Today’s entrepreneurs are taking advantage of the opportunity to meet changing needs in the marketplace. Tapping into the growing sustainability movement as discussed, Ron Warnock founded NitroCision company that mops up radioactive and industrial waste without the use of chemicals. Second grade teacher Victoria Knight McDowell is cashing in with Airborne, a herbal cold remedy now being sold in drugstore chains such as Rite aid and CVS. Dany Levy, a 31 year old journalist turned entrepreneur found a market niche with her Daily Candy Internet company.
In a fast moving world it’s easy to get left behind. Who wants to be talking about a hot new trend that everyone else knows has already gone cold? To avoid that dreaded fate nearly 100,000 people log on each day for their morning dose of Daily Candy – a short entertaining look at what’s hot at that very moment.
Dany Levy got the idea for Daily Candy when she subscribed to The street.com’s newsletter to learn about Wall Street as preparation for applying to a business school. She thought it would be fantastic to have the same type of format, form, lifestyles – something that would weed through all the miscellany and offer a quick glimpse of something really new and cool – a swanky new restaurant or the latest must have digital camera. Levy set up a desk in the office of a friend and used her business school money to start DailyCandy. She sent sample e-mails that were formatted to be easily digestible and pleasing to the eye to all friends and asked them to spread them on. Levy had 700 subscribers to the daily e-mails before she even officially launched DailyCandy.
The company which relies on advertising revenue became profitable within a year and a half. It now has a full time staff of eight plus several commission based salespeople. A horde of freelancers help keep Daily Candy up to the minute. Levy is also growing the brand by finding new niches. Daily Candy Everywhere for example, lets people know about really chic products that can be bought on the Internet. Daily Candy Kids targets parents of children up to the age of 12 – an audience that is typically super busy but desperately in need of knowing what’s the next cool thing.
Definition of Small business:
The full definition of small business used by the Small Business Administration (SBA) is detailed and complex. One could spend hours reading through the numerous Web pages can that explain the definition on the SBA’s Web site? In general small business is considered to be one that is independently owned and operated and which is not dominant in its field of operation. Most people think of a business as small if it has fewer than 500 employees but the SBA further defines it by industry. Exhibit gives a few examples of how the SBA defines small business for a sample of industries. It also illustrates general types of businesses, most entrepreneurs start – retail manufacturing and service. Additional types of small businesses are construction, communication, finance, and real estate.
Impact of entrepreneurial Companies:
The impact of entrepreneurial companies on our economy is astonishing. According to the Internal Revenue Service only about 16,000 businesses in the United States employ more than 500 people, and the majority employ fewer than 100. In addition the 5.7 million US businesses that have fewer than 100 employees generate 40 per cent of the nation’s output. Small business formation is also at an all time high. Approximately 600,000 new businesses are started in the United States each year, and the status of the SRA administrator was elevated to a cabinet level position in recognition of the importance of small business in the US economy.
Traditionally new entrepreneurs frequently start business in the areas of business services and restaurants. Today, inspired by the growth of companies such as eBay and Amazon.com entrepreneurs are still flocking to the internet to start new businesses. Demographic and lifestyle trends have created new opportunities in areas such as environmental services, computer maintenance, children’s markets, fitness and home health care. Entrepreneurship and small business in the United States is an engine for job creation and innovation.
Source: New Era Management