Black Man Black Woman

Tag: finance careers

  • Professional Women and their Love Lives: Money and Matrimony Sometimes Conflict

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    I have become obsessed recently with trying to figure out how successful black women find a way to get it all done. Now, by “successful,” I’m not referring to the woman who works 70 hours a week while seeing all of her relationships die in the process. I am referring to the women who do some of the most important jobs in our society (nurturing children and maintaining their relationships) while finding success in their professional lives. Call me old fashioned, but I think that there is no job in the world more important than being a mother.

    This week on Financial Lovemaking, S. Tia Brown and I speak with Dr. Towanna Freeman, a life coach and women’s empowerment guru, about what it takes to maintain love, life and everything in between. We ask Towanna the hard questions about her business and her family and try to determine the formula for keeping it real and keeping it realistic.

    One thing that Towanna makes clear is that you don’t have to be perfect to be happy. She also reminds us that successful people are not successful all the time. The key is having the right mindset and always striving for success, whether you are feeling successful or not. I can personally say that I fail at roughly 90 percent of everything I do: But it’s striving for that last 10 percent which helps to set me apart.

    The interview with Towanna is below. Enjoy!

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the book, “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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  • 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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  • Triple Threat – Mother, Wife, Career Woman: What Does it Take?

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    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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  • Is College a Good Investment During a Recession?

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    I was invited onto “Tell Me More with Michel Martin” to discuss college and whether or not it makes sense to invest in college during an economic downturn such as this one. I have written extensively on the value of going to college, since I argue that education plays a huge part in determining whether you end up being a true player in life or just end up getting played. Black college students must really note the significant impact of attending college, since people of color benefit the most when we get ourselves educated.

    Here are some thoughts regarding whether or not college is a good idea during a recession:

    1) You must decide if college is a necessity or a luxury item for you. If you are a wealthy kid who can rack up $80,000 in debt to major in Philosophy and Theatre, then God bless you. But just make sure you are aware that the major you choose plays a huge role in your ability to manage debt after graduation. This is not a slap at those who choose majors that don’t have a strong job market, it’s just a reminder to make sure you know what you’re stepping into. Personally, I majored in business, because college was not just my path toward educational enlightenment, it was my way to pay the bills when I got older.

    2) Figure out what you hope to get out of college. If you want to simply get a good education and are not worried about the job market very much, then you don’t need an expensive school to do that. Education is what you make of it. I’d rather be a student at a state university who studies 7 hours a day than to be a frat boy at Yale living at the bottom of a beer bottle. The student who studies is going to learn; the one who doesn’t study won’t learn a thing. College is what you make of it. But if your goal is to use the name of your campus to open doors for great job opportunities, then this might justify the cost of an expensive university.

    3) Parents, the debt is not all yours. You are getting ready for retirement, your children are young. Pretty soon, they will be earning more money than you. Does it make sense that you’ll spend your golden years paying student loans for an able-bodied adult? Perhaps it’s time for your children to learn how to take care of you? They will never learn to be financially independent if you don’t teach them. Allowing your child to manage some of his/her student loan debt doesn’t make you into a bad parent. You got them to age 18 in one piece, some would say that you’ve done enough.

    4) Grad school anyone? Some majors require additional education for you to be competitive in that particular market, some do not. Think through this carefully when deciding if you want to make the massive investment of going to graduate school. I believe that an MBA is usually worth the investment, while a masters in Anthropology may not always get you the job you’re seeking. But outcomes can vary depending on the major, and you should do your homework.

    5) Education gives you job security. One thing that many autoworkers learned during the recent economic downturn is that having a good job with little education makes you highly vulnerable to economic flucuations. African Americans were the hardest hit during the recession, and many of us lost our jobs when the auto industry tanked. Even if you earn a lot of money, you should never stop believing that additional education doesn’t have value for you. You don’t want your financial future to be in the hands of someone else.

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    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of “Everything You Ever Wanted to Know about College.” To have Dr. Boyce Commentary delivered to your email, please click here.

     

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  • Black CEO says that the MBA is Worthless

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    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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