This week’s small business news review found a new coffee lid generates millions, small biz owners often neglect to save for retirement, social media creativity is leading to better sales, a small business index that dropped last month, and comeback for Detroit may be in the works.
- No Spill, Big Thrill
A Massachusetts coffee drinker found a way to safely drink from an unconventional coffee cup and turned the idea into a million dollar seller. He partnered with a friend with each contributing $1,600.
- Don’t Forget to Save
Entrepreneurs focus on growing revenue, controlling expenses, and managing staff. But many fail to recognize the need to save for retirement until it’s too late. Some create aggressive savings plans; others hope to sell the business before retirement. See what one small business owner is doing to prepare for her golden years.
- Small Biz Owners a Bit Pessimistic (Video)
June’s Small Business Optimism Index dropped in June, for the first time in two months. Although job creations and the six-month outlook metrics rose slightly while the other six components fell.
- Social Media Innovations That are Catching On
Three entrepreneurs show how using social media in creative ways can create a following and engage markets. On small business took the concept of “do these look good on me?” to over 65,000 images of eyeglass shoppers looking for opinions through social circles.
- Motor City Comeback?
Detroit is being eyed as an investment center for venture capital and private equity firms seeking to develop manufacturing companies. From electric cars to wristwatches, investors are looking at technology to drive a resurgence in the economically-battered city.