Business Ownership: Starting a Small Business
Of the 14 milLion people in the United States who are self-employed. al
20 perl'ent art' 16 to 34 ,'>'ears olc\.1 "The perception is OH! there <'Hllong y(
people that a job widl IBM for 30 years is no! 1ikdv to huppen," said B
Phillips, a senior fello\\' in lIt:.gul'atory studies at Ihe National Federatio
Independcnt Business Research
"Thus, working in or stal·ti
smaJi business has increased appeal
... where there is a feeling that vml
ur own dest,iny."! Colkgcs around the
to this trend
offering more course.s on the subjl:Gt of enU'cpl1eneun
Accepting the risk of
EntJl".e.preneurshi,p is accepting the risk of staning and running a busil
Explore [hi" chaptt'l' and think about the
One of the 111ajor issues in t'be Cllited St,:ltes today is the need to create l'
SOlllt: idea ahout.
the job-creating pow r of
tvheID yOlllook at some of the gre<.\t Alllerican entl'epreneurs from tlbe p;lst
tbe present. The history of the United States is tJ,e history 01 its enlreprent
C Insider jll.:;t
few of the
ny ent1'1'prcnculr'S \',:I'j(l hav'? helped shapl
Du Pont, which
of products under
Wacky grocer jim
names as Teflon and Lycra, was started in 1802 'by rllendJ. ilnmig
Bonamlnlo may put on his
Ir0nee du Pont dl.: Nemours. SOIne 18 shareboJdeFs pro\'
wizard suit and roller
$36,000 in start-up money.
skate through his Jungle
Avon started in 1886 on $500 David McConnell bonowed
JIm's International Market,
but he's serious When It
comes to his business.
George Eastman launched Kodak in 1880 with (\ $3,000 investmel
Instead of competing on
price against mega-giants
Gamb.1e was fanned in
by WiJJiam Procter and
like Wal-Mart, Jungle Jim's
Gamble wi th a lata) of $7,000 in capi.tal
competes on product
Ford Motor Company begnn with an investment of $28,000 by
varIety. A case holding
FOl-d and 11 associates.
1,200 kinds of hot sauce
rests beneath an antique
investments by founder
fire engine. Why do you
friends. Bezos's parents invc
think customers might
$300,000, a huge portion
their retirement account.
remain loyal to Jungle
they are billionaires.
The stories are all about
One ell' repren
couple of entrepreneurs had a good idea, borrowed s
money [Tom friends
a business, .
business now employs thousands of
peopk and helps
The lJli'lited Slates still has plenty of entre
neurial talent. Names such as Steve Jobs
Computer), Ross Perot
Michael Dell (Dell Inc.), Bill Gates (Micros
Hov/ard Schultz ($tarbucks), Sentt Cook (lint
and Ted Turner (Cable News Network) have
come as familiar as those of the great entn:
neurs of the past.