Entrepreneurs are known to be savvy and think outside of the box. It’s what makes them so successful. However, this doesn’t mean their first business idea was the best. In fact, many of them have changed their products and niches to cater to the demand of their consumers. This has led to very successful ventures for some. Here’s a look at 5 entrepreneurs at top companies who’ve had surprising first products compared to what they offer now.
1. William Wrigley, Jr. — Wrigley Gum
You’ve probably had a piece of Wrigley chewing gum at sometime in your life. What you probably didn’t know was that the multi-million dollar gum company started out by selling soap and baking powder. The chewing gum was actually just a freebie that came with the purchase. It became so popular that consumers were wanting the gum over the baking powder.
2. Hassenfeld Brothers — Hasbro
Hasbro is the maker of the most demand toys including G.I. Joes and Transformers. Before the brothers got into the toy business, they initially only sold textile remnants. They shifted their products to school supplies and seeing the market in the children industry, they switched over to toys. They’re first Hasbro toy introduction to the world was none other than Mr. Potato Head.
3. David H. McConnell — Avon
McConnell was your average door-to-door sales man in the late 1880s. His specialty item were books. When he came across female customers, he’d always offer them little gifts of perfume to help with his sales pitch for the books. It became apparent that the customers wanted the perfume more than the books. So McConnell did what every other smart entrepreneur did and listen to his consumers and switched to perfume and other beauty products.
4. David Abercrombie — Abercrombie & Fitch
The sultry ads of young people with perfect bodies displaying the Abercrombie & Fitch fashion line didn’t always use to be steamy. In fact, when Abercrombie opened the clothing store, he only sold sporting goods and outfitter clothing. Little known fact is that he outfitted Charles Lindbergh for his famous solo flight across the Atlantic ocean. Nowadays, the focus is on setting the fashion trends for high school and college students.
3. Henry S. Bryan, Hermon W. Cable, John Dwan, William A. McGonagle, Dr. J. Danley Budd — 3M
These five Minnestota men don’t get enough credit for the company they founded. The Minnesota Mining and Manufacturing company began as a business to mine and sell the mineral corundum. The mineral wasn’t selling very well, so they decided to shift gears. Nowadays, they are the makers and sellers of items such as Post-it Notes, Scotch tape, Scotch-Brite and Scotch-gard.
In a recent survey, small-business owners listed their biggest sources of stress. They include:
This way, both birds can thrive without one having to be ultimately victorious. In business parlance, the two birds have carved out their own niche in the same market. Entrepreneurs would be wise to follow their example.
Do you think you’re up to such a big undertaking? You should honestly answer the following five questions to decide whether or not you’re ready to be an entrepreneur:
The estate tax is currently 45 percent with a $3.5 million exemption on property and other assets left to heirs. The property and assets have already been taxed, so an estate tax is a form of double taxation, which many consider to be unfair. Right now, the tax is supposed to disappear in 2010 and then reappear in 2011 with a rate of 55 percent and a $1 million exception.
“I figured that starting my own company was the best use of my time while I waited for the market to thaw,” said Andrew Levine, a 2008 graduate with an M.B.A. from the University of Miami. The 24-year-old created a social-networking startup with a $40,000 investment from a college friend’s father.
- Employer Identification Number or charter. The federal government requires most businesses to obtain a nine-digit Employer Identification Number, which is sort of like a Social Security number for companies. Businesses that must get an EIN include sole proprietorships with employees, partnerships, LLCs and corporations. If you’re a sole proprietor without employees, you don’t have to receive an EIN because you can just use your Social Security number on certain documents. But it’s still a good idea to get an EIN because you can better 
Step 1: Study the past. A key to success is studying past successes and failures. Before you jump into an industry as an innovative entrepreneur, you should understand that industry’s history, where it’s headed and what you want to do to make it better.
“Some of the companies in our portfolios are seeing signs of improving demand,” said John Nowaczyk, vice president of Milestone Partners, an equity firm in Saint Davids, Pa. He added that the improved customer demand “caught them unawares.”
You should protect yourself, your