Midweek Reading: Arnold Palmer, Diversity, and Cash Reserves

Arnold Palmer’s passing this week inspired many reminiscences, tributes, and encomiums. One such, by writer and startup CEO Chris Myers, focused on entrepreneurial lessons he learned first-hand talking with Palmer about his career and his relationship with sports marketer Mark McCormack. Forbes

As the country gets more and more diverse, so too do the ranks of business owners. Minority- and women-owned businesses have increased dramatically, and the US Department of Commerce is working to advocate for and help minority-owned businesses. Alejandra Castillo, national director of the Minority Business Development Agency, spoke in an interview about what she does and the challenges facing minority business owners. The Atlantic

A new study by the JPMorgan Chase Institute found that many small businesses are barely staying open, with low cash reserves—an average of just 27 days, while restaurants were at the bottom of the list with just 16 days available. Experts advise having 6 months of cash reserves. Washington Post

Hamid Hashemi, chief executive of iPic Entertainment, came to the United States in 1978 with $700 and a plan to go to med school. But his plans changed dramatically, and in an interview with Adam Bryant shares his story and gives advice for would-be entrepreneurs about the willingness to face life-defining moments, even when it means turning your life completely around and going a radically different direction. New York Times

Authenticity means making sure your actions always match your words, that you are who you say you are and not just who you think others want you to be. Travis Bradberry, author of Emotional Intelligence 2.0, offers insights into what makes the most authentic people tick. Entrepreneur