Entrepreneurial companies continue to be the engine driving the nation’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 — and 75% had earned their first million — by just their second year in business. What’s more, every single company on Entrepreneur’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.
“Amid a volatile economy and growing global competition, entrepreneurial companies continue to demonstrate stellar success,” says Karen Axelton, executive editor of Entrepreneur. “The people who built the Hot 100 fast-growth businesses exemplify the innovative thinking, determination and passion that define entrepreneurship and contribute to the nation’s collective economic strength.”
The Hot 100 companies run the gamut when it comes to industries — 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.
Photo by Entrepreneur.
Azlan Hussain @ Online business ideas & opportunities on April 21st, 2008 at 10:14 am
Thanks for sharing.. it’s very useful for me
Affiliate Expert on April 23rd, 2008 at 6:34 am
Thanks for sharing this great list. I reposted this on my blog to share with my readers as well!
Andy
Melanie on April 25th, 2008 at 11:56 am
These companies should serve as an inspiration to small businesses aspiring to be big someday.
“Our success can be directly attributed to the hard work of our employees. We look for highly motivated employees, provide them with excellent training and tools and reward them for a job well done, ” said SGIS- Top 10 of the 100 hottest growing business in America.
Getting to where they are is not a matter of luck but a matter of perseverance and dedication which i think every employee in a business should have.
Andrew Wolf on April 25th, 2008 at 12:47 pm
Can anyone tell me how the magazine determined the rankings of these companies?
Some people are just lucky. There are people who are hardworking but never really moved forward.
Dane on April 25th, 2008 at 3:10 pm
Interesting question Andrew. It’s not by sales, that’s for sure.
Reese Young on April 27th, 2008 at 12:29 am
Hmm how these companies got their rankings is indeed very intriguing.
I wonder if the magazine clings to ‘advertorial journalism’..