a record 517 miles of range per charge

wayne August 11, 2020

The Lucid Air sedan is expected to go into production at a plant in Arizona in 2021.

Lucid

The first all-electric car from Lucid Motors is expected to set a new industry benchmark — and record — with more than 500 miles of range per charge, easily topping leading EVs from Tesla, General Motors and others.

The California-based start-up Tuesday said its Lucid Air sedan is estimated to achieve an EPA-rated range of 517 miles on a single charge. The results were verified by engineering consulting firm FEV North America.

“It’s unprecedented. It’s a big step forward,” Peter Rawlinson, Lucid Motors CEO and chief technology officer, told CNBC. “How we were able to achieve that is a holistic view of all the technology in the car.”

Most electric vehicles on the market today have a range of under 300 miles, while GM and others have said their future vehicles could top 400 miles. A version of Tesla’s industry-leading Model S sedan has an EPA-rated range of 402 miles per charge.

Lucid took a slight jab at Tesla, Rawlinson’s former employer, in a teaser video last week on social media of an odometer accelerating to 402 miles and then

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What do you do when your business disappears overnight?

wayne August 11, 2020

This is the web version of CEO Daily. To get it delivered to your inbox, sign up here.

Good morning.

What do you do when your business disappears overnight? That’s what happened to Hyatt CEO Mark Hoplamazian in April, when the pandemic cut the hotel company’s global business by 94%. “A shocking loss of demand,” he said.  “We had never been in anything quite like it.”

Hoplamazian was my guest this week on the podcast Leadership Next (Apple/Spotify). I was eager to talk with him because he’s always struck me as a leader with a strong focus on Hyatt’s corporate purpose, which is rooted in empathy—caring for employees so in turn they care for hotel guests. How do you care for employees when you no longer have the means to do so?

“There is no question that this has been the most difficult and most challenging period of time I’ve ever experienced, as a person,” he said. “The business was unrecognizable. The steps we had to take to manage through it were very painful. There was a very human impact that was devastating.”

Yet Hoplamazian said he has “been so incredibly humbled by the outpouring of appreciation and …

Mnuchin: Stimulus checks still on the table following Trump’s order to provide $400 enhanced unemployment benefits

wayne August 10, 2020

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On Saturday President Donald Trump signed executive orders and memorandums halt residential evictions, provide $400 weekly enhanced unemployment benefits, defer payroll taxes, and extend student loan relief until the end of the year.

This came after unfruitful negotiations between Democratic and Republican leaders on Friday for a broad stimulus bill, which would have included a second round of stimulus checks and enhanced unemployment benefits to help Americans cope with the pandemic.

But on Monday Treasury Secretary Steven Mnuchin appeared on CNBC and told viewers that the White House is still open to a stimulus bill that includes stimulus checks, another round of forgivable PPP loans, and money for schools and hospitals.

“We’re prepared to put more money on the table,” Mnuchin said Monday on CNBC. “Again, if we can get a fair deal we’re willing to do it this week.”

What’s holding up the $1,200 stimulus checks–which both parties support—and a broader stimulus bill? Simply put: Democrats haven’t come down enough in their asking price for the stimulus bill, and Republicans haven’t come up enough.

“It was …

Teslanomics: How to justify being the most valuable car company on earth

wayne August 10, 2020

You could practically see Elon Musk smile. On July 1, after an impressive rally of its stock price, Tesla—the 17-year-old electric-car company for which Musk serves as CEO—became the world’s most valuable automaker, worth an eye-watering $209 billion. Barely a month later, it’s worth $279 billion—more than quadruple the combined value of American icons General Motors and Ford Motor, even though the California company sold just 4% of the vehicles the Detroit duo did last year.

How substantial must Tesla’s actual sales be to meet its investors’ outsize expectations? We asked Joe Osha, a JMP Securities analyst who specializes in energy and industrial tech—and a frequent Tesla bull—to show his math. By his calculation Tesla needs to sell 2.5 million vehicles per year, or almost seven times what it managed last year, by 2025 to justify its lofty valuation.

Read more: An electric revolution is coming for American trucking

How did Osha arrive at that number? The analyst estimates that the global EV market—of which Tesla controls nearly a third today—will represent 6 million vehicles per year by 2025, or about 8% of the total global vehicle market. If a substantial share of the EV market goes …