Black Man Black Woman

Tag: business

  • The 10 Biggest Myths About Starting An Internet Business

    online-moneyYou have heard from people saying Internet Business is a waste of time, you will not make any money, there is no real money to be made online, it will never work and so many others negative words coming from people who don’t really understand in this Internet Business industry.

    The thing is, it does work. Why some people make a fortune and some don’t even make money at all? Simply because the people who make thousands or millions of cash knew all the lies in this business and they will not trust these lies.

    So what is this big internet lies? Below here are the 10 big internet lies that you should know:

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  • Nicolas Cage Money Problems: Balling Without a Budget

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    I grow weary of the fact that whenever the media presents an entertainer going broke, we almost always see a black man. Well, the tables do turn, even on the best of them. Actor Nicolas Cage is allegedly having major financial problems, having his property foreclosed and admitting in court that his former business manager may have milked him of millions of dollars.

    In a major court battle, the actor lost two of his homes worth a combined total of $6.8 million dollars. Cage owes over $5 million in mortgage payments and more than $150,000 to the city of New Orleans in real estate taxes. Cage is also suing Samuel Levin, his former business manager, claiming that Levin was responsible for his financial demise.

    Here are some quick and dirty thoughts on the plight of Nicolas Cage:
    1) Is there a change in the language? I noticed that a CNN article about Cage mentions the recession as one of the reasons that Cage is struggling financially. However, most commentary about the financial problems of NBA star Antoine Walker attributed his woes to financial irresponsibility. Not to accuse anyone of racism, but I wouldn’t be surprised if it were difficult for the world to imagine the great Nicolas Cage as being financially irresponsible.

    2) Hollywood money is not what it seems to be: By having five major projects slated for 2010, it’s tempting to believe that Nicolas Cage is going to be financially free by the end of next year. Not so fast. After actors finish paying the agents, lawyers, managers, and the IRS, they may only get 30 – 40% of their total pay package. That means that if Cage gets $10 million for his film, he is only going to see three or four million dollars of that money.

    Whatever the case may be, it does appear that Nicolas Cage was certainly living it up. Few A-list actors are as blockbuster-worthy as Cage, so there is no excuse for him to ever go broke. But given that Cage has purchased personal islands, castles, and other extravagant items, he put himself in a situation where he needed a lot of money in order to simply stay afloat. Michael Jackson had the same problem during his life, as he was easily spending five to ten million dollars per month. No matter how much money you have, you can always go broke. We should all live beneath our means.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Facebook: An Essential New Tool For Small Business Marketing

    The New York Times has just published an excellent article called: “How to Market Your Business With Facebook.” Some small business owners have eagerly jumped on the social media trend, while others like to keep it old school with traditional email marketing. But in this economy, entrepreneurs need to be as creative as possible about reaching new audiences while stretching marketing dollars, if you are lucky to have any. Getting to know Facebook is a great way to hop on social media’s runaway train, which shows no signs of slowing.

    Of Facebook’s growing cache as a marketing vehicle, The Times states:

    A growing number of businesses are making Facebook an indispensable part of hanging out their shingles. Small businesses are using it to find new customers, build online communities of fans and dig into gold mines of demographic information.

    “You need to be where your customers are and your prospective customers are,” said Clara Shih, author of ‘The Facebook Era’ (Pearson Education, 2009). “And with 300 million people on Facebook, and still growing, that’s increasingly where your audience is for a lot of products and services.”

    This two-page primer on Facebook marketing is a must for small business owners, even if you are already a regular visitor to Facebook.com. As social media sites make it possible for the average person to reach thousands of customers through a little online elbow grease, the time to utilize Facebook.com to the full is now.

    Do you use Facebook to market your small business? Share your success stories or cautionary tales below.

  • Reebok Easytone Shoes: Sexy Ad Sells, But Is It Sexist? Answer is YES

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    Reebok Easytone Shoes are the hot topic of the hour on sites as diverse as gossip and business blogs. The flavor of the Reebok Easytone debate is not over the shoes themselves — which Wallet Pop has confirmed are actually comfortable. It is over the sexy ads and Web site that promote Easytone shoes by heavily depending on close-ups of a model’s butt, breasts and body. See one of the ‘shocking’ Reebok Easytone ads below, and judge for yourself:

    The model in the picture above (from another ad for Reebok Easytone shoes) is attractive, but I would not want a pair of sneakers that made my bottom so flat. Is that kosher to add to the fury being unleashed by those who find this marketing campaign beyond poor in taste? I hope as an actual woman who loves to exercise, my opinion counts. I have heard much more random perspectives on Web sites that suggest that anyone who complains about a woman’s body being ogled in an ad is probably fat and ugly anyway — as if the nature of the Reebok Easytone Shoe commercials are justified by other people’s flab. From a business perspective, this mantra of justification is being repeated everywhere: Sex sells, sex sells, sex sells. But does any excuse justify the promotion of female objectification that continues to run rampant in our society?

    Sure, on the one hand, Reebok has shoes to sell and the Easytone looks pretty boring without the sexy marketing. PopEater blog is correct in the assertion that this over-the-top approach to using sex is in getting the world clicking. And, no, Reebok is in no way solely responsible for the impact the images of women it creates has on the world. Yet, the fact is that statistic after statistic show women are not taken seriously enough in America to attain equal levels of power and wealth as men.

    Does one Reebok Easytone ad make all the difference in the ongoing reality of gender inequality? No. But it does seem to say that the most important thing a woman can do is tone her butt, rather than building a powerful mind. If we keep encouraging the idea (even incrementally through advertising) that being hot is the end-all, be-all for women, men will never stop seeing women as mere playthings, and girls might be discouraged from trying to be more.

    I am all for hotness, fitness and being sexy. But what about being in control, independent and cool? There is a way to display these traits while portraying a woman with her own power. Think Madonna. Look at Marylin Monroe, who was one of the first producer-stars in Hollywood history. Or Tina Turner, a woman who grows more sexy and stronger with age, and need I say richer. These Reebok Easytone ads take away all the nuance and complexity of a truly sexy, strong and emancipated woman. For this reason alone, I encourage the women they are trying to reach not to buy. Your time would be better spent building up your total identity, not just your bottom half. Women, let’s show these culture creators what real economic empowerment looks like by voting “NO” on Reebok Easytone with our dollars.

     

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  • Boost Mobile President Matt Carter: His Sprint to the Top

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    Boost Mobile President Matt Carter tells why $50 cell phone service is a deal most people won’t refuse.

    As a kid in Boston, MA, Matt Carter looked up to the local post office clerk. Today an entire company looks for his stamp of approval before any decisions are finalized. The first African American president of a major telecommunications company, Carter leads Boost Mobile, a division of Sprint Nextel. As president, he is responsible for the business’ marketing, product development and finance teams. Despite hailing from the City of Champions, leading Boost to a whopping $600 million in new revenue – in less than two years – was no easy feat. The telecommunications brand was in an oversaturated niche market and lagging in the race against its competitive set when Carter took the helm. Carter recently talked to Black Voices about how he was able to revitalize the failing brand, and shared his insights on how African Americans can compete in corporate America. Matt wants us to know why it’s still important for black business people to create a league of our own to compete in — as we win in new fields.

    What led you to Sprint?
    I started my career off in marketing. I had worked for Bristol Meyers and Coca-Cola in New York in a variety of marketing positions on a global basis. I got recruited by Sprint three years ago to run their customer management group and when the new CEO came aboard he tapped me to go run Boost Mobile, a division of Sprint. I’ve been at Boost for 18 months, really focusing on revolutionizing the wireless industry.

    What made you accept the position as President of Boost Mobile?
    It brought together all of my experience in leadership, marketing, sales and technology. In addition, at that point in my career I was ready to lead a major division of a company.

    What are some of the challenges of your position?
    Typically when you’re coming in, you’re a change agent, but it didn’t take me long to help them understand that they needed to evolve. I had to put my foot down – a skill I learned from being the oldest child in a large, loving family. I let them know that the path we were on would lead to extinction. We had to figure out how to grow this business, and decided to create a brand that would be the advocate for the consumer. We realized that at the end of the day people are looking for simplicity. Think about it. The one bill you open up with trepidation every month is your wireless bill. You think you’re paying $49, but that turns into $65. So that was the opportunity: Let’s simplify it. So, we created a flat fee system of $50.

    What experiences helped equip you for such a powerful role?
    I was the oldest of five, so it was instilled in me early on that I had to set the example for everyone. That made me realize the importance of discipline and sacrifice. When you’re the oldest you’re constantly looking out for folks and I carry that with me today; I look out for my team. I also earned a degree in communications from Northwestern and an MBA from Harvard. Plus, I have more than 20 years of experience working with companies like Bristol Meyers and Coca-Cola.

    What pivotal moment led you to enter the business world?
    My first student loan bill. I was like, “how am I going to pay for this?” I went to Northwestern because I wanted to be a director. When I graduated I did what most kids do: I went to LA and became a waiter. My father couldn’t fathom how I could go to school then wait tables. I felt bad and eventually came home and got a job working as a supervisor at a factory where my mother was employed. I got a good taste of business there. I enjoyed motivating people and I liked competing. I gravitated towards marketing because it coupled my practical and creative sides.

    Finance Blogger S. Tia Brown Interviews Boost Mobile President Matt Carter

    When did your dreams change from wanting to be a mail man, or a job similar to your role models growing up?
    When I got to Harvard I realized that I was holding my own. Along the way you start to see that the privileged students are not any brighter or any better, so your confidence level begins to grow and you start thinking bigger. Going to Harvard raised my expectations about the possibilities of what I could do. I thought, ‘I could be the president of the United States.’ That was liberating.

    Fierce Wireless magazine named you No. 25 on their list of Most Powerful People in Wireless. You are also the only African American. How does that feel?
    I’m very humbled and appreciative of the recognition, but it’s reflective of what the team has done. In addition, I’ve gone through a lot of ups and downs in my career. You’re going to find people who still view your race as a stigma. People will do things to you because you’re not part of the “club.” You have to have the internal fortitude to maintain your composure when you’re faced with things meant to break you.

    What’s next for Boost Mobile?
    We’re the fastest growing wireless brand; we’ve acquired 1.7 million new customers in the last quarter. People are responding because there’s finally a product out there making things simple — this is not about economics or credit worthiness. We believe that we need to continue to broaden the appeal of our device portfolio. But I can’t reveal the new products that are on the radar.

    Your team has taken a product initially created for a niche market and made it mainstream. Did you have to create a different marketing strategy to appeal to the masses?
    Boost has a deep legacy in the African American community; we don’t want to abandon that. We want to build on it. Everyone, regardless of your culture, race or sex, is looking for value. So if you can get a $50 plan with unlimited, voice, web and text nationwide [you’ll want it]. It has nothing to do with skin color — only the color green.

    A lot of marketing campaigns geared towards African Americans perpetuate stereotypes. How do you feel about the use of the typical images of blacks in advertising campaigns?
    I’m always bothered by commercials that have people dressed up in the church robes, singing and dancing, like we’re still out of some minstrel show. You certainly have to be sure that there are messages out there that resonate with your target audience, but you’ve got to figure out how to reflect them smartly. You don’t want to turn people away. Our goal was to try to figure out how we could be relevant to a sort of rainbow coalition of clients.

    Speaking of marketing, it seems like you’ve been able to be stand out strongly amongst your peers, a great example of self-marketing. Why do you think Sprint recruited you?
    You’ve got to be known for doing something. I always look at people’s resumes and they are all over the place. What is your brand? What do you stand for? Mine is deeply rooted in marketing, so I am perceived to be a highly accomplished marketer who also demonstrates the ability to work across a variety of industries. I’ve worked in pharmaceuticals, telecommunications and financial services. My advice is to really be good at something and demonstrate that across a variety of industries so you leave yourself open for other opportunities.

    Unemployment is soaring and people are looking for career opportunities in new markets. What is your suggestion for anyone interested in the telecommunications industry?
    I don’t see a lot of African American engineers. I think we need more people with technical skills; that’s where the high-paying jobs are, in technical development. The engineers are the new artists and we’re not there.

    You have a great job and a successful career, but you’re still working on entrepreneurial ventures, like helping to create Ameritales (a historical cartoon series). Why divide your time?
    You can’t expect that you’re going to go work at a company and be there until you retire. We have to be smarter as a group around creating opportunities. African Americans are very creative but we haven’t parlayed it into true economic growth. I don’t know if it’s fear or a lack of mentoring.

    What tips do you have for those looking to start their own businesses?
    First of all, you must be willing to take a chance. Then, there are three key elements to being a successful entrepreneur:

    1. Preparation: People may want to start a company, but don’t know a thing about running one, like how to read a balance sheet or income statement. You should use your time while working for others to gather as many skills as possible.
    2. Network: Build a network of people that you will eventually need.
    3. Talent: Use all your talents to go out and create something. And don’t limit yourself to things like soul food restaurants and cleaning businesses. We now have a generation of African Americans with more exposure and training. We can create the next Google.

    What’s next for you?
    I plan to continue to grow, learn and see what the future holds. I’m under no illusion about life in the corporate world. I enjoy what I do today but I’m well prepared for many things.

    A trained life coach, S. Tia Brown has spent the last 10 years following her passion for journalism as an editor, writer and TV correspondent. Brown has worked for CNN, E!, MSNBC, the NY Daily News, Essence and Black Enterprise. Most recently she served as Senior Editor for In Touch Weekly magazine. Check out her advice column ‘Do Better, Be Better’ at www.tiabrown.com.

     

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  • Jay Z vs. Beanie Sigel: It’s Nothing but Business as Usual

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    Consider it a strange dream, but I had some thoughts about the Jay-Z beef with the rapper Beanie Sigel. No, I’m not here to talk about keeping street cred. Yeah, yeah, yeah. Half of the artists in the hip hop industry are not nearly as hard or as real as they claim to be. They’re too smart for that. The guys who are really as hard as most rappers claim to be are either in a jail cell or a casket. That’s the truth.

    What got my attention was when Charlamagne Tha God was fired from 100.3, “The Beat” in Philadelphia. I’ve known Charlamagne for years from our work on The Wendy Williams Show, so this made me a little upset. What was even sadder is the allegation that Jay Z may have played a role in getting Charlamagne fired, in large part because Charlamagne conducted an interview with Jay-Z’s new rival, Beanie Sigel. This incident represents more than the standard thuggery that some might see on the surface. Instead, it brings forth a plethora of issues that relate to business, entertainment, money and corporate power. Here are some quick thoughts:

    1) Getting Charlamagne tha God Fired? An allegedly weak move, but a lesson on corporate influence. The smartest artist I’ve ever seen in hip hop is 50 Cent. He writes songs about going to the club, but he doesn’t go to clubs. He gets you to bob your head and pop bottles of Vodka and Petrone, but he doesn’t drink himself. Effectively, he knows the power of getting others addicted, while keeping himself from being vulnerable to the very addictions he is using to control you (remember Ice Cube’s famous line, “Don’t get high on your own supply”?). Jay-Z is similar, as he has rejected the ridiculous, “bling yourself to death and then get shot or go to jail” mindset that many rappers seem to possess. Instead, he preoccupies himself with being a businessman, which means he has ultimate control over his fate.

    So, in spite of the fact that I am irritated at the very weak and unethical move allegedly committed by Jay Z, the teachable moment here is that the corporate monsters are the ones who control hip hop or any other art form for that matter. Most rappers only work to get a place on the plantation, not to actually own one.

    2) The Jay Z beef with Beanie Sigel has been played out thousands of times throughout human history. Ever since the beginning of entertainment, there has always been a natural beef between the sources of capital and the entertainers themselves. Artists are natural risk takers and many of them don’t spend two seconds thinking about the business models that finance their activities. Many artists put their energy into their craft rather than engaging in the boring task of understanding accounting, finance, marketing and distribution. The corporate captains, on the other hand, are not natural risk takers and they are the ones who decide if the show is going to even take place. Given that the corporate chiefs are making the financial choices, and the artists themselves want to push their work out at any cost, there is typically going to be a conflict of interest. The truth, however, is that when these conflicts occur, the artist almost always loses the fight. Those who provide the capital control much of the process.

    3) You’ve got to take good care of the people who work for you. Some have criticized Jigga and Diddy for not taking good care of their artists. I am not sure if this is true or not, but I do know that if you are tempted by corporate greed, you can find yourself enslaving people rather than empowering them. The greatest temptation in hip hop is to take advantage of another person’s obsessive commitment to fulfilling their personal dream. Thousands of artists get signed to Draconian contracts that are skewed heavily in favor of the manager rather than the artist. The problem, however, is that when you design business models to exploit other people, you may find that it comes back to hurt you later on down the road.

    4) There is a financial value of manufactured beef. This might surprise you, but a lot of so-called “beefs” in hip hop are actually branding mechanisms designed to get media attention to sell records. Ever notice how there are a lot of artists who want to stab and shoot each other one minute and then end up making records together the next? Much of this is due to the fact that the lifeblood of any artist is media access. No media means you don’t eat. Given that artists are effectively hired slaves for the record labels who can be used up and dropped at any moment, they are willing to engage in any desperate ploy imaginable to get the cameras pointed in their direction.

    Want to sell some albums? Go out and get arrested. Want to build your brand for “keeping it real”? Get caught in the club with a gun on your hip. Want to keep your job at the record label? Start a beef with a popular artist and get him to respond to you. As hyper-masculine as most hip hop artists pretend to be, the reality is that they are scared little boys on the inside; absolutely petrified that their label is going to find another talented brother from the projects and give him the spotlight they’ve bet their life on. This is not always such a great place to be, which is why any athlete or entertainer needs to get educated.

    Hip hop is an enlightened and exciting industry. At the same time, it’s the same corporate machine controlling people of color and distracting us from true power by keeping us engaged solely in the act of entertainment. As much as I might criticize Jay Z for allegedly going after my friend Charlamagne tha God, the truth is that Jigga seems to be the only one who gets it. Hip hop is not about entertainment, it’s strictly business.

    If you want to hear an artist’s perspective on all of this, I spoke with the Kansas City rapper, Vigalantee about the beef between Jay Z and Beanie Sigel. Click below to hear the conversation:

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Iverson leaves Grizzlies with permission (AP)

    Disgruntled Memphis guard Allen Iverson returned to his home in Atlanta after receiving permission to leave the team to attend to personal business. Team owner Michael Heisley gave the four-time NBA scoring leader permission to skip the Grizzlies' game Saturday night against the Los Angeles Clippers following a 114-98 loss to the Lakers the night before.

  • The Best Makeup Foundation – How to Look Healthy & Natural!

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  • Secretary Causes Pepsico to lose $1.2 Billion Dollar Lawsuit

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    It’s not easy to work for me: I can be demanding, overly focused and intense about everything I do. I believe that reaching extraordinary goals requires you to always put forth extraordinary effort. Many interns have come and gone, after realizing that they can’t keep up with our crazy pace. The ones who make it through the storm become invaluable parts of my family; like body parts or internal organs. I truly can’t live without them.

    That is why I cringed when I saw the recent story about how Pepsico lost a $1.26 Billion dollar judgment because the secretary forgot to pass the paperwork onto the appropriate people. As a result, the company lost the lawsuit on a default judgment for failing to appear in court.

    Apparently, it was a simple oversight that could have happened to anyone. But I am sure that the secretary is in hot water and probably even fired. Cases like this are reminders of some important principles you should remember when you are in business for yourself or working for another person.

    1) Trust is everything. For me, trust starts on the first day of the job interview. If someone arrives late, that means that I can’t even trust them to get to meetings on time. If I can’t trust you to get to meetings on time, then there is no way on earth that I am going to trust you with a valuable contract. Consistency builds trust. You must always find a way to be consistent when working with or working for other people.

    2) You are only as good as the people who represent you. This statement implies two things: That you should get good people around you and that you should respect those who work for you. Hiring lazy relatives or friends who aren’t disciplined enough to do the job is a recipe for disaster. I have plenty of friends with whom I have good relationships, but I would never do business with them because I know that some of them are unreliable. Those who I choose to be part of my team are not reminded that I am the “big boss.” Instead, I let them know that I am in charge, while showing appreciation for their efforts every chance I get. Being respectful of others is how you truly earn respect without having to step on people in order to maintain power. If you rule with an iron fist, your subordinates will eventually plot to destroy you.

    3) Excuses need not apply. There are two types of people in this world: those who deliver excuses and those who deliver results. All of us run into obstacles, but the most effective people are the ones who find a way around those obstacles to get the job done. Those who regularly deliver a basket of excuses to somehow exclude them from their assignment are going to be replaced by someone who simply gets the job done. The truth is that in the world of business, even if you have a good excuse, the client is going to still take their business away from you. That’s just the truth.

    4) Learn to forgive. My most trusted partners and subordinates have made horrible mistakes and cost me money in the process. While my first temptation was to raise the fire of hell, I realized early on that this was not the best long-term solution. Instead, I simply ate the loss and assertively pursued a joint remedy for the problem at hand. Having power doesn’t mean that brute force tactics are always the best strategy. You might lose someone valuable if you don’t know when to show compassion. A good employee already feels bad enough about their mistake; you don’t have to rub it in further.

    I am not sure how Pepsico is handling the situation with the secretary, since some excuses are simply unforgivable. But while we can all understand being outraged by losing a billion dollars, we should also know not to sweat the small stuff.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and a leading African American keynote speaker. To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Audio: Curtis Talks Beans/Jay-Z & Album Leak

    Posted by: nahright.com

    [0:55-1:10] I’m pushing the record up, it’ll be out on the 16th. I’m expecting it to do good because of the response I’ve heard on the web.
    [12:10] I feel good that it was leaked in its entirety, in sequence. So people can hear my vision.

    [3:35-4:00] [What’s your take on the Beanie Sigel/Jay-Z?] That whole sh*t is a mess. I understand where his frustration comes from, because there was a point where— He would’ve had a serious check…

    [6:15-7:10] A lot of the times when I say Jay is a cool punk, don’t get it f*cked up, he’s a smart guy. You can’t take away from him what he’s done in the actual business and in the game. But since he lost to Nas, he hasn’t competed… Everytime somebody came, Beans went out in the front with Jadakiss. He had the Cam’ron issues. Then when Cam’ron came back and it was issues again, the Tru-Life deal was signed. And when Tru-Life got into an altercation with him, that one stopped. That’s what stopped the Cam beef.

    [8:05-9:00] [Do you feel like that Beanie Sigel has some legitimate complaints for Jay-Z?] I think he did have legitimate complaints because of my choices. Like— When they tell me you was giving the n*gga $1250? [Silence.] A group? [Silence.] A motherf*cker can’t even afford no p*ssy with $1250. [Laughs.] These n*ggas is staying in nice hotels. If a b*tch order room service twice, you’re done. [Laughs.] You know what it is, it’s traditional business. My business model comes from the curb so I’ma take care of my n*ggas a little different, cuz they my people.

    zShare: Curtis Calls Gomez Bros (10/31/09) [17min]

     

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  • Dr. Boyce Money: Do Entrepreneurs Need an MBA? Probably Not

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    I am going to say some things that will take money out of the pockets of people like myself. But darn it, it has to come out. I have taught MBA and undergraduate business students for the last 16 years, at many major universities. I believe strongly in the value of black entrepreneurship and I believe in the power of compassionate capitalism. The problem, however, is that there are times when I wonder about the power of an MBA. Fenorris Pearson, a successful black entrepreneur, has shared the same concerns, and I can’t say I disagree with him completely.

    Here’s the deal. An MBA can be a powerful tool to learn how to manipulate your way through the complexities of corporate America. Most programs teach you how to analyze charts, create spreadsheets and do all the little things that your boss is going to ask you to do. The problem, however, is that the vast majority of professors teaching MBA courses at major institutions have never actually done the work they are teaching you to do.

    An MBA student at an Ivy League institution recently told me that when he asked his professors how to actually implement the strategies that they were teaching on the chalk board, the responses from professors were always disappointing. The student aspires to be an entrepreneur, where being able to do something matters far more than your educational background. In fact, entrepreneurship is the ultimate test of your business skill: If you can’t do the job, your academic credentials aren’t going to help you win customers. Someone buying your product doesn’t care if you have a Harvard MBA; they only care if you are giving them good service for a fair price.

    The reason that university professors in many business schools across America have become ineffective at transmitting necessary tools to their students is that campuses have turned toward a commitment to research over practical skill building. Publishing complex research papers in journals that almost no one reads becomes the Ivory Tower’s elitist way of proving that they are better than you and that they don’t actually have to care if you aren’t getting what you need to be successful. The MBA becomes a bought and sold commodity, where any student who can cough up the cash is almost certain to walk out of the institution with a piece of paper in his/her hand. While this doesn’t define all MBA programs, it’s hard to find anyone who would not argue that there is not some degree of grade inflation.

    The professor you ask to help you find a job sometimes can’t do a thing because he has few contacts in industries in which he has no experience. The faculty member who is asked if he has seen his models used in practice can only show you his publication in the Journal of Finance. University faculty have become as weak and complacent as special interests in the health care system when it comes to remaining committed to an ineffective educational process that takes care of the few individuals in power. It won’t be until more practical models of education become preferred by society that university faculty will finally get the point. What is saddest is that many black scholars in business have also bought into the elitist “look, but don’t touch the public” model of scholarship, leading many of our greatest minds to rot away their potential. I am not being critical of their achievements; rather, I am encouraging them to not be afraid to leave the intellectual plantation.

    When it comes to the MBA, the bottom line is this: MBAs can be good for alumni networking and they are good for certification that allows you to obtain a position with a company. They may not, however, be very good at actually showing you how to start and run a successful company. You might get a better education on Google.com.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Youth Use Entrepreneurship as a Pathway to Success

    Running a successful business is not an easy feat no matter what your age. Yet there are teenagers, like Kalief Rollins, the winner of the 2009 National Youth Entrepreneurship Challenge, who were able to benefit from business start-up education and learn not only the value of a dollar, but how to claim the value of his life.

  • Obama Announces Small Business Bail Out

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    President Obama has finally outlined a bail out plan for America’s small businesses. Perhaps due to mounting criticism that the administration is only helping huge corporations weather the economic storm, the Obama Administration outlined a series of policies targeted to direct more capital to small banks and community institutions that lend to small businesses, especially in economically deprived areas. The New York Times reports:

    The measures, announced by Mr. Obama at a small records storage company in Maryland, would allow smaller community banks to borrow at low rates from the Treasury Department’s Troubled Asset Relief Program. It would also raise the loan caps on several popular Small Business Administration programs.

    Under the administration plan, banks with less than $1 billion in assets could borrow from the program at a lower interest rate than financial institutions are required to pay.

    In exchange, banks must demonstrate how they would increase lending to small businesses and follow up with quarterly reports. According to the White House, most business loans by the community banks that are eligible for the new rules are made to small businesses.

    In addition, community groups that lend to small businesses in low-income areas under a Treasury Department program will be able to borrow relief money at just 2 percent annually for eight years. In the past, banks have been leery of the such loans because the program allows the government to buy warrants for the banks’ common stock and because it requires the institutions to limit executive compensation. But the small banks probably will not have to issue warrants in that program rules contain an exception for infusions of less than $100 million. The proposal as described Wednesday caps the infusions at $20 million.

    To learn more about Obama’s small business bailout program, be sure to check out these sites:

    +Obama Announces Small-Business Lending Push
    +Community banks to get bailout money as Obama seeks to boost small business
    +Obama refocuses bailout on small businesses

     

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  • Angels answer Yanks’ rally, extend ALCS (AP)

    New York Yankees' Andy Pettitte(notes), left, Derek Jeter(notes), center, and Brett Gardner(notes) react as they watch the ninth inning of Game 5 of the American League Championship baseball series against the Los Angeles Angels Thursday, Oct. 22, 2009, in Anaheim, Calif. The Angels won 7-6.

    Mere moments after the Los Angeles Angels unleashed their leaping, screeching, rambunctious Rally Monkey on the scoreboard, they erased a late deficit and saved their season. Surely that monkey business was just a coincidence. He's just a marketing gimmick, a video star and a plush toy — right? Not to the fans who watched it happen Thursday night in the latest improbability of an AL…

  • Triple Threat – Mother, Wife, Career Woman: What Does it Take?

    Filed under: , ,



    An entrepreneur doesn’t think like everyone else. She is willing to take chances, disciplined enough to focus on a dream and passionate enough to pursue that dream. Towanna Freeman is in that category. AOL Black Voices had the chance to catch up with Towanna, to get some advice on striking out on your own, as well as managing a marriage, children and career, all at the same time.

    1) What is your name and what do you do?

    Have you noticed how so many people seem to be living an unbalanced life or living beneath their full potential? Well, I assist people, particularly women, who are ready to take life changing action to get that sense of balance back along with that greater feeling of fulfillment and happiness. I am also the principal consultant of Towanna Freeman & Associates, a management consulting firm with the primary emphasis on leadership coaching and employee performance improvement; the founder of the Young Women’s Empowerment Network a nonprofit organization that produces empowerment workshops, conferences, and other special events for teen girls; and the author of “Purposeful Action, 7 Steps to Fulfillment.”

    2) You are a successful entrepreneur. What does it take mentally to run your own business, as opposed to the safe route of working for someone else?

    Every entrepreneur has his or her own reasons for wanting to own a business. Some are drawn to the idea of financial and creative freedom, being their own boss, and being in charge of their own financial future. Others make the decision because they are dissatisfied with demanding bosses, office politics, or lack of recognition. Regardless of the reason, successful entrepreneurs share several common characteristics like confidence, determination, organization, self-discipline, and flexibility.

    3) You are a “triple threat” – wife, mother and business woman. What are the challenges that come along with juggling everything in your life?

    With all my successes, there has been a great sacrifice. My most challenging task is not allowing my determination and drive to cause me to spend every waking moment working and juggling the needs of my household. Having a balanced personal and professional life requires separating business demands, activities, and accomplishments from the rest of your life. To ensure that I stay committed to a balanced life, I build in an hour a day to relax and engage in pleasant activities. For example, I will stretch out on my sofa with my favorite magazine. I will put on my headphones and listen to my favorite music. I will eat lunch in the park. Finding a good balance between work and fun will help you meet the challenges of running your business and household.

    4) Why do you work to inspire young girls? Did you have a personal experience that led you to have this passion?

    Mentors have always played an important role in my life – even now as an adult. It was in 1997 when I was alarmed by a series of national and local statistics that showed startling trends surrounding the teen girls of America. The lack of organized youth activities in poor neighborhoods, the increased number of single-parent households, and families with two working parents all reducing the number of adult role models. So, as a response to the community demands for assistance, I founded the Young Women’s Empowerment Network (www.ywen.org) a nonprofit organization established to provide role models, resources, social and emotional help to teen girls. Through our programs and events, we are able to help them realize their full potential to succeed in life.

    5) Do you feel that Black women are respected the way they should be by the rest of America?

    If not, then why? Black women have been a crucial part of America’s history. Thankfully, the lack of respect from America did not hinder the Black woman’s steady progress and determination to achieve success. The Black woman’s history is a story of hope in the face of great obstacles. In my opinion, receiving respect from America is less important than receiving opportunities from America. It is through opportunities to achieve greatness that we create pride, self-worth and true life fulfillment. Today, there is a new generation of Black women that has flourished with remarkable achievements in academia, business, politics, and sports. Women such as Ruth Simmons, Ann Fudge, Condoleezza Rice, and Venus and Serena Williams. As I continue to achieve greatness, the next generation of Black women leaders that I influence is destined to reach higher heights.

    6) What are your plans for the future?

    Helping women and teen girls identify and effectively pursue personal goals to fulfill their lives is what I do – it is my purpose. I see my coaching practice and management consulting firm overwhelmed with success story after success story. And my upcoming book, “Purposeful Action, 7 Steps to Fulfillment,” was written specifically for women to aid them on their journey to living an abundant and purposeful life. Purposeful Action is not about merely making a New Year’s resolution or a vow – it is about setting goals for life and then acting upon them.


    Towanna Freeman is a Life Coach, Management Consultant, Inspirational Speaker, Author, Principal consultant of Towanna Freeman & Associates and founder of the Young Women’s Empowerment Network. For more information, please visit www.TowannaFreeman.com.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Quick Books 2010 is Here!

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    Quick Books and other financial management applications are integral to how many small business owners manage their affairs. If you are an accountant or business owner looking to upgrade your software, you are in luck! Accountingweb.com reports that:

    Intuit, Inc. has announced the release of its new version of QuickBooks financial software designed for small business owners. QuickBooks 2010 allows users to get connected to a wider array of powerful online services.

    With its new online capabilities, QuickBooks 2010 delivers valuable features designed to help small businesses save and make money, such as an e-mail marketing service to attract new customers. For millions, QuickBooks is an essential part of their business. Nearly 70 percent of small businesses recently surveyed say the financial management software helps their business be more profitable.

    To get the full specs, head on over to Accountingweb.com. Interested in the FREE online version of Quick Books? Click here.

     

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  • ‘Bosses Day’: Are You Celebrating National Boss Day 2009 on Friday?

    Filed under: ,

    A day for bosses? Really? Well, get ready, as it is now the eve of Boss Day 2009.

    I personally have never heard of National Boss Day, which will be celebrated this year on Friday, October 16. Even though “bosses day” (as it is called by some) was created way back in 1958 by a woman named Patricia Bays Haroski, this is definitely not your typical Hallmark occasion. Many people hate their bosses, and see no reason to give them a special day.

    But some writers are re-framing National Boss Day in 2009 as an important time to consider the immense pressures business leaders of today are facing given the economic climate.

    Between having to lay off good employees, to being expected to show results with diminishing resources, bosses in 2009 have to work harder than ever to stay positive while motivating their people. Author Bob Nelson believes that a good boss deserves praise for working well under such circumstances, citing these characteristics as those that make awesome bosses, no matter what the decade (via PRNewswire):

    1. A clear and compelling direction: Bosses need to inspire their employees to be excited about their work.
    2. Direct, open and honest communication: Frequent and effective communication is the leading way to show employees trust and respect.
    3. Employee involvement and initiative: Managers need to ask employees for their ideas.
    4. Employee autonomy, flexibility and support: Employees need a say in how they do their work.
    5. Career growth and development: Tough times provide many opportunities for employees to take on additional responsibilities.
    6. Recognition and rewards for high performance: During down times, the need for employees to feel valued for their efforts greatly increases.

    You can read more about what makes a great boss in 2009 in Nelson’s new book, ‘Keeping Up in a Down Economy: What the Best Companies Do to Get Results in Tough Times.’

    http://xml.channel.aol.com/xmlpublisher/fetch.v2.xml?option=expand_relative_urls&dataUrlNodes=uiConfig,feedConfig,localizationConfig,entry&id=748214&pid=748213&uts=1255621420
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    Jobs You Can Run Away To
    Get a (New) Life
    If you have fantasies of picking up, packing up and starting a new life somewhere, then one of these jobs may be a great fit for you. Continue clicking through our gallery to learn the pros and cons about jobs that you can run away to.
    jupiterimages
    Touchstone Pictures

    Jobs You Can Run Away To

      Get a (New) Life
      If you have fantasies of picking up, packing up and starting a new life somewhere, then one of these jobs may be a great fit for you. Continue clicking through our gallery to learn the pros and cons about jobs that you can run away to.

      jupiterimages

      Cruise Ship Jobs

      On one level, cruise ship jobs seem amazingly glamorous. After all, employees receive free food, accomodations, medical care, airline tickets and uniforms. They often don’t have to pay taxes, get discounted cruise rates for family members, and can travel for free. As many cruise ship job sites point out, passengers pay thousands of dollars per week to see the same sites that employees enjoy for free.

      On the other hand, cruise ships can get claustrophobic after a while, and many jobs are far from wonderful. After all, when somebody gets seasick, a cruise ship employee has to clean it up, and chances are that the captain won’t be the one wielding the mop. Still, cruise ships offer a dizzying array of jobs, a chance to escape to exotic climes, and a steady income, most of which can be banked. Anchors aweigh!

      AFP / Getty Images

      The Military

      Although the military is reaching its enlistment quotas for the first time in years, it still offers excellent bonuses and outstanding benefits. According to Military Hub, the maximum bonus for new recruits is $40,000, while reservists can get $20,000 for five years of service. Other bonuses are available for military personnel who intend to buy a new home or start a business. For active duty soldiers who choose to re-enlist, bonuses can be as high as $90,000.

      Military members receive massively subsidized medical and dental care, subsidized education, and various housing allowances. They also have access to reduced-rate car insurance and life insurance, credit union membership, inexpensive military stores, and a host of other benefits.

      Jim MacMillan, AP

      Park Rangers

      Full-time Park Rangers earn a salary of between $24,000 and $37,000 and often receive free housing, in addition to other benefits. Unfortunately, these jobs are tenured and competition is fierce. In addition to a bachelor’s degree in park management, natural history, forestry, or a related major, applicants need extensive experience as seasonal rangers or interns.

      On the bright side, there are a variety of seasonal jobs available from the National Park Service. The education and experience required depends on the position, and interested parties can apply at USAJOBS, the US Federal government’s job site. While park ranger jobs were cut after 2006, it seems likely that these could be among the first positions to benefit from the US government’s stimulus plan.

      AP

      Nanny

      Salaries for live-in nannies vary wildly, depending upon the area, the family, and the nanny’s qualifications. In general, nannies in major cities get $18-20 per hour, while live-in childcare in less costly areas is about half that. Entry-level nannies with high school degrees can expect roughly $400 per week, while experienced, trained nannies can expect $1000 per week or more.

      While live-in nannies may not qualify for time-and-a-half overtime wages, they still are legally entitled to time off and other benefits. Many nannies get complete compensation packages, including subsidized health insurance, paid vacations, gym memberships, cell phones, and educational allowances.

      jupiterimages

      House Mother

      If you’re a woman who is over 40 years old who enjoys dealing with adolescents and has experience with running a household, hotel, or small country, this might be the job for you. Basically, a house mother is in charge of the environment of a sorority or fraternity. She deals with the house’s staff, plans meals, handles minor disasters, and generally makes sure that her charges’ lives run smoothly. Jobs usually include free rent and meals and come with a reasonable salary. Since they are attached to a university, house mother positions may allow you to take advantage of many of the cultural and educational attractions available at your school. Best of all, you get to deal with the wonderful drama of a household full of college girls!

      Corbis

      Ranch Hand

      Running away to work on a farm is one of the classic escapist American fantasies. While the dude ranches of the nineteenth century have almost disappeared, there is still a huge livestock industry and plenty of jobs for people with experience in animal husbandry. Depending on the type of ranch, workers can do a wide variety of jobs, including training horses, caring for livestock, taking care of children or young adults, performing general farm work, maintaining corrals, and cooking. While education for this work is generally vocational, some areas will train employees to do the specialized jobs that they require. Depending on the position, the area, the employer, and your level of knowledge, pay and benefits can range wildly. Ranch Work is a good starting place to get a feeling for available jobs, salary possibilities, and benefits involved.

      Corbis

      Camp Counselor

      If you sometimes find yourself obsessively watching Meatballs, then camp work might be perfect for you. While salaries vary based on position and experience, you can expect to make a couple of hundred dollars per week, in addition to room, board, and free use of recreational facilities. Positions include lifeguard, counselor, kitchen staff, administrative staff, nursing staff, and maintenance staff, and are available across the country. Added benefits include fresh air, beautiful scenery, and a 50% chance of waking up with your hand in a pot of warm water!

      AP

      Peace Corps

      In addition to offering a solid line on a resume, a stint in the Peace Corps provides a complete care package. While in the corps, volunteers are taught a foreign language, receive comprehensive medical and dental care, draw a liberal living allowance, and have two days of paid vacation per month. Students are allowed to defer or even partially cancel their student loans.

      Once volunteers return from their service, the program helps them readjust to society with a $6,000 bonus, fast-tracking into government careers, and other job placement help. Those who want to continue their education can combine their service with a graduate program or can join the Fellows/USA program, which offers scholarships or reduced tuition in return for a commitment to work in an under-served US community.

      Andres Leighton, AP

      Home Health Care Aide

      With the Baby Boomer generation’s ongoing march into old age, the home health care industry is poised to enjoy almost explosive growth. Home health care aids help elderly, ill, and mentally disabled people to do all the things necessary to live at home. This can include cooking, cleaning, planning meals, doing laundry, shopping, changing bed linens, and other household tasks. Certification for this job varies from state-to-state. In some areas, applicants simply learn on the job, while other states require extensive background checks and more formal training. Median wages are $8.54 per hour, going up to over $11. In most cases, this isn’t a live-in job.

      jupiterimages


    Do your bosses exhibit these traits? If so, consider yourself lucky and honor them this Friday on National Boss Day 2009. If business managers ever deserved a day for keeping things running, it is during this turbulent era.

    Source

     

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  • KKK Threatens Woman after Walmart Incident: Was Walmart to Blame?

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    I mentioned the story before about Heather Ellis, the young woman who was threatened by the KKK after protesting about her arrest that took place in a Walmart store. The story was quite interesting in that Ellis now faces 15 years in prison for effectively cutting line at a Walmart. The unfortunate events occurred when Ellis was shopping with a cousin in Kennett, Missouri.

    Heather and her cousin went to separate lines and when her cousin found the shorter line, Heather joined him. Ellis was then accused of cutting line by the person checking out customers, which led to an altercation. When Ellis was asked to leave the store, she argued with the managers, which led to the police being called. Ellis was eventually charged with disturbing the peace, resisting arrest and two counts of assaulting a police officer.

    Ellis, a college student on her way to medical school, argues that the charges were not appropriate, particularly since she doesn’t have a history of this kind of behavior. She now faces up to 15 years in prison if convicted. Ellis has publicly protested the DA’s decision to push the case forward, which has led to her receiving threats from the Ku Klux Klan. The African American community is working to help Heather now, as a website has been set up for an online protest and petition fighting to support Heather’s case.

    The question here, from a business standpoint is whether or not Walmart could have done something to avoid this situation. Some people think so.

    Dr. Towanna Freeman, a management consultant, argues that Walmart could have avoided the entire problem by paying greater attention to customer service.

    “Regardless of a person’s ethnicity, gender, or sexual preference, this case started when the cashier failed to convey at least one of the core beliefs and values of Sam Walton: ‘Customers are the reason we’re in business, so we should treat them that way.’,” says Dr. Freeman. “With that said, the cashier could have easily interjected and calmed the angry crowd by saying something like, ‘Excuse me, although we don’t promote cutting lines, please allow me to assist this customer now. This will only take a few minutes. Thank you, for your patience.’”

    The case for Heather Ellis is heating up. I’ve made some calls around the country and it appears that the case might finally get the attention it deserves. Also, the Your Black World Coalition is going to get involved, along with the National Action Network, to ensure that this young lady’s case is carefully analyzed. The bottom line, however, is that this incident should never have happened and Walmart has engaged in bad business by allowing its stores to be the center of such a racially-charged controversy.

    There is the added reality that Kennett, Missouri is Rush Limbaugh country. Respect for African Americans in the legal system of this town is not what it should be, and the more emails I receive about past indiscretions in this region, the more I am starting to wonder if Heather was going to be treated fairly in the first place. The presence of the KKK doesn’t help their case and only serves to remind us that we do not live in a “post racial America.”

    Dr. Boyce Watkins is a Professor at Syracuse University and the 2007 Black Speaker of the Year. To have Dr. Boyce commentary delivered to your email, please click here. To follow Dr. Boyce on Twitter, click here. If you wish to find out more about the case of Heather Ellis, please visit www.SaveHeatherEllis.com.

     

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  • How to Benefit from a Business Incubator

    Incubators are mentoring centers that provide coaching, networking opportunities, and even affordable office space, says Robert Jackson, who operates a business incubator as CEO of the African American Chamber of Commerce of Central Pennsylvania (AACCCP) in Harrisburg, Pennsylvania.

  • Dr Boyce Money: Learning Entrepreneurship from Madam CJ Walker

    Filed under: ,

    The other day, I caught up with Fenorris Pearson, CEO of Global Consumer Innovations. Fenorris is not only a highly successful entrepreneur, he was also one of the youngest Vice Presidents at Dell Computer and a highly successful speaker in the African American community.

    When asked about the keys to success, he points to a quote by Madam CJ Walker, the first female millionaire in American history.

    Here is what Walker had to say:

    “I am a woman who came from the cotton fields of the South. From there I was promoted to the washtub. From there I was promoted to the cook kitchen. And from there I promoted myself into the business of manufacturing hair goods and preparations….I have built my own factory on my own ground.”

    National Negro Business League Convention, July 1912

    What’s the lesson from Madam Walker’s quote?The lesson from Walker’s experience is that when she thought like a laborer, she earned the wages of a laborer. When she began to think like an owner, that is when she opened the door for true wealth.

    Mr. Pearson spoke this week at the Congressional Black Caucus Event alongside the Honorable Barbara Lee, a Democratic Congresswoman from California. In the seminar, Fenorris uses his experience as an entrepreneur and corporate titan to make the following points:

    1) 95% of all new businesses eventually fail. In order to have a different set of outcomes, you must engage in a different set of activities. In order to ensure that you are not part of the other 95%, you should be fully committed, willing to take a few calculated risks, and do an extraordinary amount of planning in order to make your business succeed. You should also expect the unexpected – you never know what it’s like to run a company until you’ve done it.

    2) Most of these business fail for the following reasons: Lack of access to capital, poor management, expanding too quickly or starting the business for all the wrong reasons. Pearson argues that many of these problems can be avoided if a company engages in proper planning and organizational strategies. One of the things I’ve noticed is that you can’t run a large company the way you once ran a smaller one. Many black entrepreneurs run into challenges as their companies grow, because they have not gotten used to the idea of delegation. Once your business reaches a certain size, you should find ways to share the more trivial tasks with others so you can focus on the more important objectives. A billionaire once said to me, “Running a company is not a matter of what you do, it is what you get others to do that actually matters.”

    3) There are ways to avoid this kind of failure. With his company, Global Consumer Innovations, Inc., Pearson teaches business owners how to avoid the common causes of small business failure. He argues that by using specific steps toward proper product innovation and market delivery, a firm can find itself in a strong position in its chosen market.

    When starting a business, the bottom line is this: The truest path toward wealth creation and social power within the black community is not through politics. The path to power is economic prosperity, combined with a conscientious desire to improve the plight of those around you. True activism is not achieved through charity and personal freedom is not achieved by hoping for it. By thinking like an owner and having a willingness to take intelligent risk, you can achieve your wildest economic dreams.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University, a prominent black speaker and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • In Case of Disaster

    Imagine walking into your office, warehouse, or plant tomorrow morning and finding an empty space. Everything is gone. What would you do? How would you start rebuilding your business? What would you say to your employees? The scenario may seem far-fetched, considering that the U.S. Department of Commerce reports that 40% of small firms affected by a natural disaster never reopen — and that an additional 23% close their doors within 12 months — it’s a good exercise for any firm that lacks a disaster plan.

  • Learn to Make the Most of Your Day

    For most business owners, there simply aren’t enough hours in the day to get everything done. Time goes by quickly as the clock ticks away, leaving well-intentioned entrepreneurs pushing important tasks off to future dates. Add in the challenging economic conditions, and effective time management becomes even more important…and elusive.

  • Implementing a Strategic Partnership

    When business is slow and consumer spending decreases, solidarity between entrepreneurs can help drive sales and possibly cut down on marketing costs.

  • The Real Game Is Business

    It’s just the prelims of the 2009 Black Enterprise Golf & Tennis Challenge and it’s already clear that once again the best and brightest moves and players in business and corporate America not only came to play–they came to win. It’s what I like most about G&T, hosted once again by title sponsor Pepsi: whether attendees are registered to play golf or tennis, or do some serious rest and relaxation at the world class spa, they know that the real name of the game is business.

  • MED Week Attendees Connect With Bonding, Lending Sources

    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.

  • Black CEO says that the MBA is Worthless

    Filed under: , ,

    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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  • Side Hustle

    If your nine-to-five is not your dream career and/or you are not earning the kind of money you want to make, then consider getting a side hustle.

    For extra money

    There are several ways to make extra money without burning out. You could sell your old textbooks on Amazon, or sell just about anything on eBay or iOffer. You can baby-sit your neighbors kids, walk dogs, or do some free lance writing. If you enjoy parties and/or weddings, look into becoming a wedding or event planner on the side. You could be a research assistant, a secret shopper, or conduct online surveys for extra cash. Become a class instructor at your gym or teach a class at the community college (my brother-in-law easily obtained a side gig with the University of Phoenix.) Check Craig’s List in your city for several part-time, work from home, easy and very manageable money making hustles. However, beware of scams on Craig’s List and don’t ever pay anyone upfront for a job or give them any accounts information.

    Launching your dream career

    If you already have a side hustle that is your passion, consider taking it to the next level and making it your dream career. Whether it’s writing, web-designing, event planning, fashion, or throwing parties it can become your main money making gig if you take your vision to the next level. Start with creating a plan. Definitely do not quit your day job until you have an exit strategy. Write down the goals you must accomplish before you quit your full-time job, whether it’s a specific amount of money your side hustle must generate or a certain number of clients you must have. Next, write down the steps required for achieving those goals. Talk it over with colleagues or people who are already doing what you want to do. You might even want to invest in a book about how to start your own business. If you are getting a regular paycheck, then invest all the profits from your side hustle into the business. Buy supplies, create marketing materials, and put the rest in the bank.

    In order to maximize your time and energy, shift your priorities and think of your full-time job as the gig on the side. When you switch your perspective you will be able to focus most of your energy on growing your new business. Use your vacation days to meet with potential clients, or get ahead with your planning. Success takes sacrifice, the Bahamas will still be there next year. If your days don’t seem long enough, consider getting up early or staying up late to work on your side hustle. During your lunch hour you can return client calls on your cell phone or do some research. Be careful using your full-time job’s computer, phone, or fax machine. Remain professional by keeping your jobs as separate as possible.

    To boost your clientele, work on marketing your business. Be sure to bring up your endeavors with your friends and family. Even if you don’t think they have a need for your product, they most certainly will know someone (who knows someone who knows someone) who would be interested. Spread the word! A key element of hustling is networking, so use your professional networking skills to advance your side hustle. Whatever you do, don’t give up. I know several people, including my wedding photographer, who have turned their side hustle into a successful dream career. YouTube and Facebook were both side hustles at one point…and look at them now. The proof is in the passion and persistence. You can do it.

    If you are a female YBP who knows how to make some extra cash on the side, you should submit the details of your business to Essence Magazine’s: Side Hustle column. You could get a free plug in one of the best Magazine publications for African American Women. And for those of you looking for a Side Hustle, pick up a copy of Essence today. You might find a way to cash in on your skills. Recently Essence has profiled many women who have walked away from their corporate jobs to pursue their side hustle full time.

  • Dr. Boyce Money: What Chris Brown Can Learn From R Kelly

    I spoke about Chris Brown on CNN not too long ago, and I am sure I’ll be talking about him now. Given his shocking 5-year probationary smackdown by a judge, I am sure that Chris has been humbled beyond belief. Even I was surprised to see him get this kind of punishment. But the truth is that when we make personal decisions, there is a piper to be paid, and sometimes that piper wants more compensation than we wish to deliver.

    But Chris Brown is far from finished, and I expect him to be back on top in no time. The Chris Brown brand is still worth hundreds of millions of dollars, since corporate America is very good at working around the emotional to secure the logical value of their financial assets. Here are some things to keep in mind as Chris tries to rebuild his damaged career.

    If R. Kelly can make a comeback, anybody can. I confess that R. Kelly honestly sickens me. I hate to say it this way, but the idea of a man doing what he is alleged to have done to that little girl makes me as angry as you can ever possibly imagine (and yes, I do believe that was him in that video). What disturbs me even more is that the American public let the entire issue go as soon as Kelly released another hit song. This sends a horrible message to young black women, reflecting the fact that our culture does not value their well-being as much as we value a hit song about going to the club, getting drunk and having irresponsible sex at the end of the night. Sorry homeboy, but you can’t serenade your way into my good graces or that of any other conscientious African American. There are simply some lines entertainers cannot cross and being found “not guilty” is not the same as being found innocent.

    In spite of the obvious critique one can thrust on R. Kelly, the oddest thing is that R. Kelly’s model of career recovery can serve as an instruction manual for Chris Brown. The first segment of that lesson came during R. Kelly’s first BET interview after the child pornography allegations were made. During the interview, I noticed that the singer kept repeating the phrase, “Just focus on my music.” He repeated the phrase several times, as if his business manager had coached him to do so. Upon processing things later, the translation here was simple: If you are focused on his music, you will forgive him for the fact that he’d been accused of doing nasty things to someone’s 13-year old daughter. Yes it’s sick. Yes, it bothers me. But yes, it’s the truth and it has worked quite well for R. Kelly and his business model (notice that it took him a while to release his latest album after the trial – the public typically cools off and forgets almost anything you’ve done if enough time passes).

    Similar to the R. Kelly situation, I’ve noticed that many female music fans really don’t care that Chris Brown is a man who seems to believe that it’s O.K.to use a woman’s face as a punching bag. The report that he used the big ring on his finger to inflict even more damage to Rihanna reminds you of the late Ike Turner. I hope he takes his domestic violence counseling seriously, since he can’t go on living like this.

    In the music industry, fans are quick to accept eccentric behavior from celebrities. The public took no issue with Michael Jackson’s problematic relationships with children and there are many other scenarios in which a hit record is enough to take value judgments off the radar screen. Personally, I find myself in constant shock at the kind of language Lil Wayne’s female fans allow him to use to consistently disrespect them. It almost seems that a polite Lil Wayne would not sell nearly as many records as the drunken, outlandish rapper who appears to have a serious drug problem.

    Value systems aside and with the focus back on business, a black entertainer can rebuild his career after an arrest by doing the following things:

    1) Just say that Jesus healed you. People always buy that one. It worked for R. Kelly. References to God, even when insincere and blatantly hypocritical, invoke deeply entrenched sensibilities within African Americans. Personally, I need proof that you’ve really changed, not just your statement that Jesus came to you in a dream.

    2) Sincerely apologize. People always love a good apology.

    3) Make a really hot song. If people are dancing to your music, they usually forget that you might want to punch out their daughter or think that she’s a garden tool. Unfortunate, but true.

    4) Remember the truth: People really don’t care that much about the celeb’s personal life and are looking for an excuse to forgive him anyway. I recall speaking to someone who works for a major network, and I was in awe over how nonchalant she was about the R. Kelly situation. All she kept saying was, “Well, he ISSSS talented,” as if his talent forgives him for any sin committed in the present, past or future. I bumped into a radio exec at a major station in Chicago and listened to him essentially say the same thing when explaining why his station adjusted its policy against playing R. Kelly music shortly after the allegations. The fact is that people just don’t care.

    Chris Brown’s brand will remain strong in the music industry. From a business standpoint, it is also ironic that being arrested may actually be a “coming out” party for him, reinventing him for the world as the tough, borderline thug that many women seem to love (remember when Lauren London said she had a crush on Ol Dog from Menace to Society – a man known for being the craziest gang banger in entertainment history?). These coming out parties are common, as you typically see young actresses do sexy magazine covers on their 18th birthday (i.e. when “Simply Raven” became “Sexy Raven” and when Rudy Huxtable played a prostitute in her latest film), or male entertainers trying to look mean and “tatted up” to break away from their good boy image (i.e. Lil Bow Wow….I mean, Bow Wow). It’s all about branding. The craziest thing about the Chris Brown situation is that being arrested for beating a woman could actually work to his advantage. So, our adoration for Chris Brown (actually, other people’s adoration, since I don’t respect any man who would do that to a woman) is a reflection of our society and a nasty look in the mirror for all of us. I should say, however, that I consider Chris Brown to be far different from R. Kelly: He is still a very young man who makes mistakes and could possibly become a decent adult with guidance and significant intervention – which spoiled celebrities seldom receive.

    Don’t be surprised to see Chris hanging out with more rappers, where it’s actually a good thing to be arrested. He’s going to have a few more tattoos, a meaner “mug” on his next album and present a brand that embraces the hardcore image, yet not so hardcore that you won’t believe him when he sincerely apologizes and says that Jesus saved him. The new Chris Brown will be interesting.