The Face of Change

Have just been reading this interesting article on

People’s entire spending habits are starting to change

by Cameron Herold, 43, founder of BackPocket COO, turned a small business – 1-800-Got-Junk (where he was the COO from 2000 to 2007) – into a global business within six years. Herold now coaches entrepreneurs around the world on growth strategies. He tells Amanda Gome that huge shifts are afoot in the US.

People are dumping Facebook, travel, spending and instead are starting their own businesses and saving. But while Americans are gloomy, the smart entrepreneurs are making more revenue than ever. Amanda Gome: What’s happening in the US and are things getting any better? I don’t think the recession is anywhere near over. I think we’re feeling a little bit of a false bottom. The market has kind of come back up again and people are a little bit exuberant and thinking things are happening, but all the signs are not showing that the recession is over. We have major problems with some of the US Governments.

The state of California, which is the fifth largest economy in the world, is effectively bankrupt. They have no budget; they haven’t been able to get a budget passed. They’re paying all of their vendors with IOUs. I actually know entrepreneurs who are being paid with IOUs. So it’s a really, really scary time in that whole state and you think about how big it is, it’s a huge, huge bubble that’s waiting to burst.

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