Americaâ€™s Fastest-Growing Businesses of 2008
A great article from EntrepreneurÂ Magazine.
Entrepreneurial companies continue to be the engine driving the nationâ€™s economy, generating an astounding $4.6 billion in 2007 revenue. The fastest-growing of those businesses are spotlighted in the 14th annual 2008 Hot 100 listing from Entrepreneur magazine.
Of the 100 companies that made the cut for 2008, 76% had turned a profit â€” and 75% had earned their first million â€” by just their second year in business. Whatâ€™s more, every single company on Entrepreneurâ€™s Hot 100 list has added jobs to the U.S. economy since inception, with total projected employment for 2009 to reach over 15,000. Savings and personal funds, lines of credit, friends and family, private investors, and bank loans were the most common sources of funding.
â€œAmid a volatile economy and growing global competition, entrepreneurial companies continue to demonstrate stellar success,â€ says Karen Axelton, executive editor of Entrepreneur. â€œThe people who built the Hot 100 fast-growth businesses exemplify the innovative thinking, determination and passion that define entrepreneurship and contribute to the nationâ€™s collective economic strength.â€
The Hot 100 companies run the gamut when it comes to industries â€” from hanger manufacturing and food sales to energy and defense. The top first, second and third companies, respectively, are Simply Self Storage, a provider of self-storage facilities; BlueStar Energy Services, an electricity supplier; and Bills.com, a provider of online personal financial information.
Check out the Hot 100 here.