Inc. magazine has an intriguing feature that highlights the meaning of success for 12 entrepreneurs.
Credit Patterns of Small Business
The SBA has released a study on the credit patterns of small business. 80% of small businesses reported using credit of some sort for their businesses. 56% of credit outstanding was through banks. This stresses the importance of understanding how to secure a loan and how to manage a banking relationship.
Women Family Business CEO’s More Socially Responsive
A study sponsored by MassMutual and the Raymond Institute on women in family-owned businesses reports that women CEO’s of family businesses give a higher proportion of their company resources to charity than their male counterparts. Much of their giving is targeted on community and educational charities.
Opportunity in the Land of “Mom and Pop’s”
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.
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.