North Texas Black Business Blog
Don't Quit
by Mark Courts on 12/04/15
When things go wrong, as they sometimes will,
When the road you're trudging seems all uphill,
When the funds are low and the debts are high,
And you want to smile, but you have to sigh,
When care is pressing you down a bit,
Rest, if you must, but don't you quit.
Life is queer with its twists and turns,
As every one of us sometimes learns,
And many a failure turns about,
When he might have won had he stuck it out;
Don't give up though the pace seems slow--
You may succeed with another blow.
Often the goal is nearer than,
It seems to a faint and faltering man,
Often the struggler has given up,
When he might have captured the victor's cup,
And he learned too late when the night slipped down,
How close he was to the golden crown.
Success is failure turned inside out--
The silver tint of the clouds of doubt,
And you never can tell how close you are,
It may be near when it seems so far,
So stick to the fight when you're hardest hit--
It's when things seem worst that you must not quit.
Author Unknown
Interesting Concept
by Mark Courts on 10/28/15
During a robbery, the bank robber shouted to everyone in the bank: "Don't move. The money belongs to the State. Your life belongs to you."
Everyone in the bank laid down quietly. This is called "Mind Changing Concept" Changing the conventional way of thinking.
When a lady lay on the table provocatively, the robber shouted at her: "Please be civilized! This is a robbery and not a rape!"
This is called "Being Professional" Focus only on what you are trained to do!
When the bank robbers returned home, the younger robber (MBA-trained) told the older robber (who has only completed Year 6 in primary school): "Big brother, let's count how much we got."
The older robber
rebutted and said: "You are very stupid. There is so much money it will
take us a long time to count. Tonight, the TV news will tell us how much
we robbed from the bank!"
This is called "Experience." Nowadays, experience is more important than paper qualifications!
After the robbers had left, the bank manager told the bank supervisor
to call the police quickly. But the supervisor said to him: "Wait! Let
us take out $10 million from the bank for ourselves and add it to the $70 million that we have previously embezzled from the bank".
This is called "Swim with the tide." Converting an unfavorable situation to your advantage!
The supervisor says: "It will be good if there is a robbery every month."
This is called "Killing Boredom." Personal Happiness is more important than your job.
The next day, the TV news reported that $100 million was taken from the
bank. The robbers counted and counted and counted, but they could only
count $20 million. The robbers were very angry and complained: "We
risked our lives and only took $20 million. The bank manager took $80
million with a snap of his fingers. It looks like it is better to be
educated than to be a thief!"
This is called "Knowledge is worth as much as gold!"
The bank manager was smiling and happy because his losses in the share market are now covered by this robbery.
This is called "Seizing the opportunity." Daring to take risks!
So who are the real robbers here?
Best places for black-owned businesses
by Mark Courts on 10/25/15
With over 100 employees and eight locations nationwide, Thor Construction is one of the largest black-owned construction companies in the U.S.
The company built a giant volcano outside the Mirage Hotel and Casino in Las Vegas, set up a mozzarella cheese factory for Davisco Foods in Lake Norden, South Dakota, and is working on the Minnesota Vikings new stadium in Minneapolis, which is scheduled to open in July 2016. After the January 2010 earthquake in Haiti, the company rebuilt 750 homes in the devastated Caribbean country under a U.S. government contract.
But the company had a humble beginning back in 1980.
As with many small-business owners, financing was a major challenge for Thor owner Richard Copeland. "It was a day-to-day struggle trying to make payroll," he says.
"It was just me and my pickup truck. The challenges were trying to find work and pay the bills and trying to stay ahead of the Grim Reaper."
Where black-owned businesses succeed
Copeland overcame his early struggles and Thor Construction joined the ranks of the nation's 2.1 million black-owned businesses -- which bring in over $138 billion in revenue each year, according to the National Black Chamber of Commerce.
To understand where the black community's most robust entrepreneurial activity can be found, NerdWallet crunched the numbers for 107 U.S. metropolitan areas with populations over 100,000. We used seven metrics to analyze those places as we focused on these questions:
Is the overall economic environment strong? We evaluated the number of businesses per 100 residents, median income for the black population, the cost of living and the unemployment rate in each place.
Are existing black-owned businesses successful? We looked at the percentage of black-owned businesses, percentage of black-owned businesses with paid employees and average revenue per year for black-owned businesses in each place.
Key takeaways
Salt Lake City stands out. The black-owned businesses in Salt Lake City, at No. 21 on our list, have significantly higher average annual revenue - five times more - than the average of the 107 places analyzed.
Existing businesses matter. Eight of the top 10 metro areas have a strong presence of black-owned businesses: At least 15% of all businesses in those places are owned by black entrepreneurs.
Buffalo's above average. Among metro areas with over 1,000 black-owned businesses, the Buffalo, New York, metro area - No. 81 on our list - has the highest percentage of black-owned businesses with paid employees: almost 12% compared with an average of 6.48% for all other places.
Best places for black-owned businesses
1. Atlanta-Sandy Springs-Marietta, Georgia, metro area
Atlanta has a relatively affordable cost of living and a strong business environment, and Georgia has the nation’s third-largest black consumer market, worth over $73 billion. To help local companies thrive, the Atlanta Metropolitan Black Chamber of Commerce hosts monthly events and mentoring programs, and Atlanta's Minority Business Development Agency provides resources, too. Notable businesses include B&S Electric Supply Co. and Engineering Design Technologies.
2. Montgomery, Alabama, metro area
Montgomery's black population is growing faster than any other city on our list, and nearly a third of businesses are owned by black entrepreneurs. Resources for small businesses are available at the Alabama State Black Chamber of Commerce and the Montgomery Chamber of Commerce's Minority Business Development Advisory Task Force.
3. Memphis, Tennessee, metro area
With a large percentage of black-owned businesses, an affordable cost of living and a rich culture, Memphis is a solid place for businesses to blossom. In addition to music, film and TV, Memphis excels in bioscience, green industry and manufacturing. The Black Business Association of Memphis offers one-on-one counseling, training sessions and networking events. In addition, the Greater Memphis Chamber has a Small Business Council that provides similar resources for entrepreneurs.
4. Washington, D.C.-Arlington-Alexandria, Virginia, metro area
The nation's capital has a growing technology industry, an educated population and a dynamic mix of public and private sectors. Ben's Chili Bowl, known for its famous customers including President Barack Obama, has been a celebrated black-owned business in the capital since 1958. Entrepreneurs looking to get off the ground can take advantage of resources at the National Black Chamber of Commerce, the Northern Virginia Black Chamber of Commerce and BizLaunch, an Arlington Economic Development entrepreneurship program.
5. Durham, North Carolina, metro area
Just 25 miles northwest of Raleigh, the Durham metro area is largely defined by the Research Triangle Park, which includes Duke University, the University of North Carolina at Chapel Hill and North Carolina State University. Durham is becoming a center for technology startups, with several accelerators, co-working spaces and entrepreneurial meetups. The city also encourages social entrepreneurship and has supported several successful mission-driven organizations in the community. Business owners can find resources at the Greater Durham Black Chamber of Commerce.
6. Savannah, Georgia, metro area
Savannah is steeped in black culture, and its history attracts about 13 million visitors each year. The charming coastal city is home to culinary gems, including Chef Joe Randall's Cooking School and Sisters Real Southern Cooking. The area's over 200 banks and credit unions provide plenty of access to funding for new small businesses, and the Creative Coast Alliance is a unique nonprofit that encourages entrepreneurship and innovation.
7. Baton Rouge, Louisiana, metro area
Black-owned businesses account for 20.7% of all businesses in Louisiana's capital, which is higher than the study’s top 10 average of 19.8%. Local businesses are supported by the Baton Rouge Area Chamber, which has recently made an effort to expand the area's businesses outside the chemical and gas industries. The local economy is also boosted by the area's affordability. The median income of $18,047 is below the top 10 average of $20,210, but that’s offset by a lower cost of living. Baton Rouge's cost of living index of 91.3 means consumers have more money to spend at local businesses.
8. Baltimore, Maryland, metro area
Businesses in Baltimore benefit from the 270,000 commuters who arrive in the city every day. Baltimore Open for Business offers a comprehensive online guide to entrepreneurship in the city -- with details about permits, zoning, licenses and inspections. The University of Baltimore's Center for Entrepreneurship and Innovation has been an important local institution, helping build Baltimore's profile as a destination for small-business owners.
9. Richmond, Virginia, metro area
Long referred to as the hub of black capitalism, Richmond's tradition of black-owned businesses continues today. The city's 8.67% of black-owned businesses with paid employees is the highest in the top 10. Richmond’s unemployment rate of 5.3% is the second lowest in the top 10, which means a healthy local economy for entrepreneurs. The Greater Richmond Chamber of Commerce runs the YRichmond program to help aspiring millennial entrepreneurs start businesses in the city.
10. Miami-Fort Lauderdale-Pompano Beach, Florida, metro area
Florida's largest metropolitan area is also one of the best places in the country for black business owners. Overall, it has 13.76 businesses per 100 residents, making the Miami metro area a magnet for aspiring business owners. Of all businesses in Miami, 12.4% are black owned, significantly higher than the 7.2% average of all places we analyzed. The area’s success for black entrepreneurs can be attributed to the Miami-Dade Chamber of Commerce, which was established in 1974 to support the local black business community.
Money and Finances
by Mark Courts on 10/18/15
Do you have what it takes to become a Millionaire? Most Young Black Millionaires Have at Least 7 Sources of Income and Revenue.
Unbeknownst to more people there a 4 different ways to earn income:
A. Employee (E), B. Self-Employed (S), C. Business Owner (B) and D. Investor (I)
Listed below are 7 different forms of income that you can generate income to improve your financial situation.
1. Earned Income (E) - Money that you earn by doing something for pay, trading time for money. For example: the money that you make in your job, the salary you get by working for someone else. Unfortunately, this form of income provides the employee with relatively little control; you trade time for pay, someone else withholds (state, local & federal) taxes, social security, etc. and gives you the remainder.
2. Profit (B) - Money that you earn by selling something for more than it costs you to make. For example: Businesses selling their goods at a profit, whether at the retail or wholesale level, as distributors or manufacturers. This method providers the entity more control with determining when you pay taxes, expenses, etc.
3. Interest (I) - Money you get as a result of lending your money to someone else to use, example, putting it in the bank, lending it to the government in the form of buying Treasury Bills etc. This is one of the best ways to earn income, unfortunately, many people are limited in their investment knowledge. Invest time time in learning more about stocks and the various investment vehicles.
4. Dividend Income (I) - Money that you get as a return on shares of a company you own. For example: the dividend that most companies announce at the year end. Typically you will have to own shares to get dividends. Some stocks pay out their dividends monthly, quarterly, bi-annually and annually. There are many stocks that are paying out great returns every quarter; take time to learn as you earn.
5. Rental Income (I) - Money that you get as a result of renting out an asset that you have. For example: This will be a house, or a building. This is another great way to earn income. Smart landlords keep up the value of their properties by taking the time place great tenants in their properties who help them with the upkeep.
6. Capital Gains (B or I) - Money that you get as a result of increase in value of an asset that you own. For example: when you buy shares at $10 and sell them at $11 - the $1 is capital gains, or if you buy your house for $200,000 and sell it for $220,000 the $20,000 is your capital gain.
7. Royalties (S or B) - Money you get as a result of letting someone use your products, ideas, or processes. Your original artwork, photographs, illustrations, designs, clothing and apparel, shoe designs licensed out - you receive royalty payments from others using your ideas and concepts. When others make revenue from your idea or brand, you get a percentage of what ever they earn. They are paying you for using your processes, your logo, and your brand or "name", etc.
However you choose to earn income, you increase you chances of improving your finances when you increase the number of ways that you earn income. In upcoming months, make it your goal to increase your income by increasing the number of ways that you earn.
Thanks to the Black Hedge Fund Group and the Cashflow Quadrant for concepts presented in this article.
Think before you spend your money
by Mark Courts on 10/17/15
O - Ownership - Everyone in the Black community should own something before they reach the age of three years old. Teach your children the value of ownership so that they will have options as they mature and move into the working world.
S - Save and Invest - save your money so that it can save you; invest your money so that your money can work for you. Our society sends us millions of messages everyday telling you to spend, spend, spend; but they never encourage you to spend wisely. Well, I'm telling you to spend money investing in your future. Learn about stocks, mutual funds, real estate investments, gold, silver, savings bonds, etc. Build your future as opposed to your credit. People who pay with cash never have to worry about credit anyway.
T - Target - Your money is your power, don't be so willing to give away your power so quickly. Don't immediately go into consumer mode. Target your power to help empower other Black owned businesses, especially those that are helping your community.
You follow these principles and you will find yourself and your family in an empowered situation in the future.
The information in this post is based on ideas and put forth by Dr. Boyce Watkins.
