IT SHOULD HAVE BEEN A CELEBRATORY LUNCH-THE KIND WHERE YOU ORDER FRENCH FRIES AND CHEESECAKE, THEN GO HOME TO NAP AND DON'T EVEN FEEL BAD ABOUT IT.
Instead, Stacey Abrams and Lara Hodgson were sitting in an Atlanta restaurant, dazed with disappointment, talking in circles, returning again and again to the same confounding question: How did we not know this?
It was 2010, and three years earlier, the women had cofounded a company called Nourish, which made grab-and-go baby bottles filled with premeasured, purified water for easy formula mixing. The company had been finding its legs, one wobbly step at a time. Then, Whole Foods placed a huge order of their product.
"It was, like, orders of magnitude bigger than anything we'd done before," Hodgson says. They were ecstatic. This is what they should've been celebrating. But then they read the payment terms. "We discovered that we weren't going to get paid for three to four months. I mean, no small business can handle that."
The women had run headlong into an unspoken rule: the bigger the buyer, the longer they take to pay. And it didn't even matter what the official payment schedule was. "If your invoice says net 30 or net 60 or net 90-that's just a suggestion," Hodgson says. "We know now that the average net 30 invoice pays in 54 days. But back then, when we realized all this, I just remember thinking, like, Was I sick one day in business school? Why does no one talk about this?"
They had more questions, too. Why was this the status quo? Why did no one seem to think it was a big deal? And why-in a country that calls small businesses the backbone of the economy-had no one bothered to create a better solution?
Bu hikaye Entrepreneur US dergisinin March - April 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Entrepreneur US dergisinin March - April 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
How to Succeed With Gen Z Workers
People often say that younger employees are different. But are they? We asked six business leaders what they've learned, and how their teams thrive.
There's No Perfect Answer
I worked the same job for 19 years. I hated it, but it paid the bills. Then, in 2017, I entertained an exciting but terrifying question: Could I be an entrepreneur? I wasn't sure, so I needed something that felt like a guarantee. I searched for signs that would feel like a big, clear \"yes!\" Instead, what I found was a tarot card deck.
10 HOTTEST TRENDS for 2025
Want to buy a brand that buzzes? Here's what to know.
BUILD YOUR MONEY MACHINE
A franchise isn't just a franchise. It should be a Money Machine, creating profit even while you're out of the office. Here's how.
The Top Franchises for Veterans
Are you a military vet looking to become a franchisee, or just want to support a brand that supports the troops? Check out these 150 brands.
20 LEADERS WHO ARE DEFINING ENTREPRENEURSHIP TODAY
In a year of disruption, we wanted to know: Whose work will define the years to come? We reviewed hundreds of names and picked 20 leaders across a range of industries and sizes. Meet them on the following pages, and see what it takes to thrive in 2025 and beyond.
How to Become a Main Street Millionaire
It started when I bought one little laundromat. Now I have a whole portfolio of small local businesses that bring in tens of millions in revenue a year. Here's why following my playbook could be your ticket to financial freedom-and saving America's local small businesses.
Want to Better Serve Your Clients? Become Them.
As a designer for brands, starting my own product company gave me a dose of humilityand it changed the way I relate to clients.
I've Been a Publicist for 17 Years.Don't Hire Me.
Entrepreneurs often think they need PR. Most don't. Here's why you're probably better off not hiring someone like me.
The CEO's Advice to the MVP
Kickstarter CEO Everette Taylor knows the formula for a successful launch. NBA champ Jaylen Brown recently launched a shoe and athleisure brand. They have a lot to teach each other.