Tag Archives: HBCU

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!

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.

The HBCU Endowment Feature – Florida Memorial University

 

School Name: Florida Memorial University

Median Cost of Attendance: $22,032

Undergraduate Population: 1,771

Endowment Needed: $780,373,440

Analysis: Florida Memorial University needs approximately $780 million to allow all of its undergraduate students to attend debt free annually. Located in a city with 100,000 and 77 percent of the population of African descent the school is in an a unique spot. A city this size is the perfect college town size. It unfortunately is troubled as one of the nation’s highest violent crime areas. On paper the community is notably poorer but this could be a mistake of perception. There is a notable illicit market economy in Miami Gardens and so much of the wealth in the community is probably not on paper but is present. The school would be well served to find ways to engage some of these business leaders in the community. Florida Memorial is one of the forgotten HBCUs in Florida but has the potential with its geographic location and economic demography of the location to become a major endowment stout of HBCU if it engages the population and economic leaders in its area. It could also stand to expand its population by 15 percent to give itself an increased alumni base. The school’s current endowment sits in the $10-12 million range and could easily see it join the $25 million level within the decade with an aggressive capital campaign. One of the notable athletes in the area who does not have a college degree is LeBron James. The school could be well served to approach him and create a degree plan for him to obtain his degree in the off-season and thereby being able to engage him as a long-term donor. If they were able to obtain that relationship they could see themselves push for the $50-100 million level in a decade.

As always it should be noted that endowments provide a myriad of subsidies to the university for everything from scholarship, faculty & administration salaries, research, and much more.

2011’s Top 20 HBCU Research Institutions

                       HBCU                                                           Research Expenditures

  1. Jackson State University                      $42.7 million
  2.  Howard University                               $36.4 million
  3.  Meharry Medical College                    $34.2 million
  4.  North Carolina A&T University         $28.8 million
  5.  Morehouse School of Medicine          $27.1 million
  6.  Florida A&M University                      $24.0 million
  7.  Hampton University                             $21.1 million
  8.  University of the Virgin Islands         $18.1 million
  9.  Tuskegee University                             $15.0 million
  10.  Morgan State University                     $12.3 million
  11.  Tennessee State University                $12.1 million
  12.  Alcorn State University                       $11.7 million
  13.  Prairie View A&M University            $10.8 million
  14.  Alabama A&M University                  $9.0 million
  15.  Virginia State University                    $8.3 million
  16.  Delaware State University                 $8.1 million
  17.  Norfolk State University                    $7.9 million
  18.  South Carolina State University       $7.6 million
  19.  Clark Atlanta University                    $7.5 million
  20.  University of Arkansas-Pine Bluff    $7.2 million

COMBINED TOTAL                                      $349.9 million
Additional Notes:

The Top 20 HBCU Research Institutions comprise 78% of ALL HBCU Research.
ALL HBCU Research Expenditures COMBINED TOTAL $448.2 million
The Top 20 HWCU Research Expenditures COMBINED TOTAL $16.4 billion Top 20 average HWCU – $820 million vs. Top 20 average HBCU – $17.5 million

Source: National Science Foundation

2010’s Top 10 HBCU Endowments

Our inaugural list of the top 10 HBCU Endowments and their investment returns.

Don’t see your HBCU in the top 10? DONATE.

Endowment (in millions) l Investment Return %

1. Howard University

$399,678 l 9.6%

2. Spelman College

$295,220 l 3.5%

3. Hampton University 

$212,712 l 10.0%

4. Florida A&M University

$96,154 l 9.6%

5. Meharry Medical College

$90,569 l 20.5%

6. Tuskegee University

$86,117 l 18.6%

7. Johnson C. Smith University

$45,190 l 21.6%

8. Bethune Cookman University

$34,035 l 12.1%

9. Tennessee State University

$31,212 l 7.9%

10. Texas Southern University

$29,767 l 2.6%

Take a look at how an endowment works. Not only scholarships but research, recruiting talented faculty & students, faculty salaries, and a host of other things can be paid for through a strong endowment. It ultimately is the lifeblood of a college or university.

Additional Notes:
NACUBO Average Endowment – $408 million (8.4%)
NACUBO Median Endowment – $74 million (7.4%)
Top 10 HWCU Endowments combined – $120 billion
Top 10 HBCU Endowments combined – $1.3 billion
Source: National Association of College & University Business Officers