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Tuesday, September 23, 2008
Start a Business?!? Why Would I Want To Do That ...?
"No two companies are built exactly alike. As a result, the amount of start-up capital entrepreneurs need -- and where they get it -- can vary greatly. That's especially true for young entrepreneurs, who rarely play by the usual rules.
Bobby Kim and Ben Shenassafar of The Hundreds, for example, took out a mere $400 from their bank accounts to launch their popular apparel line. Noah Lehmann-Haupt, on the other hand, had enough initial capital to buy a Ferrari, and used subsequent rental fees to purchase more cars for his then-fledgling exotic car rental service, Gotham Dream Cars.
For young entrepreneurs, who often lack substantial savings and credit because of their age, finding those precious few dollars to get a company off the ground can be tough. Reaching out to family members and taking out small-business loans are among the most common methods. But in many cases, aspiring CEOs dip into their own savings. Maxing out credit cards, while not the most responsible method, isn't that uncommon either." -Inc.com Website Article: Click To Read The Article
This is my favorite company listed. I pick this one based on the idea, movement they have, and the product. But don't get me wrong I do enjoy some of the other companies whom have great ideas and are making truck loads of money, but The Hundreds brand and owners hit home grossing over 2 million with something they love. Be sure to checkout all the profiles especially Leanna Archer,Click To Read The Article , the 12 year old from New York, who successfully runs her all-natural hair products business since the age of nine.
Age: 28 (Kim) and 28 (Shenassafar) Location: Los Angeles, CA 2007 Revenue: $2 million Employees: 30 Year founded: 2003 Website: www.thehundreds.com
"What started as a blog and a simple T-shirt line produced by two law school classmates has become The Hundreds -- a worldwide skateboarder lifestyle and apparel brand with an online magazine that attracts more than 1 million unique visitors a month. Kim and Shenassafar are the company's sole owners, and they credit much of their success to their independence. "We're not a corporate clothing company trying to sell down to you," Kim says. "We're ringing you up and sweeping the floors, and then going back to running a 30-person company. Our customers relate to it because we're on their level." Revenue is expected to hit $4 million in 2008."