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Sportsmen who turned Entrepreneurs
By siliconindia
Dave Bing
A former professional basketball player, David 'Dave' Bing, was names as one of the NBA's 50 greatest players of all times. His playing style was ahead of his time, and a joke about him and his backcourt partner, was that "it was a shame that they could play the game with only one ball at a time."
After a career with Detroit Pistons, he spent few more of his active career with the Washington Bullets, and Boston Celtics. Bing was elected to the Naismith Memorial Basketball Hall of Fame in 1990.
With an NBA contract worth $15,000 Dave was rebuffed by the National Bank of Detroit on getting a mortgage to finance a home, which led him to work at the bank during off-season as a teller, in the customer relations and mortgage departments.
After his retirement from professional basketball, he worked at a steel processing company Paragon Steel's warehouse. He opened Bing Steel, in 1980 with four employees, but shied away from manufacturing to focus on being a middleman after losing all his money. The company started earning profits in the second year, with General Motors as their first major client. Bing was awarded 'The National Minority Small Business Person of The Year', in 1985. The company transformed itself into a conglomerate 'Bing Group', which among other things also supplies metal stampings for the automobile industry.
