In this video, Joey Thomas, an entrepreneur and small business educator, discusses the importance of identifying and establishing core values for small businesses. Core values are beliefs, philosophies, and principles that guide business decisions and form a company's culture. Joey provides examples of core values such as transparency, teamwork, and trust. Establishing core values can help businesses stay focused on their goals and create a brand with its own personality and values. Core values can also impact how employees interact and how customers experience a business. Ultimately, core values help businesses become successful and build a loyal customer base.