Category Archives: Business

The HBCUpreneur Corner – Winston-Salem State University’s Steven Gaither & HBCU Gameday

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Name: Steven J. Gaither

Alma Mater: Winston-Salem State University

Business Name & Description: HBCU Gameday. HBCU Gameday is a media outlet dedicated to the coverage of HBCU sports. Our mission is to provide HBCU students, alumni and supporters with a media outlet that offers timely news updates and in-depth analysis of sports that HBCUs rarely receive.

What year did you found your company? 2012

What was the most exciting and/or fearful moment during your HBCUpreneur career? Being retweeted by Roland Martin for our coverage of a shooting that took place involving a student-athlete last fall. It meant a lot for a respected journalist like Martin to drive traffic to our fledgling site.

What made you want to start your own company? I want to tell stories that matter to me and to people like me in a way that is engaging and truthful.

Who was the most influential person/people for you during your time in college? The most influential people for me in college were my peers. They were so driven to succeed that it made me go harder so I wouldn’t get left behind.

How do you handle complex problems? Contemplation and prayer.

What is something you wish you had known prior to starting your company? I wish I had realized about the need for this type of media earlier, so I could have been developing my contacts and been further along in the process of achieving my goal.

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 entrepreneurship should be pushed as an alternative to seeking employment.

How do you deal with rejection? I keep moving. On to the next story. On to the next project. On to the next opportunity.

When you have down time how do you like to spend it? I’m a social media addict, which is actually a good thing since social media interaction is a huge component of HBCU Gameday.

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What was your most memorable HBCU memory? My best HBCU memories are mostly related to the work I did with the student newspaper, The News Argus. I got to meet a lot of interesting people, go to new places and see some exciting games.

In leaving is there any advice you have for budding HBCUpreneurs? I know it sounds like a clichés, but do what you love. Pursue your passion. If you make it your business to do what you love, you can’t fail. External success may not come as quickly as you’d like, your passion will propel you to success.

The HBCUpreneur Corner – Prairie View A&M University’s Alysha Sample & Pearluxe

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Name: Alysha Sample

Alma Mater: Prairie View A&M University

Business Name & Description: Pearluxe / We specialize in custom made accessories & clothing that accentuate any ensemble and appeal to the chic urbanite.

What year did you found your company? 2011

What was the most exciting and/or fearful moment during your HBCUpreneur career? My most exciting moment would have to be making my first sale. It was an exhilarating experience to know that someone admired my creativity and wanted to have a custom piece made by me.

What made you want to start your own company? I started my own company because I simply wanted to be my own boss. I’ve always known that a regular 8-5 job was just not for me because I like to be on my own schedule. Since graduation, I have learned this even more. Starting Pearluxe, gave me an opportunity to do something that I love, and nothing warms my heart more that being able to share my designs and creations with the world.

Who was the most influential person/people for you during your time in college? I would have to say the most influential person to me during my time in college was my mother, Lisa Sample. She is such an inspiration. No matter what she was there with me every step of the way and I greatly appreciate her for all that she has done and continues to do.

How do you handle complex problems? I handle complex problems by identifying the root of the issue so I can have a clear view of what the problem is. Once that is established, I face it head on and begin actively working to resolve it. I never dwell on problems because they are only temporary and once addressed they will no longer have power over you.

What is something you wish you had known prior to starting your company? I wish I would have know more about the financial side of owning a business especially when it comes to the matters of the state, such as taxes. I learned a valuable lesson early on in my business and educated myself so that I wouldn’t be faced with any similar issues moving forward.

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 more one-on-one meetings and fairs with entrepreneurs would be very valuable. As a Political Science major in college, I felt that those opportunities were primarily reserved for Business majors. I also believe that school wide entrepreneurship initiatives and endeavors would be quite beneficial because I don’t believe that a person will find true happiness in their career until they are doing something that they absolutely love.

How do you deal with rejection? Dealing with rejection is something that I’ve had to deal with a few times since I started my company. You have to have a tough skin. There will be obstacles on the path to success but you will definitely become a better person and business owner because of it.

When you have down time, how do you like to spend it? I like to spend my downtime traveling, exploring new places, spending time with family and friends, reading, and watching movies.

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What was your most memorable HBCU memory? I would have to say the year I traveled with my school to the 2009 SWAC Championship in Birmingham, AL where we WON. That was one of the best weekends of my college career because the school spirit was so high. It was such an honor to be able to enjoy that moment with my friends and classmates.

In leaving is there any advice you have for budding HBCUpreneurs? Please research the market that you would like enter and see exactly where your type of business would fit into it. You will also need determine how your business with stand out among the competition. Once that is done, make it happen. Time waits for no man so create your opportunity and watch yourself prosper. You will definitely be glad that you did!

Just How Much Is Apple’s $137 Billion Cash Pile (Updated)

By William A. Foster, IV

“Cash is king.” – Unknown

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It was last July that I first did this narrative. At the time Apple, Inc. was sitting on $117 billion and has since added another $20 billion to its coffers. This has stirred a mass of controversy amongst shareholders who believe the company is simply hoarding the cash that could be put to better use.

Let’s compare the amount of Apple’s cash holdings to a few things:

If divided over all 300 million men, women, and children in America – each would receive a check for $456.67.

If divided over the 40 million men, women, and children who are African American – each would receive a check for $3 425.00 (it should be noted that coming out of the Great Recession the African American median net worth was $2 170 according to the Economic Policy Institute).

It is 4.5 times the size of Harvard’s endowment (largest HWCU endowment and largest U.S. college endowment) and 297.8 times the size of Howard’s endowment (largest HBCU endowment). In July, those numbers for Harvard and Howard were 3.7 and 216.7 times their endowments, respectively.

It is 304.4 times the size of all HBCU research budgets combined. Previously, 265.9 times the size of HBCU research budgets.

It is 9.1 times the size of Jamaica’s GDP (previously 7.8 times) and 18.6 times the size Haiti’s GDP (previously 15.9).

It is 8.6% of Africa’s entire GDP (previously 6.2%).

This is not to take any particular shot at Apple. It just happens to be the company with the largest corporate cash holdings at the time. U.S. companies last year had a record $1.45 trillion in cash sitting outside of the U.S., according to Moody’s. It is 91% of the GDP of entire Africa and larger than the buying power of African America which is currently $1.1 trillion.

We’re talking “straight cash, homey” as Randy Moss said once.

Disclaimer: There is no ownership of any of the companies mentioned in this article by myself, my business, or my family as of this article’s publishing.

The HBCUpreneur Corner – Delaware State University’s Chris Stevens & Stevens Communications & Consulting

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Name: Chris Stevens

Alma Mater: Delaware State University, Class of 2007

Business Name & Description: Stevens Communications & Consulting (stevenscommcons.com), a multi-media business specializing in assistance with writing/editing, social media management and consulting for small businesses, as well as producing an internet radio show/podcast, “All Subjects Everything.” We also have advertising space open on the show, which is $10 per week or $40 per month for anyone who wants to advertise their business/organization/event on our show.

What year did you found your company? 2012

What was the most exciting and/or fearful moment during your HBCUpreneur career? Actually just getting started. It’s been an ongoing process these first 9 months as I’ve had to re-assess everything I thought I knew about the media industry and most important of all, myself. A social introvert starting a business that thrives on interpersonal communication has been a harrowing experience, but a necessary step.

What made you want to start your own company? I worked as a sports reporter for community newspapers for 5 years and I didn’t like the direction the business was going in as well as I wanted to do my own thing and not have to answer to anyone but myself and my clients/customers. So I took the things I knew best (social media, writing, editing) and decided to strike out on my own.

Who was the most influential person/people for you during your time in college? Two professors for different reasons. Dr. Yohuru Williams, who is now at Fairfield University, and DeWayne Wickham, a syndicated columnist with USA Today, who was a scholar-in-residence at DSU for a while. Dr. Williams gave me the courage and confidence to be a student of life, just to keep learning and incorporate what you’ve learned into whatever you’re doing in life while Professor Wickham showed me how vital networking is and I’m still putting those lessons about “who you know” into practice.

How do you handle complex problems? For me, asking questions is vital. You never want to have misunderstanding or miscommunication with a client or customer, so you always ask questions to make sure you have everything tailored to their needs and if you fall short, keep trying until you get it right. My first client, I did some serious re-writing for and it was a fun and challenging experience that let me know that this wasn’t going to be easy, but it would be rewarding.

What is something you wish you had known prior to starting your company? Never a good idea to start cold. If you’re starting a business, be sure to save some money and be in a position to weather some rough times. I left my job thinking I could apply my knowledge and start off well. I’ve had some lean periods because of that, but I wouldn’t change the journey because I get to share that experience now and hopefully someone else will learn from the mistakes I’ve made.

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? Certainly one way is to show them the perils of traditional employment. You can see it everyday – people who give their all to improve someone else’s bottom line can find themselves jobless at the drop of a hat. Depending on someone else signing your check to live life is so overrated. Also, HBCUs can draw on their own history as self-starters and self-reliant institutions to foster that spirit of entrepreneurship, that it’s “in the blood,” so to speak.

How do you deal with rejection? I hate rejection in ALL facets of my life, but surprisingly, business rejection is much easier to take because I know it’s not personal. It bothers me, but the key is to keep trying. The no’s are plentiful, but the one or two acceptances you get are your chance to make an impression and set yourself up for something bigger. The key is to keep plugging away. If you believe in your vision and what you’re offering, sooner or later, people will see that and will be willing to help and take a chance on you and your business.

When you have down time how do you like to spend it? I’m always reading, I just finished up “The Warmth of Other Suns” by Isabel Wilkerson which is a phenomenal book about the Great Migration of Blacks from the South to the Midwest, East and West Coasts. I love music also, I blog about music on my personal website (chrisstevenssite.com) from time to time and I love discussing/arguing sports with just about anyone.

What was your most memorable HBCU memory? It’s hard to pinpoint just one because I’ve had so many, so I’ll just say the experience of being a part of the HBCU experience. My own good times at Del State, visiting other HBCUs while working for the Hornet newspaper, it was a special time for me and I’m proud to be a part of HBCU tradition and I will stand for Black Colleges until I can’t stand up anymore. And even then I’ll be shouting for them from my bed or wheelchair.

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In leaving is there any advice you have for budding HBCUpreneurs? A few things to note: Have a vision, be confident in that vision and go for it. You never want to spend the rest of your life wondering “Woulda, coulda, shoulda.” My mother always tells me “nothing beats a failure but a try,” so go for it. If there’s an idea that you have that you think people can benefit from and that you can execute for them, float it out there, prepare yourself for the road ahead and make it happen.

The HBCUpreneur Corner – Morgan State’s Jarrett Carter, Sr. & Carter Media Enterprises

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Name: Jarrett Carter Sr.

Alma Mater: Morgan State University, Class of 2003

Business Name & Description: Carter Media Enterprises, a new media development and consulting company with focus on coverage of African-American news and lifestyle.

What year did you found your company? 2008

What was the most exciting and/or fearful moment during your HBCUpreneur career? One of the most exciting highlights of my career thus far was the chance to give the keynote address to Hampton University’s Greer-Dawson-Wilson Student Leadership program. To take a stage at one of the nation’s most prestigious HBCUs headed by perhaps the greatest black college president in history, and to speak to students who will soon become esteemed leaders in a wide range of fields is something I will never forget. And I will be forever grateful to Hampton University for such a honor.

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What made you want to start your own company? Understanding that media was changing in a way that would give more black people a chance to have media leverage and credibility, I thought that I would bring a unique perspective to some underrepresented elements of our culture, and so I started a series of blogs focusing on HBCU news and issues, black images in mass media, and hip-hop culture from an artistic perspective. (StereotypeSquad.com and RapReservoir.com, respectively.)

Who was the most influential person/people for you during your time in college? Morgan gave me so many great role models. Among my professors was Frank Dexter Brown, the creator of YSB Magazine, Dr. Ruthe Sheffey, one of the world’s leading experts on William Shakespeare and Zora Neale Hurston, Dr. Michael Bayton, a brilliant scholar and professor of American literature, and Dr. Burney Hollis, my Dean Emeritus of the MSU College of Liberal Arts who to this day remains a source of humor, insight and inspiration as a Morgan Man. All of these people taught me, but also inspired me to think as a creator and observer, and not just as a student.

How do you handle complex problems? I talk to my wife constantly. She really is my best friend, my harshest critic, and the love of my life. Between her perspective and mine, we are frequently able to hash out solutions for difficult problems. I’m also blessed to have great mentors and friends, whom I can depend on to talk critical issues in my life, or even to have discourse on cultural problems and issues. Many times, the discourse is a good way to exercise the brain in such a way that complex personal problems often reveal simple answers.

What is something you wish you had known prior to starting your company? I wish I had established a larger network of media industry contacts and officials at schools. Hampton President William Harvey once told me that the key to running a college is to run it as a business with educational objectives. I set out to tell stories and to improve perceptions about HBCUs, but if I could do it over again, I would have managed my company to operate as a media brand with outreach objectives from Day One.

What do you believe HBCUs and colleges of the African Diaspora can do to spur more innovation and entrepreneurship with their students and the local community? – I think that if colleges and universities mandated for the major courses to examine ownership and business building, our students would have a different outlook on what it means to be a professional, a community member and philanthropist. They would approach work from what they could own one day, and not what company is most prestigious to work for. In turn, I think our alumni and supporters would buy into this concept enough to support by giving money and expertise.

How do you deal with rejection? When I first got started, not well. I would buy into the stereotype that black people were hesitant to support their own. But three years in, I understand that when you don’t have a lot of resources, and you are a great idea with low-level executions, our people are much more likely to invest in a personality and vision than they are an actual product. Paul Quinn President Michael Sorrell once told me that there’s no such thing as ‘no,’ only ‘not yet.’ I have found this to be true at a professional and personal level, if you invest a lot of time analyzing your vision and personality, and working to make those things come to the front of every approach you make in business or in life.

When you have down time how do you like to spend it? I’m a very simple guy, so I love being with my wife and two sons. Watching sports, playing video games, and reading are the ways I get away to think about new ideas, or to just take my mind off of overwhelming topics, requests or development strategies. I’ve learned that you have to incorporate time off to let your mind, body and spirit recover from fully investing in your calling. If you don’t, you can’t appreciate the work that you’re called to do, or the fact that you are called to do it.

What was your most memorable HBCU memory? Strangely enough, graduating from a PWI with my master’s in communication management. The five years it took me to finish that degree – a year and a half to do course requirements and three years to assemble a non-racist, supportive thesis committee, were the toughest times I ever encountered. Finishing the program made me realize several things – one, how much tougher it must have been for our forbearers to seek and endure integration in the throes of civil rights. Two, how spoiled I was by the HBCU experience of having faculty push and support you beyond the classroom. Three, how much harder I need to work for HBCUs to get fair representation in the media, so that they won’t have to endure potential scenarios of isolation, racism or discrimination at a PWI as they work towards college degrees.

In leaving is there any advice you have for budding HBCUpreneurs? – College is a professional development and networking haven. You are there to learn about an industry, and to find your place within it. If you aren’t a business major, take some business courses for electives, and learn all that you can through volunteering and internship about how to do a job and manage a product. Before you leave, make sure that you have incorporated an LLC, and even if you don’t know what product or service you can offer, create a business idea that can evolve into a business plan. In a down economoy, it is the person with the most creativity, the most innovation, and the one who finds a need to fill that will become wealthy, and will be able to give back to our people to build more entrepreneurship in our communities.