All Articles Tagged "black enterprise"
From Black Enterprise
Despite the difficult economic climate during the recent recession, women-owned businesses performed just as well as men-owned businesses during the period 2007 – 2010, and in many cases outperformed their peers.
However, in [this] newly released analysis by the National Women’s Business Council (NWBC), the data demonstrates women-owned businesses tend to struggle with some of the key obstacles in growing their businesses.
Executive Director of NWBC, Anie Borja, stated “[This data is] some of the most concrete evidence that women-owned businesses can be successful, but do face different struggles than their male counterparts with regards to business performance, revenue distribution and industry participation.”
Additional takeaways from the study include:
-Making more than 100K matters. Across all race and ethnicity groups, businesses earning less than 100K were more likely to die than those earning more than 100K. While there is still some disparity in performance at higher revenue levels, overall all race and ethnicity groups that struggled more in lower revenue levels do better in higher revenue levels, with African American women standing out in their expansion rates.
For more on the state of women entrepreneurs, click through to BlackEnterprise.com.
From Black Enterprise
In the third week of our Small Business University program, President and CEO of Vanguarde Consulting Group Derrick Bernard Webster, will discuss competitors in the marketplace and how to establish competitive pricing for a product or service. This session will also explore the best online networks for promoting a small business.
If you want to grow your business, visit Bernard and earn points towards prizes by answering questions about his presentations this week at Blackenterprise.com/SBU.
Class is now in session Black Enterprise Family!
Read more at BlackEnterprise.com
Black Enterprise magazine has teamed up with AARP, which represents the interests of 37 million seniors, to create the Black Enterprise Small Business University. This is a four-week, online video course that will offer expert advice to entrepreneurs looking to start and grow small businesses.
The University launched Monday with “Crowdfunding and the Future of Small Business.” The university aims to assist entrepreneurs in three different stages of business development: the start-up, the part-time entrepreneur, and those with an already established businesses.
“Many Americans dream of owning their own business, sometimes as a second or third career, and using their creative talents to do productive work that also helps them gain economic stability,” said Edna Kane-Williams, AARP Vice President, Multicultural Markets and Engagement. “AARP looks forwards to collaborating with Black Enterprise to provide valuable resources and information that will help strengthen small businesses and encourage more entrepreneurs to reimagine their careers.”
The university will consist of three original video tutorials per week featuring a team of rotating business, marketing, branding and technology experts including “SmallBizLady” Melinda Emerson; Vanguarde Consulting Group CEO Derrick Webster; and Alfred Edmond Jr., SVP/Multimedia Editor at Large of Black Enterprise. Others including members of the Black Enterprise editorial team will be available to students via Twitter chats to answer questions and provide additional resources.
“Over the past five years, Small Business University has become one of our most popular multimedia offerings at BlackEnterprise.com,” says Edmond, who produced the first series of Black Enterprise SBU videos in 2009 as Editor-in-Chief of BlackEnterprise.com. “Partnering with AARP to help new and aspiring entrepreneurs, including those who are pursuing business ownership as a new chapter of their work lives after a career of working for employers other than themselves, is a major opportunity for us to promote both entrepreneurial and financial success.”
Many seniors are turning to the web not only to boost their education but also as a way to remain mentally sharp. “As the nation’s population grows older, experts say programs like University Without Walls help engage seniors’ minds and expand their social network by giving them something stimulating to do — factors helpful in diminishing the onset of depression, dementia and other ailments,” reports USA Today.
[h/t Target Market News]
On the heels of their new product announcements, Apple is coming under heat from civil rights activist Al Sharpton.
The Washington Times reports that during a radio broadcast making the rounds on YouTube Sharpton suggests that Apple is too white and needs to add some black faces to executive-level positions.
“[There are] no blacks on the board of Apple,” Sharpton said on conservative blogger Brian Maloney’s “Radio Equalizer” broadcast. “We buying up all this Apple stuff and can’t get a bite.”
Sharpton is also heard on the broadcast saying: “Ah, now today the iPhone comes out … that is, of course, produced by Apple and Apple is one of those companies — I mean, we do a tremendous amount of business in our community with Apple, yet we’re not on their boards and there is no evidence they do a lot of advertising or a lot of contracting in our community.”
Also on the show was businessman Earl Graves Jr., whose father founded Black Enterprise magazine. Graves has run the magazine since 2006.
“They have no African-American directors in the company. They do little to no spending in African-American media,” Graves added. “They do little to no spending with procurement with African-American firms… The corporation in the executive rank looks like the Himalayas — the higher you go the whiter it gets.”
This is not the first time Sharpton, who critics accuse of shaking down companies with few minorities in leadership roles, has called out major firms for their lack of diversity. And sometimes, it was Sharpton who came under fire. “In 2006, he was accused of drumming up racial boycotts against several large companies unless they paid cash to his National Action Network nonprofit,” reports the newspaper. Sharpton denied the accusations. The U.S. Attorney’s Office in Brooklyn however launched an investigation into the matter.
And in 2003, Sharpton staged a rally at a DaimlerChrysler Chicago auto show and threatened to boycott the company. He accused executives of racial bias in car loans.
We should applaud that 70 percent of the nation’s biggest corporations seat powerful African-American business leaders, but Black Enterprise laments in a new report that there are still 75 corporations — out of America’s top 250 largest companies — that lack Black representation among their board of directors.
“These days, corporations that don’t have black directors on their boards are operating in the Stone Age of business,” Black Enterprise said—calling out Yahoo, Google, Gap, Banana Republic and 71 other corporations without people of color. With African-American spending power emerging at full-force in the consumer market, a board member who directly comprehends the needs of black consumers is crucial.
In a new exclusive list compiled by Black Enterprise, called “Registry of Corporate Directors,” 177 African-American board directors are highlighted for “making contributions as some of the nation’s most powerful guardians of shareholder value.”
Besides putting the spotlight on the nation’s highest-seated African-Americans in corporate America, Black Enterprise puts emphasis on the fact that board directors serve to recruit CEOs. As MN has reported before, “minorities on their boards are more likely to be open to diversity in top leadership positions.”
The registry could not have come at a better time as research from the Alliance for Board Diversity discovered that board members are “becoming whiter”:
[I]n 2010 white men held 74.5% of board seats on the 500 largest publicly traded companies versus 5.7% for African American men and 1.9% for African American women. By 2012, the percentage of African American male directors slid to 5.5%, while the percentage of African American female directors remained flat.
While Black Enterprise features the most powerful African-Americans in corporate America, such as Mellody Hobson, who serves on the boards of Estee Lauder and Starbucks and CEO Clarence Otis, a director for Verizon Communications, it’s still alarming that 30 percent of the nation’s top corporations do not have African-Americans seated in their boardroom meetings.
“[M]any of these companies enjoy tremendous market share from African American consumers,” said Earl “Butch” Graves Jr., Black Enterprise’s CEO. “As corporate directors and shareholders of our nation’s largest companies, it is our collective responsibility to hold corporate America accountable and ensure that African Americans are never marginalized or overlooked.”
From Black Enterprise
Companies of all shapes and sizes are now facing higher levels of uncertainty and considerably fewer resources to spend on even top-priority initiatives. The result has been a growing significance of a certain type of employee: dynamic, consistently effective, endlessly useful, and enjoyable to work with.
These people can be hard to spot in advance, but when you have one working for you, you know it right away. At ReWork, we’ve found that these indispensable employees tend to share eight common traits. Here they are, along with some advice on how you can uncover them.
The ability to (quickly) find, unlock, and mobilize resources (i.e. money, expertise, skills, support) in order to plan, pivot, evaluate, execute, or scale a project.
The information age has been upon us for sometime now. Anything we could ever hope to know is at our fingertips, including best practices, trouble-shooting guides, top-10 lists, and the Twitter handles of people who are far more experienced than we are. But not everyone can access this information equally. Most are still overwhelmed in this sea of knowledge.
For more on this topic, click through to Black Enterprise.
From Black Enterprise
According to the Graduate Management Admission Council (GMAC) women represent 31% of the population among the top business schools in this country. Even though this is great, the number of Black women pursuing their MBA degree is significantly less.
As we consider pursing a Graduate degree, particularly an MBA, it is important that you connect with individuals who have similar interest and goals. How can this be achieved? Networking is not only essential, but a vital part of the professional relationships that you should establish. In the process, forming an alliance with an Educational mentor may help you as you institute guidelines and assist to escape some of the unforeseen pitfalls that can exist as you progress on this journey.
For more about whether you should pursue that MBA degree that you’ve been thinking about, click through to BlackEnterprise.com.
Companies, big and small are on the list, which ranks America’s 100 largest black-owned industrial/service companies, 60 automobile dealers, as well as the top advertising agencies, banks, asset managers, investment banks and private equity firms.
Black businesses have grown over the years, as evidenced by the list. The first time Black Enterprise compiled its “Top 100″ in 1973, the combined sales for the 100 component companies totaled $473 million. The top 100 African American industrial/service companies grossed more than $19.1 billion in 2012 and employed 53,866 people in 2012.
“Our report on the largest African American-owned businesses in the U.S. highlights the achievements of intrepid entrepreneurs at the helms of top-flight organizations, while providing the most significant barometer of the progress of African Americans as business leaders and producers, not just consumers and laborers, in the global economy,” said Black Enterprise Senior VP/Editor-in-Chief Derek T. Dingle in a press statement.
There have been some struggles, however, especially in the automotive industry. According to the list, the 60 largest black-owned auto dealers generated an additional $7.2 billion in revenues and employed 8,415 people in 2012. “However, despite the rebound of the domestic auto industry, the number of black-owned auto dealerships has yet to return to the levels prior to the beginning of the Great Recession in 2008, when Black Enterprise ranked the top 100 largest dealerships,” according to a press release.
“The comeback of the American auto industry is a healthy and welcome development for our nation’s economy,” said Black Enterprise Chairman and Publisher Earl Graves Sr. “However, until the way is made clear for more African Americans to own dealerships, at least in proportion to their representation before the recession, the recovery of the auto industry is far from complete.”
Here are some highlights from the list:
Industrial/Service Company of the Year: Hightowers Petroleum, Middletown, OH; CEO, Stephen L. Hightower. Business: Petroleum Products Distribution
Auto Dealer of the Year: March Hodge Automotive Group, Tampa, FL; CEOs, Anthony March, Ernest Hodge. Business: Retail sales for automakers including Mazda, Toyota, Honda, Jaguar, Volvo, Volkswagen, Nissan, Infinity, Land Rover
Financial Services Company of the Year: Vista Equity Partners, San Francisco, CA; CEO, Robert F. Smith. Business: Private Equity (focus on technology)
Advertising Agency of the Year: Walton Isaacson, Los Angeles, CA; CEOs, Aaron Walton/Cory.
From Black Enterprise
Four of New York City’s five Democratic mayoral contenders on Tuesday struck a conciliatory tone on a wide range of economic issues concerning the minority business community, including the management and fair dispersal of nearly $17 billion in procurement contracts, as well as access to better health care, living wages and jobs at a economic candidate’s forum in Harlem.
Made up of some of New York’s most powerful minority firms and entrepreneurs, the newly-formed New York Real Estate Chamber hosted the forum, an opportunity some board members said to assuage years of neglect resulting in an economic situation the candidate Bill de Blasio called “unsustainably unequal.”
Tuesday morning’s forum was held just one day after a federal judge ruled that the NYPD’s “stop and frisk” policies unconstitutionally discriminated on the basis of race. Citing that the department had been “deliberately indifferent” to its wrongdoing, U.S. District Judge Shira Scheindlin ordered a federal monitor preside over departmental reform related to its policing.
For more about what the candidates say they have planned for minority- and women-owned businesses, click through to Black Enterprise.
From Black Enterprise
It’s getting harder to find a job in this economy, so many adults are heading for their nearest college campus to increase their chances of career advancement or change their careers altogether. If you’re going back to school this Fall, you’re most likely looking for ways to reduce costs as much as possible. One way to do this is by taking advantage of educational tax breaks. Two popular tax-relief options are the American Opportunity Tax Credit and the Lifetime Learning Tax Credit. Here’s a breakdown of the qualifications for these credits and what each provides…
For more information about tax breaks for college students, click through to Black Enterprise.