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Accountant,Real Estate Investor, Entrepreneur
Showing posts with label Enterprise. Show all posts
Showing posts with label Enterprise. Show all posts

Sunday, August 29, 2010

Daree's Insights

Around Christmastime last year, I had a great hour-long chat with Pulitzer-prize winning author and journalist, Karen Hunter of Karen Hunter Publishing. If you watch the video below, the same way she’s talking there is the same way she talked to me: straight up.

She didn’t know me from Adam but was not hesitant to take the time to answer my questions about getting started as a freelance writer, the business of writing and publishing for Blacks in particular. She shared her background and wisdom with me, and many of the things she imparted to me then were also mentioned in this book (which was then unreleased),Stop Being Niggardly: And Nine Other Things Black People Need to Stop Doing. In this post I’ll give you some of the highlights, but in short, this book is a must-read, and more importantly, a must-DO.

If You Can’t Get In Their Door, Start Your Own

When Karen started her own publishing house, she reached out to her contacts for support, but didn’t get it. I was surprised when she mentioned

Earl G. Graves, Sr. (Image courtesy of BlackEnterprise.com)
Earl Graves as one of those people (he is the founder and publisher of Black Enterprisemagazine). She talked about how Blacks can be so niggardly (definition: stingy—watch the video above or look it up) and try to hold each other back from progress and success.

Divide and Conquer—It’s the American Way

Karen gives us a brief history lesson in explaining the racial categories we give ourselves here in America. The perceived origins of Latinos, Dominicans, Haitians, Blacks, and Jews have more in common than you might think (certainly more than I knew).

Digging Out of Debt

I can relate all too well to Karen’s story about going broke and having to downsize (for her she had to move back home; for me it was moving from a house to an apartment).  The key is the recognize when you’re going too deep in debt and to Stop Digging.

People First, Then Money

How many of you are familiar with Suze Orman’s mantra, “People first, then money, then things”? It’s not just a saying that she closes her show with, it should be a way of life.
In the book, Karen says, “ How you handle your money indicates how your life is going. If you have chaos on your job and in your life, your money is guaranteed to be a mess…. Money is an outward display of the discipline and standards of your life.”
Unfortunately personal finance is not taught in school. The only examples we have to go on as children are what we learn at home and see in our neighborhoods. We have to learn to respect our money if we’re going to be successful in life.
We also need to value ourselves more. Karen talks about asking for what you’re worth when it comes to your rates/prices/salary, but this can also extend to valuing yourself as a person. Don’t put yourself on sale. If you’re good at what you do, you should be compensated for it fairly.

For Us, By Us?

Karen cites Target Market News with the staggering statistic that Blacks in America spend $700 billion (a year?), which is more than several small countries combined, but lag behind other racial groups in income, home ownership, and business ownership. She mentions that Blacks spend money on brand names and liquors but don’t own stock in those companies. Jews and Chinese keep their money in their community, but Blacks don’t. Many prominent businesses that sell very well to the Black community are not Black-owned, and some Black entrepreneurs may be threatened by large firms in the future.
Unlike some movements, Karen doesn’t advocate buying from Black owned businesses  just because of race. She says you have to have a quality Black business if you expect support. Unclean establishments, inferior quality ofproducts, and unfriendly/weak customer service are turn-offs for anyone. She talks about the mammy/blackface images we have come out of—or have we (noting the Madea films and other productions that don’t cast Blacks in the best light). She also goes into Bob Johnson’s sale of BET to Viacom and other scenarios. She argues that Blacks who get the coveted positions of working behind the scenes as producers, writers, and so on should represent us better and produce quality work. For many people of other races, what they see of us on BET and film is all they have to go on to make a judgment of what we’re like (right or wrong, like it or not, its the truth Ruth).
This school year is my daughter’s first one in public school. I assumed she would not have to wear uniforms, so I gave them all away before moving to Georgia last month. I asked someone why children had to wear uniforms in public school, and my friend told me it was because of the crazy things they showed up in before the change.

Work It Out

Karen talks about being excellent at work, and showing your worth as a dependable and indispensable person (see Seth Godin’s Linchpin for more on this)—not a slacker. She says that others who goof off at work, come in drunk or high, etc. may not get punished for it, but (as frustrating as that is,) it’s no excuse for you to lower your standards.
We don’t just represent ourselves as individuals, but as a race. Wearing clothes that fit (pull up your pants already!) is just a part of us taking pride in ourselves as we should always strive for excellence. As a people we should know how to speak well and dress well.  It DOES matter what others think, especially in the workplace and marketplace. We have to be ready to compete. Who cares if someone thinks you’re “talking proper” or “talking White?” I need to show you that I am intelligent and make sure you can understand me—so my form of communication does that (my language AND my appearance), then mission accomplished. It’s up to US to break down negative stereotypes about our ignorance or stupidity. We don’t have to blast loud music with profanity out of our car windows, post inappropriate pictures on our profiles, or talk loudly on our cell phones in public places. Let’s wake up—when you know better you can do better.

The Verdict

The concepts that Karen discusses in this book are not new. Her inspiration, Nannie Helen Burroughs wrote Twelve Things the Negro Must Do waaaaaaaay back in 1890.  That’s over a hundred years ago and we still have to be reminded. In the past two decades, Tavis Smiley has written about it, and so have Bill Cosby and countless others. When are we going to listen?

Saturday, August 28, 2010

Oprah Winfrey and Ursula Burns: African American Women Top List of Rags to Riches' CEOs - BV on Money







Aretha Franklin and Annie Lennox sang 'Sisters Are Doing It For Themselves' way back in the '80s, and this piece of pop wisdom is holding true for ladies in the new millenium. The Huffington Post just released a list of the Top Ten CEOs who came up from nothing to make it into the realms of the über-rich -- and the extremely powerful. And, it is quite an achievement that two of the ten featured are African American women. Oprah Winfrey and the relatively new CEO of Xerox, Ursula Burns, are prominent members of the club of "rags-to-riches" CEOs:

1. Lloyd Blankfein, CEO And Chairman, Goldman Sachs
2. Larry Ellison, Oracle Co-Founder and CEO
3. Ursula Burns, Xerox CEO
4. John Paul Dejoria, Co-founder and CEO of John Paul Mitchell
5. Oprah Winfrey, Media Mogul
6. Sheldon Adelson, CEO and Chairman of the Las Vegas Sands Corp
7. Howard Schultz, Starbucks Chairman and CEO
8. Guy Laliberte, Cirque Du Soleil Founder and CEO
9. Roman Abramovich, Oil Tycoon and Owner of Chelsea FC
10. Li Ka- Shing, Chairman of Hutchison Whampoa Limited and Cheung Kong Holdings



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Celebrity Side Hustle: WNBA Fashionista Cappie Pondexter - BLACK ENTERPRISE


WNBA all-star Cappie Pondexter has created a venture that caters to a love of style as strong as her drive on the court.

The New York Liberty guard, with celebrity stylist Lisa Smith-Craig, launched New York-based4 Season Style Management, a firm that provides fashion styling and image consulting as well as personal shopping for celebrities—including WNBA ballers Tammy Sutton-Brown and Ebony Hoffman--and everyday professionals.
Pondexter talked with BlackEnterprise.com about embracing the challenge of catering to a tall and athletic fashionista and how she plans to be in the business long after the last shot clock rings.
What motivated you to start your business?
I was thinking about life outside of basketball. I have a passion for fashion, as I have a passion for basketball, so [Smith-Craig] and I decided to make this company a reality. It was unique for me as an athlete to start my own styling company, and I thought it was a void that most athletes need. You want things that fit well, look good and that are in season.
How much did it cost to start up the business?
Roughly about $50,000 to $60,000. That went to expenses including operating budget, clothing and accessories for shoots, marketing materials, and the business license.
How have you built your clientele?
Celebrity peers, mingling at events or giving out business cards. People would ask about the way I dressed, and I’d tell them that I styled myself.
What business tools and resources are must-haves for you to run your business?
You definitely need a good PR person to update your Website and build awareness of your brand. Also, we have an iPad that we take with us and it’s the best thing invented. We have all the information dealing with our company on that iPad, [and use] Mobile Me [an Internet service that syncs e-mail, contacts, and calendar to your iPhone, iPod touch, Mac, and PC].

Tuesday, August 17, 2010

Family Business: When Your Business Partner is Your Spouse - BLACK ENTERPRISE


When your business partner is your spouse it’s important to take extra measures to keep any work conflict from overflowing into the marriage. Take for example, Brian, 29, and Autumn Merritt, 27, co-owners of the fashion boutique Sir & Madame in Chicago. They also are the proud new parents of a very sociable 8-month-old boy, Ari Merritt, who’s been made an honorary employee, which predominantly means smiling and teething. Black Enterprise caught up with the married business owners to talk about how to maintain a successful marriage and family while running a family business. They make it look very easy but as Autumn stated: "It’s a work in progress."  Here are six tips the couple say has kept their marriage, family, and business together and progressive.
1.  Communication – Brian says this is needed for work life and home life. “We try not to take the work home. I think when we don’t agree on certain things in the store when it comes to buying, we talk about the pros and the cons and which pros outweigh which cons. We also bring the staff in when we’re not agreeing on something, to keep it diplomatic.”
2.  Set boundaries – Autumn believes in trusting your partner if they say they are going to do something and believing that they are going to follow through. “Not everything has to be black and white with the boundaries. If it’s one person in charge of the paperwork, trust that that person can do it. If that’s going to be the man’s job or woman’s job, let it be that.”
3. Depend on spirituality – Brian says you should make whatever god you believe in a constant in your family, marriage, and business. “You have to have a strong spirituality,” he says. “The last month has been like that for us; the economy was slow, we just moved to a new space, and God has been doing us justice.”
4. Be prepared to step down – Understand that your blueprint may not be what’s best for the business. Autumn believes you should pick your battles wisely. “You’re going to butt heads. Don’t lose every battle and give up on everything, but know that you’re not going to win every battle either.” Brian adds: “You have to learn how to balance something that is supposed to last forever with something that could potentially fail and potentially destroy your relationship.”
5.  Seek help with parenting – Take people up on their offers to help. Autumn and Brian take Ari with them to work every day, but he has his own space and he’s pretty easy going. When it comes to the parents getting their own time, they are not afraid to use their support group. “Fortunately, we have parents who go through Ari withdrawal every two-to-three weeks and we're able to take advantage of that support system,” says Autumn.
6. Strengths and weaknesses – Be honest with yourself and your partner about what you can and can’t do well. Brian understands that he’s not a numbers guy and, for the business to succeed, that’s not something he should spend the majority of his time on. “I’m not very organized so we pay people to do those types of things. I don’t think I can keep the business growing if I’m doing tedious paperwork instead of coming up with deals and making connections for the company. Accounting does accounting,” he says.