Author Archives: hbcumoney

HBCU Money™ Business Book Feature – Quench Your Own Thirst: Business Lessons Learned Over a Beer or Two

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Founder of The Boston Beer Company, brewer of Samuel Adams Boston Lager, and a key catalyst of the American craft beer revolution, Jim Koch offers his unique perspective when it comes to business, beer, and turning your passion into a successful company or career.

In 1984, it looked like an unwinnable David and Goliath struggle: one guy against the mammoth American beer industry. When others scoffed at Jim Koch’s plan to leave his consulting job and start a brewery that would challenge American palates, he chose a nineteenth-century family recipe and launched Samuel Adams. Now one of America’s leading craft breweries, Samuel Adams has redefined the way Americans think about beer and helped spur a craft beer revolution.

In Quench Your Own Thirst, Koch offers unprecedented insights into the whirlwind ride from scrappy start-up to thriving public company. His innovative business model and refreshingly frank stories offer counterintuitive lessons that you can apply to business and to life.

Koch covers everything from finding your own Yoda to his theory on how a piece of string can teach you the most important lesson you’ll ever learn about business. He also has surprising advice on sales, marketing, hiring, and company culture. Koch’s anecdotes, quirky musings, and bits of wisdom go far beyond brewing. A fun, engaging guide for building a career or launching a successful business based on your passions, Quench Your Own Thirst is the key to the ultimate dream: being successful while doing what you love.

The Finance & Tech Week In Review – 2/18/17

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Every Saturday the HBCU Money staff picks ten articles they were intrigued by and think you will enjoy for some weekend reading impacting finance and tech.

Nearly half of current jobs could be automated by 2055, according to a new report / WEF wef.ch/2k6MGrw

Individuals tend to invest in assets that have recently done well. What about institutions? / St. Louis Fed bit.ly/2lnjyAT

Coping with the loss of a spouse? Avoid these mistakes & manage your money through your grief. / FINRA ow.ly/CKeu3094YD3

Want to give your brain a boost? Running may be the answer / WEF wef.ch/2lnje5Z

Here’s why we’re happier as we get older / WEF wef.ch/2kREFv8

Massachusetts Lawmakers Propose Goal of 100 Percent Renewable Energy by 2050 / Renewable Cities buff.ly/2lYSHrZ

Here’s how the US government can bolster cybersecurity / CIOonline ow.ly/9KfO3097BUg

Once, up to 60 million buffalo roamed US. Yellowstone now holds 5000 – and some say it’s too many / New Scientist bit.ly/2kGqrsW

Microsoft app helps people with ALS speak using just their eyes / New Scientist bit.ly/2kHICOS

70% Of Trump Voters Want Clean Energy To Make America Great Again / Clean Technica ow.ly/Fnf33097BzC

The Vernon Johns Story: Money Is Power Scene

In the Vernon Johns story, this powerful scene shows Reverend Johns trying to explain to his congregation the economic power they can wield in building a strong and vibrant community if they build and own their own institutions. A sentiment that would later be echoed by Martin Luther King, Jr. as he directed African American to move its money into African American owned banks. He also points out the disdain that many communities had (and continue) to have for African Americans, but have no disdain in taking our money. Can we become a self-sufficient people? Just how many things can we not purchase from an African American (Diaspora) company? The scene is powerful and the message still rings as true today as it did then.

The HBCUpreneur Corner – Tuskegee University’s Kalauna Carter & Kolors By K

 

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Name: Kalauna Carter

Alma Mater: Tuskegee University

Business Name & Description: KolorsbyK is an environmentally friendly, FDA approved Nail Polish Company whose mission is empowering all women from the outside in, one Kolor at a time. A Kolor for each mood, occasion or simply just because, from Bright and Bold, Heavy Metals or Soft Pastels, we at KolorsbyK have the perfect Kolors for you. Each bottle of nail polish as well as the Kolor is handmade and 5 FREE of: Camphor, Toulene, Formaldehyde, Formaldehyde Resins, and Dibutyl Phthalate (DBP) all of which are non-environmentally friendly and cancer causing chemicals. ALL products are cruelty free and are NOT TESTED on animals.

What year did you found your company? 2016; I founded the company the summer shortly after graduating.

What has been the most exciting and/or fearful moment during your HBCUpreneur career? Overall, this has been such a rewarding experience. I have learned so much about the whole concept of how being a business woman works and I am still learning. This entire process thus far has shown me my strengths and weaknesses. I have received so much support. In the beginning, I remember feeling fearful that I would fail or none of my polish would sale, but I remember my parents and my cousin Teresa encouraging me every step of the way.

What made you want to start your own company? The passion behind starting my business was based on the strong connection I have to the environment and its connection to us. I wanted to do something that could be beneficial to all communities and further help us become healthier with the products we select to use on bodies, specifically as women on our nails.

How do you handle complex problems? In situations where complex problems could take place, I try to think with as much logic as I can. First, I think to myself can I fix this and/or if it is out my control. Then, I try to make the best of the complex problem and create a plan on how to avoid it in the future.

Who was the most influential person/people for you during your time in college? The most influential person for me while I was in college was my big sister Kaleah. Growing up she was the most beautiful and smartest girl I knew and I was lucky enough to call her my sister. She was involved in her church, achieved good grades, and still managed her personal life. I admired her for her ability to balance and maintain and I remember telling myself I would do the same when I got the opportunity to go to college as well.

What is something you wish you had known prior to starting your company? The one thing I wish I had been prepared for when starting my company was the bad days, the slow days. Everything is all good when you are doing big numbers, but when things slow down and then the days where you don’t have any sales. Those are days I wish I had been better prepared prior too.

How is vegan nail polish made, and what separates it in particular from traditionally made nail polish? Environmentally friendly nail polish leaves out several chemicals. In regards to KolorsbyK, it is handmade made without the use of animal byproducts making it vegan and without camphor, formaldehyde or formaldehyde resins, Dibutyl Phthalate and Toulene. All of which are prone to cause cancer. Vegan polish is made without the use of animal byproducts.

Technology seems to be disrupting every industry, but most nail services, social media aside, seems largely untouched by technology over the past few decades. Do you see technology disrupting the industry in the near future? If so, in what ways? In regards to technology, I don’t see it disrupting the nail industry in the near future.

In terms of distribution, is Kolors By K focused more on direct to consumer or direct to professionals or mixture of both? Why was that strategy chosen? Being a one woman business, I tend to focus on the direct to consumer sales, but I have had the opportunity to sale a few of my collections to Lavish Nails and Spa in Vancouver, WA and currently have some other opportunities in the works.

According to Nail Magazine, over 75 percent of the approximately 130,000 nail salons as of 2015 in the US were located in states with HBCUs and major African American population centers like California, New York, Illinois, and Massachusetts. The nail industry as a whole is an almost $9 billion a year industry, but African Americans have largely been resigned to consumers. Despite this, very few are owned by African Americans. Why do you believe so few of us have tried our hand at this ownership given its large economic presence in many of our communities? I honestly believe that many of us have not tried our hand at this ownership given its large economic presence in our communities primarily because we don’t have the access to the resources to do so. It will be just that, it will take us HBCUpreneurs to open those doors and create opportunities for those within our own community.

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What do you believe HBCUs can do to spur more innovation and entrepreneurship while their students are in school either as undergraduate or graduate students? I believe that HBCUs can hold workshops and small business classes to spark the flame in students and instill in them how important their degree (paper) is, but it is just an important to invest in yourself. It’s fine to work for someone else, but think how much more rewarding it would be to work for yourself when you have the opportunity to do so.

How do you deal with rejection? I deal with rejection from this standpoint “What God has for me, is for me and no man can or will get in the way of that. Whatever doesn’t come to me, was not meant for me.”

When you have down time how do you like to spend it? I like to spend my downtime brainstorming new ideas for KolorsbyK, reading and working out.

What was your most memorable HBCU memory? My most memorable HBCU memory was being able to speak alongside the Madam First Lady, Mrs. Obama at the 2015 Spring Commencement at Tuskegee University. I had to opportunity to speak with her and she gave me some amazing advice that motivated me to start KolorsbyK.

In leaving is there any advice you have for budding HBCUpreneurs? Pray and GO FOR IT. The only thing in YOUR way is YOU.

Website: kolorsbyk.bigcartel.com
Facebook: kolorsbyk
Instagram: @KolorsbyK

HBCU Money™ Business Book Feature – A Gentleman of Color: The Life of James Forten

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Winch has written the first full-length biography of James Forten, a hero of African American history and one of the most remarkable men in 19th-century America.

Born into a free black family in 1766, Forten served in the Revolutionary War as a teenager. By 1810 he had earned the distinction of being the leading sailmaker in Philadelphia. Soon after Forten emerged as a leader in Philadelphia’s black community and was active in a wide range of reform activities. Especially prominent in national and international antislavery movements, he served as vice-president of the American Anti-Slavery Society and became close friends with William Lloyd Garrison to whom he lent money to start up the Liberator. His family were all active abolitionists and a granddaughter, Charlotte Forten, published a famous diary of her experiences teaching ex-slaves in South Carolina’s Sea Islands during the Civil War.

This is the first serious biography of Forten, who stands beside Harriet Tubman, Frederick Douglass, Booker T. Washington, and Martin Luther King, Jr., in the pantheon of African Americans who fundamentally shaped American history.