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Well Known Companies That Grew With an SBA Loan

Surprise! 7 Businesses You Know That Grew With an SBA Loan

July 26, 2017/in Financing /by Wil Rivera

Is your business ready to expand to the next level? If so, when considering options for financing your organization’s growth, don’t overlook the Small Business Administration (SBA) — they aren’t just for starting new businesses.

When more established businesses are ready to expand to the next level, the Small Business Adminstration (SBA) offers programs to help qualified businesses. Some of those businesses grew so much they became household names, like these seven big brands that may surprise you.

#1. Under Armour®

If you or your family members participate in any sports or physical activity, you know the name Under Armour. This $3.96 billion workout-wear company used SBA assistance to expand in it’s early years.

#2. Chobani® Yogurt

When Hamdi Ulukaya wanted to switch his business from making feta cheese to making yogurt, he needed larger premises. He used an SBA 504 loan to purchase an 80 000 square foot Kraft factory in New Berlin, NY, and today this $3 billion company employs 2000 workers.

#3. Chipotle®

Love Mexican food? The next time you visit a Chipotle Restaurant, keep in mind that when founder Steve Ells was ready to open his third restaurant, he did so with SBA assistance.

#4. Apple®

The SBA’s Small Business Investment Company (SBIC) Program has a long history of directing capital to innovative technological organizations. One of the most iconic tech companies to benefit? You guessed it -Apple. And the SBA’s Small Business Innovative Research (SBIR) Program funded the research for that handy fingerprint scanning technology on your iPhone.

#5. Nike®

Iconic brand Nike also has the SBIC Program to thank. The well-known footwear and apparel company used the program, which helps small businesses access private debt and equity financing, to grow beyond its small business beginnings.

#6. Ben & Jerry’s®

If you love ice cream (even if you just like it a little), chances are you’ve tasted at least one of Ben & Jerry’s wonderful flavors. It was SBA assistance that helped the Vermont-based ice cream company get going in it’s early days.

#7. Federal Express®

It may seem hard to believe that this behemoth of a delivery company (currently serving 220 countries, with 400,000 employees and projected 2017 revenues of $60.3 billion) was once a small business. Yet back in the early 70’s it was just getting started, and a SBIC program provided the extra capital boost required to expand it to the next level.

If you don’t qualify for an SBA loan right now, don’t despair — you do have other small business expansion financing options. Alternative funding companies offer solutions, usually through online applications and interactions, that you may not have known about. Another possibility is peer-to-peer funding, where private funders offer unsecured financing to qualified small business borrowers.

When you’re considering growing your business, research your financing options. And get inspired by this list of other small businesses that borrowed to expand, and never looked back.

https://kapitus.com/wp-content/uploads/2020/01/well-known-companies-grow-with-sba-loan.jpeg 520 780 Wil Rivera https://kapitus.com/wp-content/uploads/Kapitus_Logo_white-2-300x81-1-e1615929624763.png Wil Rivera2017-07-26 00:00:002017-07-26 00:00:00Surprise! 7 Businesses You Know That Grew With an SBA Loan

How to Manage Business When Minimum Wages Rise

July 24, 2017/in Cash Flow Management, Operations /by Wil Rivera

How do you manage the pay for your business?

Increases in minimum wage levels can be a challenge for businesses. They mean higher labor costs if you employ minimum wage workers, which can mean lower profits. Even higher skilled and better-paid workers may feel they deserve more to stay above “unskilled” rates. Many union contracts require a guaranteed pay above state or federal minimum wage. A higher minimum wage pay can also drive up costs as suppliers manage labor expenses.

There is no single way to deal with an increase in the minimum wage, but there are principles and strategies that may help.

Analyze the real impact

Before taking any action, analyze the percentage of overall expenses that labor represents and then consider how much a specific increase will affect the business. If, for example, labor is 30% of costs and a minimum wage increase will push labor up by 10%, then you face a 3% total increase in costs. Knowing the actual amount helps you design proportional action.

Delight your customers

One survey by the Harvard Business School NOM Unit shows that minimum wage increases raised the chance restaurants would go out of business, but only if the restaurant had indifferent ratings by consumers. Although restricted to the food industry in California, it may suggest that when customers love your business, they will more likely continue to come to you, even if they cut back their overall spending.

Reexamine staffing

Staffing, like anything, can become a habit. Ask whether you still have the right staffing levels. Too much can drive up costs unnecessarily. Too little may discourage buyers. Maybe use of temporary or even contract workers could help reduce overall costs. A higher caliber of worker may be able to do more and ultimately save money.

Consider adding self-service

You’ve likely seen shelf-checkout in grocery and big box stores. That’s an example of customer self-service. The concept may be applicable to other areas of your business. For example, a strong website with enough useful information might offload customer questions. Or e-commerce could help handle simple purchases, freeing employees to do more valuable work.

Test pricing changes

Many business owners are understandably skittish about raising prices. There is the chance that you could drive business away. But staying with a set of prices out of fear can be poor business. Try testing prices of various items. Look at products or services where there is less competition. Maybe you can raise prices at certain times, like a restaurant charging more for breakfast on a weekend than a weekday. Or look at ways to improve cross-selling and add-on sales, so instead of increasing individual prices, you get a higher average order size.

https://kapitus.com/wp-content/uploads/Kapitus_Logo_white-2-300x81-1-e1615929624763.png 0 0 Wil Rivera https://kapitus.com/wp-content/uploads/Kapitus_Logo_white-2-300x81-1-e1615929624763.png Wil Rivera2017-07-24 00:00:002022-04-07 18:29:45How to Manage Business When Minimum Wages Rise

How to Use Contract Help without Landing in Legal Trouble

July 21, 2017/in Legal, Operations /by Wil Rivera

You need some work done, but don’t want more employees. Hiring independent contractors may seem like a smart move. You get help only when you need it, and contractors come with fewer regulatory demands than having salaried employees. Hiring contractors can be cheaper because you only pay people when you need them. You can also avoid expenses like payroll taxes, unemployment taxes and workers comp.

It can be a good strategy, but there are some significant challenges. Government agencies at the federal and state level investigate companies which claim to use contractors but, under the law, treat those workers as employees. The result can be legal trouble, significant defense expenses, and the potential for back wages, overtime, large fines and other sanctions. Hire contractors, but make sure you do it right. Here are some ways to protect yourself.

Keep contractors at arm’s length

It’s important to distinguish contractors from employees. According to the Equal Opportunity Employment Commission there are legal guidelines used to determine if a worker is a contractor or an employee. Generally, you can’t control when, where and how contractors do their work. It’s best if they conduct business out of their own location when possible. They should always use their own tools, materials, and equipment to do so. Pay them by the project or job, not by the hour or week or month. The more you seem to control the work environment and how people undertake tasks, or the larger portion of the person’s income you provide, the more you look like an employer.

Pick and choose where to use contract help

One of the big flags to regulators is the type of work the contractor does. The less skill the task requires, or the lower the pay it offers, the more likely a person may be seen as an employee. The work performed should not be part of your regular business. There should also not be an ongoing regular relationship. If, for example, you own a retail store, clerks would likely be considered employees, not contractors, even if you bring someone on as seasonal help. But you could hire a contractor to set up your POS computer sales system.

Consider legal structures to insulate you

For contractor use outside of one-time employment, the American Bar Association recommends having a written contract. The contract alone isn’t sufficient to establish the right relationship. It’s usually necessary and can include clauses that specify the person is independent, managing their own taxes, and gets no employee benefits. You might also consider other legal structures. Perhaps the contractor has his or her own established business, with a license from their city or town or even incorporation. You also might hire individuals through a temp agency or other organization independent of yours.

https://kapitus.com/wp-content/uploads/Kapitus_Logo_white-2-300x81-1-e1615929624763.png 0 0 Wil Rivera https://kapitus.com/wp-content/uploads/Kapitus_Logo_white-2-300x81-1-e1615929624763.png Wil Rivera2017-07-21 00:00:002022-04-07 18:30:24How to Use Contract Help without Landing in Legal Trouble

Apple Business Chat Adds a New Dimension to Customer Service

July 19, 2017/in Sales and Marketing /by Wil Rivera

How does Business Chat work?

In June, Apple® unveiled Business Chat service in a bid to compete in the messaging space. For business owners, it holds potential as a sales and marketing tool. This would allow consumers to interact with businesses through the existing Apple messaging framework.

What is Business Chat and how does it work?

Business Chat allows users to open an iMessage® window through Safari®, Maps, Spotlight® or Siri® to get answers to questions. It can also resolve issues or complete transactions with businesses through their iPhone®, iPad® or Apple Watch®. At the same time, consumers have the ability to block alerts or delete conversations. This is done so they’re only connecting with the brands and businesses they choose.

The chat service is designed to facilitate easier interaction between customers and businesses. It will also take the quality of service up a notch. Rather than dialing into a customer service number or talking to a chatbot, Business Chat users will be able to initiate a chat session with a human service rep to get personalized help in real time. Chatbot support isn’t currently available, but it may be forthcoming in the future.

Business Chat features

Business Chat will integrate with Apple Pay®, making it possible for customers to make purchases in the chat session. Apple is also letting businesses create their own customized app extensions. In a presentation at the company’s Worldwide Developers Conference in June, Apple highlighted a chat session in which a customer was able to choose an airline seat in-message, without having to open a separate app.

Another unique feature is the ability to launch a chat using QR codes found on things like business signage, packaging or websites. The customer would scan the code to launch a chat in iMessage. The code includes information about the user’s geographic location, their purchase history with the business or other details that could make routing them to the right customer service representative easier.

What does it mean for business owners?

Business Chat may afford businesses the opportunity to assist their customers in a streamlined, efficient way. Business owners can integrate their customer support channel to be compatible with Business Chat. Alternately, they can work with established third-party customer service providers on the platform.

It could also make it easier for consumers to find businesses and shop from their Apple devices, which may result in a sales boost for companies that use Business Chat. The service will be publicly available when iOS 11 rolls out this fall. In the meantime, businesses may consider how to leverage Business Chat’s capabilities to improve customer relations and advance sales goals.

https://kapitus.com/wp-content/uploads/Kapitus_Logo_white-2-300x81-1-e1615929624763.png 0 0 Wil Rivera https://kapitus.com/wp-content/uploads/Kapitus_Logo_white-2-300x81-1-e1615929624763.png Wil Rivera2017-07-19 00:00:002017-07-19 00:00:00Apple Business Chat Adds a New Dimension to Customer Service

The Paw Economy: Is Your Small Business Capitalizing on Marketing to Pet Parents?

July 17, 2017/in Sales and Marketing /by Wil Rivera

At least sixty-eight percent of U.S. households currently own a pet — about 85 million families. Consumers love their pets and aren’t afraid to spoil them. In a recent Washington Post survey, 76% of millennials said they are more likely to splurge on their pets than themselves. Pet expenditures represent almost $70 BILLION this year (a three-fold increase since 1996). With this in mind. it’s a good idea for your small business to capitalize on the paw economy.

Even if your business isn’t related to the pet care industry, it’s simple to shift to a more “pet friendly” mindset. Small changes (many of which are virtually free) can send a clear signal to potential customers and employees that you care about their “fur babies” as much as they do.

1. Place a dog bowl in front of your storefront

If you’ve got a storefront, place an elevated stainless steel dog bowl just outside your door. Make sure it’s always filled with clean, fresh water. This small gesture will be a welcome oasis for pets and pet parents alike. Walkers-by will appreciate the break for their dogs, and (bonus!) will spend time scoping out your business while their pups rehydrate.

2. Create a fully-stocked doggy waiting area

If you can’t invite dogs into your business, provide a shaded spot near the water bowl for dogs to rest. In addition to a post for owners to tie their dog to, include a few toys, some clean-up bags, and a comfortable spot to lie down. Hang a sign that says something such as, “We would love to meet your pups, but the health department says they can’t come inside unless they’re service animals. We hope they enjoy a break in the shade while you’re inside.”

3. Add a treat jar to your counter or drive-thru

Adding a treat jar to your counter is a low-cost way to remind customers you care about their four-legged friends. If dogs are welcome in your business, always ask for permission before giving a dog a treat. The jar is a fun take-away for customers to grab a treat on the go if dogs aren’t allowed inside. If you have a drive-thru, be sure to keep another treat jar nearby for when dogs are in the car. Pretty soon, pups will be begging to accompany their parents to your business.

4. Throw a “Dog Days” or other pup-friendly marketing event

The days of summer can be a great time to throw a dog-days-themed marketing event for your small business. Even if pooches aren’t normally allowed in your business, consider making a one-day exception so customers can shop with their companion animals. You might consider offering fun promotions like 20% off one item with a dog present. Create a branded giveaway (like a dog-friendly Frisbee, leash or chew toy) to offer as a gift with purchase. Get neighboring small-business owners in on the day to make it a block party. You might even want to partner with a local shelter and donate a percentage of proceeds to helping adoptable pets find homes.

5. Consider “paw-ternity” leave or other perks for pet parents

Did you know some companies offer two or more days of “paw-ternity” leave for employees who adopt new cats or dogs? This gesture acknowledges four-legged family members can be quite disruptive to the status quo during their first days at home. If days off aren’t doable, check out these other great suggestions of what businesses are doing to make pet parenthood easier for their employees, from bring-your-dog-to-work days to stipends for dog daycare.

https://kapitus.com/wp-content/uploads/Kapitus_Logo_white-2-300x81-1-e1615929624763.png 0 0 Wil Rivera https://kapitus.com/wp-content/uploads/Kapitus_Logo_white-2-300x81-1-e1615929624763.png Wil Rivera2017-07-17 00:00:002017-07-17 00:00:00The Paw Economy: Is Your Small Business Capitalizing on Marketing to Pet Parents?
Are You Leveraging Intuition Properly in Your Small Business

Are You Leveraging Intuition Properly in Your Small Business?

July 14, 2017/in Featured Stories /by Wil Rivera

Here’s some good news: you already possess the tools you need to make smarter, better business decisions, according to science. In fact, one of the most valuable tools in your entrepreneurial arsenal — intuition — is completely free, instantaneously available, and something touted by everyone from Steve Jobs (who called it “more powerful than intellect”) to the United States military as a powerful game-changer.

 

Fast Company described intuition this way:

“The unconscious pattern recognition our brain is constantly performing [that] leads to breakthrough moments,” before adding, “[and] you can train yourself to have more of them.”

The brain is an amazing tool because so much of what it regulates happens automatically. You don’t have to think about breathing or creating memories or controlling sensory inputs. Your brain handles these things on its own. (Which is fantastic since every entrepreneur can attest that he or she sometimes gets too busy to remember to eat) Similarly, intuition — which some refer to as a “sixth sense” — is also the product of your brain working faithfully in the background, processing information and patterns that you may not even be consciously aware are happening.

Many of the world’s top entrepreneurs, including Richard Branson and Bill Gates, have cited intuition as a critical component to their success. Psychology Today noted that study after study has shown, “trusting your intuition leads to better outcomes than trusting your logical, thinking brain”. Here’s how you can leverage this important — and yet often underutilized — tool to help your business thrive.

1. Identify your core values

Core Values define what you stand for and why. Every entrepreneur should codify the core values for his or her business and share with every employee. It’s also important to have a set of personal Core Values (hint: they should align very closely with your business’ Core Values!). Your intuition will help you know what Core Values are right for you. Once you’ve got them written down, they’ll act like a road map to help you begin to trust the decisions you intuitively feel are right for you. They’ll also help keep you from second-guessing yourself, because you have a written set of values to check decisions against.

2. Learn to trust your “gut”

Some people confuse intuition with acting impulsively, when in fact there is a huge difference. Acting impulsively means making a quick, emotional decision without weighing pros and cons. Oftentimes, it’s the result of a decision made during a stressful time. Conversely, intuition is the instinctual feeling you get in your gut when you think about a problem or challenge. Some refer to this as an “inner voice”. This gift is the result of unconscious pattern recognition your brain is doing in the background. The more you listen for this voice, the more it can guide you toward your best decisions for your business.

3. Act intuitively

Ask three well-meaning advisors how to handle any given situation and you’re likely to get three different answers, leaving you even more confused than when you started! Acting intuitively means learning to trust yourself with decisions that, in the past, you might have spent days or weeks debating, either with yourself or with others. Your intuition is invaluable because, in addition to being almost instantaneously available and free, it’s completely aligned with your own core values. It will always be the right advice for you — which is ultimately the most important thing when it comes to decisions relating to your business.

https://kapitus.com/wp-content/uploads/2018/11/are-you-leveraging-intuition-properly-in-your-small-business.jpg 1025 1023 Wil Rivera https://kapitus.com/wp-content/uploads/Kapitus_Logo_white-2-300x81-1-e1615929624763.png Wil Rivera2017-07-14 00:00:002017-07-14 00:00:00Are You Leveraging Intuition Properly in Your Small Business?

When Small and Big Businesses Work Together It Can Be a Win for All

July 12, 2017/in Cash Flow Management, Operations /by Wil Rivera

How do you work with a big business?

Despite the differences in scale, partnerships between small and large companies can be effective and beneficial to both. Larger firms will work with small businesses in a number of ways, including:

  • providing small companies with technology they need
  • license innovation or products from smaller firms
  • use small businesses as a vendor
  • provide smaller businesses with access to new , larger markets
  • acquire smaller firms
  • invest capital in small businesses

For example, Nottingham Spirk focuses on providing innovative product solutions for larger client companies. Its successes over the years include the Pepto-Bismol® dosage measuring cap, the Dirt Devil® vacuum, and the parentally ubiquitous Little Tikes® toddler cars. A counter-example from the world of giants is Procter & GambleTM, which manages hundreds of relationships with small companies that act like innovation engines.

Akron-based Ecology CoatingsTM, which makes protective and decorative coatings for industrial products, used partnerships differently. Early on, the company had technology but no sales and marketing, so it licensed its products and technologies within specific market segments for annual cash and breathing room to build its own marketing and sales infrastructure. DuPont® got the North American automotive business. Ecology CoatingsTM passed a propane tank rental company client and all propane tank work to a major coatings company for a six-figure revenue stream.

But don’t be pie-eyed about opportunities, as there can be potentially big downsides to working with larger firms. Payments can run late, with 90- to 120-day terms being common. Corporate culture may be inflexible and any decision process can involve many people and take much longer than small businesses are used to. Large retail chains can be demanding, for example, on how you do business and how you package products. Consequently, this can lead to lower margins.

To explore the possibilities of big business partners, one possibility may be with matchmaking programs that help bring small and big companies together. The Women’s Business Enterprise National Council has programs that connect corporations and governments to women-owned companies. The Small Business Administration often runs matchmaking events during National Small Business Week.

Many large companies have supplier diversity programs for companies that are minority-, disabled-, woman- or veteran-owned. Networking can also be an excellent tool, as someone you know may be able to direct you to opportunities.

If you do get wind of partnering opportunities, here are a few things to keep in mind:

  • Look for partners that make strategic sense, and be picky about the deals you do.
  • Be ready with a strong pitch and your financials, because the big company wants to know that you’ll be stable and predictable.
  • Remember that managing any partnership takes time and energy; be sure to keep your focus.
  • Stay flexible and avoid overly broad, exclusive deals that could cut off future opportunities.
  • Understand what you and they get out of a partnership.
https://kapitus.com/wp-content/uploads/Kapitus_Logo_white-2-300x81-1-e1615929624763.png 0 0 Wil Rivera https://kapitus.com/wp-content/uploads/Kapitus_Logo_white-2-300x81-1-e1615929624763.png Wil Rivera2017-07-12 00:00:002022-04-07 18:30:53When Small and Big Businesses Work Together It Can Be a Win for All

Using Instagram As a Sales Tool

July 10, 2017/in Sales and Marketing /by Wil Rivera

Gone are the days when you need a massive sales and marketing budget to get in front of a mass audience. Social media can be an effective and inexpensive way for small businesses to reach new and existing customers efficiently. However, many small businesses make the mistake of posting ineffective content that doesn’t drive engagement.

Interested in using social media as a sales tool?

One of the easiest channels to start with is Instagram. The platform now has more than 700 million users worldwide, and more than 10 times the engagement of Facebook according to Forrester.

One advantage of Instagram is that users dip in and out of their feeds frequently, mostly through the mobile app, and consume content in bite-sized chunks. That means you can start by posting a few pictures or short videos every now and then. In addition, research shows that consumers may be more likely to be influenced by pictures than words. Visual content is 40X more likely to get shared on social media than other types of content.

The mass adoption and simple, mobile-centric, visual nature of Instagram uniquely positions it as a great way for small businesses to showcase their brand and connect with a wide audience. When used correctly, Instagram can lead not only to greater brand awareness, but also to lead generation, conversion and loyalty. Follow these simple steps to maximize the potential for Instagram to serve as a sales tool for your business:

1. Create a compelling profile.

When you set up your business account, you’ll be asked to create a profile. This is your first opportunity to give people a sense of who you are and what you stand for. It also provides the opportunity to post relevant information such as opening hours, a link to your website, and contact details. Think of this as a business card and elevator pitch for your business.

2. Decide what you want to post.

The most successful brands put a creative spin on their content, and are consistent in their approach. For example, Staples takes on a playful tone on Instagram. Photos and videos of office products come alive and take on a personality of their own. Figure out what kind of images are consistent with your brand and how to give them a unique visual sense. In addition to photos and videos, consider posting stories (video content) which are more prominently displayed at the top of a user’s feed. Stories are a great way to capture unedited “behind-the-scenes” footage, so long as it is interesting, informative or entertaining.

Finally, to maximize the potential for Instagram to serve as a sales tool, each post should have a specific call to action, such as to visit your website, leave a comment or enter a contest. It’s a good idea to build up an arsenal of posts and setting a schedule before going live so you can keep refreshing content. Once a day is a good goal to aim for. Try to be consistent in the time of day you post.

3. Interact and build relationships.

Every post should be accompanied by a brief comment, 3-5 #hashtags and potentially an @mention. Hashtags can help you expand your reach and build a following. You can use trending hashtags such as #picoftheday or create your own. Mentioning others using @ and their user name (e.g.,@Staples) can also drive engagement and be used to share customer success stories or highlight partnerships. Follow any people or businesses relevant to your own, and like posts that fit your business interests. Following, liking and commenting on other people’s content is one of the fastest ways to get people to check out and follow your own. In addition, never underestimate the power of a direct message. To really start building relationships, try to thank every new follower with a direct message. You can even message profiles that you’re interested in to start a conversation.

4. Track and analyze.

You probably track and analyze your sales pipeline closely, so don’t treat social media any differently. Analyze which posts are getting the most engagement, which hashtags lead to the most followers, and which calls to action lead to the most conversions. Then adapt your content strategy accordingly. Instagram business accounts also give you insights into your followers and how they interact with your posts so you can mine that data and determine who your most active followers are, and then show them some love via direct messages, asking to them co-create content, or other creative approaches.

https://kapitus.com/wp-content/uploads/Kapitus_Logo_white-2-300x81-1-e1615929624763.png 0 0 Wil Rivera https://kapitus.com/wp-content/uploads/Kapitus_Logo_white-2-300x81-1-e1615929624763.png Wil Rivera2017-07-10 00:00:002017-07-10 00:00:00Using Instagram As a Sales Tool

Findings from the State of the Cities Report: What They Mean for Your Small Business

July 7, 2017/in Business Productivity, Operations /by Wil Rivera

What are the issues currently facing local communities?

Each year, the National League of Cities (NLC) releases its State of the Cities report, an analysis of mayoral speeches from across the U.S., ranking the top issues discussed by mayors. For business owners, the report can provide insight into national economic and social trends by looking at the local level.

If you’re a business owner, here are the top issues currently facing local communities:

Economic Development

Economic development is top priority for U.S. mayors for the fourth consecutive year. Within economic development, job creation is the most important issue facing administrations. For this reason, 39 percent of mayoral speeches include it as a priority. Small businesses employ nearly half of all U.S. workers, according to the Small Business Administration. This means that attracting and nurturing small and midsized enterprises is vital if cities want to meet their goals. Mayors specifically mention the importance of working with their cities’ businesses to reach their goals. It can be important for small business owners to become an active participant in your area’s Chamber of Commerce.

Business Growth

Attracting new businesses is a major priority for the nation’s mayors. They realize the impact each new employer brings to their cities. To attract those businesses though, mayors realize they must invest in infrastructure, education, housing and amenities. In addition to tax incentives, government officials are now putting plans in place to ensure the local workforce has the skills and education necessary to fulfill employers’ demand.

Employment

With 19 states increasing minimum wage for 2017, some businesses are planning upcoming cost increases. Many businesses will be forced to raise prices or cut back in other areas to handle the increase in payroll costs. However, this could be good news for many small businesses that hire workers on salary or a higher hourly wage. As the average minimum wage earner sees a boost in weekly pay, the local economy may see an increase in consumer spending. The report also acknowledges the overall positive sentiment of wages and employment are at levels that have not been since the Great Depression.

https://kapitus.com/wp-content/uploads/Kapitus_Logo_white-2-300x81-1-e1615929624763.png 0 0 Wil Rivera https://kapitus.com/wp-content/uploads/Kapitus_Logo_white-2-300x81-1-e1615929624763.png Wil Rivera2017-07-07 00:00:002022-04-07 18:31:15Findings from the State of the Cities Report: What They Mean for Your Small Business

July 4th Feature: America’s Most Famous Founding Father Entrepreneurs

July 5, 2017/in Featured Stories /by Wil Rivera

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Famous American Entrepreneurs

While the entrepreneurial talents of great Americans from the Industrial Revolution are often touted (Morse, Edison, Bell, Carnegie), the self-made-American story actually goes back much further. Entrepreneurs were shaping our country well before its independence!

This July 4th, Strategic Funding Source would like to shine the spotlight on our most entrepreneurial founding fathers. While you learned their names in grade school, you may be unfamiliar with their business successes.

George Washington

Most five-year-olds in the United States can tell you all about George Washington‘s political and military milestones. But did you know that Washington was also a successful entrepreneur in his day? A book about his business ventures is titled,  First Entrepreneur: How George Washington Built His and the Nation’s Prosperity by chief historian for the White House Historical Association, Edward Lengel.

Washington was a well-regarded businessman in his day. In a time when most landowners were growing tobacco, Washington used his Mount Vernon estate to grow wheat instead. He installed a gristmill and began marketing his own branded flour (G. Washington) that was popular in the colonies and abroad. He later parlayed his knowledge of wheat into an extremely profitable whiskey distillery. In fact more than 100 years before prohibition, the nation’s first president was peddling whiskey from the nation’s capital!

Benjamin Franklin

Benjamin Franklin was a second-generation American entrepreneur. Although most are familiar with his contributions to the Declaration of Independence and U.S. Constitution, few know he dropped out of school at the age of 10 to help his father in the family candle and soap-making shop. Ben was the 15th of seventeen children. So it is possible that his entrepreneur father was cash strapped.

By age 12, Franklin was an apprentice in the print trade. In 1728, at the age of 22, Franklin opened his own print shop in Philadelphia. Two years later, he was the city’s official printer. Everyone knew Franklin throughout the American colonies by 1732 thanks to the success of his Poor Richard’s Almanack. The book sold 10,000 or more copies annually — a huge amount for the time.  And, it was published for 25 consecutive years.

A serial entrepreneur in every sense of the word, Franklin’s inventions include: wooden flippers, bifocals, the first rocking chair, and the American penny. He also invented a unique music instrument—a series of spinning glass bowls in graduated sizes called the “armonica,” also known as the glass harmonica — for which both Beethoven and Mozart composed original music.

John Hancock

John Hancock is best known for being the first member of the Second Continental Congress to sign the Declaration of Independence. Before he entered into a life of political service, he was an American entrepreneur, taking over his uncle’s highly successful shipping business. It was these shipping pursuits that led to Hancock’s political interests. As a business owner, he strongly opposed the British taxes imposed on his freight. It is now known that Hancock was smuggling goods aboard his ships to avoid taxes these taxes.  However, in 1768, the British seized one of his ships for failing to pay proper import taxes. The aftermath (and possibly lost revenue) led to Hancock’s increased political involvement.

Are there other founding fathers who inspired your own entrepreneurial journey? Let us know![/vc_column_text][/vc_column][/vc_row]

https://kapitus.com/wp-content/uploads/Kapitus_Logo_white-2-300x81-1-e1615929624763.png 0 0 Wil Rivera https://kapitus.com/wp-content/uploads/Kapitus_Logo_white-2-300x81-1-e1615929624763.png Wil Rivera2017-07-05 00:00:002017-07-05 00:00:00July 4th Feature: America’s Most Famous Founding Father Entrepreneurs
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