177-482: Blockbuster (formerly called Blockbuster Video ) was an American multimedia brand. The business was founded by David Cook in 1985 as a single home video rental shop , but later became a public store chain featuring video game rentals, DVD-by-mail , streaming , video on demand , and cinema theater. The company expanded internationally throughout the 1990s. At its peak in 2004, Blockbuster employed 84,300 people worldwide and operated 9,094 stores. Poor leadership and
354-543: A board to report to, which is the situation for a corporation's CEO. Many people desire to make their own decisions, take their own risks, and reap the rewards of their efforts. Small business owners possess the flexibility and freedom to make their own decisions within the constraints imposed by economic and other environmental factors. However, entrepreneurs have to work for very long hours and understand that ultimately their customers are their bosses. Small businesses (often carried out by family members) may adjust quicker to
531-627: A going concern . This report was included in Blockbusters's 10-K SEC filing. On March 17, 2010, Blockbuster issued a bankruptcy warning after continued drops in revenue threatened its ability to service its nearly $ 1 billion (~$ 1.44 billion in 2023) debt load. By April 1, 2010, Carl Icahn had resigned from Blockbuster's board of directors and sold nearly all his remaining Blockbuster stock. Blockbuster paired up with Time Warner to have Warner Bros. movies made available in Blockbuster stores on
708-746: A 64-store UK computer and console games retailer chain, and purchased DVD Rental Central for $ 1 million, an Arizona father-and-son online DVD-rental company with about ten thousand subscribers. DVD Rental Central would eventually become Blockbuster Online. On or around October 14, 2004, Blockbuster was spun-off from Viacom. Online DVD subscriptions were introduced on Blockbuster.com, also known as Blockbuster Online. Blockbuster also rolled out its "Game Rush" store-in-store concept to approximately 450 domestic company-operated stores. Blockbuster began game and DVD trading in selected U.S. stores. At its peak in 2004, Blockbuster had more than 9,000 stores worldwide. In December 2004, Blockbuster announced its intention to pursue
885-413: A bachelor's degree or higher, 33% had some college background, and 28% received at least a high school diploma. The United States census data for the years 2014 and 2015 shows the women's ownership share of small businesses by firm size. The data explains percentages owned by women along with the number of employees including the owner. Generally, the smaller the business, the more likely it to be owned by
1062-555: A base for U.S. defense against German submarines due to its prime location on the southern coast of Florida. This brought an increase in Miami's population; 172,172 people lived in the city by 1940. The city's nickname, The Magic City , came from its rapid growth, which was noticed by winter visitors who remarked that the city grew so much from one year to the next that it was like magic. After Fidel Castro rose to power in Cuba following
1239-553: A bold turnaround initiative. Subsequently, Circuit City filed for bankruptcy on November 10, 2008, and, after liquidating all of its stores, ceased operations on March 8, 2009. At the beginning of 2010, Blockbuster had over 6,500 stores, of which 4,000 were in the U.S.— a number that fell to 3,425 in late October the same year. In the United States it planned to close between 810 and 960 retail stores, and instead launch as many as 10,000 "Blockbuster Express" video rental kiosks by
1416-460: A business may actually lose all its working capital and funds. The legal difficulties involved with cybercrime can become pricy and hurt the business itself for not having standard security measures and standards. Security not only for the business but more importantly the customer should be the number one priority when dealing with security protocol. The monetary dollar damage caused by cybercrime in 2016 equaled out to be over 1.33 billion dollars in
1593-581: A cable company, but this was unknown territory for Blockbuster and he decided not to take the risk. He also had the idea of a 2,500-acre Blockbuster sports and amusement park in Florida, something Blockbuster was still considering as late as August 1994. Unable to come up with a proper solution about how to face the growing threats to the traditional videostore, he made the decision to sell Blockbuster to Viacom and pull out. Viacom acquired Blockbuster in 1994 for $ 8.4 billion to help finance its bid for Paramount in
1770-533: A circumstance which could mandate conversion of the bankruptcy filing to Chapter 7 (liquidation). On March 1, 2011, the U.S. Department of Justice filed a claim disclosing that Blockbuster did not have the funds to continue reorganizing and should liquidate. On March 28, 2011, South Korean telecommunications company SK Telecom made a surprise bid to buy Blockbuster. Dish Network had also expressed interest in bidding, as did Carl Icahn, despite calling Blockbuster "the worst investment I ever made". Dish eventually won
1947-437: A different area of the store. Most Blockbuster locations also accepted trade-ins of used movies, TV shows, and games. Since Blockbuster's founding in 1985, the chain refused to stock adult films in order to portray the brand as family-friendly. However, the company did carry R-rated and unrated films. Small business Small businesses are types of corporations , partnerships , or sole proprietorships which have
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#17327903902032124-412: A dual purpose, as business networks to provide marketing and connect members to potential sales leads and suppliers, and as advocacy groups, bringing together many small businesses to provide a stronger voice in regional or national politics . In the case of independent business alliances, promoting the value of locally owned, independent business (not necessarily small) through public education campaigns
2301-498: A fair portion (23 per cent) of the total value of all the government's prime contracts as mandated by the Small Business Act of 1953. Since 2002, a series of federal investigations have found fraud, abuse, loopholes, and a lack of oversight in federal small business contracting, which has led to the diversion of billions of dollars in small business contracts to large corporations. Another problem for many small businesses
2478-477: A fee. More than 40 states filed suit against the company for false advertising. Blockbuster later settled the suit by agreeing to refunds, as well as promising to better explain the policy. Vintage Stock acquired the Movie Trading Company name from Blockbuster in 2006, and continues to use the name for Dallas-area stores. A billion-dollar campaign called "Total Access" was introduced in 2007 as
2655-570: A former Blockbuster marketing communications executive, stated, "Digital would have changed Blockbuster's business, for sure, but it wasn't its killer. That credit belongs to Blockbuster itself." Commentators view Blockbuster as a main example of failing to change with the times. Although Blockbuster stores had the option of remaining open by paying a licensing fee to Dish, a corporate entity was no longer available to provide supplies of branded products, forcing franchisees to design and produce their own. Additional store closures continued. By January 2018,
2832-469: A franchise. The small business owner can leverage a strong brand name and purchasing power of the larger company while keeping their own investment affordable. However, some franchisees conclude that they suffer the "worst of both worlds" feeling they are too restricted by corporate mandates and lack true independence. It is an assumption that small business is just franchisees, but the truth is many franchisers are also small businesses. Although considered to be
3009-441: A gang of white men with torches marched through the neighborhood and warned the residents to move or be bombed. Miami prospered during the 1920s with an increase in population and development in infrastructure as northerners moved to the city. The legacy of Jim Crow was embedded in these developments. Miami's chief of police at the time, H. Leslie Quigg , did not hide the fact that he, like many other white Miami police officers,
3186-611: A great deal in terms of size, revenues, and regulatory authorization, both within a country and from country to country. Some small businesses, such as a home accounting business, may only require a business license. On the other hand, other small businesses, such as day cares , retirement homes , and restaurants serving liquor are more heavily regulated and may require inspection and certification from various government authorities. Researchers and analysts of small or owner-managed businesses generally behave as if nominal organizational forms (e.g., partnership, sole-trader, or corporation), and
3363-576: A hostile takeover of Hollywood Video , its major U.S. competitor. After several extensions of the tender offer, Blockbuster withdrew due to FTC opposition. To counter the Blockbuster offer, Hollywood Video agreed to a buyout in January 2005 by a smaller competitor, the Dothan, Alabama -based Movie Gallery . Since then, Movie Gallery has filed for bankruptcy twice and its entire chain of stores has been liquidated. In May 2005, financier Carl Icahn waged
3540-729: A lack of time for the owner to coordinate socially responsible efforts, such as supporting local charities or not-for-profit activities. Additionally, a small business owner's expertise often falls outside the realm of socially responsible practices, which can contribute to a lack of participation. Small businesses also face a form of peer pressure from larger forces in their respective industries, making it difficult to oppose and work against industry expectations. Furthermore, small businesses undergo stress from shareholder expectations. Because small businesses have more personal relationships with their patrons and local shareholders, they must be prepared to withstand closer scrutiny if they want to share in
3717-401: A large flat fee per video, approximately $ 65, and offer unlimited rentals for the lifetime of the medium itself. Sumner Redstone , whose Viacom conglomerate then owned Blockbuster, personally pioneered a new revenue-sharing arrangement for video. Blockbuster obtained videos for little cost and kept 60% of the rental fee, paying the other 40% to the studio, and reporting rental information through
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#17327903902033894-564: A large residential population. Brickell Avenue has the largest concentration of international banks in the United States. Just northwest of Downtown is the Health District , which is Miami's center for hospitals, research institutes and biotechnology , with hospitals such as Jackson Memorial Hospital , Bascom Palmer Eye Institute , and the University of Miami 's Miller School of Medicine . The southern side of Miami includes
4071-559: A link to the small business's own website. Posting to a blog about the company's business or service area regularly can increase web traffic to a company website. Marketing plan In the US, small businesses (fewer than five hundred employees) account for more than half the non-farm, private GDP and around half the private sector employment. Regarding small business, the top job provider is those with fewer than ten employees , and those with ten or more but fewer than twenty employees comes in as
4248-467: A local economy than the introduction of new chain stores. By opening up new national level chain stores, the profits of locally owned businesses greatly decrease and many businesses end up failing and having to close. This creates an exponential effect. When one store closes, people lose their jobs, other businesses lose business from the failed business, and so on. In many cases, large firms displace just as many jobs as they create. A disadvantage of having
4425-513: A low cost and on a part-time basis, while a person continues a regular job with an employer or provides care for family members in the home. In developing countries, many small businesses are sole-proprietor operations such as selling products at a market stall or preparing hot food to sell on the street, which provide a small income. In the 2000s, a small business was well suited to Internet marketing ; because, it can easily serve specialized niches, something that would have been more difficult before
4602-673: A majority of its stores. In the pilot program, Blockbuster offered selected titles for rental and sale in 250 stores. Blockbuster stocked Blu-ray titles in almost 5,000 stores across the United States, Canada, the United Kingdom, Mexico, and Australia. On July 2, 2007, the company named James W. Keyes , former president and CEO of 7-Eleven , as the new chairman and CEO. He introduced a new business strategy that included enhancements to existing stores. The following month in August, Blockbuster acquired Movielink for $ 6.6 million, forecasting
4779-859: A more diverse selection with fewer copies of each title. Blockbuster sometimes contracted with studios to obtain earlier access to new titles than other companies could achieve. Examples of such contracts were those in which Blockbuster became the exclusive rental chain for new releases from WWE (World Wrestling Entertainment, formally WWF, World Wrestling Federation) , Funimation , Rhino , Paramount , DreamWorks , DWA , Universal , Lionsgate , Summit , Anchor Bay , Manga , The Weinstein Company , Dimension , Miramax , Hollywood , Touchstone , Disney , Buena Vista , 20th Century Fox , MGM / UA , Orion , Sony , Columbia , Tristar , Image , Shout! Factory , Warner Bros. , HBO , New Line Cinema and Allumination FilmWorks. As one commentator complained: Blockbuster
4956-412: A new store every 24 hours. They took over many of the existing Blockbuster franchise stores, and Huizenga spent much of the late 1980s acquiring several of Blockbuster's rivals, including Major Video. In 1989, Nintendo attempted to halt Blockbuster's ability to rent video games, filing multiple lawsuits and lobbying the U.S. Congress to ban the practice. Nintendo ultimately lost the battle , which paved
5133-432: A process which is often but not always financed by venture capital and angel investments . Successful entrepreneurs have the ability to lead a business in a positive direction by proper planning, adapting to changing environments, and understand their own strengths and weakness. Spectacular success stories stem from startups that expanded in growth. Examples would be Microsoft, Genentech, and Federal Express which all embody
5310-542: A product or service. Another means by which small businesses can advertise is through the use of "deal of the day" websites such as Groupon and Living Social . These Internet deals encourage customers to patronize small businesses. Many small business owners find internet marketing more affordable. Google AdWords and Yahoo! Search Marketing are two popular options of getting small business products or services in front of motivated web searchers. Social media has become an affordable route of marketing for small businesses. It
5487-432: A restaurant, games, laser tag arena, and motion simulator rides, and was housed in a windowless building the size of a city block. During the 1990s Blockbuster expanded in the United Kingdom, purchasing the country's Ritz Video chain. The stores were rebranded to Blockbuster. The original Blockbuster company, Blockbuster Video Inc., was merged into the parent company Blockbuster Entertainment Inc. which had earlier replaced
Blockbuster (retailer) - Misplaced Pages Continue
5664-399: A risky choice, given that the interest rate on credit cards is often several times the rate that would be paid on a line of credit at a bank or a bank loan and terms can change unpredictably. Recent research suggests that the use of credit scores in small business lending by community banks is surprisingly widespread. Moreover, the scores employed tend to be the consumer credit scores of
5841-477: A shift to streaming video. Movielink was an online video service that allowed customers to download movie rentals from a library of over 6,000 films, created in 2002 by five major studios including Warner Bros, MGM Studios, Paramount Pictures, Sony Pictures, and Universal Studios. The move gave Blockbuster the opportunity to move away from the unprofitable Total Access (DVD-by-mail) service in favor of online streaming. Despite growing competition from Netflix and Redbox,
6018-411: A small business is the challenge of finding and keeping talented employees. Small tech companies have difficulty in retention when larger companies are interested in the same talent. Workers can be acquired from out of country but strict immigration rules are limiting. Independence is another advantage of owning a small business. A small business owner does not have to report to a supervisor, manager, or
6195-451: A small handful of films. Everyone watching the same thing, everyone developing the same limited set of expectations... They put focus entirely on what was new rather than on discovering film history ... When a title was no longer a new release, each store would retain a few copies of it and typically sell off the rest as "previously viewed" for discounted prices. Older movies would be re-categorized as "Blockbuster Favorite" titles and placed in
6372-490: A small number of employees and/or less annual revenue than a regular-sized business or corporation. Businesses are defined as "small" in terms of being able to apply for government support and qualify for preferential tax policy. The qualifications vary depending on the country and industry. Small businesses range from fifteen employees under the Australian Fair Work Act 2009 , fifty employees according to
6549-437: A sole-proprietorship (an unincorporated business owned by a single person) is a type of family business" and "there are twenty-two million small businesses (fewer than five hundred employees) in the US and approximately 14,000 big businesses". It has been found that small businesses created the newest jobs in communities, "In 1979, David Birch published the first empirical evidence that small firms (fewer than 100 employees) created
6726-576: A store's inventory to its neighborhood, based on local demographics. In 1987, Waste Management co-founder Wayne Huizenga , who originally had reservations about entering the video rental industry, agreed to acquire several Blockbuster stores. At that time, there were 19 stores, attracting Huizenga's associate John Melk's attention due to its efficiency, family-friendly no-pornography image and business model. Huizenga and Melk utilized techniques from their waste business and Ray Kroc 's model of expansion to rapidly expand Blockbuster, and soon they were opening
6903-406: A strategy against Netflix. Through Blockbuster Online, customers could rent a DVD online and receive a new movie for free when they returned it to a Blockbuster store. While it was a major success every free movie cost the company two dollars, but the hope was that it would attract enough new subscribers to cover the loss. Netflix felt threatened, and Netflix CEO Reed Hastings approached Antioco with
7080-455: A strategy of emphasizing access to the most popular new releases, obtaining early access and stocking many copies of the new-release titles, with a relatively narrower range of selections than traditional independent video stores. Much of the shelf space in the stores was devoted to popular titles that were placed relatively sparsely on the shelves with the entire front cover visible, so customers could browse casually and quickly, rather than having
7257-409: A successful proxy fight to add himself and two other members to the board. Icahn accused Blockbuster of overpaying chairman and CEO John F. Antioco, who had served in that capacity since 1997, receiving $ 51.6 million in compensation for 2004. Icahn was also at odds with Antioco on how to revive profit at Blockbuster. Antioco scrapped late fees in January, started an internet service, and decided to keep
Blockbuster (retailer) - Misplaced Pages Continue
7434-643: A successful way of doing business, literature has proved that there is a high failure rate in franchising as well, especially in the UK, where research indicates that out of 1658 franchising companies operating in 1984, only 601 remained in 1998, a mere 36%. A retailers' cooperative is a type of cooperative that employs economies of scale on behalf of its retailer members. Retailers' cooperatives use their purchasing power to acquire discounts from manufacturers and often share marketing expenses. They are often recognized as "local groups" because they own their own stores within
7611-450: A suggestion to buy Blockbuster's online business. In return, a new system would be introduced where customers could return their movies to a Blockbuster store. Before the deal could be realized, board member Carl Icahn intervened, refusing to let the company lose more money through Total Access. Antioco was pushed out in July and replaced with James Keyes, who rejected Hastings' proposal, raised
7788-447: A variety of other religions have smaller followings; atheism or no self-identifying organized religious affiliation was practiced by 21%. There has been a Norwegian Seamen's church in Miami since the early 1980s. In November 2011, Crown Princess of Norway Mette-Marit opened a new building for the church. The church was built as a center for the 10,000 Scandinavians that live in Florida. Around 4,000 of them are Norwegian . The church
7965-464: A variety of problems, some of which are related to their size. A frequent cause of bankruptcy is under capitalization . This is often a result of poor planning rather than economic conditions. It is a common rule of thumb that the entrepreneur should have access to a sum of money at least equal to the projected revenue for the first year of business in addition to the anticipated expenses. For example, prospective owners anticipating 100,000 in revenue
8142-439: A very cost-effective way for small business owners to reach a targeted audience with a very specific message. In addition to the social networking sites, blogs have become a highly effective way for small businesses to position themselves as experts on issues that are important to their customers. This can be done with a proprietary blog and/or by using a back-link strategy wherein the marketer comments on other blogs and leaves
8319-485: A warm ocean current , runs northward just 15 miles (24 km) off the coast, allowing Miami's climate to stay warm and mild all year. The surface bedrock under the Miami area is called Miami oolite or Miami limestone. This bedrock is covered by a thin layer of soil, and is no more than 50 feet (15 m) thick. Miami limestone formed as the result of the drastic changes in sea level associated with recent glacial periods , or ice ages . Beginning some 130,000 years ago,
8496-447: A way to reach out to their loyal customers to give them news about specials of the day or special coupons, generate repeat business and reach out to new potential clients. The relational nature of social media, along with its immediacy and twenty-four-hour presence lend an intimacy to the relationships small businesses can have with their customers while making it more efficient for them to communicate with greater numbers. Facebook ads are
8673-506: A wealthy Cleveland native, was the original owner of the land upon which Miami was built. In the late 19th century, the area was known as "Biscayne Bay Country", and reports described it as a promising wilderness and "one of the finest building sites in Florida". The Great Freeze of 1894–1895 hastened Miami's growth, as the crops there were the only ones in Florida that survived. Julia Tuttle subsequently convinced railroad tycoon Henry Flagler to extend his Florida East Coast Railway to
8850-464: A woman. The data shows that about 22% of small businesses with 100-500 employees were owned by women, a percentage that rises the smaller the business. 41% of businesses with just 2-4 employees were run by women, and in businesses with just one person, that person was a woman in 51% of cases. Franchising is a way for small business owners to benefit from the economies of scale of the big corporation (franchiser). McDonald's and Subway are examples of
9027-666: Is 45 °F (7 °C) in December 1989 during the December 1989 United States cold wave . The coldest maximum temperature average between 1991 and 2020 stood at 59 °F (15 °C). The warmest overnight low measured is 84 °F (29 °C) on several occasions. The stability of summer overnight lows is underlined by the mean maximum annual overnight low of just one degree lower. Hurricane season officially runs from June 1 to November 30, although hurricanes can develop beyond those dates. The most likely time for Miami to be hit
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#17327903902039204-492: Is a fraction of the cost of traditional marketing and small businesses can do it themselves or find small social marketing agencies that they can hire out for a small fee. Statistically, social media marketing has a higher lead-to-close rate than traditional media. Successful online small business marketers are adept at utilizing the most relevant keywords in their website content. Advertising on niche websites that are frequented by potential customers can be effective, but with
9381-855: Is also an important place for the 150 Norwegians that work at Walt Disney World in Central Florida. In a 2022 Point-In-Time Homeless Count, there were 3,440 homeless people in Miami-Dade County, 970 of which were on the streets. In the city limits of Miami, there were 591 unsheltered homeless people on the streets, up from 555 in 2021. According to National Immigration Forum , the top countries of origin for Miami's immigrants are Latin America (86%): Cuba (741,666), Haiti (213,000), Colombia (166,338), Jamaica (144,445); Europe (6.1%): United Kingdom (23,334), Germany (15,611), Italy (14,240) and Asia (5.2%): India (23,602), China (21,580) and
9558-423: Is by far the largest urban economy in Florida, with a 2017 gross domestic product of $ 344.9 billion. In a 2018 UBS study of 77 world cities, Miami was the third-richest city in the U.S. and the third-richest globally in purchasing power . Miami is a majority-minority city with a Hispanic and Latino population of 310,472, or 70.2 percent of the city's population, as of 2020. Downtown Miami has among
9735-473: Is derived from the term blockbuster , a Hollywood term for a successful film. Cook's experience with managing huge databases proved helpful in driving innovation within the industry. Following early success from the company's first stores, Cook built a $ 6-million warehouse in Garland, Texas , to help sustain and support future growth that allowed new stores to open quickly. Blockbuster would often custom-tailor
9912-549: Is during the peak of the Cape Verde season, which is mid-August to the end of September. Although tornadoes are uncommon in the area, one struck in 1925 and another in 1997 . Around 40% of homes in Miami are built upon floodplains and are considered as flood-risk zones. Miami falls within the Department of Agriculture's 10b/11a plant hardiness zone . Miami is one of the major coastal cities and major cities in
10089-617: Is handled via the Bulgarian Small and Medium Enterprises Promotion Agency (BSMEPA), based in Sofia . In the United Kingdom, the Small Business Commissioner (SBC) provides information and advice for small businesses and deals with complaints resolution with specific reference to late payment problems and other unfavourable payment practices. The SBC's role is to make non-binding recommendations advising on how
10266-621: Is integral to their work. Miami Miami , officially the City of Miami , is a coastal city in the U.S. state of Florida and the county seat of Miami-Dade County in South Florida . It is the core of the Miami metropolitan area , which, with a population of 6.14 million, is the second-largest metropolitan area in the Southeast after Atlanta , and the ninth-largest in
10443-672: Is mostly composed of high-rise residential towers and is home to the Adrienne Arsht Center for the Performing Arts . Wynwood is an art district with ten galleries in former warehouses, as well as a large outdoor mural project. The wealthier residents of Miami usually live in the Design District and the Upper Eastside , which has many 1920s homes as well as examples of Miami Modern architecture in
10620-490: Is one of the major reasons for small business failure. Common marketing techniques for small business include business networking (e.g., attending Chamber of Commerce events or trade fairs ), " word of mouth " promotion by existing customers, customer referrals, Yellow pages directories, television, radio, and outdoor ads (e.g., roadside billboards), print ads, email , and Internet marketing . TV ads can be quite expensive, so they are normally intended to create awareness of
10797-457: Is termed the 'Entrepreneurial Myth' or E-Myth. The mythic assumption is that an expert in a given technical field will be an expert at running that kind of business. Additional business management skills are needed to keep a business running smoothly. Some of this misunderstanding arises from the failure to distinguish between small business managers as entrepreneurs or capitalists. While nearly all owner-managers of small firms are obliged to assume
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#173279039020310974-416: Is the capacity of much larger businesses to influence or sometimes determine their chances for success. Business networking and social media has been used as a major tool by small businesses in the UK, but most of them just use a " scattergun " approach in a desperate attempt to exploit the market which is not that successful. Over half of small firms lack a business plan , a tool that is considered one of
11151-516: The 1950 census . This made it Florida's largest city, a title it retained until the Jacksonville Consolidation , when the city of Jacksonville absorbed most of Duval County , nearly tripling its population. Since then, Miami has retained its spot as Florida's second-largest city. Throughout the latter half of the twentieth century, Miami experienced a certain amount of stagnation in its population, with expansion slowing during
11328-613: The Revolution in 1959, many wealthy Cubans sought refuge in Miami, further increasing the city's population. Miami's national profile expanded dramatically in the 1970s, particularly in 1972. The region hosted both the Democratic and Republican National Conventions in the 1972 Presidential election . The Miami Dolphins also made history with their undefeated "perfect" season . The area's educational and cultural institutions also developed significantly in this period, positioning
11505-535: The Sangamonian Stage raised sea levels to approximately 25 feet (8 m) above the current level. All of southern Florida was covered by a shallow sea. Several parallel lines of reef formed along the edge of the submerged Florida plateau , stretching from the present Miami area to what is now the Dry Tortugas . The area behind this reef line was a large lagoon. Miami limestone formed throughout
11682-573: The Tropic of Cancer , and proximity to the Gulf Stream shape its climate. Average winter high temperatures, from December to March, range from 76.4–80.3 °F (24.7–26.8 °C). January is the coolest month with an average daily temperature of 68.2 °F (20.1 °C). Low temperatures fall below 50 °F (10 °C) about 3 to 4 nights during the winter season, after the passage of cold fronts that produce what little rainfall that falls in
11859-672: The long tail of the Internet, it can be time-intensive to advertise on enough websites to garner an effective reach . Creating a business website has become increasingly affordable with many do-it-yourself programs now available for beginners. A website can provide significant marketing exposure for small businesses when marketed through the Internet and other channels. Some popular services are WordPress , Joomla , Squarespace , and Wix . Social media has proven to be very useful in gaining additional exposure for many small businesses. Many small business owners use Facebook and Twitter as
12036-539: The mainland of South Florida just above sea level . Beneath the plain lies the Biscayne Aquifer , a natural underground source of fresh water that extends from southern Palm Beach County to Florida Bay . It comes closest to the surface around the cities of Miami Springs and Hialeah . Most of the Miami metropolitan area obtains its drinking water from the Biscayne Aquifer. As a result of
12213-548: The 1950s and 1960s before nearly halting in the next three decades as suburbanization occurred. Miami grew by 34.3% in the 1950s and 1960s as its population reached 334,859 at the 1970 census . In the next three decades, it only grew 8.2%. By the time of the 2000 census , Miami's population stood at 362,470. In the 2000s and 2010s, spurred by high-rise construction in Downtown Miami, Edgewater, and Brickell, Miami's population began to grow quickly once more. An estimate by
12390-497: The 2020 census, it was 52,447, only 11.7% of the population. Reasons for this include high costs in areas such as Liberty City and Little Haiti , compounded with gentrification . The non-Hispanic White population began to rebound in the twenty-first century, as the monolithically Hispanic areas in the Western and Central parts of Miami experienced population stagnation. This caused them to begin to be outweighed by migration into
12567-478: The American Community Survey found that the downtown population, from Brickell north to Midtown Miami, grew nearly 40% between 2010 and 2018. From 2000 to 2010, Miami's population grew by 10.2% and reached 399,457 in 2010. In the early 2010s, Miami's population crossed a milestone of 400,000 people. In the 2020 census , it had grown by a further 10.7%, up to a population of 442,241. In 1970,
12744-658: The Blockbuster Entertainment Company. In 1996, Blockbuster Entertainment Inc. merged into a new Blockbuster Entertainment Corporation and the retail stores, then called Blockbuster Video, were renamed Blockbuster. The logo changed slightly, but retained the ITC Machine font. In November 1996 Blockbuster confirmed that it was moving its headquarters from Fort Lauderdale, Florida , to the Renaissance Tower in downtown Dallas . Most of
12921-473: The Census Bureau reported Miami's population as 45.3% Hispanic, 32.9% non-Hispanic White, and 22.7% Black. Miami's explosive population growth has been driven by internal migration from other parts of the country, up until the 1960s. From 1970 to 2000, population growth in Miami was stagnant, as non-Hispanic White Miamians left and significant immigration from Latin America, particularly Cuba , made up
13098-533: The DVD release date and not be subject to a four-week delay. Similar agreements were also made with Universal and 20th Century Fox . The liquidation of Movie Gallery began in May 2010, eliminating Blockbuster's primary competitor. During the same month a dissident shareholder, Gregory S. Meyer, in an effort to be elected to Blockbuster's board of directors, engaged in a proxy battle with Blockbuster's board, alleging that
13275-499: The Downtown region, from Latin America and the rest of the United States. This caused the non-Hispanic White population to rise from a nadir of 11.8% at the time of the 2000 census to 11.9% at the time of the 2010 census . After this, the non-Hispanic White population grew significantly faster than Miami as a whole did during the 2010s. In the 2020 census , non-Hispanic Whites were 14.0% of the population of Miami and numbered 61,829,
13452-622: The Internet revolution which began in the late 1990s. Internet marketing gives small businesses the ability to market with smaller budgets. Adapting to change is crucial in business and particularly small business; not being tied to the bureaucratic inertia associated with large corporations, small businesses can respond to changing marketplace demand more quickly. Small business proprietors tend to be in closer personal contact with their customers and clients than large corporations, as small business owners see their customers in person each week. One study showed that small, local businesses are better for
13629-556: The MiMo Historic District. The northern side of Miami also has notable African-American and Caribbean immigrant communities, including Little Haiti , Overtown (home of the Lyric Theater ), and Liberty City . Miami has a tropical monsoon climate ( Köppen climate classification Am ) with hot and wet summers and warm and dry winters. Miami's sea-level elevation, coastal location, position just above
13806-525: The Miami area for around 2,000 years before contact with Europeans. A village of hundreds of people, dating to 500–600 BCE, was located at the mouth of the Miami River . It is believed that the entire tribe migrated to Cuba by the mid-1700s. In 1566, admiral Pedro Menéndez de Avilés , Florida's first governor, claimed the area for Spain . A Spanish mission was constructed one year later. Spain, and briefly Britain , ruled Florida until it ceded it to
13983-694: The Sound Warehouse and Music Plus music retail chains and created Blockbuster Music. In October 1993, Blockbuster took a controlling interest in Spelling Entertainment Group , a media company run by television producer Aaron Spelling . Blockbuster purchased Super Club Retail Entertainment Corp. on November 22, 1993, from Philips Electronics, N.V. for 5.2 million shares of Blockbuster stock. This brought approximately 270 Record Bar , Tracks, Turtles and Rhythm and Views music stores and approximately 160 video retail superstores into
14160-402: The U.S. Small Business Administration indicates that employees of large firms are 17% more likely to receive benefits including salary, paid leave, paid vacation, bonuses, insurance, and retirement plans . Both lower wages and fewer benefits combine to create a job turnover rate among U.S. small businesses that is three times higher than large firms. Employees of small businesses must adapt to
14337-598: The U.S. in business activity, human capital, information exchange, cultural experience, and political engagement. Miami was named after the Miami River , derived from Mayaimi , the historic name of Lake Okeechobee and the Native Americans who lived around it. Miami is sometimes colloquially referred to as The 305 , Magic City , Gateway to the Americas , Gateway to Latin America , Capital of Latin America , and Vice City . The Tequesta tribe occupied
14514-541: The U.S. were closed and the DVD-by-mail program was shut down. The Blockbuster official website identified 51 franchise locations remaining in operation in the U.S. in 2014. Dish maintained its video streaming services, Blockbuster on Demand and Blockbuster@Home, until they were replaced by a new subscription service in April 2015 called "DISH Movie Pack". In May 2015, Michael Kelly retired from Dish. Blockbuster's decline
14691-563: The UK Companies Act 2006 were allowed to use this standard. For accounting years ending on or after 1 January 2016, FRSSE is no longer available, but there are options known as "abridged accounts" and "filleted accounts": Alternatively, the smallest companies are able to file "micro-entity accounts". FRS 105 is a Financial Reporting Standard applicable to the Micro-entities Regime. Small businesses often face
14868-631: The UK, the Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 transposed the EU Directive into UK law and amended the reporting regime for reduced disclosure accounts for any accounting period commencing on or after 1 January 2016. "Abbreviated accounts" were permitted for smaller entities under "FRSSE", the Financial Reporting Standard for Smaller Entities . Until 2015, companies deemed small under
15045-399: The US since 2007. Local businesses provide competition to each other and challenge corporate giants. Of the 5,369,068 employer firms in 1995, 78.8 per cent had fewer than ten employees, and 99.7 per cent had fewer than five hundred employees. Small businesses use various sources available for start-up capital : Some small businesses are further financed through credit card debt—usually
15222-485: The United States alone. In 2016, California alone had over 255 million dollars reported to the IC3. Certain cyber attacks can vary on how long it takes to solve a problem. It can take upwards to 69 days for an average everyday attack on a business. The types of attacks include viruses and malware issues. Employee activities within the workspace can also render a cyber attack. Employees using mobile devices or remote work access off
15399-672: The United States in 1821. In 1836, the U.S. built Fort Dallas on the banks of the Miami River as part of their development of the Florida Territory and their attempt to suppress and remove the Seminoles . As a result, the Miami area became a site of fighting in the Second Seminole War . Miami is noted as the only major city in the United States founded by a woman. Julia Tuttle , a local citrus grower and
15576-937: The United States that will be most affected by climate change . Globally, it is one of the most at-risk cities, according to a 2020 report by Resources for the Future . Global sea level rise , which in Miami is projected to be 21 inches (53 cm) to 40 inches (100 cm) by 2070, will lead to an increase in storm damage, more intense flooding, and will threaten Miami's water supply. Other potential impacts of climate change include higher hurricane wind speeds and severe thunderstorms, which can bring about hail or tornadoes. Some protective efforts are in place, including nourishing beaches and adding protective barriers, raising buildings and roads that are vulnerable, and restoring natural habitats such as wetlands . Miami Beach has invested $ 500 million to protect roads, buildings, and water systems. Real estate prices in Miami already reflect
15753-457: The United States, some of the largest concerns of small business owners are insurance costs (such as liability and health ), energy costs, taxes , and tax compliance . In the United Kingdom and Australia, small business owners tend to be more concerned with perceived excessive governmental red tape . Contracting fraud has been an ongoing problem for small businesses in the United States. Small businesses are legally obligated to receive
15930-400: The United States. With a population of 442,241 as of the 2020 census , Miami is the second-most populous city in Florida after Jacksonville . Miami has the third-largest skyline in the U.S. with over 300 high-rises , 61 of which exceed 491 ft (150 m). Miami is a major center and leader in finance, commerce, culture, arts, and international trade. Miami's metropolitan area
16107-463: The aquifer, it is not possible to dig more than 15 to 20 ft (5 to 6 m) beneath the city without hitting water, which impedes underground construction, though some underground parking garages exist. For this reason, the mass transit systems in and around Miami are elevated or at-grade . Most of the western fringes of Miami border the Everglades , a tropical marshland covering most of
16284-507: The area averages at around 6 ft (1.8 m) above sea level in most neighborhoods, especially near the coast. The highest points are found along the Miami Rock Ridge , which lies under most of the eastern Miami metro. The main portion of Miami is on the shores of Biscayne Bay, which contains several hundred natural and artificial barrier islands , the largest of which contains Miami Beach and South Beach . The Gulf Stream ,
16461-458: The area from the deposition of oolites and the shells of bryozoans . Starting about 100,000 years ago, the Wisconsin glaciation began lowering sea levels, exposing the floor of the lagoon. By 15,000 years ago, the sea level had dropped 300 to 350 feet (90 to 110 m) below the current level. The sea level rose quickly after that, stabilizing at the current level about 4,000 years ago, leaving
16638-659: The auction on April 6, 2011, agreeing to buy Blockbuster for $ 320 million and the assumption of $ 87 million in liabilities and other obligations. On April 19, 2011, it was announced that Dish would keep only 500 Blockbuster stores open. The acquisition was completed on April 26, 2011. In April 2011, Dish Network told the U.S. Bankruptcy Court that it needed more time to negotiate with landlords in an effort to keep more than 600 Blockbuster stores open. In April 2011, Blockbuster's landlords objected to its assumption of leases that it sought to assign to soon-to-be-owner Dish Network Corp., claiming that they did not have adequate assurance that
16815-402: The balance. Miami's Hispanic majority solidified itself in this period of time, and in 1985, Miami elected its first Cuban-born mayor, Xavier Suarez . The non-Hispanic Black population of the city of Miami peaked in 1990 at almost 90,000, making up nearly a quarter of the population of Miami. Since then, Miami's non-Hispanic Black population has experienced a precipitous and steady decline. In
16992-624: The bank of some of the risk of extending the loan to a small business. The SBA requires business owners to pledge personal assets and sign as a personal guarantee for the loan. The 8(a) Business Development Program assists in the development of small businesses owned and operated by African Americans , Hispanics, and Asians. Canadian small businesses can take advantage of federally funded programs and services. See Federal financing for small businesses in Canada (grants and loans) . In Bulgaria , government support for small and medium-sized enterprises
17169-648: The benefits of committing to socially responsible practices or not. While small businesses employ over half the workforce in the US and have been established as a main driving force behind job creation, the quality of the jobs these businesses create has been called into question. Small businesses generally employ individuals from the Secondary labor market . As a result, in the U.S., wages are 49% higher for employees of large firms. Additionally, many small businesses struggle or are unable to provide employees with benefits they would be given at larger firms. Research from
17346-541: The bidding war with QVC Network Inc. Blockbuster's stock trade had been dropping steadily the months before the merger, with a small rise after the deal was announced, and by the latter part of the decade, its worth was estimated to have fallen to just $ 4.6 billion. The Blockbuster Block Party concept was test-marketed in Albuquerque, New Mexico , and Indianapolis , Indiana , in 1994. It was an "entertainment complex" aimed at adults, containing eight themed areas housing
17523-590: The board had been responsible for significant destruction of value to shareholders. Meyer was elected to the board at Blockbuster's shareholder meeting in Dallas on June 24, 2010. On July 1, 2010, the company was delisted from the New York Stock Exchange (NYSE) after its shareholders failed to pass a reverse stock split plan aimed at heading off involuntary delisting because of the stock's trading at well below $ 1 (~$ 1.44 in 2024) per share. The stock
17700-480: The business has enough capital, the small business owner must be mindful of contribution margin ( sales minus variable costs ). To break even, the business must be able to reach a level of sales where the contribution margin equals fixed costs . When they first start, many small business owners underprice their products to a point where even at their maximum capacity, it would be impossible to break even. Cost controls or price increases often resolve this problem. In
17877-494: The changing conditions; however, they may also be closed to the absorption of new knowledge and employing new labor from outside. Small businesses benefit from less extensive accounting and financial reporting requirements than those faced by larger businesses. The European Union 's Directive on annual financial statements of 2013 aims to "limit administrative burdens and provide for simple and robust accounting rules, especially for small and medium-sized enterprises (SMEs)". In
18054-489: The city to service a larger and increasingly international population. Miami developed new businesses and cultural amenities as part of the New South in the 1980s and 1990s. At the same time, South Florida weathered social problems related to drug wars , immigration from Haiti and Latin America, and the widespread destruction of Hurricane Andrew . Racial and cultural tensions sometimes sparked, but Miami developed in
18231-457: The city's seaport, is the busiest cruise port in the world in both passenger traffic and cruise lines. The Miami metropolitan area is the second-most visited city or metropolitan statistical area in the U.S. after New York City , with over four million visitors in 2022. Miami has sometimes been called the "Gateway to Latin America" because of the magnitude of its commercial and cultural ties to Latin America . In 2022, Miami ranked seventh in
18408-519: The city's total population, 1.7% were German, 1.6% Italian, 1.4% Irish, 1.0% English, 0.8% French, 0.6% Russian, and 0.5% were Polish. In 2010, those of Asian ancestry were 1.0% of Miami's population. Of the city's total population, 0.3% were Indian / Indo-Caribbean (1,206 people), 0.3% Chinese/ Chinese Caribbean (1,804 people), 0.2% Filipino (647 people), 0.1% were other Asian (433 people), 0.1% Japanese (245 people), 0.1% Korean (213 people), and 0.0% were Vietnamese (125 people). In 2010, 1.9% of
18585-490: The community. It is common for locally owned grocery stores, hardware stores, and pharmacies to participate in retailers' cooperatives. Ace Hardware , True Value , and NAPA are examples of a retailers' cooperative. Retail cooperatives allow consumers to supply their own earnings and gain bargaining power outside of the business sector. Retail cooperatives mainly reside within small communities where local businesses are often shut down. Many small businesses can be started at
18762-407: The company downplayed the threat, choosing instead to focus on Apple and Walmart as their primary competition. On September 14, 2007, Blockbuster GB Ltd bought a number of retail stores from ChoicesUK plc. ChoicesUK is an AIM-listed multi-channel distributor and retailer of DVDs, computer games, and CDs. The sale secured employment for approximately 450 employees across 59 stores in the UK. As part of
18939-405: The company independent, while Icahn wanted to sell out to a private equity firm. Also in 2005, Blockbuster began a campaign promoting its "No more late fees" policy. The campaign proved controversial, with Associated Press reporting that the new policy actually charged users the full price of the movie or game after eight days which they could cancel by returning the product in question and paying
19116-435: The company to become CEO of Blockbuster. Also that year, Warner Bros. offered Antioco an exclusive rental deal, seeing as DVDs were emerging as the new home video medium. Blockbuster was to have rights to rent new DVD releases for a period of time before they went on sale to the general public. The studio was to receive 40% of rental revenues in return, which was the same deal already in place for VHS rentals. Blockbuster turned
19293-544: The company's failure in the country. In March 2010, Blockbuster began "Additional Daily Rates", or "ADRs", for rentals not returned by their due date in the United States, having already used this procedure in other countries such as the UK for many years. An ADR was charged for each day a member kept the rental beyond the rental terms. On March 12, 2010, PricewaterhouseCoopers , Blockbuster's independent registered public accounting firm, issued its audit opinion disclosing substantial doubt about Blockbuster's ability to continue as
19470-692: The company's website listed nine remaining franchise-owned stores in the United States, including six in Alaska, two in Oregon, and one in Texas. Eight of those nine had closed by August 2018, leaving only one store in Bend, Oregon . In January 2020, the last remaining store outside of the United States, located in Dargaville, New Zealand , closed its doors. The Bend location became the last remaining Blockbuster in
19647-427: The consequent legal and accounting boundaries of owner-managed firms are consistently meaningful. However, owner-managers often do not distinguish between their personal and business interests. Lenders also often skirt organizational (corporate) boundaries by seeking personal guarantees or accepting privately held assets as collateral. Because of this behavior, researchers and analysts may wish to be cautious in assessing
19824-610: The corporation. It also owned 35% of Republic Pictures ; that company merged with Spelling in April 1994. Blockbuster became a multibillion-dollar company, but Huizenga was worried about how new technology could threaten their business, such as video on demand and the growth of cable television. In 1991, just three days after Time Warner had announced it would upgrade its cable system, Blockbuster's shares dropped more than 10 percent. In 1993, he made an attempt to expand into other areas by investing in Viacom . Huizenga also considered buying
20001-455: The cyber attack would require experts outside of their field to further the investigation and find the problem. Being down for a business means losing money at the same time. This could halt the online operations and mean the business could potentially be down for a long period of time. Loss of capital and assets ties well in with the cost of fixing the issue. During a cyberattack, a business may lose its funds for that business. Worst-case scenario,
20178-501: The date summer ended ranged from September 24 to November 1, with a median date of October 17. During summer, temperatures range from the mid-80s to low 90s °F (29–35 °C) and are accompanied by high humidity. The heat is often relieved in the afternoon by thunderstorms or a sea breeze that develops off the Atlantic Ocean. Much of the year's 61.9 inches (1,572 mm) of rainfall occurs during this period. Dew points in
20355-550: The deal in March 2001 over fears that Blockbuster would not be able to provide sufficient films for the service ( Enron also filed for bankruptcy that year ). Also in 2000, Blockbuster turned down a chance to purchase the fledgling Netflix for $ 50 million (~$ 84.9M in 2024). In 2002, Blockbuster acquired Movie Trading Company, a Dallas chain that buys, sells, and trades movies and games, to study potential business models for DVD and game trading. Also that year, it acquired Gamestation ,
20532-1175: The definition used by the European Union , and fewer than five hundred employees to qualify for many U.S. Small Business Administration programs. While small businesses can be classified according to other methods, such as annual revenues, shipments, sales, assets, annual gross, net revenue, net profits, the number of employees is one of the most widely used measures. Small businesses in many countries include service or retail operations such as convenience stores , gun shops , antique shops , small grocery stores , bakeries or delicatessens , barbers , hairdressers or tradespeople (e.g., mechanics , plumbers , carpenters , electricians ), car dealerships , laundromats , dry cleaners , restaurants , motels , photographers , very small-scale manufacturing, and Internet-related businesses such as web design and computer programming . Some professionals operate as small businesses, such as lawyers , accountants , dentists , medical doctors and developers (although these professionals can also work for large organizations or companies). Small businesses vary
20709-545: The demographic of small business owners was published. The study showed that the median American small business owners were above the age of 50. The ages were distributed as 51% over 50 years old, 33% between the ages of 35 and 49, and 16% being under the age of 35. As for sex: 55% were owned by males, 36% by females, and 9% being equal ownership of both males and females. As for race: 72% were white/Caucasian, 13.5% were Latinos, 6.3% were African American, 6.2% were Asian, and 2% as other. As for educational background: 39% had obtained
20886-497: The entire Canadian unit. In September 2011, it was announced that Blockbuster and Dish Network would launch a new service called Blockbuster Movie Pass that would compete with Netflix. For US$ 10 per month the members would have access to both a streaming service and movies and games-by-mail. The package was only available for subscribers of Dish Network's pay-TV service, and it eventually folded. On January 13, 2012, Dish CEO Joe Clayton announced that while Dish had planned to keep 90% of
21063-460: The few Xtra-vision stores in the United Kingdom being rebranded as Blockbuster. In late 1998, Blockbuster launched a loyalty program called Blockbuster Rewards that allowed customers to earn free rentals, including one older title each month from the category of Blockbuster Favorites. Adam C. Hyde an employee from Alabama sold the most Blockbuster Rewards Memberships of any employee in the US, selling over 1600 total by June of 1999, only 6 months after
21240-418: The first day that occurs, or within a few days later. Daily rainfall in Miami decreases sharply when the average daily dew point falls to 70 °F (21 °C) or below. In some years, a stalled front to the south of the Florida peninsula may cause rains to continue for a few more days. From 1956 to 1997, the date summer began ranged from April 16 to June 3, with a median date of May 21. In those same years,
21417-509: The first year with 150,000 in start up expenses should have at least 250,000 available. Start-up expenses are often grossly underestimated adding to the burden of the business. Failure to provide this level of funding for the company could leave the owner liable for all of the company's debt in bankruptcy court under the theory of undercapitalization. Start-up businesses are often faced with reduced or no credit terms from suppliers due to lack of funds or trading history. In addition to ensuring that
21594-528: The former Coconut Grove Playhouse , CocoWalk , and the Coconut Grove Convention Center . It is home to many nightclubs , bars, restaurants, and bohemian shops, which makes it very popular with local college students . Coconut Grove is known for its many parks and gardens, such as Vizcaya Museum , The Kampong , The Barnacle Historic State Park , and numerous other historic homes and estates. The western side of Miami includes
21771-533: The global media measurement and research company Rentrak . In addition to benefiting from a lower initial price, Blockbuster also capitalized on the fact that movies were generally not available for purchase at affordable price points during initial release periods. Thus customers had a choice to rent, wait, or buy the film on tape at the much higher manufacturer's suggested retail price targeted at other rental chains and film enthusiasts, which at that time ranged between $ 70–$ 100 per title. Blockbuster stores followed
21948-449: The growth is slow, as small business owners shy away from exporting due to actual and perceived barriers. Learning the basics of a foreign language could be the solution to open doors to new trade markets, it is a reality that not all foreign business partners speak English. China is stated to grow by 7.6% in 2013 and still, 95% of business owners who want to export to China have no desire and no knowledge to learn their local language. When
22125-416: The higher failure rate of small firms, which means that they are more likely to lose their job due to the firm going under. In the U.S. 69% of small businesses last at least two years, but this percentage drops to 51% for firms reaching five years in operation. The U.S. Small Business Administration counts companies with as much as $ 35.5 million in sales and 1,500 employees as "small businesses", depending on
22302-1049: The highest number since the 1980s. The non-Hispanic White population of Miami surpassed the non-Hispanic Black population of Miami in the 2010s. In 2010, 34.4% of city residents were of Cuban origin, 15.8% had a Central American background (7.2% Nicaraguan , 5.8% Honduran , 1.2% Salvadoran , and 1.0% Guatemalan ), 8.7% were of South American descent (3.2% Colombian, 1.4% Venezuelan , 1.2% Peruvian , 1.2% Argentine , 1.0% Chilean and 0.7% Ecuadorian ), 4.0% had other Hispanic or Latino origins (0.5% Spaniard ), 3.2% descended from Puerto Ricans , 2.4% were Dominican , and 1.5% had Mexican ancestry. In 2010, 5.6% of city residents were West Indian or Afro-Caribbean American origin (4.4% Haitian , 0.4% Jamaican , 0.4% Bahamian , 0.1% British West Indian , and 0.1% Trinidadian and Tobagonian , 0.1% Other or Unspecified West Indian ), 3.0% were Black Hispanics , and 0.4% were Subsaharan African origin. In 2010, those of (non-Hispanic white) European ancestry were 11.9% of Miami's population. Of
22479-603: The impact of the Great Recession were major factors leading to Blockbuster's decline, as was the growing competition from Netflix 's mail-order service, video on demand (including the Netflix streaming service), and Redbox automated kiosks. Significant loss of revenue occurred during the late 2000s, and the company filed for bankruptcy protection in 2010. The next year, its remaining 1,700 stores were bought by satellite television provider Dish Network , and by 2014,
22656-514: The increase in prices for real estate at a higher elevation within the city compared to real estate at a lower elevation. Miami is the largest city in South Florida , the second-largest city in Florida , and is the anchor of the largest metropolitan area in Florida: the Miami metropolitan area , which has over 6 million residents. Despite Miami being home to less than a fourteenth (1/14) of
22833-636: The industry. Outside government, companies with less than $ 7 million in sales and fewer than five hundred employees are widely considered small businesses. Cybercrime in the business world can be broken down into 4 main categories. They include loss of reputation and consumer confidence, cost of fixing the issue, loss of capital and assets, and legal difficulties that can come from these problems. Loss of reputation and consumer confidence can be impacted greatly after one attack. Many small businesses will struggle to gain confidence and trust in their customers after being known for having problems prior. The cost of fixing
23010-500: The interior of his store with a blue-and-yellow design, he departed the franchise and opened the first Blockbuster Video in 1985 under his own company Blockbuster Video Inc. When he realized the potential in video rentals, Cook abandoned the oil industry and began franchising the Blockbuster store. The first Blockbuster store opened on October 19, 1985, in Dallas , Texas, with an inventory of 8,000 VHS and 2,000 Beta tapes. The chain's name
23187-549: The job makes it easier for a cyber attack to occur. Although small businesses have close relationships with their existing customers, finding new customers and reaching new markets is a major challenge for small business owners. Small businesses typically find themselves strapped for time to do marketing, as they have to run the day-to-day aspects of the business. To create a continual stream of new business and find new clients and customers, they must work on marketing their business continuously. Low sales (the result of poor marketing)
23364-628: The largest concentrations of international banks in the U.S. and is home to several large national and international companies. The Health District is home to several major University of Miami -affiliated hospital and health facilities, including Jackson Memorial Hospital , the nation's largest hospital with 1,547 beds, and the Miller School of Medicine , the University of Miami's academic medical center and teaching hospital, and others engaged in health-related care and research. PortMiami ,
23541-481: The last 300 company-owned stores were closed. Although corporate support for the brand ended, Dish retained a small number of franchise agreements, enabling some privately owned franchises to remain open. Following a series of further closures in 2019, only one franchised store remains open , located in Bend, Oregon , United States. Blockbuster's beginnings can be traced back to another company, Cook Data Services, founded by David Cook in 1978. The company's primary goal
23718-449: The latter half of the 20th century as a major international, financial, and cultural center. It is the second-largest U.S. city with a Spanish-speaking majority (after El Paso, Texas ), and the largest city with a Cuban-American plurality. Miami and its suburbs are located on a broad plain between the Everglades to the west and Biscayne Bay to the east, which extends from Lake Okeechobee southward to Florida Bay . The elevation of
23895-458: The middle of 2010. It has been claimed that more than 43 million U.S. households had Blockbuster memberships. On February 10, 2010, Blockbuster announced that it would cease all its operations in Portugal, closing down 17 outlets and leaving over 100 workers unemployed. Blockbuster representatives in Portugal blamed internet piracy and the lack of government response to it as the key factors to
24072-532: The most important factors for a venture's success. Business planning is associated with improved growth prospects. Funders and investors usually require a business plan. A plan also serves as a strategic planning document for owners and CEOs, which can be used as a "bible" for decision-making An international trade survey indicated that the British share of businesses that are exporting rose from 32% in 2012 to 39% in 2013. Although this may seem positive, in reality,
24249-672: The most optimistic of scenarios." On September 21, 2022, the Blockbuster Twitter account revealed the Blockbuster World Video Game Championship 3. The event was held during the Portland Retro Gaming Expo 2022. On March 23, 2023, the Blockbuster web page was re-activated, with the message "We are working on rewinding your movie". The standard business model for video rental stores had traditionally been to pay
24426-549: The name of Rock The Post. Several organizations in the United States provide help for the small business sector, such as the Internal Revenue Service 's Small Business and Self-Employed One-Stop Resource. The Small Business Administration (SBA) runs several loan programs that may help a small business secure loans. In these programs, the SBA guarantees a portion of the loan to the issuing bank, and thus, relieves
24603-423: The neighborhoods of Coral Way , The Roads , and Coconut Grove . Coral Way is a historic residential neighborhood built in 1922 between Downtown and Coral Gables , and is home to many old homes and tree-lined streets. Coconut Grove, settled in 1825, and annexed into Miami in 1925, is a historic neighborhood with narrow, winding roads and a heavy tree canopy. It is the location of Miami's City Hall at Dinner Key ,
24780-496: The neighborhoods of Little Havana , West Flagler , and Flagami . Although at one time a mostly Jewish neighborhood, today western Miami is home to immigrants from mostly Central America and Cuba . The west central neighborhood of Allapattah is a multicultural community of many ethnicities. The northern side of Miami includes Midtown , a district with a great mix of diversity ranging from West Indians to Hispanics to European Americans . The Edgewater neighborhood of Midtown
24957-413: The new owner would honor those leases. Blockbuster signed a deal with ITV Studios Global Entertainment to launch ITV Programmes released on DVDs, Blu-rays, etc. On May 6, 2011, Keyes resigned as Blockbuster's CEO. Keyes was replaced by Michael Kelly under the new title of Blockbuster's president. On August 31, 2011, the liquidators announced the closure of the remaining 253 Canadian stores and shutting of
25134-459: The newest jobs", and Edmiston claimed that "perhaps the greatest generator of interest in entrepreneurship and small business is the widely held belief that small businesses in the United States create most new jobs. The evidence suggests that small businesses indeed create a substantial majority of net new jobs in an average year." The U.S. Small Business Administration has found small businesses have created two-thirds of net new private-sector jobs in
25311-409: The number of employees, methods used to classify small companies include annual sales (turnover), the value of assets and net profit (balance sheet), alone or as a combination of factors. Small businesses usually do not dominate their field. The following table serves as a guide to business size nomenclature. Business size definitions (by number of employees) In 2016 a study that examined
25488-485: The offer down, and the studio responded by lowering its DVD wholesale price in order to compete with the rental industry. Walmart seized the opportunity and in a few years surpassed Blockbuster as the studios' single largest source of revenue. Other mass retailers soon followed suit, selling DVDs below wholesale price as a loss leader in hopes of drawing more customers to their stores and selling them more profitable items. Unable to match prices, Blockbuster's business model
25665-628: The opportunity to buy cheaper health insurance in bulk. There was a study research done between 1990 and 2002 about how relationships like partnerships and alliances can make a big difference for small businesses. They go deep into the three main ideas, of how a business owns its own resources help, how much they have to rely on outside help and how changes in these relationships affect the businesses . These organizations include local or regional groups such as Chambers of Commerce and independent business alliances , as well as national or international industry-specific organizations. Such groups often serve
25842-514: The organizational types and implied boundaries relating to owner-managed firms. This includes the analysis of traditional accounting disclosures and studies that treat the firm as defined by a formal organizational structure. The concepts of small business, self-employment , entrepreneurship , and startup overlap but carry important distinctions. These four concepts are often conflated. Their key differences can be summarized as: Many small businesses are sole proprietor operations consisting only of
26019-422: The owner files bankruptcy. Researchers have examined small business failures in some depth, with attempts to model the predictability of failure. Small businesses can encounter several problems related to engaging in corporate social responsibility , due to characteristics inherent in their size. Owners of small businesses often participate heavily in the day-to-day operations of their companies. This results in
26196-454: The owner, but many have additional employees. Some small businesses that offer a product, process or service, do not have growth as their primary objective. In contrast, a business that is created to become a big firm is known as a startup. Startups aim for growth and often offer an innovative product, process, or service. The entrepreneurs of startups typically aim to scale up the company by adding employees, seeking international sales, and so on,
26373-548: The parties can resolve a dispute. Small businesses are encouraged per public policy on taxation. For example, from January 1, 2020, Armenia introduced a special micro-entrepreneurship tax system with a non-taxable base of 24 million AMD. Accordingly, a micro-business will be exempted from taxes other than income tax which will not exceed 5,000 AMD per employee. Small businesses often join or come together to form organizations to advocate for their causes or to achieve economies of scale that larger businesses benefit from, such as
26550-555: The population considered themselves to be of only American ancestry (regardless of race or ethnicity), while 0.5% were of Arab ancestry, in 2010. Religion in the Miami Metro Area (2014) In a 2014 Pew Research Center study, Christianity was the most-practiced religion in Miami (68%), with 39% professing attendance at a variety of churches that could be considered Protestant , and 27% professing Catholicism . Followed by Judaism (9%); Islam , Buddhism , Hinduism , and
26727-403: The population of the metro area, it is an outlier compared to its neighbors, being nearly twice the size of the next-largest city in the metro: Hialeah . Miami has approximately a sixth of the population of its own county, Miami-Dade , which is the state's largest. Miami had rapid growth in the first half of the twentieth century. Its population grew from 1,681 in the 1900 census to 249,276 in
26904-438: The price of online DVD rentals and put an end to the free movie deal. As a consequence, Blockbuster Online's previously massive growth quickly stopped. Antioco's departure reportedly also involved continued controversy over his compensation. He left with a $ 24.7 million severance package. On June 19, 2007, after a pilot program launched in late 2006, Blockbuster announced that it had chosen Blu-ray over HD DVD format to rent in
27081-521: The program went nationwide. After a 1998 test launch, the chain went nationwide with the program in 1999. In August the same year, Viacom sold the Blockbuster Music chain to Wherehouse Entertainment , which was subsequently purchased by Trans World Entertainment in 2003. In mid-2000, the company partnered with Enron in an attempt to create a video-on-demand service. The agreement was supposed to last for 20 years; however, Enron terminated
27258-468: The region, for which she became known as "the mother of Miami". Miami was officially incorporated as a city on July 28, 1896, with a population of just over 300. During the early 20th century, migrants from the Bahamas and African-Americans constituted 40 percent of the city's population. When landlords began to rent homes to African-Americans around Avenue J, what would later become NW Fifth Avenue,
27435-470: The role of capitalist, only a minority will act as entrepreneurs. The line between an owner-manager and an entrepreneur can be defined by whether or not their business is growth-oriented. In general, small business owners are primarily focused on surviving rather than growing; therefore, not experiencing the five stages of the corporate life cycle (birth, growth, maturity, revival, and decline) as an entrepreneur would. Another problem for many small businesses
27612-544: The sale to Dish remains nominally active under the name BB Liquidating Inc., and trades as a penny stock . However, it no longer has any assets or ties to the Blockbuster brand or its remaining franchise location. In activity related to the GameStop short squeeze of January 2021, the BB Liquidating stock surged, despite there being "no value for the common shareholders in the bankruptcy liquidation process, even under
27789-420: The second, and those with twenty or more but fewer than one hundred employees comes in as the third (interpolation of data from the following references). The most recent data shows firms with fewer than twenty employees account for slightly more than 18% of the employment. According to "The Family Business Review", "there are approximately seventeen million sole-proprietorship in the US. It can be argued that
27966-461: The sense of new venture creation on small businesses. Self-employment provides work primarily for the founders. Entrepreneurship refers to all new businesses, including self-employment and businesses that never intend to grow big or become registered, but startups refer to new businesses that intend to grow beyond the founders, to have employees, and grow large. The legal definition of "small business" varies by country and by industry. In addition to
28143-620: The small business fails, the owner may file for bankruptcy. In most cases, this can be handled through a personal bankruptcy filing . Corporations can file bankruptcy, but if it is out of business and valuable corporate assets are likely to be repossessed by secured creditors, there is little advantage to going to the expense of a corporate bankruptcy. Many states offer exemptions for small business assets so they can continue to operate during and after personal bankruptcy. However, corporate assets are normally not exempt; hence, it may be more difficult to continue operating an incorporated business if
28320-493: The small business owners rather than the more encompassing small business credit scores that include data on the firms as well as on the owners. Many owners seek a bank loan in the name of their business; however, banks will usually insist on a personal guarantee by the business owner. In October 2010, Alejandro Cremades and Tanya Prive founded the first equity crowdfunding platform for small businesses in history as an alternative source of financing. The platform operates under
28497-569: The southern portion of Florida. Alligators that live in the marshes have ventured into Miami communities and onto major highways. Miami is split roughly into north, south, west, and Downtown areas. The heart of the city is Downtown Miami , which is on the eastern side and includes the neighborhoods of Brickell , Virginia Key , Watson Island , and PortMiami . Downtown Miami is Florida's largest and most influential central business district, with many major banks, courthouses, financial headquarters, cultural and tourist attractions, schools, parks, and
28674-447: The stores in operation, meaning around 15,000 employees would remain employed, because of market factors "there are ones that aren't going to make it. We will close unprofitable stores. We will close additional stores." Clayton did not say when these additional closings would happen and only remarked that some stores were unprofitable. The Dish chief would not say which stores the company was planning to close, but that each potential closing
28851-642: The time of its Chapter 11 filing, Blockbuster said it would keep its 3,300 stores open; however, that December it announced it would close an additional 182 stores by the end of April 2011 in attempts to emerge from bankruptcy. It was reported in February 2011 that Blockbuster and its creditors had not come up with a Chapter 11 exit plan and that the company would be sold for $ 300 million (~$ 401 million in 2023) or more, along with taking over debts and leases. Blockbuster admitted that it might not be able to meet financial obligations required under its Chapter 11 filing,
29028-404: The transaction, Blockbuster GB rebranded the stores as Blockbuster. On February 17, 2008, Blockbuster proposed a buyout of struggling Circuit City . However, following a due diligence review of Circuit City's financial books, Blockbuster withdrew its offer in July 2008. Analysts were not favorable to the proposed deal, viewing it as a desperate effort to save two struggling retailers rather than
29205-517: The warm months range from 71.9 °F (22.2 °C) in June to 73.7 °F (23.2 °C) in August. Historical temperature extremes range from 27 °F (−2.8 °C) on February 3, 1917, to 100 °F (38 °C) on July 21, 1942. While Miami has never recorded snowfall at any official weather station since records have been kept, snow flurries fell in some parts of Miami on January 19, 1977. The coldest daytime maximum temperature on record
29382-523: The way for future video game rental. Blockbuster sponsored the Blockbuster Bowl in American football , which began in 1990 and was played at Joe Robbie Stadium outside Miami . The first three editions were played under that name before Blockbuster withdrew its sponsorship. In 1990, Blockbuster bought mid-Atlantic rival Erol's which had more than 250 stores. In 1992, Blockbuster acquired
29559-410: The winter. There are two basic seasons in Miami, a hot and wet season from May to October, and a warm and dry season from November to April. During the hot and wet season, daily thundershowers occur in the humid unstable air masses. The wet season in Miami is defined as the period during which the average daily dew point temperature is above 70 °F (21 °C). The rainy season typically begins on
29736-402: The workers at the Florida headquarters did not want to relocate, so Blockbuster planned to hire around 500 to 600 new employees for its Dallas headquarters. The company had offered various relocation packages to all of its Fort Lauderdale staff. The second Blockbuster Entertainment Corporation was later merged into Blockbuster, Inc. In June 1997, Taco Bell president John Antioco resigned from
29913-530: The world; it serves as a tourist destination, housing Blockbuster memorabilia and Russell Crowe film props which John Oliver had donated to an Alaska store. In August 2020, the location was listed as an Airbnb rental for a 1990s-themed sleepover on three separate nights in September; each were limited to guests from the area in light of the COVID-19 pandemic . The entity that operated Blockbuster prior to
30090-547: Was a member of the Ku Klux Klan . Unsurprisingly, these officers enforced social codes far beyond the written law. Quigg, for example, "personally and publicly beat a colored bellboy to death for speaking directly to a white woman". The collapse of the Florida land boom of the 1920s , the 1926 Miami Hurricane , and the Great Depression in the 1930s slowed development. When World War II began, Miami became
30267-489: Was attributed to poor leadership according to others in the industry. Franchise owner Ken Tisher said in 2015, "Blockbuster, if it isn't already, is going to go into the Harvard Business Review for how not to run a business, or how to run a business into the ground." Keith Hoogland, owner of Family Video , attributed poor decision-making as a primary reason the company did not survive. Jonathan Salem Baskin,
30444-430: Was once an unstoppable giant whose franchises swept across the country putting mom and pop video stores out of business left and right by offering a larger selection of new releases, pricing them at a lower point due to the volume they worked in... Gone were the fragmented, independently owned shops that were often unorganized treasure troves of VHS discoveries. In their place were walls of new releases: hundreds of copies of
30621-613: Was planning to file a pre-packaged Chapter 11 bankruptcy in mid-September. In light of this news, the company's chief financial officer (CFO), Tom Casey, resigned on September 11. He was replaced by Dennis McGill, formerly CFO of Safety-Kleen Systems, Inc. On September 23, 2010, Blockbuster filed for Chapter 11 bankruptcy protection due to challenging losses, $ 900 million (~$ 1.29 billion in 2024) in debt, and strong competition from Netflix , Redbox , and video on-demand services. Movie Gallery/Hollywood Video had filed for Chapter 7 bankruptcy liquidation earlier in 2010 for similar reasons. At
30798-549: Was severely affected. In 1998, Blockbuster created DEJ Productions , which acquired 225 films primarily to provide exclusive content to its Blockbuster stores prior to being sold off to First Look Studios in 2005. During that same year, Blockbuster bought the Irish video rental store Xtra-vision , with over 200 stores in Ireland and the United Kingdom. In 2009, Blockbuster sold off its Irish operations to Birchall Investments, with
30975-578: Was then traded on the OTCBB (over-the-counter bulletin board). Blockbuster was unable to make a $ 42.4 million (~$ 61.2 million in 2024) interest payment to bondholders and was given until August 13, 2010, to pay off the debt. The company hired Jeff Stegenga to be its chief restructuring officer (CRO) in an effort to satisfy bondholder demands and recapitalize the company. After failing to pay on August 13, bondholders gave Blockbuster until September 30, 2010. On August 26, 2010, news media reported that Blockbuster
31152-453: Was to be assessed on a "case by case basis". On October 4, 2012, Dish Network announced that it was scrapping plans to make Blockbuster into a Netflix competitor. On January 16, 2013, Blockbuster UK entered into administration and Deloitte was appointed to run the business while trying to find a buyer while some of the stores remained open. Between November 6, 2013, and January 12, 2014, all 300 remaining corporate-owned Blockbuster stores in
31329-473: Was to supply software services to the oil and gas industries throughout Texas , but it was very unsuccessful. Sandy Cook, David's wife, wanted to get into the video business, and her husband would soon study the industry and future prospects. Using profit he made from the sale of David P. Cook & Associates, the subsidiary of his company, he decided to buy into a video store franchise in Dallas known as Video Works. When Video Works would not allow him to decorate
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