Entrepreneur Russell Simmons Shares His Vision of the Spirit of Wealth in a New Book

Monday, November 21st, 2011

Despite being worth a reported $350 million, media and fashion mogul Russell Simmons resists labeling himself a money man. Instead, he prefers the embellishment “business yogi.”

“A business yogi is someone who upholds humanity in all of his or her business dealings,” Simmons told WEALTH magazine in an exclusive interview in his Seventh Avenue office in New York. “Someone who puts the betterment of the human condition before making a profit.”

Known for his role in launching Def Jam Records and catapulting the musical careers of hip-hop artists the Beastie Boys, Run DMC, 50 Cent and Jay-Z, Simmons began his entrepreneurial career with a Jewish punk rocker named Rick Rubin in 1984. (more…)

Buying a Business May Be Better Than Starting From Scratch

Tuesday, July 19th, 2011

Are you thinking about owning a business? In most cases, I believe that buying an existing business—with real customers, a revenue stream, employees, name recognition and policies and procedures already in place—is a much better proposition than starting one from scratch.

Here’s why:

  1. Start-up risk: Experts say that 80 percent of all new businesses fail. While a good portion of these might be multilevel marketing businesses that people just give up on after a few months, the reality is that a start-up usually has little to no immediate cash flow and is often immediately crunched for working capital right off the bat. (more…)

Thinking of Buying a Small Business?

Friday, May 20th, 2011

For many people, owning a business is a dream fulfilled. But making that dream a reality takes some research as well as common sense.

As a buyer and owner of several small businesses, I am often asked what it takes to become a business owner.  Here are some factors that a prospective owner should consider before making that jump.

1. Does your spouse work? A business owner, especially starting out, should not be surprised by wildly inconsistent levels of income from week to week, or month to month. Having a spouse working a “regular job” bringing in consistent income can be a huge factor in lowering your stress during lean times. (more…)

What It Takes to Be a Successful Leader

Sunday, March 27th, 2011

Whether you are the head of a large corporation, a small business or just your own family, leadership skills are crucial to your success. No doubt you’ve developed your own leadership style that has served you well. But leadership is a learned skill, and practically anyone can become an even better leader with practice.

Let’s start with some personal attributes that many successful leaders share. Developing these attributes in your own life will help you improve your leadership skills.

1. Personal integrity. The word “integrity” comes from the mathematics term “integer,” which means a “complete entity.” (more…)

New Pioneers in the New Economy

Wednesday, March 16th, 2011

Franny Brennan of Asheville, N.C., is a New Pioneer.

Brennan, 37, belongs to a new breed of people that emerged a few years ago as the Great Recession sunk in across the nation. They dwell in small towns as well as large cities.

These pioneers were born out of need.

Until about two years ago, the college-educated Brennan worked as the publicist for a nonprofit organization. “It was my favorite job ever, bar none,” she said.

But she lost her job when the charity had to shutter its doors due to the poor economy.

For a while Brennan collected unemployment checks and searched for similar work in North Carolina. When that proved futile, she expanded her job hunting first across the Southeast and then nationwide.

After months of not getting even a nibble on a job, and with her unemployment bankroll evaporating, she knew she had to embrace alternative solutions. (more…)

Turn Your Passion Into a Paycheck

Thursday, February 3rd, 2011

Conan O’Brien was sent packing from his Tonight show gig on NBC with an impressive $45 million severance package.

Few others have been so fortunate. As many people are in their second year or more of joblessness, and with many areas still combating double-digit unemployment, meaningful work for the recently terminated has not been all that easy to come by.

A growing segment of the population, however, is choosing to get back on its feet with some entrepreneurial ingenuity—people turning the things they love into business opportunities. (more…)

Build a Business–and Sell It for Millions!

Tuesday, January 4th, 2011

Can that really be done?

Well, you could ask the mega-wealthy founders of Netscape, GeoCities and Skype. Oh, sorry for that typo in the headline: Each of these businesses, which didn’t even exist 20 years ago, was sold for billions!

Of course, you say: Marc Andreessen, co-founder of Netscape Communications Corp., and his peers in the dot-com bonanza-fest were Internet geniuses and among those rare individuals who were able to conceive the right idea at exactly the right time, knew how to run with it and then sold their companies for rich profits. Then you ask, “But what about me?”  (more…)

Owning A Business: Is It Right for You?

Sunday, December 19th, 2010

In today’s climate of Big-Business downsizing and consolidation, many people think that becoming a small-business owner makes sense—especially now. In fact, an estimated 600,000 new businesses are launched in this country every year.

But more than half of new businesses fail after four years or less, according to a study by the federal government. So starting a new business can be risky.

There are a myriad of considerations to make before you launch your own business. Obviously, many of them depend on the kind of business you are thinking about—there are lots of variables. (more…)

A Passion for Roasting Coffee Becomes a Thriving Global Business

Monday, September 27th, 2010

Many business owners frame the first dollar they earn. Forrest Graves proudly displays a glass jar filled with $600 worth of burned coffee beans in his small coffee shop just outside of Helen, Georgia. Such a debacle seems an ill-suited memento for a coffee roaster. But for Graves, it represents his journey from passionate home roaster to professional global entrepreneur. And that’s a reminder he refuses to part with.

 “Someone actually came in the store one day and offered me $600 for the jar,” he says. “But it’s part of my rite of passage.” (more…)

Dave Says: Get out and Do Something

Wednesday, September 1st, 2010

Dear Dave: My husband was laid off three months ago, and I’m afraid we’re about to lose our home. I’ve been working three part-time jobs to help keep our heads above water, but he says the economy’s bad, and he’s waiting for the “right” job. The bills are piling up, and I don’t know what to do.  —Paula

Dear Paula: When a guy loses a job, it’s a devastating blow. Many guys are task-oriented, and define themselves by what they do rather than who they are. That’s not a good thing.

When I went broke several years ago, (more…)