Monthly Archives: July 2016

The HBCU Money™ Weekly Market Watch


Our Money Matters /\ July 29, 2016

A weekly snapshot of African American owned public companies and HBCU Money™ tracked African stock exchanges.

NAME TICKER PRICE (GAIN/LOSS %)

African American Publicly Traded Companies

Citizens Bancshares Georgia (CZBS) $7.37 (1.73% DN)

M&F Bancorp (MFBP) $3.30 (0.00% UNCH)

Broadway Financial Corporation (BYFC) $1.77 (1.14% UP)

Radio One (ROIA) $3.12 (0.95% DN)

African ETFs

Global X MSCI Nigeria (NGE) $4.51 (1.74% DN)

Market Vectors Africa (AFK) $20.85 (2.06% UP)

African Stock Exchanges

Bourse Regionale des Valeurs Mobilieres (BRVM)  289.36 (0.67% UP)

Botswana Stock Exchange (BSE)  9 840.37 (0.13% DN)

Ghana Stock Exchange (GSE)  1 796.29 (9.96% DN)*

Nairobi Stock Exchange (NSE)  142.39 (N/A)

Johannesburg Stock Exchange (JSE) 52 797.58 (0.91% DN)

International Stock Exchanges

New York Stock Exchange (NYSE) 10 785.51 (0.38% UP)

London Stock Exchange (LSE)  3 653.83 (0.07% UP)

Tokyo Stock Exchange (TOPIX)  1 322.74 (1.20% UP)

Commodities

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How To Work With Friends as Clients, and Not Kill Each Other In The Process


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By Jasmine Oliver

As a creative, it is inevitable that at some point in our career one of our close friends will either approach us for help with their project, or we will see how our skill sets could benefit their situation.

These can be tense situations to handle as there is more than just money on the table, a friendship is at stake as well.If these situations aren’t handled properly, you could lose a client and a close friend.

But it doesn’t have to be that way.

1. Never work for free

One of the biggest mistakes that can ruin friendships and your business is volunteering your work for free. While we have the best intentions and want to help our friends, we are doing them an injustice if we don’t charge for our services.

If you’re a graphic designer looking for real-life advice and long-term success, The Graphic Designer’s Guide to Clients by acclaimed designer Ellen Shapiro is the book for you. Not only does she reveal the secrets behind getting the clients you want to recognize your name and brand, but she also discusses how to land those clients and create a positive and productive working relationship with them.

When you volunteer your work for free, you are putting that project at the bottom of your priority list.

Paying your bills will always come before doing free work for a friend.

Despite your good intentions, when times get tough you will end up pushing their project aside to get money in the door.

When you don’t charge your friends, you are disrespecting them and their business. This grave mistake has personally cost me several friendships over the course of pursuit to being a freelancer.

Every time I volunteered my work with true genuine intentions of helping the other person, but as paid clients picked up I had to prioritize my time on what was going to pay the bills.

Ultimately, my friends felt disrespected. They became very upset that I pushed their project aside and our friendship has never been the same ever since.

Never work for friends for free, its not worth it.

2. Only work with a friend if you truly believe you can provide value

Approaching friends as potential clients can be an awkward thing. Sometimes you may see a friend who could desperately benefit from your services.

But how do you approach them? Instead of thinking of approaching your friends as ‘trying to make a sale,’ try to think about it this way.

If you can really provide value to your friend, then you would be doing an injustice to them by not offering to help them. Never look at friends as just a source of income, only work with them if you truly believe you can benefit their situation.

3.Keep things professional

BAHHHH!!!! This part is hard, especially when dealing with friends that you even consider family. I know. I get it. Trust me.  When working with friends, it is essential that you keep things professional. You must treat your friends with the same professional care that you use on all of your other clients.Go through the same process and handle them just like you would with any other client.

Getting loose or unprofessional about the process with your friends is a quick way to bring uncertainty and doubt which can hurt the project and the friendship.

4. How to talk money with friends

Talking about the money, honey. Talking about the details with friends can be weird at first. As a result, many freelancers totally avoid this topic and end up with a loose scope or awkwardly dance around the money subject.

Instead of avoiding the topic, you need to face this head on and make sure everything is clear up front.

An easy way to do this is through e-mail. Having the money talk with a friend over the phone can be quite awkward, but doing it via e-mail tends to make it a bit less scary.

Whenever I send over my budget and proposal via e-mail I always give my friend the option out. I will say something along the lines of “If this project is out of your budget range, then no worries. I value our friendship more than this project and I won’t be offended if you say no.”

While that may not be the best sales tactic, it is essential in preserving the friendship.

5. Separate friendly talk from client talk

Another struggle for many friends is that working together can often mean that many once great friendships begin to diverge into a constant talk of the project at hand.

Set boundaries.

If you are out one evening having a good time, make it a rule to keep your work stuff out of the conversation. Or you can schedule regular work calls and keep those focused exclusively on the project at hand so that the rest of your life can go as normal.

Setting boundaries helps keep your friendships intact as the project moves forward.

6. Trade Agreements/ Bartering

Often friends can’t always afford to work with each other, but a trade of services may be something to consider.

Personal training in exchange for marketing.

Food in exchange for web design.

Accounting in exchange for business coaching.

Trade arrangements aren’t a bad thing, but the key is to make sure that you still structure those deals just like you do with any paid project.

Set clear expectations as to what each party will receive and put it in writing.

With trade agreements it is easy for one person or the other to feel cheated or undercompensated for their time. Get clear about what is being traded so that both parties feel equally compensated.

The bottom line

Working with friends as clients can be an enjoyable and profitable process. But you must handle these relationships with care because it is more than a project on the line, your friendship is at stake as well.

Jasmine Oliver is the creator behind VYRL CO. DESIGN. It is here that you will find a catalog of what inspired me, the struggles of growing as a creative and the joys, a place to share travels, and explore the journey of pursuing a beautiful and fulfilling life as a graphic/web designer and commercial photographer.  This rerun is with the consent of Vyrl Co. Design and may not reproduced otherwise. Visit her blog by clicking here.

HBCU Money™ Business Book Feature – Rise of the Robots: Technology and the Threat of a Jobless Future


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Winner of the 2015 FT & McKinsey Business Book of the Year Award
A New York Times Bestseller
Top Business Book of 2015 at Forbes
One of NBCNews.com 12 Notable Science and Technology Books of 2015

What are the jobs of the future? How many will there be? And who will have them? We might imagine—and hope—that today’s industrial revolution will unfold like the last: even as some jobs are eliminated, more will be created to deal with the new innovations of a new era. In Rise of the Robots, Silicon Valley entrepreneur Martin Ford argues that this is absolutely not the case. As technology continues to accelerate and machines begin taking care of themselves, fewer people will be necessary. Artificial intelligence is already well on its way to making “good jobs” obsolete: many paralegals, journalists, office workers, and even computer programmers are poised to be replaced by robots and smart software. As progress continues, blue and white collar jobs alike will evaporate, squeezing working- and middle-class families ever further. At the same time, households are under assault from exploding costs, especially from the two major industries—education and health care—that, so far, have not been transformed by information technology. The result could well be massive unemployment and inequality as well as the implosion of the consumer economy itself.

In Rise of the Robots, Ford details what machine intelligence and robotics can accomplish, and implores employers, scholars, and policy makers alike to face the implications. The past solutions to technological disruption, especially more training and education, aren’t going to work, and we must decide, now, whether the future will see broad-based prosperity or catastrophic levels of inequality and economic insecurity. Rise of the Robots is essential reading for anyone who wants to understand what accelerating technology means for their own economic prospects—not to mention those of their children—as well as for society as a whole.

The HBCU Money™ Weekly Market Watch


Our Money Matters /\ July 22, 2016

A weekly snapshot of African American owned public companies and HBCU Money™ tracked African stock exchanges.

NAME TICKER PRICE (GAIN/LOSS %)

African American Publicly Traded Companies

Citizens Bancshares Georgia (CZBS) $7.15 (5.46% UP)

M&F Bancorp (MFBP) $3.00 (6.80% DN)

Broadway Financial Corporation (BYFC) $1.76 (1.68% DN)

Radio One (ROIA) $3.13 (0.69% UP)

African ETFs

Global X MSCI Nigeria (NGE) $4.55 (5.01% DN)

Market Vectors Africa (AFK) $20.08 (0.20% UP)

African Stock Exchanges

Bourse Regionale des Valeurs Mobilieres (BRVM)  288.89 (0.24% UP)

Botswana Stock Exchange (BSE)  9 925.96 (0.08% DN)

Ghana Stock Exchange (GSE)  1 780.45 (10.75% DN)*

Nairobi Stock Exchange (NSE)  138.52 (N/A)

Johannesburg Stock Exchange (JSE) 53 005.22 (0.06% UP)

International Stock Exchanges

New York Stock Exchange (NYSE) 10 805.04 (0.43% UP)

London Stock Exchange (LSE)  3 643.80 (0.29% UP)

Tokyo Stock Exchange (TOPIX)  1 327.51 (0.89% DN)

Commodities

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Texas Southern Alumnus Sharone Mayberry & Mayberry Homes Renovating Unity National Bank


“We must keep on trying to solve problems, one by one, stage by stage, if not on the basis of confidence and cooperation, at least on that of mutual toleration and self-interest.” – Lester B. Pearson

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All too often we hear about the need for African American consumers to support African American businesses to strengthen our economic ecosystem, but all too often there is forgotten component of this economic ecosystem and that is the business to business relationships. It is another part of the value chain that is vital to circulating the African American dollar. After all, businesses too are consumers. Have you ever walked into an African American owned restaurant and wondered where they get their food from? Did they buy it from an African American owned wholesaler the likes of Sam’s Club or Costco? Did the wholesaler buy it from an African American farmer? Did the farmer buy seeds and feed from an African American owned agriculture supply company? By the time a product actually gets to the consumer it has gone through an extensive value chain of business to business purchases. The B2B market is estimated to be four times the size of the B2C market just in e-commerce and probably even larger in the traditional market. That is why seeing something like what is happening between Mayberry Homes and Unity National Bank is socially and economically very important.

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Mayberry Homes, a company owned by Texas Southern alumnus Sharone Mayberry, has been an active buyer of land and builder of homes in Houston’s Third Ward community. Bringing many of the community’s dilapidated homes in the area back to life as demand for property in Houston’s inner loop near downtown has skyrocketed in recent year.  Unity National Bank, founded in 1985 is the only African American owned bank in the state of Texas, is also headquartered in Houston’s Third Ward. If you ride around Third Ward, there are Mayberry Homes signs popping up everywhere so to see their in front of Unity National Bank was quite a statement. The bank’s building has not had a renovation in its thirty years of existence and with the recent surge in demand for accounts, an aesthetic that says to customers we are current and with the times is vital to the customer psychology and rapport. That the renovation is being done by an African American owned company also says to the trust that has long been believed to be absent among the community in trusting each other in business. This is an opportunity to show on an institutional level that we do indeed trust, need, and want each other. That is something that then flows down to the individual consumer level.

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This is something that should be being taught in HBCU b-schools. That to improve the communities we come from as we launch businesses in those communities that it is important to do business as a business with HBCU/African American owned companies. Although, with less than 1 in 4 HBCU b-school deans and chairpersons having an HBCU degree, it is likely a lesson likely not being taught. Our business schools are teaching business from a general and not from a community or African American perspective. HBCUs have often served as conduits of institution to institution commerce within our community, but rarely is that taught in the classroom as something that should be done. That is something that should and must change if we are too leverage this new found renaissance happening as we see our banking institutions start to actually have the capital they need to eventually make the small business loans back into the community.

Seeing the change that Mayberry/Unity are bringing should be a gentle reminder as we go forth that the best way to lift the great weight of economic empowerment and development is to do it together.