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Meet The New Entrepreneur, Same As The Old Entrepreneur

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Fun for walkers (Photo credit: christinakessler)

Recently, an iconic toy store chain in the Boston area got a new owner.  Henry Bear’s Park was started thirty seven years ago to be a unique store that sold toys and learning activities that would help children with their development – educational, emotional and social.  In the time since, it has become one of the go-to toy stores in the area for children and families.  And as a frequent visitor to the store, I can attest to the quality of the products, the educational value of the toys, and the care given to store patrons by management and employees.

The transition to a new generation of owner is so important for Henry Bear’s Park and millions of small businesses around the United States just like it because of the stellar brand and customer loyalty that they possess.   Sally Lesser, the entrepreneur who founded Henry Bear’s Park, grew it to 30 employees and 3 store locations over three decades.  The new owner, Kas Sharma, purchased the chain with the assistance of a loan from the Small Business Administration and a promise of mentorship from Ms. Lesser during his transition.    Just in time for the holiday toy rush, no less.

At first glance, one might not see Mr. Sharma as an entrepreneur in the way the media usually portrays them.  In reality, he is indeed just as much the entrepreneur as Ms. Lesser was, and can think about the growth of his new business with the same framework as tech entrepreneurs do.   He is in a business that has huge potential for growth due to its valuable brand, the quality of its products, and the rapidly increasing desire of American parents to provide more useful, and less violent, toys for their children.  Mr. Sharma has a chance to build upon the success of Henry Bear’s Park and have an even greater impact on children in Greater Boston and elsewhere.

This is another part of the American entrepreneurial story - one that is starting to get attention.  Not all companies get venture backing or follow a path towards the public markets.  Across the United States, we have millions of small businesses that have built a valuable brand name in their communities, have stable revenue and committed management – often in the form of families.  Their transition provides a valuable business opportunity to new owners, entrepreneurs and next-generation family members if done correctly, as Henry Bear’s Park has.  Rather than try to raise millions to develop a business concept, and then raise millions more to market and distribute your products and services, why not invest in an existing business that has done some of the work for you?

The University of Kansas Red Tire program is one of the most interesting programs that I have seen to date in this area.   The university, as part of its role as a driver of innovation,  entrepreneurship and economic development for the state of Kansas, created this program to match up graduate students at the University of Kansas with small and family-run businesses in Kansas that were going through a leadership or generational transition.  The goal was to help these businesses find new management and to keep graduate students in Kansas – particularly immigrant graduate students in the STEM fields that otherwise would be lost to other cities, or worse – asked to leave the United States because of their immigration status.

Around the country, we need more programs like Red Tire and more entrepreneurs like Kas Sharma.  We need more strategies to sustain the millions of small businesses across the United States that are the pillars of Main Street and the source of most American jobs.   And as we transition to an entrepreneurial, innovation-driven economy, we should think about the future potential of these businesses with the same diligence as we do the flashy tech startups we strive to see in our communities.