Home > Entrepreneur Daily > August 10, 2007

Entrepreneur Daily

Best Buy Wants Your Business

(Business News, HR and Management, Tech)

First, IKEA introduced a new online network for small-business owners, and now, Best Buy's targeting entrepreneurs with special merchandise as part of its "Best Buy for Business program," which launched in several stores last month. Best Buy plans on offering professional-grade merchandise, from fast laser printers to speakerphone and conference phones to switches and routers. The president of Best Buy for Business, David Hemler, says he also hopes to incorporate a consultation desk specifically for the program. But can Best Buy really find a niche in the $100 billion market for IT services for small and medium-sized businesses? Hemler thinks it can. "Because of the distribution we have, because of the store assets we have, we think we can efficiently and profitably serve a market that has creamed a lot of people in the past," said Hemler.

The Business That Never Was

(HR and Management)

This week, I wrote about college business plans that developed into successful businesses. But even if you write the best plan and win several prestigious business plan competitions, your success isn't guaranteed. Kelly King Anderson, 34, knows this firsthand. The Brigham Young University grad placed second at Wake Forest's nationwide competition and worked her way into the final 12 at Rice's global competition, and yet King Anderson's business plan for a children's experience retail store called Princess Sweet never came to be. Though potential investors liked her idea, it was still a risky one since it wasn't a high-growth business model. And King Anderson had become pregnant with her third child at the same time she was aggressively seeking funding, which became close to impossible to juggle.

But all was not lost for the spunky entrepreneur. "My startup dreams have come true, they're just different from where I originally started," says King Anderson. She now spends her days working from home on her blog, Start Up Princess, which she built to help other women entrepreneurs get inspired and have an outlet for advice and support.

In addition, King Anderson is spearheading a new segment of BYU's annual business plan competition focusing on home based business plans. She hopes this new category will help students, especially females, compete for startup money despite not having a high-growth business model.

Is Your Success Spoiling Your Kids?

(Business Trends, HR and Management)

Could second-generation business owners soon be a thing of the past? A survey commissioned by SunTrust Bank's Private Wealth Management Group found that only 26 percent of wealthy business owners surveyed said they planned on bringing their children into the family business. About half of those surveyed also fear their business success has spoiled their kids. Another concern on their minds: whether their money will last long enough. 71 percent of these wealthy business owners believe they need between $1 million and $10 million of investable assets to sustain their lifestyle, with 24 percent saying they'll need $10 million or more. "The survey shows that when it comes to personal finances, business owners are more concerned about building and protecting wealth than the inherent risks in their business," said Dave Johnston, senior vice president for SunTrust Private Wealth Management.