Friday, March 24, 2006
BOWLING GREEN, KY: A DISTINCTIVE DESTINATION
Bowling Green, KY has been recently added to the National Trust for Historic Preservation’s 2006 list of America’s Dozen Distinctive Destinations, an annual list of unique and lovingly preserved communities in the United States. Bowling Green was selected from 93 destinations in 39 states that were nominated by individuals, preservation organizations and local communities. Since the list started in 2000, this is the first time a Kentucky destination has been named.
In order to have been selected by the National Trust for Historic Preservation, 12 communities within the United States had to meet the following criteria: well-managed growth, a commitment to historic preservation with a protected historic core and meaningful context, interesting and attractive architecture, cultural diversity, activities for families with children, an economic base of locally-owned small businesses, and walkability for residents and visitors. According to Richard Moe, president of the National Trust for Historic Preservation, "It is encouraging to see communities so committed to the preservation of their historic landmarks, the revitalization of their downtown areas, and the protection of their unique heritage."
“Bowling Green is a very special, unique community, it is something we know already and a re thrilled when others recognize us for it. So many organizations and businesses in our community work together to make good things happen and this is just one example,” said Rick Kelley, Chairman of the Bowling Green Area Chamber of Commerce Board of Directors.
In celebration of being named to the list of 2006 Dozen Distinctive Destinations, the city of Bowling Green is giving away a VIP tour. The tour of the city will include the following: lunch with Mayor Elaine Walker and a personal tour of her recently restored historic home, a private tour of the historic L&N Depot with dinner on the 1949 dining car, a private historic walking tour, and tickets to local attractions such as Lost River Cave, Riverview historic house museum, the Corvette Museum, and the Kentucky Museum. "Bowling Green is a very forward-thinking, growing co mmunity and an important part of our growth is firmly rooted in our historic past. By being recognized as one of a Dozen Distinctive Destinations, the National Trust has acknowledged this wonderful blend that attracts visitors as well as businesses. We are a city where people come to visit but stay to live,” said Mayor Elaine Walker.
Thursday, March 23, 2006
Small business myths
Jim Gains of the Daily News recently offered an outstanding article about urban legends. I read every word (which I rarely do) because it touched on very familiar topics. I have to admit that Mr. Gains' article came to mind as I read one from Entrepreneur.com on a similar topic, "Small business Myths." (link to the entire article at the end of this entry)
The top five small business urban legend/myth's that this article debunks are:- Do What You Love, and the Money Will Follow
- You'll Miss the Security of a Job
- If You Don't Grow, You'll Die
- If It's Such a Good Idea, Somebody Would Have Thought of It Already
- You Can't Start a Business Without a Lot of Money
Now for the embarrassing part... yes, I'm guilty of perpetuating the urban myth that 80-90% of small businesses fail in the first 12 months. Even though it was completely unintentional, I am ashamed and repentant. It was interesting to learn that almost half of all small businesses last 4 years or more and that finance is not as common a cause as I had originally "assumed."
It makes a man think locally. I wonder what the statistic is for South Central Kentucky? Is it higher than the national average? Lower? And in either case, why? I've been writing for a year now about the local business climate and how conducive it is to successful business, but now I'm inspired to find out why.
Reasons I think our travel agency business was so successful include the networking opportunities, the number and variety of advertising avenues and the overall economic success of our region. In other words, people in Bowling Green and South Central Kentucky enjoy meeting one another, are financially confident and spend their money.
I will write more on this I'm sure, but I must encourage you to click the link below and read the business myth busting article that will enlighten even the know-it-all business owner.
http://www.entrepreneur.com/mag/article/0,1539,326382,00.html
Edited Thursday 01 Feb, 2007 2:37 pm
Sunday, March 12, 2006
National Bank of Wal-Mart?
Living in South Central Kentucky, I'm familiar with a local company called "Dollar General." I also know (and use) Farmers National Bank which just happens to be owned by Dollar General. I'm not sure of the details though the director is Cal Turner of Scottsville KY according to the KY Secretary of State. (Listing for FNB FINANCIAL CORP.)
In my opinion, Mr. Turner was a genius to open his own bank to handle the AR/AP and CC processing alone. Toss in the payroll, internal financing and other uses for an in-house financial institution I assumed they were saving millions of dollars. They are a great local bank and even have a very competitive small business account offering as well.
Friday, Reuters ran a story about Wal-Mart trying to open their own industrial bank in Utah. (Why Utah? There must be a good reason because besides Delaware, I have noticed a concentration of banks in Utah including American Express.) I say "trying" because according to the Reuters report, there are some people who are not so happy about this idea. I think their arguments are valid but in the end, who can fault Wal-Mart for wanting to be more profitable and have more control over their finances? Not me... that's for sure.
US lawmakers:
Wal-Mart threatens US payment system
Fri Mar 10, 2006 10:21 AM ET
By Kristin Roberts
WASHINGTON (Reuters) - A group of lawmakers on Friday said an industrial bank owned by Wal-Mart <WMT.N>, the world's largest retailer, could threaten the stability of the U.S. financial system and drive community banks out of business.
In a highly critical letter to the acting chairman of the Federal Deposit Insurance Corp., obtained by Reuters, a group of more than 30 Congress members asked the bank regulator to reject Wal-Mart's application to open a bank in Utah.
"Wal-Mart's plan, to have its bank process hundreds of billions in transactions for its own stores, could threaten the stability of the nation's payments system," the lawmakers wrote.
"Given Wal-Mart's massive scope and international dealings, it is not possible to rule out a financial crisis within the company that could damage the bank and severely disrupt the flow of payments throughout the financial system."
The congressmen said the losses to the FDIC, which insures deposits at banks and thrift institutions, could be staggering if Wal-Mart begins to have financial troubles that bleed into its bank's business.
"Consider the consequences if Enron or WorldCom had owned a bank," the group said.
I'm learning to look at these issues from a more political perspective. What I mean is, who is involved in the contention and why? What are the political motivations and who are they protecting? I don't know the answers but I do view the arguments as a little weak. With all the oversight in the banking industry as well as Wal-Mart's professional integrity, I think there's nothing wrong with them having a cash rich bank in the US. Just like Mr. Turner's bank, it just may end up being a good thing for the local communities and entire country.
