As most small business owners who attended the Minority Business Development Agency’s MED Week knows, in the end, it’s all about the money—access to contracting dollars and the capital required to perform. To conclude last week’s conference, entrepreneurs were given one-on-one and group opportunities to learn about government, traditional and alternative sources of financing.
Category: finances
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Black CEO says that the MBA is Worthless
Filed under: Personal Finance, Careers, Dr. Boyce Money
I don’t have an MBA, and I’ve never wanted one. I earned several masters degrees and a PhD, but I never found the MBA to be a good investment when it came to actually understanding what I needed to do with my career. But unlike many of my friends, I wasn’t headed to Corporate America. Instead, I wanted to be a professor and entrepreneur, neither of which requires an MBA.
My brother Lawrence is also getting an MBA from Cornell University, but he doesn’t want a job. Instead, he wants to utilize the network of the university to build his own business. I agree with this philosophy, since ownership is the key to building black wealth in America. Understanding business from all angles is critical to running a top notch organization.
What is surprising, however, is that there are some captains of corporate America who are starting to question the value of an MBA when attempting to reach your goals. Mind you, this does not imply that the MBA cannot be an important piece of your long-term career plan, but it says that the MBA might not be enough.
What is underemphasized by many who attempt to climb the corporate ladder is the necessity to learn the intangibles that come with corporate success. Fenorris Pearson, CEO of Global Consumer Innovation, Inc., argues that playing the game at the top of corporate America involves a set of skills that are not taught in a typical MBA program. Instead, Pearson believes that things like managing your peers and forging the right alliances can be critical to corporate success.
In his new venture, called “The Corporate Climb,” Pearson lays out strategies he learned during his years as a Vice President of Global Consumer Innovation for Dell. He explains that having the credentials is only the beginning when it comes to managing life at the top. An MBA can open doors, but you must have quite a few additional skills to walk through the doors that have been opened.
As someone who has taught MBA students for over a decade, I can also testify that the MBA should only be one piece of your long-term career building plan. This expensive piece of merchandise will only give you top value if you use it in the proper way. At the same time, I advise all of my business school students to get an MBA eventually, since you need all the advantages you can get. Based on my experience teaching MBA students, here are some quick thoughts on the value of the MBA.
1) The MBA is important: Some kind of post-secondary education is highly recommended for most college students, especially those majoring in business. You shouldn’t just go to college: you should be at the top of your class and get as much education as you can. Mediocrity should not be on your agenda.
2) You have to supplement the MBA with work experience: Just having the degree doesn’t mean that companies are going to come banging down your door. You have to do internships and find other valuable experience which will help you convince your employer that you can add to the bottom line. All the credentials in the world are not nearly as valuable to a company as a person who knows how to “make it rain” financially.
3) The MBA is expensive: Many schools simply sell MBAs, meaning that if you pay a massive amount of tuition, you are probably going to get the degree. The average price of an MBA has spiraled to over $100,000 and now serves as a major money maker for most business schools. So, if you make this investment, make sure you are getting what you expect on the back end: more job opportunities and a salary high enough to pay off your student loans. If the investment pays off, then this can be a solid career move.
4) Make sure your school helps you to find a job: The quality of the career placement center is incredibly important. If the school can’t place its graduates into high salary positions, then you may find yourself disgruntled.
5) Don’t leave your fate in anyone else’s hands: The National Black MBA Association and other organizations hold networking conferences which can allow you to find opportunities for yourself. Do not be afraid to use these resources. You have to pound the pavement and create your own luck. Don’t let anyone take control of your future.
6) Consider owning your own ship: Remember that the key to financial, social and psychological freedom is to own something. Black entrepreneurship is incredibly important to our community and your corporate experience can be a good foundation for you to own your own business. So, as you build your career in corporate America, don’t be afraid to create your own job via entrepreneurship. It might be the most rewarding decision you ever make.
Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of “Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good.” To have Dr. Boyce commentary delivered to your email, please click here.
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Social Security Checks Will Shrink
WASHINGTON ? Millions of older people face shrinking Social Security checks next year, the first time in a generation that payments would not rise.
The trustees who oversee Social Security are projecting there won’t be a cost of living adjustment (COLA) for the next two years. That hasn’t happened since automatic increases were adopted in 1975.
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Venus, Serena to Own Part of Miami Dolphins
Venus and Serena Williams have found a new sport: pro football. The tennis-playing sisters will become the latest celebrities to own a stake in the Miami Dolphins, a person familiar with the deal said Wednesday. The person didn’t want to be identified because the team plans an announcement Tuesday.
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Why Allen Iverson Can’t Get a Job
Filed under: Celebrity News, Dr. Boyce Money
The NBA and NFL are fickle places. We forget that professional sports is more of a business than anything else, and the truth is that team owners love to manipulate our emotions for their profitability: they get citizens to support and pay for sports stadiums that their local governments can’t afford, companies spend thousands on box seats that aren’t worth very much and we drop hundreds in one night taking our family out to see a game. That’s all fine and good.
There’s the other angle of sports that might seem confusing to some, which is why a guy like Allen Iverson is still sitting around without a job. He’s worked hard year in, year out and has been a productive player for most of his teams of the past, so many people are wondering why he’s still sitting on the sidelines. Added to this list are other high quality, yet jobless, veterans in the NFL: Edgerrin James, Marvin Harrison and Derrick Brooks. All of these guys have been worth their weight in platinum as they’ve built amazing careers in professional sports. Here are a few reasons these guys might be not be playing this season or ever again.
1) We all get old. When a player gets an established name, its easy to believe that they are invincible. Many of us suffered through the last clumsy years of Michael Jordan’s NBA career, and we’ve seen Shaq turn into a bloated shadow of himself. It breaks your heart, as we all once saw these athletes display nothing less than pure dominance. Many of the vets I’ve mentioned, including Iverson, are simply not young guys anymore (Allen is now 34). The problem is that they have the performance and salary expectations of superstars, pricing them out of most opportunities. An NBA athlete is nothing but a commodity to most teams, and human beings are a perishable commodity at that.
http://xml.channel.aol.com/xmlpublisher/fetch.v2.xml?option=expand_relative_urls&dataUrlNodes=uiConfig,feedConfig,localizationConfig,entry&id=702630&pid=702629&uts=1251304227http://www.aolcdn.com/ke/media_gallery/v1/ke_media_gallery_wrapper.swfAllen Iverson PhotosAllen Iverson #3 of the Denver Nuggets looks on against the San Antonio Spurs in Game Three of the Western Conference Quarterfinals during the 2007 NBA Playoffs on April 28, 2007 in Denver, Colorado. The Spurs won 96-91. (Photo by Garrett Ellwood/NBAE via Getty Images)Getty ImagesAllen Iverson Photos
Allen Iverson #3 of the Denver Nuggets looks on against the San Antonio Spurs in Game Three of the Western Conference Quarterfinals during the 2007 NBA Playoffs on April 28, 2007 in Denver, Colorado. The Spurs won 96-91. (Photo by Garrett Ellwood/NBAE via Getty Images)
Guard Allen Iverson #3 of the Denver Nuggets during the final minutes of play against the San Antonio Spurs in Game Five of the Western Conference Quarterfinals during the 2007 NBA Playoffs at AT&T Center on May 2, 2007 in San Antonio, Texas. The Spurs defeated the Nuggets 93-78 and win the series 4-1. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Ronald Martinez/Getty Images)
Allen Iverson Reebok Presents Allen Iverson’s 10 Years In The NBA Party Canal Room New York, New York United States October 17, 2005 Photo by Johnny Nunez/WireImage.com
Allen Iverson #3 of the Denver Nuggets drives to the basket as Devin Harris #34 of the Dallas Mavericks falls victim to a pick by Marcus Camby #23 of the Nuggets as the Nuggets defeated the Mavericks 75-71 during NBA action at the Pepsi Center on April 6, 2007 in Denver, Colorado. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Doug Pensinger/Getty Images)
EAST RUTHERFORD, NJ – MARCH 20: Allen Iverson #3 of the Denver Nuggets stretches prior to their game against the New Jersey Nets at the Continental Airlines Arena March 20, 2007 in East Rutherford, New Jersey. (Photo by Jesse D. Garrabrant/NBAE via Getty Images)
2) When it comes to pricing, everything is relative. People always wonder how great players are cut by their teams. Well, it’s all a matter of the player’s value relative to their price. If an All-Star is hired for $10 million dollars per year and gives an $8 million dollar performance, that individual needs to be cut from the team. Older NFL vets typically end up taking league minimum salaries and getting one-year contracts. The truth is that the value of an investment is not determined by the value of the commodity. A good investment is something with a price that is less than its intrinsic value.
3) It’s the leadership stupid. Dr. Deborah Stroman, an expert on sports and leadership at The University of North Carolina at Chapel Hill, had this to say about unsigned free agents. “Money is only one aspect of a good veteran not being picked up by a team. The other factor is leadership. If the organization is trying to develop new leaders, the coach and/or general manager will not gamble the new leader’s development and team chemistry with the introduction of a veteran leader.”
4) Pro sports isn’t what it’s cracked up to be. I can’t tell you how many NFL vets I’ve met who’ve entered their 40s with the bodies of old men. I wouldn’t wish the life of an NFL player on my worst enemy, as the dreams of riches and power are slammed by the reality of pain killers, short contracts, financial insecurity and league minimums. Personally, if I were going into professional sports, I would enter the field as an agent or owner, not as an athlete.
5) Are you still worth the trouble? Dennis Rodman, once one of the most “interesting” characters in all of sports, never had trouble finding a new team because he was an amazing rebounder. Once Rodman got a little older, he went from being exceptional on the boards to being just “pretty good.” Well, for all the trouble Rodman brought to the table, he was no longer worth the risk and unable to find a place to lay his sneakers.
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Dr. Boyce Watkins is a Distinguished Scholar with the Barbara Jordan Institute for Policy Research. To have Dr. Boyce commentary delivered directly to your email, please click here.
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Michael Jackson: Murder, Money, Medicine and Mayhem
Filed under: Celebrity News, Dr. Boyce Money
I was as shocked as anyone to see that Michael Jackson’s death was ruled a homicide by the coroner. While we all figured out that the drugs killed him, an accidental overdose is certainly not the same as negligence on the part of a physician. It turns out that Dr. Conrad Murray, Michael Jackson’s physician, may have displayed a deadly combination of both unethical behavior and serious incompetence. At least that’s how things are shaping up.
There is the broader issue of money. We all know that Michael Jackson paid Dr. Murray $150,000 per month to get him the drugs he needed. That’s a lot of money to turn down, so even if we are disgusted by what Murray did, most of us can understand the temptation. There is also the added fact that Michael Jackson, a larger than life celebrity, is begging you for drugs that are available with the stroke of a pen. That would make anyone do a double-take.
There is a clear risk/return trade-off here, in which Murray was being asked to do something illegal in exchange for a great deal of money. Some of us can understand how a doctor with money problems might be tempted to take some extra cash to give away access to his stash of dope. After all, Jackson was the one asking for the drugs, so should he be held responsible for any of these outcomes?
http://xml.channel.aol.com/xmlpublisher/fetch.v2.xml?option=expand_relative_urls&dataUrlNodes=uiConfig,feedConfig,localizationConfig,entry&id=702899&pid=702898&uts=1251310747http://www.aolcdn.com/ke/media_gallery/v1/ke_media_gallery_wrapper.swfJackson Murder InvestigationLOS ANGELES – JUNE 25: (FILE PHOTO) Media and fans gather outside the home of pop star Michael Jackson on the 100 block of Carolwood Drive after his death on June 25, 2009 in Los Angeles, California. According to Reports, after almost two months, The Los Angeles County coroner has ruled the death of Michael Jackson as a homicide due to a fatal combination of drugs. (Photo by Ringo H.W. Chiu/Getty Images)Getty ImagesGetty Images North AmericaThe Jackson Investigation
Josh Madden (C) poses with Dee and Ricky at the “Michael Jackson: The Remix Suite 1” album release party at The Eldridge on August 25, 2009 in New York City. “Michael Jackson: The Remix Suite 1” Album Release Party The Eldridge New York, NY United States August 25, 2009 Photo by Johnny Nunez/WireImage.com To license this image (58175439), contact WireImage.com
Johnny Nunez/WireImage.com
LOS ANGELES – JUNE 25: (FILE PHOTO) Media and fans gather outside the home of pop star Michael Jackson on the 100 block of Carolwood Drive after his death on June 25, 2009 in Los Angeles, California. According to Reports, after almost two months, The Los Angeles County coroner has ruled the death of Michael Jackson as a homicide due to a fatal combination of drugs. (Photo by Ringo H.W. Chiu/Getty Images)
Getty Images
This July 20, 2009 search warrant provided by the Harris County District Clerk allowed authorities access to the offices of Dr. Conrad Murry’s in Houston, Texas. A law enforcement official tells The Associated Press that the Los Angeles County coroner has ruled Michael Jackson’s death a homicide. The finding makes it more likely criminal charges will be filed against the Murray who was with the pop star when he died. (AP Photo/Harris County District Clerk)
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This July 22, 2009 search warrant provided by the Harris County District Clerk allowed authorities access to a storage unit rented by Dr. Conrad Murry’s in Houston, Texas. A law enforcement official tells The Associated Press that the Los Angeles County coroner has ruled Michael Jackson’s death a homicide. The finding makes it more likely criminal charges will be filed against the Murray who was with the pop star when he died. (AP Photo/Harris County District Clerk)
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FILE- In this July 28,2009 file photo, authorities leave the scene after executing a search warrant at the Red Rock Canyon Country Club residence of Dr. Conrad Murray, in Las Vegas. The Los Angeles County coroner has ruled Michael Jackson’s death a homicide. The finding makes it more likely criminal charges will be filed against Murray who was with the pop star when he died. (AP Photo/Daniel Gluskoter, File)
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FILE – In this July 7, 2006 file photo, Dr. Conrad Murray poses for a photo in Houston. A law enforcement official tells The Associated Press on Monday, Aug. 24, 2009, that the Los Angeles County coroner has ruled Michael Jackson’s death a homicide. Murray, Jackson’s personal physician, is the target of a manslaughter probe headed by Los Angeles police. (AP Photo/Houston Chronicle, File) MANDATORY CREDIT: HOUSTON CHRONICLE
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FILE – In this June 25, 2009 file photo, a silver BMW, identified by police as belonging to Michael Jackson’s doctor Conrad Murray, is taken from Jackson’s rented home, in the Holmby Hills section of Los Angeles. A law enforcement official tells The Associated Press that the Los Angeles County coroner has ruled Michael Jackson’s death a homicide. The finding makes it more likely criminal charges will be filed against the Murray who was with the pop star when he died. (AP Photo/Mark J. Terrill, file)
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Kathy Jorrie, right, an attorney for AEG Live speaks to media after a hearing Friday Aug. 21, 2009 in Los Angeles. A judge approved a deal Friday between Michael Jackson’s estate and concert promoter AEG Live to exhibit the King of Pop’s memorabilia, over the objections of the singer’s mother, Katherine. At left is Shawn Trell, senior vice-president and general counsel for AEG Live. (AP Photo/Nick Ut)
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Drug Enforcement Agency investigators are seen through a window during a raid at the Mickey Fine Pharmacy in Beverly Hills, Calif. on Friday, Aug. 21, 2009. Federal drug agents raided this pharmacy Friday as part of the ongoing investigation into Michael Jackson’s death. (AP Photo/Damian Dovarganes)
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Taj Jackson, son of Tito Jackson, leaves court after a hearing Friday Aug. 21, 2009 in Los Angeles. A judge approved a deal Friday between Michael Jackson’s estate and concert promoter AEG Live to exhibit the King of Pop’s memorabilia, over the objections of the singer’s mother and witness Taj Jackson. (AP Photo/Nick Ut)
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“No,” says Dr. Elaina George, an Otolaryngologist out of Atlanta. Dr. George argues that Jackson was not the one to blame for his untimely death. She explains that physicians have an oath to “not do harm” to their patients and that by giving Jackson such a deadly combination of drugs, Dr. Murray violated that oath.
“‘Michael Jackson did not have a chance’ was my first thought when I read the report that just came out about what caused his untimely and tragic death,” says Dr. George, who generally serves as an advocate for other physicians. “I was unprepared for the absolute disregard for the first tenant of the doctors’ Hippocratic Oath – ‘First do no harm.’”
It is quite possible that Dr. Murray’s financial problems may have played a role in his decision to allegedly break the law in treating Jackson. His house was in foreclosure, he was deeply in debt and he’d declared bankruptcy in the past. He’d also accumulated $435,000 in unpaid legal judgments over the last three years. On the outside, Dr. Murray appeared to be successful, but on the inside, he was in as much financial pain as Michael Jackson was in physical pain. In this regard, Dr. Murray was like many other Americans who don’t earn enough to keep up with their lavish lifestyles.
There are some who would argue that this entire scenario was driven by addiction: Jackson’s addiction to drugs, and Dr. Murray’s addiction to money. In the end, Jackson got death and Dr. Murray is going to get prison time. The story ends sadly for everyone.
To hear an audio interview with Dr. Elaina George over the Michael Jackson case, please click the image below.
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Dr. Boyce Watkins is a Finance Professor at Syracuse University and founder of YourBlackWorld.com. To have Dr. Boyce commentary delivered directly to your email, please click here.
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Making the Right Moves on the Net
When Candi Carter launched a line of educational DVDs for children in March, she had to confront a lack of cash.
“We didn’t have a multimillion dollar budget,” Carter says. So instead of paying for advertising, the 40-year-old mom and television producer turned to social media—blogs, online videos and social networking sites such as Twitter (www.twitter.com) and Facebook (www.facebook.com)—to expose her business to potential customers and build a brand. -
Mission: Prosperity
The collective goal of Commerce Secretary Gary Locke, Commerce’s Deputy Chief of Staff and Senior Advisor Rick Wade, and Minority Business Development Agency (MBDA) National Director David Hinson, among others, is to bolster the nation’s 4 million businesses which generate revenues of 660 billion and employ 4.7 million workers. In fact, Hinson believes if his agency can help these firms achieve “economic parity” by growing the percentage of companies owned by minorities to match their representation in the US population then such enterprises would produce 2.5 trillion in annual revenues and employ 16 million workers.