(Akiit.com) “Our elevation must be the result of self –efforts and work of our own hands. No other human power can accomplish it. If we but determine it shall be so, it will be so.”
Martin Delany 1852

Black History month provides an excellent opportunity for us to celebrate and reflect on Black Business History, particularly the accomplishments of past entrepreneurs who recognized the values of self – motivation and self-help.

It is important for our youth, American’s future entrepreneurs, to understand that African Americans have embraced the concept of entrepreneurship for centuries. Their success shaped the course of our nation’s history …and built a proud tradition for them to follow.

We need more than an annual reminder of the struggles and triumphs of our first entrepreneurs. Although confronted with chattel slavery, racism and discrimination, many of our ancestral entrepreneurs generated tremendous wealth in direct sales, banking, insurance and real estate. But, that’s just part of the story…

Hundreds of America’s forgotten black entrepreneurs used intelligence, business skills and personal wealth to revitalize segregated communities into enterprising endeavors that set the stage for future black economic development. One example of a business pioneer who adhered to this philosophy of economic empowerment was Charles Douglass.

Many of the business skills Charles Douglass demonstrated in adulthood were learned as a teenager working as a farm laborer, a carriage driver and eventually part owner in a bicycle shop. Between 1904 and 1940 Charles Douglass created jobs for many people through companies he owned in Macon, Georgia. Credited with helping the city enlarge its business life, he was an early supporter of community economic development and self- help among Blacks. An associate once said of him,” Mr. Douglass spends his money on people not hoard it in banks.”
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(Akiit.com) Too often I hear Black entrepreneurs saying stupid things. These are the same things that prohibit them from doing exactly what they want to be doing - making money. Here are the top 4 things that you definitely don’t need to be saying:

1) “I Don’t Fly on Airplanes.”
What! You don’t fly? What if you have to meet with a client face-to-face? What about business conferences? Not flying on airplanes can be a great obstacle to your business success.

If you want to be a successful entrepreneur, you need to get over your fear of flying. Do the research! It really is the safest way to travel. If you get airsick, then you need to invest in some Dramamine® - a popular over-the-counter medicine for motion sickness.

2) “Banks Don’t Give Loans To Black Businesses.”
Wrong! Banks give loans to Black companies all the time. Bank of America, Chase, and Wells Fargo all have special programs designed to help African American entrepreneurs. Even the SBA has several loan programs for Blacks.

The reason why you can’t get a loan is because your credit is jacked up! You need to fix your personal credit, and then re-approach your bank about a business line of credit. I guarantee you that you will get a different response.

Here’s a great example:
http://www.wellsfargo.com/biz/intentions/AfricanAm_bus_svcs

3) “I’ll Be Rich In A Week”
Just because you have a good idea doesn’t mean that you’re going to instantly attain wealth. Pick any successful entrepreneur and they will tell you that it takes at least a year to make money off a good idea. In most cases though, it takes several years.

Getting excited and overly-anxious about becoming rich overnight makes you look and sound very immature. In addition, it will only discourage you when your unrealistic dreams are not realized.

4) “I Don’t Do Business With White People”
That’s the dumbest thing a businessperson could ever say, but some people say this because they want to keep their money within the Black community.
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(Akiit.com) Every single day, millions and millions of people use search engines to find what they are looking for. It is very likely that at some point or another, someone will be searching for information about you.

Being researched or “googled” can be a very good thing or a very bad thing. It all depends on what comes up when your name is typed in. Fortunately, you do have some control over the matter.

Here are some things you can do:

1) Regularly send out press releases. Search engines love press releases and news content. Whenever you send out a PR, it will usually be indexed right away from the distribution company itself and any online news outlet that publishes it. PRweb.com and BlackPR.com (one of my services) are great tools for this.

2) Get listed in online directories. Search engines will generally give content from business directories a higher ranking. This is because information from such sources are viewed as “official“. Therefore, listing your bio and/or company description on these sites can help to authenticate what’s “official” about you. Sites like Business.com, SalesVantage.com, and BlackExperts.com (another one of my services) are perfect examples.
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(Akiit.com) In a Capitol Hill briefing, the head of the nation’s oldest black business organization said his National Business League (NBL) is addressing the problem with a focus on “creating more well-paying jobs for African- Americans“. NBL President W. Ronald Evans says that the solution is: “For America to secure economic prosperity now as well as in ten and fifty years in the future, we must restore and protect our manufacturing and technology foundation. Manufacturing and technology serve as the catalysts for all other sectors of the economy. American manufacturing and technology must be restored.”

“As we’ve lost manufacturing and technology industries, too many African-American have moved from well-paying jobs with good benefits at high tech automobile manufacturing plants to working minimum wage jobs,” said Evans as he introduced an initiative between the NBL and the American Organization for Restoring Jobs (AORJ), a consortium of business and advocacy leaders to promote the preservation and restoration of the America’s manufacturing base for both the economy and employment for more African-Americans.

The NBL action is worthwhile. Since the end of World War II, manufacturing jobs, particularly in the automotive industry, have been an important source of well-paying jobs for African-Americans. Since blacks first went into the factories, in the early 1900’s, millions of African- Americans have attained middle-class lifestyles and many families are in their fourth generation directly due to auto industry wages. As recent as 1979, 2.1 percent of African-American workers were employed in automotive manufacturing. But, by 2004, the numbers had fallen to 1.3 percent. In manufacturing in general, African- American employment has fallen from 23.9 percent of all workers to 10.6 percent.
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Columbus, OH (Akiit.com) - It’s been estimated that fewer then 10 percent of all entrepreneurs know about or truly understand how business credit works. So, lets first define what exactly business credit is.

Having business credit means that you have a line of credit (credit cards, loans, etc) seperate from your personal credit. This essentially means that if you take out a business loan, it will only show up your business credit report - not your personal. In fact, anything you do on your business credit will only affect your business.

So the question is how do you get business credit?

1) Repair your personal credit. Although they are separate, you likely will not be able to get a line of business credit, if your personal credit is bad. This is because initially this is all a banker has to go on.

2) Open a business banking account. Be sure to do this at the same bank where your personal bank account is. This will allow the banker to see that you are a good customer. Make sure to open the account in the name of your company with a business tax ID, and try to keep at least $1,500 in that account.

3) Approach your banker about business credit. After months have gone by with a business account at the bank, now you can ask your banker about giving you a line of business credit. You may only qualify for $300 or less, but take it.
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