All Articles Tagged "entrepreneurship"
Most fortunes aren’t inherited at all. In fact, 66 percent of America’s wealthiest citizens earned their own riches from scratch. Among wealthy business owners, about seven in 10 have acquired affluent status from their own self-made entrepreneurial endeavors, Fox Business reports.
Less than 10 percent of business owners, according to a survey conducted by the U.S. Trust, inherited ownership of their company. A solid 78 percent of respondents claimed that they have founded or co-founded their business. Another 70 percent say they’ve accumulated a large percentage of their wealth from that business. Twenty-eight percent of respondents even admitted that they would not bequeath their business to their children. They would rather sell or close the company.
A vast majority of rich business owners revealed that motivation to start their own enterprise stemmed from refusal to work beneath someone else. Sixty-percent said “they wanted to be in the driver’s seat when it came to their future,” Fox Business adds. Nearly 70 percent believe that entrepreneurship is the best way to achieve a life of luxury.
Fifty-seven percent of respondents are quite selective who they help with their cash, willing to jump in if their adult children need them, but less keen on financially supporting their extended family members.
“Business ownership is alive and well in the U.S. economy, and new innovation is fueling entrepreneurship that knows no age limits,” says Keith Banks, president of U.S. Trust.
The study also found that generosity is a generational thing. Nearly 80 percent of Millennials want to use the success of their entrepreneurial endeavors to give back to the community, a statement only repeated by 50 percent of Gen X business owners.
This survey urveyed 711 high net worth adults with at least $3 million in assets that can be invested.
Everything from freshly baked pies, fragrant body oils, tennis shoes, and even cars are sold at African-American hair salons, creating a flourishing atmosphere for both buyers and sellers. And the owner of one barbershop, James Gilliam, does not mind the hustlers selling merchandise to his customers one bit, reports Marketplace.
Gilliam does not dare hold a “no soliciting” sign on his store window. He believes that keeping out the sellers only financially stunts those who peddle for a living. “They’re not in touch with their community,” he says of shop owners who reject sellers. Gilliam explains that the community, which is inner-city Cleveland, is made-up of small business owners that should be supported.
One seller would come in and say, “Anyone want to buy some tennis shoes? Anyone want to come in and buy a car? I got one outside, got a price on it,” said Small, a managing cosmetologist at Coco’s Hair Extraordinaire.
“Booststrap entrepreneurs” Donald Graham, a Cleveland resident, calls these sellers. “We all have money in our pockets when we walk into the barbershop…” he says, “Men are getting their cut and we want to support the community so we buy their products.”
Ronald Muhammad, a strategic bootstrap entrepreneur, makes apple and bean pies on Monday through Thursday. He sells the delicious pies sliced and wrapped so stylists can munch on them during work. He says that the bean pie is his biggest seller and he pulls in $300 a day.
Gilliam says that “Beats by Dre” headphones is a hot ticket at his barbershop. While they retail nearly $300 at the store, marketers sell the headphones at a discount of $200. Gilliam, although he does not mind the entrepreneurship at his shop, he has one rule: no bogus or stolen merchandise.
The most noble, in Gilliam’s case, is that he does not expect a single dime from the bootstrap entrepreneurs that enter his shop.
This creates a beautiful symbiotic business relationship between the shop owners and bootstrap entrepreneurs; consumers are enticed to enter these hair salons to get discounted deals while sellers are collecting wads of cash to make a living.
What do you think about this business partnership at African-American hair salons?
A new crowdfunding site, currently in beta, is focusing on getting funding and capital for African-American entrepreneurs. BlackStartup.com was started by a group of Morehouse College alumni, all Omega Psi Phi fraternity brothers, and is accepting applications from companies and organizations founded by African Americans.
The companies will use the site as a crowdfunding platform, and BlackStartup.com also has resources and a blog to support business owners. CEO Nate Bennett Fleming, who is an adjunct professor of law at the University of the District of Columbia’s School of Law, researched crowdfunding and African-American business, determining that while African Americans have a lot of business ideas, they often lack the access to capital to get the ideas off the ground.
“I wanted to create a solution to address that problem,” he said. “At this point, we do the crowdfunding and address increasing access to capital and as we expand, we’ll create partnerships with on-ground organizations that look to encouraging entrepreneurship and support entrepreneurs to help with mentoring.”
So far, the for-profit BlackStartup.com has received more than 10 applications over the past couple weeks from businesses ranging from technology companies to nonprofits to artistic endeavors.
- Fear of Success: “Success brings the requirement to perform, to fulfill the obligation, and to manage scarce resources in an attempt to satisfy demands. Many companies fail because they simply can’t service the demand, and their customers move on to a competitor,” notes the magazine. If you are growing too fast, be scared. Partner with another entrepreneur in the similar business—ask for help with resources, equipment, personnel, whatever you need to embrace your success. “Never confuse a temporary setback with a permanent condition. Know that fear is putting energy in something that may never be,” offers Bridges.
- Fear of Starting: If you are overwhelmed with all the aspects of starting a business, take it one step at a time—literally. Don’t try to do everything at once or by yourself.
- Fear of Loss: Got the company started but it’s not working? Many entrepreneurs fear change of direction. But don’t be afraid to tweak. “By learning from my mistakes I succeeded,” says Bridges. “You keep getting up and pressing on. If at first you don’t succeed, try until you win.”
NewME Accelerator (short for New Media Entrepreneurship) started in 2011 as a 12-week program for startups founded by minority entrepreneurs. Each session, eight startups participate in the program, where they work on their business, network with others in the technology industry, and eventually demo their company for investors and others in the startup community.
Since its inception, 25 companies have “graduated,” with seven more in the Spring 2013 class. Here are 10 of these graduates that have gone on to receive media attention and funding. Learn more about these companies, and what is getting attention from the investment world.