Post by LIFE AND DEATH on Aug 5, 2005 23:25:37 GMT -5
S cwonershipr Bridging The Wealth Gap
By Renee D. Turner, BET.com Staff Writer
Posted July 29, 2005 – To bridge the wealth gap in America, African-Americans must develop some strategies to that will help strengthen Black businesses, . So according to say business advisor's addressing the Urban Entrepreneur-ism and Business Ownership seminar the National Urban League’s annual convention in Washington, D.C., Thursday.
At the heart of the strategy should be planning, education and innovation, said the panelists for the convention’s “Urban Entrepreneurism and Business Ownership” seminar on Thursday. participating said.
Blacks won’t be able to bridge the wealth gap without “innovation and creativity,” says Daryl Williams, director of minority entrepreneurship for the Ewing Marion Kauffman Foundation.
Williams He explained thats Blacks businesses are heavily concentrated in low-paying, service sector industries. And while te businesses are important, he says. For greater profitability, Black businesses need to employ innovation and creativity in industries in which that minorities do not have a strong foothold in, such as construction and manufacturing are two areas where Blacks are underrepresented.
Before branching into such untested waters, Blacks interested in getting into business must strengthen their knowledge base about starting going into and maintaining a business, the panelists stressed.
Ronald N. Langston, national director of the, Minority Business Development Agency, likens beginning a in business to playing golf.
“I’m a bad golfer, but I’ve taken so many lessons that I know what I’m doing bad. It’s skill development,” said Langston. he says. “Understand what you’re doing correctly. Understand how to make corrections.”
In addition to education, there are two other elements of a successful business, says Stephanie A. Watkins, Regional aAdministrator for the U.S. Small Business Administration (SBA). Thesre elements of business success are access to capital, education (about the product and market conditions) and access to and knowledge of technology, Watkins said yes.
She added that also says Black businesses would fareir better if they would partner with other firms that can either help them develop or compete for larger contracts, which would help close the wealth gap between Blacks and Whites.
“A lot of people think of doing everything solo,’ said Watkins. “But I think you have to think about partnering with people, making sure you have a team, where each person has a certain expertise” she says, “And you can build from that.t.”
The SBA offers support, courses, peer counseling and other resources to small and developing businesses as well as to new entrepreneurs. For more, click on the link in the “See Also” section.
Wealth building is not just a matter of earning a paycheck, the panelists said, but about taking ownership ofin something.
One good example of choosing ownership is given through the story of Steve Balmer. Young people need to learn the lesson of Steve Balmer of Microsoft, explained Julie Silard Kantor, executive director for the National Foundation for Teaching Entrepreneurship of Greater Washington, D.C.
Instead of insisting on a fat paycheck when Microsoft fonder Bill Gates called him about joining the firm, Balmer got a piece of the rock. “He became one of the richest men in America by negotiating a lower pay check, for some equity and ownership in the firm,” Silard saidshe says. “I think there is it’s a valuable lesson there.”
By Renee D. Turner, BET.com Staff Writer
Posted July 29, 2005 – To bridge the wealth gap in America, African-Americans must develop some strategies to that will help strengthen Black businesses, . So according to say business advisor's addressing the Urban Entrepreneur-ism and Business Ownership seminar the National Urban League’s annual convention in Washington, D.C., Thursday.
At the heart of the strategy should be planning, education and innovation, said the panelists for the convention’s “Urban Entrepreneurism and Business Ownership” seminar on Thursday. participating said.
Blacks won’t be able to bridge the wealth gap without “innovation and creativity,” says Daryl Williams, director of minority entrepreneurship for the Ewing Marion Kauffman Foundation.
Williams He explained thats Blacks businesses are heavily concentrated in low-paying, service sector industries. And while te businesses are important, he says. For greater profitability, Black businesses need to employ innovation and creativity in industries in which that minorities do not have a strong foothold in, such as construction and manufacturing are two areas where Blacks are underrepresented.
Before branching into such untested waters, Blacks interested in getting into business must strengthen their knowledge base about starting going into and maintaining a business, the panelists stressed.
Ronald N. Langston, national director of the, Minority Business Development Agency, likens beginning a in business to playing golf.
“I’m a bad golfer, but I’ve taken so many lessons that I know what I’m doing bad. It’s skill development,” said Langston. he says. “Understand what you’re doing correctly. Understand how to make corrections.”
In addition to education, there are two other elements of a successful business, says Stephanie A. Watkins, Regional aAdministrator for the U.S. Small Business Administration (SBA). Thesre elements of business success are access to capital, education (about the product and market conditions) and access to and knowledge of technology, Watkins said yes.
She added that also says Black businesses would fareir better if they would partner with other firms that can either help them develop or compete for larger contracts, which would help close the wealth gap between Blacks and Whites.
“A lot of people think of doing everything solo,’ said Watkins. “But I think you have to think about partnering with people, making sure you have a team, where each person has a certain expertise” she says, “And you can build from that.t.”
The SBA offers support, courses, peer counseling and other resources to small and developing businesses as well as to new entrepreneurs. For more, click on the link in the “See Also” section.
Wealth building is not just a matter of earning a paycheck, the panelists said, but about taking ownership ofin something.
One good example of choosing ownership is given through the story of Steve Balmer. Young people need to learn the lesson of Steve Balmer of Microsoft, explained Julie Silard Kantor, executive director for the National Foundation for Teaching Entrepreneurship of Greater Washington, D.C.
Instead of insisting on a fat paycheck when Microsoft fonder Bill Gates called him about joining the firm, Balmer got a piece of the rock. “He became one of the richest men in America by negotiating a lower pay check, for some equity and ownership in the firm,” Silard saidshe says. “I think there is it’s a valuable lesson there.”