Category: Entrepreneurship

After meeting billionaire Richard Branson in the flesh for the first time on Thursday, a line of dialogue from the 1962 movie "Gypsy" comes to mind: "In this business, you either have it -- or you've had it."

The "it" is...charisma? Charm? Star Quality? In the best sense of the phrase, perhaps it's a "cult of personality" -- that ability of one individual to rally a group of people, all with their own opinions and personalities, and glue them together in a way that allows the achievement of seemingly impossible business goals.

Branson's name is usually mentioned in the same breath as another word: entrepreneur.

We live in a world today where technology, trade, and travel bring the world to our front doors. But, most of us are still more interested in what's going on in our back yards. That idea is what has made Shaw Newspapers so successful.

For 158 years the Shaw family has been reporting the news of the day in small communities like Dixon, Illinois and Osceola, Iowa. Those papers carry national wire stories about the effort in Washington to pass health care legislation. But, they also carry stories about local festivals, city council meetings, and local crime.

The Shaws have a keen sense of the communities they serve and what their readers crave. Tom Shaw runs the family firm out of a converted home in Dixon, Illinois. It's not far from the offices of the Dixon Evening Telegraph which his great-great grandfather bought in 1851. Shaw frequently visits his numerous publications. His staff knows him, and he knows his staff.

Today's topic: taxes.

Hey, don't click away so fast. Taxes -- for most people -- don't have to be as mystifying as they seem. And year-end tax moves can really save you money come April. Honestly. There are just a few basic things to keep in mind.

Don't get me wrong: tax issues can be very complex for the well-to-do, and for people who own businesses. But for most people - those of us whose tax bills come from ordinary income and a few investments - tax matters play only a small role in most financial decisions. The main concern is to be sure not to pay more -- or less -- than we owe when the day of reckoning comes. For the most part, tax issues influence when you will do things you're going to do anyway, like selling a money-losing investment or billing a customer for a freelance job.

If you live in Chicago, you know the Smithe Brothers. Well, maybe you don't know them, but you are certainly familiar with them. Walter III, Tim, and Mark have been appearing in t.v. ads for their family's furniture store chain for nearly a decade. The ads are creative, hilarious, and slickly produced.

The Smithes, who are profiled in my latest "All in the Family" story, follow a long tradition of families who have attached their faces to their businesses. There's Dave Thomas of Wendy's, Frank & Jim Purdue of Purdue Chicken, and let's not forget Col. Harlan Sanders of KFC. So, is this sort of thing a good idea for every family-owned firm? Yes and no.

Authored by: Susan Gladstone, Adjunct Lecturer at Florida International University

Tianjin, China -- I am entering my second week of teaching Special Event Management at the Florida International University Tianjin Center, a branch of the Florida International University (FIU) School of Hospitality and Tourism Management, in Tianjin, China. The school is a joint venture between the government of China and FIU and is training 1,000 students to become hospitality industry professionals in a country where tourism is booming. The 2008 Olympics, the 2010 Expo Games in Shanghai, the increase in rapid transit systems and airlines are aspects of tourism that have led to China becoming the fourth largest in-bound country for international tourism and travel in the world. Many branded hotel chains are rapidly moving into the country. Marriott and Starwood, for example, are both expanding their profiles in China, and are in need of bi-lingual, trained management professionals.

I'm not sure if it was destiny or DNA that led me to our new series "All in the Family." Like millions of Americans, I come from a family of entrepreneurs. In 1894, my great grandfather opened a general store and post office near Dixon, Illinois that remained in my family for nearly a century. My parents and grandparents owned a laundry and dry cleaners near Peoria, Illinois for forty years. Unfortunately, that dream died when it came time to pass the torch to my sister and me. She headed into the insurance industry, and I headed into journalism. The business was sold.

Still, I'm fascinated with family firms. They form the backbone of American business. Think Ford Motor Company, Walmart, Nordstrom, and Meijer. Ira Bryck, Director of the University of Massachusetts Amherst Family Business Center, estimates that 85% of all U.S. companies are family-owned. He says in parts of Europe and Asia it's as high as 100%.