Here is an opportunity to listen to one of the best intellectual minds of emcees in today’s hip-hop culture. His music is incredible. The message within the music stands even greater. Notice his acknowledgement that entrepreneurship in the community is of mass importance. Take heed.
Category entrepreneurship
Tired of making everyone else wealthy
In elementary school, my teachers would guess at what my future career would be. Would I be a lawyer? Or perhaps a teacher? In middle school, I dreamed of being a news anchor thanks to an amazing project in a 7th grade English course. Throughout high school, I pictured myself going to law school as I studied court cases and legal history within Bay View High School’s “Pre-Law” program.
During my early years in college at the University of Wisconsin-Parkside (located in Kenosha, WI), I never once thought of owning my own business. I can recall several meetings with different advisors about my career direction. I was studying English for two years without officially choosing a major. I remember having a conversation with an attractive African American woman who encouraged me to step into the classroom as an English teacher. I didn’t think about entrepreneurship until I graduated from Tennessee State University. Of the mass amount of teachers and professors I have learned from, no one had ever sat me down and discussed with me the probability of entrepreneurship. I know I’m not the only 29-year old male to look back and realize this.
The problem with our society mirrors my reflection. Why don’t we teach students how to create products and services as future business leaders? America is a society that teaches its citizen how to buy and how to become consumers. That’s why this country has begun to trail other countries in terms of innovation, creativity, exports, etc. If I would have been aware of the importance of production and invention, I would have taken my science, writing, wood shop, public speaking, and other courses more seriously. Those who can create have a comparative advantage over others. Economists consistently claim that small businesses fuel this global economy. Accordingly, Starbucks has raised millions to increase the number of small businesses in America. Afrocentric organizations advocate small business ownership. But there is no one that teaches us, Black Americans, how to own our own companies. How do we start a company? How do we grow a company? And how do we sustain business success?
Realizing my past errors, I thought I would learn entrepreneurship through a MBA program. To summarize a long story, that didn’t work. I learned more about entrepreneurship through my own private readings and study than any business course I had completed. Furthermore, I didn’t want to learn how to be a successful mid-manger earning a respectable yearly salary. I desired to know how to own and run my own business. Observational learning is real. Our kids deserve and need to see Black or minority ownership. They need these observations so they know they can do it too.
If we invest our talents and knowledge to lead kids towards business ownership, Black Americans’ future may dramatically change. This idea applies to adults as well. It’s never too late to learn, to mature, or to become an entrepreneur. Part of my responsibility to my Black community is to learn and teach others about entrepreneurship. We must take responsibility for our future. They (whomever they is) don’t care about us. We are responsible and accountable for Black America’s progress.
Building wealth
Today, I am writing my life away. I say “writing my life away” with slight sarcasm. Actually, I am writing to find a way. I am discovering my niche in life, those opportunities destined for me and my DNA. Writing for me is a therapy session, whether it is blogging, song-writing, or academic production. I throughly enjoy writing; it allows me to reflect. My point… If anyone, and I mean ANYONE, in this country, heck, in this universe, thinks or assumes that a single person can build wealth or gain prosperity by working a job or multiple jobs, he or she is DEAD WRONG. Let me clarify. No individual can become wealthy by simply working a job, a career, a trade, or vocation. Working for someone else may make you rich a la Shaquille O’Neal, basketball legend; however, there is a distinct difference between rich and wealth. Shaq is rich. The guy that writes Shaq’s checks is wealthy. Wealth can be passed down from generation to generation. With proper management and care, wealth can be infinite. How can the average Joe or Jane make it to wealth? Read, read, read. Explore, explore, explore. Discover the areas in your life that you wholeheartedly enjoy, and research your talents. Brainstorm the ways you can earn multiple streams of income by doing what you love. Do you love dogs? Why not start a dog grooming business? Or a dog exercise program for neighborhood pets? For example, there are a growing number of individuals who love working from home. Thus, they start a business from home, a low start up cost, employing only themselves and offer various services to different businesses while working from their own living room. They save on transportation costs. They buy their own insurance for self-employed individuals which may be a better fit for individually than company insurance. They are happier, because they are doing what they love to do. They are healthier, because they have time to exercise and cook home-cooked meals. They have time to explore their other talents and interests. They begin generating multiple streams of $$$. They have time to meditate and pray thus stabilizing their mental health. Being healthy and stress-free, they are able to generate several more $$$ making ideas. They have time to write books, thus creating more $$$. They accept speaking engagements, generating more $$$ in the process. They have time to blog, thus generating advertising $$$. They may have a specialty in advertising or accounting, and they offer those services on a part-time basis to several companies as a consultant, giving the individual homeowner flexibility to enjoy life, and make a lot of money. Sounds like a lot of work? Possibly. But if you truly (TRULY) love what you do, then there is no work. Key note, in the aforementioned example, that individual whom started their own business benefits from tax benefits for small business owners. Common expenses for the home office can be deducted. Nice. And if they are married, which they probably are because they are so happy and personable, they reap more tax benefits. Think about it. Working for Sam’s Club, Ernst & Young, or a school district, may be alright financially, but for long term wealth and happiness (enjoyment) find your niche and create multiple outlets to build wealth and health. Go check out Chris Guillebeau, author of The Art of Non-Conformity, at the following link: http://chrisguillebeau.com/3×5/.
BECOMING A BUSINESS OWNER PART II
What are your options towards small business ownership? First, read as much as possible about starting and maintaining a business. It does not have to be expensive to start a business. This website is a business. It cost me about $60 to start this website for two years. I spend more than that in developing this website, but that is a low expense. I advertise on Facebook for about $3.00 a day. I write on other blogs, Twitter, and email potential readers frequently. I participate in affliliate advertising programs through Amazon and Commission Junction to generate advertising dollars. This is passive income. Additionally, I am creating more business opportunities for myself and my family. Secondly, subcribe to Entrepreneur.com. You need that magazine and other publication that will help develop your business and creative senses. Creativity is key, because ideas generate opportunities for personal and financial growth. Selling a product may be too hard if it is a physical product. Products of information hold higher value because YOU had to put a lot of time in writing a book, blog, e-book, song, poem, etc., and it is extremely hard to duplicate someone’s thoughts, ideas, writing tone, etc. Lastly, look at ways to generate multiple streams of income. What are your talents? What are your passions? What can you talk about in detail moreso than the average American? Is there a problem you know how to solve that others would benefit from? What is your niche? What would you do for FREE if money were not an issue? Answering these questions involves soul searching and requires intrapersonal awareness and intelligence. Write a book. Substitute teach. Sell Avon. Work somewhere part-time that gives you pay and possibly benefits, and allows you flexibility to work on your other projects. Mow lawns. Save some $ and look at some low cost franchises you could invest in. There are various profitable cleaning businesses you could buy for CHEAP. Instead of looking for someone to give you a job, be a true Black Scholar and entrepreneur by CREATING YOUR OWN JOB. Think about it.
Becoming a business owner
For my Black Scholars out there, it doesn’t take much to start a small business. Why should you bother? Well, are you being offered a well paying, flexible hours, opportunity-to-grow job, vocation, or career? Are you afraid that you need a job with benefits because you have love ones to help insure? Take it from me, insurance can be purchased and possibly for a better price that fits you. When you go through a company for benefits, you have limited options including pricing. Family insurance for myself, wife, and kid, is a ridiculous amount taken out of my paycheck every pay day. Secondly, every position you see online through career sites like careerbuilder.com, means that a thousand + people have seen and applied to the same position. If everyone is simply sending in a resume, references, and a cover letter, what makes YOU stand out? You have a great GPA? You belong to this social organization? You led your football team to a winning record? Who cares? These corporations and companies certainly do not. This is not a job seeker’s market. This is a business owner’s market. Companies are being more selective than ever in choosing whom to hire. The process is slower than ever. I had to wait months to be declined a position with The New Teacher Project, based out of New York (their lost). You have Americans with graduate degrees making about $10 a hour. And for those salaried folks, you have highly educated professionals making $12-$15 in actual take-home pay. It is virtually impossible to build wealth, and escape a paycheck-to-paycheck mentality and lifestyle by simply working one full-time job. So why are YOU and so many people like YOU spending so much time sending in resumes and filling out applications. I personally hate filling out job applications. They ask too much irrelevant information. They want you to identify your race, which is not important to performing a job. In cities like Milwaukee or Minneapolis where Black males face the highest unemployment rate in the entire country, that may NOT be a good idea. So why are you continuing to participate in the rat race? Oh, I get it. You have bills. You have expenses. You have needs. We all do. I am not saying don’t apply for new positions. I am saying apply for new positions in a creative way, and look for opportunities to become a small business owner.
Rich getting richer, poor staying poor
First, here is a qualifier. By poor, I am referring to the middle-class, working middle-class, working poor, unemployed poor, and homeless. CNN reports that the earnings of those citizens considered rich has continuously risen since 1917. This has occurred while the median income of those who are not rich, a la the middle class, has been stagnant. If you take a look at the article, the graph is astounding to say the least. Since 1917, the average income of those considered rich has risen from over 100 thousand per year to over 500 thousand per year. My overwhelming burden purports how do we (African Americans and minorities) get to that status? Why do we have to settle? I understand that money is not everything. In fact, it is nothing. It is thinly printed paper that can be easily destroyed. However, it provides options in this country: a better option to health care, transportation, housing, clothing, travel, and those staples we love like a daily hot cup of green tea late’ from Starbucks. So in this country, money makes the world go round. For all of my spiritual readers, I agree that God makes the world go round, but even this country’s most powerful denominations and congregations operate on plenty of money. Key fact: the richest 1% of Americans, those making at least $380K, has seen their earnings grow 33% over the last 20 years. Wow. That is an amazing fact. I believe that globalization plays a major fact in this statement. Those with expertise in financial services, technology, entertainment, and media tend to be able to reach those rich earnings leaving the “working” man behind. Additionally, those with more income naturally have more disposable income to spend annually. A lot of those citizens invest in the S&P 500, which has grown 1300% since 1970. The parents of these citizens explicitly taught and modeled how to invest in stocks. Those from middle-class lack that financial guidance throughout their childhood or adolescent. Like many middle-class citizens, I lack the patience or confidence in the investment system. For example if you make $40K a year and have a disposable income of about $8 grand per year, will you actually use that to invest in the stock market, bonds, mutual funds, etc.? No. Many middle-class Americans ignore the stock system because of the historic crashes that Wall Street has endured over the years. We, middle-class Americans, tried to make money through the real estate market. I do not have specific numbers, but ask current homeowners and those with rental property how much they owe on those properties versus how much those properties are worth. And you will discover that most mortgages are under water. Meaning, those properties are not worth anything, because the owners owe more on them than they are worth. What is the resolution to this epidemic dilemma? Ownership. The property values will eventually rise. Building assets slowly will be the best way to reach the top percentages of earnings. And that includes going into business for yourself. There is nothing wrong with being an employee. However, there are a lot of businesses that can be viable with part-time hours. For example, you should consider starting a lawn mowing service in your local community. All you need is a lawn mower, time, and a good personality. Customer service always rules in the land of business. Explore Entrepreneur.com to see possible franchise opportunities. Signing out, Black Scholar.
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