Category Archives: Entrepreneurs

The HBCUpreneur Corner™ – Florida A&M’s Makya Renée & Mareta Creations

Posted on July 28, 2014 by | Leave a comment

MaretaCreations-Logo

Name: Makya Renée

Alma Mater: Florida A&M University

Business Name & Description: Mareta Creations; specializing in Fine Invitations, Corporate Design, Photography, and Graphic Snob® Apparel

graphicsnob-profilepic-1

What year did you found your company? 2005

What has been the most exciting and/or fearful moment during your HBCUpreneur career? Most exciting AND fearful moment was participating in my first bridal show. It was the first time I took samples of my work out of my home and exposed them to complete strangers. Although I was hand-selected to participate in the show, I wasn’t sure how the public would react to my work. I was in awe of and honored by the caliber of other participating vendors and the fact the show’s executives believed I was on their same level.

What made you want to start your own company? An internal desire to create while calling my own shot. To pursue what I was passionate about without any restrictions. To see my clients smile and know that I had a part in that. This is happiness to me.

Who was the most influential person/people for you during your time in college? My mentor Wallace W. Johnson, the first person to give me a job and expose me to the field of graphic design.

How do you handle complex problems? I always strive to have a plan – and a plan to back-up the back-up plan. I remain calm, pray without ceasing, research, and take things one day at a time. I demand more of myself than anyone else, but recognize when I need help and humble myself to accept it. I don’t tolerate stress or drama, so once addressed, I keep it moving.

What is something you wish you had known prior to starting your company? I wish I knew that although you should be passionate about your profession and have a desire to serve others, you must also have a desire to serve and protect yourself. Several people will take advantage of you if you allow them to, so it is extremely important to establish business policies, practices, and boundaries that allow you to serve your clients while protecting yourself. Business relationships are a lot like personal relationships and if you don’t ensure that you receive a return on your investment of time, talent, effort, and energy, you will get burned out and be unable to serve anyone.

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 each program offered at HBCUs should offer business-centered courses that align with their respective fields. Learning and practicing how to develop contracts; research industry rates and set pricing; interact with clients, vendors, sub-contractors; network with other industry professionals and professional organizations; brand and market company services; and apply ethics to ensure longevity as it relates to that field will spur more innovation and entrepreneurship among HBCU college students. Successful entrepreneurial alumni should be encouraged to return and address students on a consistent basis to provide insight and exposure. Unfortunately, black students as a whole aren’t encouraged to work for themselves as much as students of other cultures and don’t have the opportunity to observe many successful black-owned business. If we don’t pass these experiences down and encourage this option for our children, this cultural and economic divide will continue for generations to come.

African American banks struggle to attract African American small and start-up businesses. Is there something you believe that can be done to improve the relationships between African American business institutions? Exposure and marketing. African-American banks should establish relationships with HBCUs and target entrepreneurially- minded students through speaker series and event sponsorship. People can’t seek relationships and opportunities they don’t know exist. You have to meet people where they are, and HBCUs are the best breeding grounds for future entrepreneurs of color.

How do you deal with rejection? As an Architecture major (initially) and a Graphic Design major, critiques were a daily part of my training in undergrad. I learned at a young age how to separate my personal value from the opinions of others. Everyone has different taste and I put more emphasis in trying to capture my clients’ style than trying to force my own upon them. Therefore “rejection” to me isn’t personal, its merely a statement that I need to do a better job of learning my client and communicating their vision.

When you have down time how do you like to spend it? Travel and spend time with friends. I hardly ever watch TV or go the movies, so a day of vegging out and catching up on Scandal is always nice as well.

MakyaRenee

What was your most memorable HBCU memory? SGA Bus Trips! FAMU’s SGA, Presidential Ambassadors, and Royal Court traveling to cities all over the country to support our football team, host recruitment fairs, and represent our beloved university to prospective students. These trips bonded us for life and gave me the best network an HBCU graduate could ever have -Priceless!

In leaving is there any advice you have for budding HBCUpreneurs?Do your research, align yourself with other entrepreneurs, build plans knowing there is always a “subject to change” footnote. Pray about your passions and ask the Lord to guide you where He wants you to be. He will place people in your path who will help you get there and you will have joy working in your purpose. Remain humble and accept help from people who have a genuine desire to help you. No one makes it to where they need to be alone. Be patient with yourself and your dream, but set milestones to encourage yourself along the way. Be slow to take offense, but know when to end the pursuit of certain opportunities and clients that drain you. A sinking ship saves no one.

Fear will be something you constantly have to overcome. Don’t be afraid to make a “wrong” decision as long as you know how to follow up with a decision to correct it…for this is how you learn what works and doesn’t work. Not everyone has the stomach for entrepreneurship life, but you have to learn how to listen to and follow your gut. There will be periods of discomfort, but as long as you apply commonsense and wisdom, they won’t last forever. Align your sights as best you can and pull the trigger. The only way to test your wings is to jump, but make sure your wings are in the best condition before you do.

HBCU MONEY™ wants to sincerely thank Ms. Makya Renée for taking the time with us here at The HBCUpreneur Corner™. 

Leave a comment

Posted in Entrepreneurs

Tagged , ,

Can HBCUs Produce Billionaires?

Posted on May 19, 2014 by | 10 comments

By Jarrett Carter, Sr.

Ideas can be life-changing. Sometimes all you need to open the door is just one more good idea. – Jim Rohn

forbes-400-22099215jpg

Oprah Winfrey (pictured above) – The only African American billionaire & HBCU alum. Her most recent Forbes’ net worth is $2.9 billion. Who will be the next HBCU alumni to join her?

Colleges With The Most Billionaire Alum & Combined Wealth: (Updated December 2024)

  • Harvard University – 29; combined wealth of $205 billion
  • University of Pennsylvania – 28; combined wealth of $285 billion
  • Stanford University. – 28; combined wealth of $124 billion
  • University of Michigan – 10; combined wealth of $181 billion
  • Columbia University – 11; combined wealth of $41 billion
  • M.I.T. – 14; combined wealth of $104 billion
  • Cornell University – 18; combined wealth of $65 billion
  • University Southern California – 15; combined wealth of $59 billion
  • Yale Univ. – 21; combined wealth of $141 billion
  • Princeton University – 11; combined wealth of $288 billion
  • Dartmouth College – 11; combined wealth of $49 billion
  • University of California, Berkeley – 10; combined wealth of $30 billion

Last year, Dillard University President Walter Kimbrough asked newly minted (allegedly) billionaire Dr. Dre about the missing love for historically Black colleges and universities following a sizable gift he made to the University of Southern California. The question was legitimate from most cultural angles – how does a Black man who made money making Black music for Black audiences boost the endowment of a predominantly white university?

But the question also demands a broader perspective on Black wealth and how it is created. Dr. Kimbrough’s argument was for the sake of Black wealth remaining in Black ecosystems of wealth creation. The center of those ecosystems, of course, is the Black college. But can the Black college serve as an economic engine powerful enough to create the next billionaire, or handful of billionaires?

On its surface, the answer would appear to be a resounding ‘no’. The HBCU was borne out of a white elitist obligation to make of former slaves and their descendants the teachers, preachers, and farmers that would serve as a generational of professional midwives to a humble, quiet existence amid the burgeoning industrial revolution. Along the way, HBCUs evolved into institutions where African-Americans would train to become physicians, engineers, combat heroes, scientists, lawyers, and pastors – all of the makings of a generation of emerging wealth for Black communities.

But as that generation was coming of age in industrial and financial independence, the nation again divided on the common problem of race, requiring the whole of its brain trust to dedicate mind and money to the cause of equity for all. At the end of the battle, desegregation was won. But the casualty of the battle was the cultural allegiances that birthed innovation and productivity for Black communities, and took the precious, dwindling commodity of racial pride out into predominantly white companies, neighborhoods, and values.

Today, the HBCU attracts but a portion of the best and the brightest from Black America; the rest remain lured by the false promises of diversity, equal opportunity, and post-racial societal ease. The training, nurturing, and programmatic development of the HBCUs falls on only a small segment of Black America’s collective and emerging intellectual capital. The youth are fractured, their networks are frayed and the genius that is unbridled innovation is capped by the promise of a six-figure job at a firm or company that, in rare cases, is owned by an African-American. To the last point, there are 5.7 million American firms with paid employees, but African Americans only own 1.9 percent of them.

The question is not if an HBCU can create a billionaire, but rather, can an HBCU create the network that helps to spawn billionaire potential? Facebook was founded, in part, by a group of friends at Harvard. Apple was founded by a group of college students. In fact, Silicon Valley was founded by Stanford University and originally known as Stanford Research Park. Other notable companies that have come out of colleges Google, Microsoft, Dell, and FedEx. Sam Walton and Jeff Bezos, titans of retail, were able to begin their careers thanks to sizable loans from family. The latter founded Amazon with a $300 000 loan from his parents.

Do HBCU students, families, and communities have the kind of commitment to pooling human and financial resources to cultivating substantial wealth? The answer is yes; but have HBCUs been built and marketed to serve as the incubators for this kind of thinking and development? Based upon current teaching, social and cultural structures on the Black college campus, the answer is no.

And that is something even Dr. Dre can’t cure.

10 Comments

Posted in Entrepreneurs

Tagged , , ,

The HBCUpreneur Corner – Virginia State University’s Steven Knight & The Steven Knight Show

Posted on March 31, 2014 by | 1 comment

 

577291_437983786213263_1070599858_n

Name: Steven Knight

Alma Mater: Virginia State University

Business Name & Description: The Steven Knight Show – An internet-based radio talk show that covers the latest in entertainment news, sports, fashion, music, and movie reviews.

What year did you found your company? 2011

What has been the most exciting and/or fearful moment during your HBCUpreneur career? In the early days of the show, not knowing if I would attract enough listeners to support the show.

What made you want to start your own company? I was asked to do it based on my Facebook page. Initially, I turned down the offer but after considering the exposure for my own music and the opportunity to interview interesting people, I thought it was a good idea.

Who was the most influential person/people for you during your time in college? I had some great professors who led by example, but the most influential people were some of the students I had the opportunity to meet. Their diverse backgrounds, goals, and things they accomplished just while we were in school impacted me in ways they probably never knew.

me9

How do you handle complex problems? Well initially I pray for clarity, then do my research and consult with people within the same industry.

What is something you wish you had known prior to starting your company? How to get sponsors early on. That would have been very helpful.

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 think the biggest thing is to support past graduates and influence them to mentor and be supportive of current students. If they can build those relationships it could be instrumental in the success of the school and past and present students.

How do you deal with rejection? In this field it is common. It’s really a numbers game. For every five people who reject you, one major guest is interested in being on your show. So it doesn’t bother me.

When you have down time how do you like to spend it? I don’t get much down time between my show, music, and working full time. I make time to workout most days of the week and there are certain days I will take off for a mental break.

What was your most memorable HBCU memory? Graduation day. I had a friend and we were really close for years, but we had a falling out and were not on speaking terms. The morning of graduation, he came over to my house and we had a chance to talk and relive the last four years. It really left everything on a good note. Plus, the accomplishment of completing school with people you went through so much with. That was a good day.

In leaving is there any advice you have for budding HBCUpreneurs? My advice would be that hard work really pays off. Even if the dream is never realized, something really great can really come from your hard work. I know that first hand.

1 Comment

Posted in Entrepreneurs

Tagged , ,

The HBCUpreneur Corner – Norfolk State University’s Ralph Newsome & New Level Investment, LLC

Posted on February 11, 2014 by | 2 comments

hbcupreneurcorner-Interview

Name: Ralph Newsome II

Alma Mater: Norfolk State University

Business Name & Description: New Level Investment Management, LLC

As an investment company we practice value and growth investing (we coined the term GrowU which is a combination of growth and value). We look for companies with a competitive advantage in their sectors, good financial backing, and good fundamentals, trading at a discount. We also enjoy the benefits of finding growth companies, who grow 20% and more a year. We help investors realize big gains.

What year did you found your company? 2008

What was the most exciting and/or fearful moment during your HBCUpreneur career? Meeting and dating my now wife. In addition to meeting my wife, I also met my two best friends who are also my business partners on other ventures.

NLIM Pic

What made you want to start your own company? I’ve always had a passion for business and a knack for numbers; I graduated from Norfolk State University with a BS in Accounting, thus I stayed true to my passion. After taking a course in investing in undergrad, I developed a strong liking for financial markets. My curiosity and love grew from there. I thought that I could help educate people about the market while also help them plan for a better financial future.

Who was the most influential person/people for you during your time in college? Tough question: I don’t have one person or a group of people, I will just say the shear experience of college was the most influential aspect to me.

How do you handle complex problems? Strategically. I try to analyze as much as possible to take as much emotions out of my problem solving.

What is something you wish you had known prior to starting your company? Good question: It’s tough for folks to be financially conscience about their financial wellbeing. Only 9% of blacks invest their funds and/or have savings. In my line of business, I’m already limited to 9% of the African American market of investors or savers so my job is cut out for me; however, I’m up for the challenge.

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? Another great question: I think schools should be more influential on promoting entrepreneurship; such as inviting business owners to speak during class sessions or connecting students to do volunteer work for small business owners. Also HBCUs have to become involved in being more fiscal responsible for the students wellbeing. Examples: Don’t allow credit card companies to setup booths in student unions to prey on college kids; explaining the cons of taking out private student loans (Sallie Mae); encourage students to budget, save, and invest!!!! It’s a cycle, if the students are able to maintain more of their wealth, more than likely they will give more back to their school. This will generate more endowment funds for the school to build better facilities, invest in reach and development, and spawn more innovation.

How do you deal with rejection? It is kind of cliché-ish but each rejection is a learning experience. That gives me the motivation to improve on all levels.

When you have down time how do you like to spend it? I’m a gym rat and I try to reach the markets as much as possible. Whether that includes reading financial books, Bloomberg TV, or Yahoo Finance. I eat, sleep, breath finance.

What was your most memorable HBCU memory? Being around so many different people at one time all the time. I will never get that back; I may be around a lot of people say for an event but that will just be for a few hours. College gave me the ability to be around people from different walks of life all the time.

In leaving is there any advice you have for budding HBCUpreneurs? Absolutely: Work hard and then work some more. Everything and anything can be improved, thus don’t every get complacent. Build a top notch network. Your network = your net worth, thus get out and meet someone. Thank you.

2 Comments

Posted in Entrepreneurs

Tagged , ,

Higher Minimum Wage: An Attack On African American Small Business Growth

Posted on February 5, 2014 by | Leave a comment

By William A. Foster, IV

Labor is the great producer of wealth; it moves all other causes. – Daniel Webster

business_closed

As often is the case, anytime the populous conversation about raising the minimum wage comes around you will see a huge rallying from the African American community. This is primarily because the majority of African America is labor and not heavily invested in ownership. African American firms with paid employees represent an appalling 1.8 percent of American firms with paid employees and only 7 percent of all American firms. Not even close to an equitable representation since we comprise 15 percent of the country’s population. We are a far cry from the days of Black Wall Street. These days we spend our time begging for employment and entrance into firms controlled by other communities. Then we appear baffled as to why our unemployment rate is constantly double that of the national average and three times that of Asian America or why all of the capital is leaving our communities.

Despite African America only comprising 1.8 percent of American firms with paid employees, these firms employ almost 6 percent of African America’s working population. In comparison, Asian America has 7 percent of all American firms with paid employees and employs almost 34 percent of Asian America’s employed population. The correlation is obvious that businesses started by a community tend to hire their community. This is true in terms of community defined by ancestry, gender, geography, education level, or socioeconomic status. As a result of this more citizens within that community are earning income, buying power increases, unemployment decreases, and social issues decrease. Psychology 101 tells us that people like to associate with people whom they believe have similar values and interest. The very first thing that every person with eyesight uses to make this judgement is a person’s appearance. The politically correct police will argue that is what we have to work against, but while we are waiting on Utopia the rest of us have to work in reality.

President Obama and his administration are bent on a one size fits all America approach to income inequality. However, it is no secret that high levels of asset ownership increases the level of income that a group can accumulate and it certainly benefits them in terms of lessening their tax liability allowing them to keep more of their money. An example is hedge fund owners who pay 20 percent while making hundreds of millions and LeBron James pays 40 percent for earning tens of millions. Also highlighting that even well paid labor is still just that – labor and does not enjoy the privileges that the tax code bequeaths to ownership. The increase in minimum wage will not make that easier for African Americans, but harder.  According to Keeley Mullis of the National Federation of Independent Business, “Big corporations do not have to absorb the cost of minimum wage increases because most minimum-wage jobs are offered by small businesses.” Given the education reality of African America, only 18 percent of African Americans 25 and older hold college degrees which is second lowest in the country and a 62 percent high school graduation rate which ranks lowest in the country, most of our labor force is low-skilled labor and more likely to work minimum wage jobs than almost any other group per capita.

There is also the acute compounding problem of wealth. African America’s median net worth, according to the Pew Research Center is $5,677 leaving us with 24 times less wealth than European Americans and 14 times less than Asian Americans. Is it no wonder then that in our own communities we tend to only see small businesses owned by outsiders. That is to say nothing of the ownership of medium-sized companies and we are virtually non-existent in large company ownership. To the best of my research thus far, there are no African American owned companies that make up the Forbes’ Largest Private American Companies list. A list that requires a minimum of $2 billion in annual revenues. For an African American family starting a small business, they are already facing the challenge of limited resources at their disposal. Both in terms of wealth to get started, access to support capital which is a result of poorly capitalized African American owned banks & credit unions, and even training which has its own cost to acquire both in terms of human capital and economic capital.

Real power and real wealth in capitalism is created through ownership. A father or mother can not pass a job along to their child, but they can pass a business to them increasing the probability of income stability for generations. Why make that harder for a group that has limited wealth to get started by increasing the already largest burden most small businesses encounter? As a consequence, impacting communities which continue to struggle with acute levels of unemployment and thereby the domino effect toward social issues. You can not just magically expect job creation to come to communities. It is communities who create their own job creation. As a result, it must be made obvious that while an increased minimum wage will not hurt other groups who are wealthier, this will have an adverse impact on African America’s wealth and employment growth prospects.

If Democrats and Republicans really want to do something about income equality, then the solution is to find a way to increase the access for entrepreneurship training through HBCU initiatives and create incentive programs to African American owned banks and credit unions to focus on small business lending. The latter should decrease the amount of predatory lending that African Americans historically have faced with banks like Wells Fargo, Bank of American, and others. It is true that the president is not just president of African America, but all of America. However, African America should be slow to support populous policies just for the sake of without realizing the potential of their cascading effect on our own community.

Leave a comment

Posted in Entrepreneurs

Tagged , , ,