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Posts Tagged ‘Entrepreneur’

You Built Your Business, President Obama Did Not

In Economy, Political Rhetoric, President Obama on July 16, 2012 at 9:23 pm

Sorry, Mr. President, but you’re wrong. 

If you have a business, you built it.  It’s yours, not Barrack Obama’s.  You’re the one who quit your comfortable day job to take on a dream.  It was your 401(k) savings you dipped into for the start-up.  It was your credit card that purchased office supplies.  You’re the one who had trouble sleeping at night when you signed for the lease, knowing you needed to sell like crazy to justify the risk.   You’re the one who sped to the bank before it closed to deposit a receivable check you personally picked up.  It is you who sent a check to the state to incorporate. 

It is you who learned QuickBooks and how to do payroll.  You learned about liability insurance and key man policies and a million other tidbits of business you never imagined you’d have to.  You’re the one who reassured your spouse you weren’t insane when the economy took a downward trend or you lost your big customer.

You’re the one who gets up at 4AM and leaves last in the evening.  You’re the one who signs personally for your bank loans.  You’re the one who signs the tax returns.  It is you who negotiates with salespeople of your vendors.  You work so hard because your day seems to be filled with meetings, meetings and more meetings.  You’re the one who deals with the angriest customers when things go wrong.  You’re the one who does the thankless jobs – like interviewing or firing people when times are tough.  It’s your drive and vision that pushed each new product.

You’re the one who has to be a rock.  When customers or employees scream and swear, you’re the one who has to settle things down.  You’ll get sued if you don’t, after all, you’re the supposed ‘deep pocket’.  When times are tough, you cheer up the staff.  When times are good, you dampen overenthusiasm, lest it put the firm in a bad spot later.

You’re the one who had trouble sleeping at night when you contemplated adding a second location or moving to a larger facility.  There were no guarantees.  You’re the one who had to testify in court about the frivolous lawsuit.  Even though the judge tossed it, your insurance rates went up, anyway. 

You’re the one who gave back to your community as you succeeded.  You sponsored a little league team, you organized fundraisers and gave more and more to local charities.  You volunteered for Junior Achievement and you offered leftover food from your restaurant to a homeless shelter.  As your company grew, more and more people in your community asked for your advice.  They started recommending you get involved.  You didn’t have the time, but you ran for school board or village board, anyway.  You paid a fortune in taxes, not only income but real estate and sales taxes for your business.

No matter what politicians say, you are the bedrock of the American economy and society, too. 

President Obama revealed perhaps more than intended of his feelings toward entreprenuers and successful people in general.  Ironically, most successful people are quick to extend credit to people who’ve helped them along the way, be it parents, mentors, teachers, spouses and the like. 

But, Apple and Hewlett-Packard didn’t become great companies because of the workmen who build the garages they started in. [1]  They became industry leaders by the endless hard work, drive and brilliance of Steve Wozniak, Steve Jobs, Bill Hewlett and David Packard.  Millions of American business owners toil away in far less glamorous surroundings, though the dry cleaner, cleaning service and local restaurant are all crucial to local economies.

I reprint Obama’s remarks at length below, sourced from whitehouse.gov:

They know they didn’t — look, if you’ve been successful, you didn’t get there on your own.  You didn’t get there on your own.  I’m always struck by people who think, well, it must be because I was just so smart.  There are a lot of smart people out there.  It must be because I worked harder than everybody else.  Let me tell you something — there are a whole bunch of hardworking people out there.  (Applause.)

If you were successful, somebody along the line gave you some help.  There was a great teacher somewhere in your life.  Somebody helped to create this unbelievable American system that we have that allowed you to thrive.  Somebody invested in roads and bridges.  If you’ve got a business — you didn’t build that.  Somebody else made that happen.  The Internet didn’t get invented on its own.  Government research created the Internet so that all the companies could make money off the Internet. [2]

[1] Early Apple computers really were made in Steve Job’s parent’s garage in Los Altos, CA.   http://cicorp.com/apple/garage/index.htm

[2] Note he is even wrong about the internet, which was created by the Defense Dept. for national security purposes, not “so companies… could make money”.  The internet is nothing without private telecomm, too (phone lines, switches, routers, etc.)  Many years after the invention of the internet, smart entrepreneurs figured out ways to make the internet useful to consumers and thus, make money. http://www.whitehouse.gov/the-press-office/2012/07/13/remarks-president-campaign-event-roanoke-virginia?utm_source=wh.gov&utm_medium=shorturl&utm_campaign=shorturl

Pictures (Steve Jobs’ parent’s garage and early HP & Apple logos) from Wikipedia Commons.

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Immigrants More Likely Entreprenuers than the Rest of Us

In Illinois, Immigration, Job Creation on June 14, 2012 at 8:52 pm

Famous Mi Tierra Restaurant, San Antonio, Texas (photo by author)

“Immigrants are more inclined to own small businesses than native-born Americans,” says today’s excellent Wall Street Journal article “Migrants Keep Small-Business Faith” by Miriam Jordan.  [1] The article is free, not behind the Journal’s paywall.

Highlights include 4.7 million people were employed by immigrant owned businesses in 2010 and generated nearly a trillion dollars in revenue.

I quote a vignette from the article about an immigrant entrepreneur near where I live.  This one of countless stories of newcomers who spoke no English but quickly adapted to American culture, learned English and started thriving businesses.  They employ many and enrich our culture.

 

Delfino Bello emigrated from Mexico unable to speak English. Now, he runs three popular Mexican restaurants about 40 miles from Chicago.

 

In 1995, Mr. Bello opened his first eatery, called “El Faro,” in a shopping strip in Bartlett, Ill., that had fallen on hard times. As the taqueria flourished, it attracted other businesses. A few years later, he opened restaurants in Elgin and East Dundee, serving a clientele that includes both immigrants and Americans.

 

“I had nothing, nothing when I arrived in this country,” said Mr. Bello, 55 years old. If the economy continues to recover, he says he plans to open a fourth restaurant.

Immigrant businesses have enlivened otherwise dead cities and suburban areas.  One of Mr. Bello’s restaurants is in Elgin, an old industrial city near Chicago.  If you’ve been to Elgin or the very similar industrial city of Aurora, located on the same Fox River, you’ve seen the importance of immigrant businesses.  Both cities’ downtowns have very few national retailers or restaurant chains.  But they have many immigrant businesses.  If you travel Broadway in downtown Aurora, you see many immigrant businesses.

The country benefits from immigrant entrepreneurs.

Latin American products, San Antonio, Texas

Latin American products, San Antonio, Texas.  (photo by author)

 

 

[1] http://online.wsj.com/article/SB10001424052702303410404577464853249366254.html

Pictures of Mi Tierra (San Antonio) and Latin American products at market stalls in San Antonio by author.  Picture of 26th Street in Little Village neighborhood of Chicago from Wikipedia Commons.