The Power Of Entrepreneurship

Entrepreneurship is the backbone of the United States economy. Capitalism relies on an individual’s ability to assume a risk based on their expectation of profit. There is no bigger risk than starting your own business. It takes planning, preparation, and perseverance to be a great business owner. Today, we are going to take a look at an individual that has climbed from small business owner into billionaire businessman.

You have probably never heard of Michael Ilitch until the last week. His name and face has been plastered all over the news recently. The 655th richest man in the world is trying to buy the Detroit Pistons.

Ilitch is an 81 year old billionaire from Detroit, Michigan. He already owns the Detroit Red Wings and the Detroit Tigers. He is seeking to become one of the few three sport owners in the history of professional sports. Ilitch amassed his huge fortune through hard work, determination, and management skill. The chain owner has a net worth valued at $1.5 billion dollars.

Things weren’t always so easy for Ilitch. His childhood dream of being a major league baseball player ended due to a knee injury in the minor leagues. After this he worked as a door to door salesman and at an awning business until he saved up enough money to start his own business. Ilitch and his wife managed to accrue $10,000 in savings. They borrowed the other $15,000 from the bank and began their entrepreneurial venture.

He started a neighborhood pizza restaurant business in Michigan in 1959 known as Little Caesars Pizza Treats. His restaurant was known for offering customers quality pizza at affordable prices. As the restaurant became more successful, Ilitch decided to start franchises all around the country. The company opened its first franchise in 1962. Today, Little Caesar’s Pizza has more than 2,000 locations and is the 3rd largest pizza chain in the United States.

How was Ilitch able to turn one small pizza restaurant into a successful pizza franchise? He did it through his great business acumen and ability to recognize opportunity.

Ilitch saw a need and developed a product to meet this need. He offered consumers a product that they wanted at a great price. Little Caesars is still to this day known as the home of the $5 pizza. The fact that Little Caesars is still standing is a testament to Ilitch. The pizza chain has survived economic depressions, changing consumer tastes, and increased competition. Papa Johns and Pizza Hut are no slouches in the carryout pizza industry.

Ilitch has made a number of acquisitions in recent years. His holdings now include Little Caesars Pizza, Blue Line Foodservice Distribution, Detroit Tigers, Red Wings, MotorCity Casino Hotel, Champion Foods, Uptown Entertainment, and Olympia Development. These different businesses together generate over $2 billion dollars in sales annually. Mike Ilitch is a great example of American entrepreneurship at its finest.