One souce of opportunity lies in finding Mom and Pop industries that are ripe for consolidation or a more sophisticated business model. Forbes tells the tale of Brook Mays Music which is finding success in musical instrument rentals.
Author: Jeff Cornwall
Dr. Jeff Cornwall is the inaugural Jack C. Massey Chair in Entrepreneurship at Belmont University in Nashville, Tenn. Dr. Cornwall's current research and teaching interests include entrepreneurial finance and entrepreneurial ethics.
The Bible for Growing Companies
I bought my first copy of this book when our business was going through our insane period of growth. It was called something on the order of Making Transitioning from an Entrepreneurship to a Professionally Managed Firm in its first edition. Thank goodness the marketing folks helped rename it Growing Pains in later editions. My copy became quite “dog-eared”, and I ran into more than one other entrepreneur carrying this book along on a flight to somewhere. It is a must read and a great reference book for any growing company!
Blogging for Bucks
Blogging may prove to be good for many small businesses as a method of promotion. Here is an article from Entrepreneur magazine that addresses this topic. “The elements of interactivity, community and collaboration will be key as growing businesses adopt blogs for customer relations, advertising, promotion and even internal communications.”
What is Success?
It is often assumed that the primary reason for becoming an entrepreneur is money. Profit is the only measure of success. But, this is really another myth about entrepreneurship.
My swing is back
Every once in a while my golf swing comes back. It is a feeling that reminds me of periods of consistent positive cash flow in business. Life gets a little calmer and everything seems to flow a little easier….But, never take it for granted!
Art and Entrepreneurship Education Connect
This program at Millikin University is an innovative blend of art education and business education. It is a model for others to look at as such interdisciplinary programs evolve.
Economic Recovery: Proceed with Care!
All signs point to renewed growth among small businesses, according to a new report issued by the National Federation of Independent Businesses. Our last period of small business expansion illustrated to many entrepreneurs the double edged sword of growth. Although growth is generally considered a good thing for any business, entrepreneurs are often ill-prepared for the challenges that growth brings. Most business failures occur during periods of rapid growth.
The IPO Myth and “Real” Entrepreneurs
Gladys Edmunds has written an interesting column that challenges those who teach entrepreneurship to remember what it is that we are really teaching about. Most entrepreneurial activity is not about venture capital deals with locked in exit strategies. It is not about a quick Initial Public Offering of stock to make millions. It is not the “gazelle” organization that so many academics love to fawn over.
Small Business gets Political
Entrepreneurs must begin to take a more active role in shaping public policy. As the SBA celebrates its 50th anniversary it is still apparent that most politicians, at best, pay only lip service to issues that face entrepreneurs. Government and public policy is an arena of power, and those with the most power are large public corporations, large unions, and government agencies. There is a good example in San Francisco of what small business owners can do if they come together and create their own power base. Unless entrepreneurs come together and speak with a clear and unified voice, their message will continue to be drowned out by the traditional bases of power in American politics.
Ethics Watchdog: The Market, Government, or….
The debate is still raging about how to improve the ethical climate in American business. Now that the shock of Enron, etc., etc., has passed the debate is still framed as one of two choices. Choice one, let the markets regulate ethics as honesty will pay off in the long run. Choice two, only government can force ethical behaviors on the market. A recent article in Entrepreneur magazine captures this age old debate. However, there is a third force that seems to get put further and further onto the back-burner: culture.
Continue reading Ethics Watchdog: The Market, Government, or….