by PIDC
August 24, 2022
Categories: Black-Owned, Client Stories, Small Business, Women & Minority-Owned,
This month, we’re recognizing our incredible PIDC clients who are millennial business owners. Millennials have contributed greatly to the new and innovative landscape of the business model as we know it – from embracing digital media to getting creative with e-commerce. Millennials were a big driver of Philadelphia’s population growth prior to the pandemic. According to data from the U.S. Census Bureau reported by the Economy League, Philadelphia’s millennials constitute 33.3 percent of the city’s total population and are 13.7 percent larger than the city’s baby boomer population.
PIDC is proud to provide services to local millennial business owners as they strive to grow and sustain their businesses. We caught up with a few of our millennial clients to discuss why they chose to operate their business in Philadelphia, how they define success as a millennial today, and their experience working with PIDC. Here’s what they had to say.
Tess Hart
Co-founder & CEO of Triple Bottom Brewing
Age: 35
Vincent Finazzo
Founder & owner of Riverwards Produce
Age: 35
Jessica Benhaim
Owner of Lumos Yoga & Barre
Age: 35
Shannon Maldonado
Founder of YOWIE
Age: 39
Triple Bottom Brewing
Tess is the co-founder and CEO of Triple Bottom Brewing — a small batch craft brewery with a fair chance mission. True to its name, Triple Bottom Brewing has a triple bottom line: beer, people, and planet. After opening in 2019, it is now the only Certified B Corp brewery in the state of Pennsylvania. Before starting Triple Bottom, Tess worked in Washington, DC, as a strategy consultant to foundations, nonprofits, and social enterprises. She holds an MBA from the Yale School of Management and Master of Environmental Management from the Yale School of Forestry and Environmental Studies.
What inspired you to step into the role of business ownership?
“Believing in the mission of creating meaningful, living wage job opportunities for folks overcoming barriers to employment came to me before believing I could start a business that addressed that challenge. But the more I learned about the many ways in which people can be excluded from opportunity, the more I started thinking about creative ways to address these problems. I was also fascinated by sustainable, mission-driven business models and am so grateful that I got to take a leap and start Triple Bottom Brewing.”
Why did you decide to establish your business in Philadelphia?
“Philly is home to me, so personally I just wanted to end up here. When we were first planning Triple Bottom, Philly had the fastest growing millennial population of any major US city. And it still has the highest poverty rate. Our business — which brews exceptional beer while creating economic opportunity for people facing poverty — speaks to both of those divergent Philly experiences.”
As a millennial business owner, how are you defining or redefining success?
“Success is a tough word, especially as we’ve all had to shift our expectations due to the pandemic. To me, so much of it is about whether or not we’re maintaining the culture that we started out with and continuing to honor our commitment to our team.”
What has been your experience working with PIDC?
“PIDC has helped us access capital at fairer, more affordable rates than what otherwise would have been available to us. They have also provided immense support to us and other small businesses in navigating funding resources throughout the pandemic and helping us identify ways we can continue to be a part of Philly’s growth.”
Is there any advice you would like to offer to others navigating entrepreneurship?
“It’s hard work, especially these days! Find fellow business owners you feel safe being vulnerable with because those support networks will get you through.”
Riverwards Produce
Inspired and influenced by family traditions and experiences, food and cooking have always shaped Vincent’s outlook on creating a balanced lifestyle. While pursuing a degree in the Arts, working with Whole Foods Market and a national produce broker, Vincent decided to go out on his own. Riverwards Produce provides unique quality ingredients to creative chefs and neighbors alike and focuses on sourcing local produce that may not make it to big box supermarkets. Being located in Philadelphia, Riverwards Produce makes sure the neighborhood has local produce as much as possible.
What inspired you to step into the role of business ownership?
“I have always been a creative person. Much like working on a piece of sculpture, building a business is very similar, filled with detailed intricacies and problems that need solving. To answer your question quickly, I never stepped into business, it’s always been a part of who I am.”
Why did you decide to establish your business in Philadelphia?
“I have called Philadelphia my home for almost 13 years so naturally I wanted to build something here. Other than location convenience, the city needs what I’m building and I’m happy to build it.”
As a millennial business owner, how are you defining or redefining success?
“There are many new layers to being a CEO in this modern age. The most important part is how you respect your employees. We have a starting wage of $16 an hour and offer a physical and mental health benefit package after 90 days. Building a strong foundation is how you grow a great company.”
What has been your experience working with PIDC?
“PIDC helped me execute my vision of not only opening a grocery store in a neighborhood that has not had one for over 30 years, but also saving a historic building in the process. The resources provided by PIDC allowed us to restore a historical building back to its original glory so the neighborhood would have a fresh produce market to enjoy everyday.”
Is there any advice you would like to offer to others navigating entrepreneurship?
“It does not take money, connections, or higher education to start a good business, It takes integrity, heart, and ruthless determination.”
Lumos Yoga & Barre
After returning home to Philadelphia, Jessica noticed a significant change to the Fairmount and Spring Garden neighborhoods. She stepped in and wanted to fill a missing void with a neighborhood fitness studio. In June of 2018, Lumos Yoga & Barre opened and began offering diverse classes. Lumos became a neighborhood hub for self-care, community, and a physical space for people to prioritize their health. Jessica is now focused on expanding business offerings and continuing to be a connector in the community.
What inspired you to step into the role of business ownership?
“After leaving a corporate job in NYC and moving to Philadelphia, I wanted to take my career in a different direction. I knew the only way I could give myself the work/life balance and flexibility that I was looking for was to start my own business. I work hard and wear many hats, but I have full ownership and control over my schedule and day-to-day. It can be difficult to balance all of the roles (leader and decision maker, administrative work, scheduling, tech support, HR, and janitor), and my personal life, but it is incredibly rewarding and worthwhile.”
Why did you decide to establish your business in Philadelphia
“Philly is my hometown. I always knew I’d move back at some point, and when I got burned out from my jobs in New York, I wanted to take a step back and be closer to family. Fairmount is home to me. I lived here as a kid and have been back for seven years now.”
As a millennial business owner, how are you defining or redefining success?
“One of the things I’ve always championed, but is especially important coming out of a pandemic, is that running a business is a team effort. It’s not just about one person. The team I have now is amazing and our success is really due to them. The instructors who teach are incredibly passionate about the classes they lead and about bringing people in this community together. The desk staff and their manager really make the studio function well so that everyone who comes in for class has a positive experience. My accountant keeps our finances in order, which ensures the business can grow. My sister helps with our PR, and my manager Alyssa handles marketing, social media, and newsletters, which keeps our community engaged. It’s important to recognize the people on a team, and make sure they know they are appreciated and valued. That, to me, is success.”
What has been your experience working with PIDC?
“The pandemic lasted longer for some types of businesses than others. PIDC offered a relief program for restaurants and gyms, and the funding we secured allowed us to keep operating until spring, when we could offer outdoor classes again and open in-studio with a capacity that could scale up as vaccines became readily available.”
Is there any advice you would like to offer to others navigating entrepreneurship?
“Finding good people who are invested in seeing your business succeed, who work hard and have accountability, are willing to learn and grow, and can take ownership of a role is key. Understand metrics and set clear goals for success that are attainable. Setting boundaries early on is something I wish I had done because it makes it harder to set them after things are already in place. Make sure you set aside time each week that is for you, where you aren’t on call for anything and don’t do work. You’ll be able to go back to your work with a clear mind and fresh thoughts. And finally, don’t give out your work email or personal number. Have a general email that gets listed online and that people can give out.”
BONUS CLIENT STORY
Check out our interview with this month’s additional featured PIDC client, Shannon Maldonado, owner of YOWIE, a woman-owned and millennial-owned home and life shop focused on curating small collections from Shannon’s friends, independent artists, and designers.
SHOW YOUR SUPPORT
Be sure to stop by and patronize these local businesses, today and beyond. Check out our blog for more of PIDC’s diverse clients and the various industries they serve.
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