Category Archives: Business

America’s Farms: African American Women Principal Operators Increase, But Not Enough

By William A. Foster, IV

Farming looks mighty easy when your plow is a pencil, and you’re a thousand miles from the corn field. – President Dwight D. Eisenhower.

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Typically, I abhor the term people of color, women of color, men of color, and well you get the idea. It lumps a bunch of different groups – and more importantly their interest – into this false sense of PoC (us) versus the evil Europeans (them). Diaspora groups of all ancestry have vied for resources against each other for thousands of years. People of color have waged wars against each other well before Europeans ascended to the top of the power pile over the past thousand or so years. However, in this case there actually is a stark trend developing between women of color and women of European descent and it is going to impact America’s food plates in livings rooms and restaurants across the country and around the world. 

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Men lie, women lie, and sometimes numbers can be misleading. A look at the state of women principal operators from 2007 to 2012 in the latest USDA Agricultural Census would suggest that their is an crisis in farming among women. In 2007, there were 306 209 women principal operators, but as of 2012 there was a reported 288 264 or a drop of almost 6 percent. However, this is where the numbers are a bit misleading. African, Asian, Latina, and Native American women all saw increases in their women principal operators of 4.5 percent, 32.8 percent, 19.4 percent, and 13 percent, respectively. European American women principal operators saw a drop of 7 percent and despite the drop in their ranks they still constitute 93 percent of all women principal operators. In other words, women of color just do not constitute a large enough of the farming population to move the needle – yet. In a generation however, their importance to the health of the communities they represent could have echoing effects on economic and political power going forward.

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In an article from the LSU Agriculture Center they reported, “There are 239 counties in the U.S. where at least a quarter of the population receives food stamps. In over 750 counties, SNAP is helping to feed one-third of African Americans.” Just for clarity there are 3 141 counties in the United States according to the United States Geological Survey. Part of the problem is that still in our community it remains difficult to access quality food at an affordable price. This is especially important given our lack of institutional wealth (see decline in African American land ownership) has resulted in our tendency towards unhealthy foods and being able to predominantly afford sugar and salt laden products that fill us, but damages our quality of health or health capital in the long-term. Quality of life naturally impacts an ability to earn a living and for how long, being engaged in civic discourse, and be an active primer in the social molding of family and community.  The CDC reports that almost 15 percent of African Americans are in poor health. Even more disturbing is the African American obesity rate, which for African American men over 20 is 37.9 percent and for African American women over 20 is an astounding 57.6 percent. Lastly, hypertension among African American men over 20 is at 40 percent and women over 20 is at almost 50 percent just to further drive the health point home. Given the importance of African American women to the economics of African American households (African America is the only group where the women outnumber the men in employment) their long-term health both in relation to their ability to work and birth healthy children is paramount to the community. There is also the anthropological assumption that since women have long been the leadership of nutrition in all households that they have a significant psychological vested interest in improving the quality of food to their families if given the means to do so. Having more African American women engaged in the production of the food at the beginning could lead to a significant change in the eating habits of the entire community at the end of the value chain.

The question then is how can we build upon numbers for African American women farmers and understanding its importance to the African American family and community. As it is, if current trends hold, Asian American women will outnumber African American women as principal operators within ten years. The answer could lay in a private-pubic approach between 1890 HBCUs and existing African American owned agricultural businesses. Each 1890 HBCU, the 20 HBCU schools excluding West Virginia State University because of demographics, through the Association of Public Land-Grant Universities could add to its list of initiatives a means of engaging young girls about the agricultural and farming process. Private HBCU owned companies that are involved in farming like Chestnut Hollow Farms, LLC run by Norfolk State University alum Harold Blackwell would add the private component with 1890 HBCUs to especially target girls and introduce them to help them understand the business side of farming.

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Health is wealth, but unfortunately our health is not in our own hands and especially not in the hands of our nurturers beyond the preparation of it at the end of the value chain. Sometimes it is intangibles or the qualitative factors that can not be measured (peppered with quantitative data) that can be the key to changing our behavior from the farm to the plate where African American women innately are filled with data from generations of their mothers and grandmothers stories. It is true, there is nothing quite like a woman’s touch and that may be the very thing that brings African American owned farm back to prominence.

The HBCUpreneur Corner™ – Norfolk State University’s Harold Blackwell & Chestnut Hollow Farms, LLC

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Name: Harold L. Blackwell

Alma Mater: Norfolk State University

Business Name & Description: Chestnut Hollow Farms, LLC grows hydroponic leafy greens (kale, lettuce, spinach, etc.) and culinary herbs in an indoor controlled environment year round in Fairfield County, CT.

What year did you found your company? In late 2011 and we have been going strong ever since.

What has been the most exciting and/or fearful moment during your HBCUpreneur career? The most exciting moment was when we picked up our first grocery store/wholesale account. It was at that moment the realization set in we were onto something great. My most fearful moment was when it became apparent demand started to outstrip our capacity. A great problem to have, but definitely scary.

What made you want to start your own company? I have always had an ‘entrepreneurial bug’ inside of me. I realized early in life that I wanted to call the shots and not take orders. Obviously you still take orders in some form, but when you own your own business you also control your destiny (for the most part). Based on these internal feelings it was a natural progression to incorporate and do what I enjoy as a business.

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Who was the most influential person/people for you during your time in college? The most influential person was not a professor, but a cousin who was also a HBCU graduate. He explained to me about self-employment and how he built his own real estate empire. My conversations with him helped fill in the gaps of what I did not learn in class. To this day, he is a trusted advisor and has given me gems of wisdom ever since.

How do you handle complex problems? My approach is to always take a step back and make sure I understand all of the facts and think of possible solutions. In each solution, I review whether or not I have accounted for all possible factors (pros and/or cons). Then I do simple benefit analysis and choose my solution.

What is something you wish you had known prior to starting your company? To not delay starting my business because I assumed more money was needed. It was quite the opposite.

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? More incubators on campus and partnerships with innovative, private companies looking for the next biggest/best idea.

African American farmland ownership is at an all-time low controlling only 0.4% of America’s farmland. What do you believe HBCUs can do to reverse this trend? I believe HBCUs can help reverse the trend by purchasing farmland and build out beginning/new farmer programs on the purchased farmland. Ideally this would create new African American farmers. The hope would be for these new farmers to eventually move on to purchase additional farmland.

How do you deal with rejection? Constructively. It forces you to rethink your strategy and approach to certain tasks.

When you have down time how do you like to spend it? I spend my down time either reading or doing some farm related activity. I also maintain a day job so these activities serve to relax my mind and spirit.

What was your most memorable HBCU memory? Oh wow, there are so many to choose from! I would have to say graduating. My mother, father, brother, aunt, and some friends were there to show support. One of my proudest days.

In leaving is there any advice you have for budding HBCUpreneurs? Read and be open to ideas that do not necessarily align with your thinking. I believe these factors help you think outside of the proverbial box. Read current events and anything that interests you. Especially books/periodicals related to your industry or a field you wish to become establish a business.

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

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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

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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.

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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™. 

For The Greater Good, Make Donald Sterling Keep The Clippers

Don’t cut off your nose to spite your face. – 12th Century Idiom

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I am a fan of prenuptial agreements. As a banker you come to realize that money, divorces, and emotions are a Molotov cocktail waiting to explode. A former associate of mine allowed car loans that both she and her now former husband purchased new vehicles with to be all in her name because of his poor credit. As the marriage dissolved and headed for divorce she just wanted it over and was willing to sign whatever to expedite the divorce. By the time she came to her senses she realized that she was stuck with a bundle of debt for two cars, her car was upside down, no recourse, and an ex-husband who basically got a vehicle free and clear. The point is that emotions of the short-term moment often end with long-term consequences that are more detrimental to the injured parties. Enter, Donald Sterling.

For those who are unaware Donald Sterling is a lawyer who made his wealth not through litigation, but through leveraging his earning into real estate holdings. According to Nadja Brandt of Bloomberg, “He owns at least 160 apartment buildings, office properties and single-family homes in the area, many of which he purchased with cash, according to county records compiled by data provider LexisNexis.” In addition, over the past eighteen months she reports, “They’ve purchased at least 12 houses and three multifamily buildings from the beginning of 2013 through last month for a total of $58.7 million, according to Los Angeles County Office of the Assessor records.” Now, with the NBA forcing the sale of the Clippers amongst public pressure, Mr. Sterling is about to be let loose with $1 billion in capital, the expected sale price of the team, to go on a real estate buying spree. Currently, the Los Angeles Clippers produce about $15 million net income per annum according to recent Forbes assessment. A significantly less amount of capital to accumulate property than a sale thanks to having to keep significant capital tied up in the operation of the team.

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Two significant items of importance to consider with a man who owns 160 apartment buildings before you let him loose with a billion bullets. He has already paid according to Housing Wire’s Trey Garrison, “The longtime Democrat and NAACP donor agreed to pay $2.625 million to a fund for tenants and prospective tenants injured by his discriminatory practices, plus $100,000 in fines” in 2009. Before that according to Garrison, “in 2005 after a settlement was reached, wherein a judge ordered Sterling to pay nearly $5 million in attorney’s fees to the plaintiffs.” Remember, he already owns at least 160 apartment buildings. Has anyone given any thought to how many he potentially could own by forcing the sale of the Clippers? No, because we are caught up in the emotions of the moment.

There are 12 players on the Los Angeles Clippers roster. The NBA is comprised of 30 teams with 12 players on each for a total of 360 players. So let us take a good hard look at the number of people potentially impacted by the sale because right now we are only talking twelve. Initially, Donald Sterling was going to fight the forced sale of the team, but I am sure he, his lawyers, and financial advisers may have come to the same conclusion I have looking at the numbers. He could arguably double his real estate holdings, which means he could potentially be the landlord of as few as 30 000 or potentially as many as 300 000 plus Los Angeles citizens versus the grumblings of twelve basketball players and staff. My math is still pretty sharp and the last I checked 12 is less than 30 000, so for the sake of the greater good please let this man keep his team. Most often it is best to take a step back and let the emotions clear the room to be sure a rational decision is being thought out and made. Otherwise, get out the scalpel.

Can HBCUs Produce Billionaires?

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

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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.