ReportWire

Tag: Black entrepreneurs

  • What Every Entrepreneur Can Learn from NCAA Coach Dawn Staley’s Leadership Style | Entrepreneur

    What Every Entrepreneur Can Learn from NCAA Coach Dawn Staley’s Leadership Style | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    As a South Carolina native and leader in the field of diversity, equity, and inclusion (DEI), I can affirmatively say NCAA coach Dawn Staley is no ordinary leader. From her time as an Olympic gold medal-winning basketball player to her role as a coach guiding the South Carolina Gamecocks to an undefeated 38-0 season, Staley has a lot to teach us about what it takes to be consistent and successful in a competitive arena.

    It’s easy to attribute Staley’s success as a former athlete and coach to “luck,” but it’s anything but. Staley has invested in DEI, leadership and mentorship for her team and herself — which I suspect have all contributed to her record-breaking wins throughout the years.

    Who is Dawn Staley?

    Dawn Staley is an American basketball coach and player who was inducted into the Hall of Fame. She’s played on all sides of the court as a three-time Olympic gold medalist and also as the head coach of a gold-medal-winning team. Because of her incredible track record, she’s currently (and rightfully so) the highest-paid Black coach in women’s basketball. But that’s not all she is.

    Related: Companies Are Deprioritizing DEI. Why They Shouldn’t and How to Recommit.

    Staley stands up for pay equity

    While many companies and organizations are divesting from DEI, others are doubling down and seeing great rewards. Knowing all too well the pay equity disparity between women’s and men’s basketball leagues, Staley has been a fearless advocate for pay equity for herself and her players. When negotiating her record-breaking contract, she had a lawyer present to ensure she got the fairest financial deal possible.

    Furthermore, after receiving her much-deserved financial due, she was generous enough to share the wealth. She’s reported to have sent all Black Division 1 coaches a piece of her net earnings from a prior championship to send the message that when one of us wins, we all win.

    Related: Why Paying Women An Equal Wage Helps—Not Hurts—Your Business

    Staley understands the power of mentorship

    Entrepreneurs from all walks of life have cited mentorship — whether given or received — as responsible for their current business success. Staley knows she needs her team as much as they need her, which requires mentorship. She’s always been a force on the court and a voice of reason and guidance for her team, passing along what she has learned for the benefit of everyone in her orbit.

    Staley has been clear about the symbiotic relationship she has with her players. Staley told an Oklahoma-based newspaper, “I don’t coach to win awards, I really don’t. I’m very, very satisfied with just being there for my players.” Having guided her team through multiple wins and walking beside them every step of the way, Staley continually proves that mentorship is an essential component of any leader’s and team’s success.

    Related: Managing a Black Woman? Here’s How to Become Her Success Partner and Ally.

    Staley knows the value of being present in every role — big or small

    From her days as a player to now being a nationally renowned coach, Staley has proven there is no role too big or small in which to serve. In the early stages of a business, most entrepreneurs know intimately how they must wear multiple hats for months and sometimes years in order to get the results they seek.

    Staley knows that juggling act very well. Supporting her teammates on the court is one role that requires consistency, cooperation and resilience. Coaching, on the other hand, has given her the tools to build trust, empower others and delegate. Whether she’s a teammate or a coach, she fully commits to the role and being all-hands-on-deck with her team has returned dividends.

    Staley knows how to build and rally a team toward a common goal

    While it seems like the perfect team fell into Staley’s lap, nothing could be farther from the truth. She fought to take a team with a fair track record and transform it into a solid and consistently competitive unit. This season, Staley even had to replace the entire starting lineup and was still able to guide them back to the semifinals. This wasn’t an accident. It was the result of establishing and fostering a foundation of good team building and trust.

    Staley chooses players who understand what it means to work hard for a common goal. When businesses hire team members, they often hire for “culture fit” and choose the applicant with the most impressive resume or academic credentials.

    However, what they often fail to examine is the upbringing and values that each new hire possesses. In the past, Staley has highlighted her philosophy of only recruiting players who respect their parents, indicating that if a player doesn’t respect their parents, they won’t respect their coach. Staley has strategically built a team of players whose values were aligned with building a relationship of trust and respect with their coach. As we can see, her selective choice has had positive ripple effects on her team’s performance and rapport.

    Related: Avoiding the Sea of Sameness: How Hiring for Culture Improves DEI

    Final thoughts

    The string of consistent wins enjoyed by the South Carolina Gamecocks is far from being an accident. Serving as a coach after having the experience as a player is a valuable advantage and puts Staley in a powerful position from which to lead others. It shows that Staley has been there and done that and knows the path to success because she first lived it as a player. In addition, her ability to put herself in her team’s shoes is a form of empathy, a key pillar in DEI. From this empathy, she was able to build trust after carefully selecting team members who had the values and resilience necessary to truly respect the game, their coach, their teammates, and themselves. Dawn Staley is an example of what powerful leadership looks like by advocating for herself and others to work towards DEI, resilience, and excellence.

    Nika White

    Source link

  • 4 Ways Internalized Oppression is Holding You Back from Success — And Ways to Overcome It | Entrepreneur

    4 Ways Internalized Oppression is Holding You Back from Success — And Ways to Overcome It | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    As a diversity, equity, and inclusion (DEI) consultant, I can tell you systemic racism, sexism, and a laundry list of other institutional factors do impact the success of entrepreneurs of color. However, sometimes, the problems we face when reaching for success do not come from the outside but rather from the inside. Here’s what internalized oppression is, four ways it could be holding you back from success, and how to overcome it.

    What is internalized oppression?

    By definition, internalized oppression is the belief among a group of historically marginalized people that the negative stereotypes and messages about their inferiority and the parallel messages about the dominant group’s superiority are true. Here’s how internalized oppression could be showing up in your life.

    1. You don’t feel good enough for certain opportunities

    If a great opportunity appears in your professional life — say, a potential partnership, a promotion, or an invitation to speak about your work — you might be tempted to turn down opportunities because of internalized oppression and imposter syndrome. You’re not alone. According to a 2020 study conducted by Maryville University, some 70% of Americans have experienced imposter syndrome; however, research shows that race can amplify its effects, especially for Black folks. It’s important to understand how internalized oppression and imposter syndrome could diminish your confidence in the face of opportunities.

    What you can do about it: Lean into positive affirmations. Write down your best qualities or look in the mirror and verbally acknowledge and recite them. Whether you have great ideas, excellent public speaking skills, an effortless ability to network or amazing amounts of creativity, once you believe in and recognize your innate skills and gifts, you can start to see a new opportunity as divine intervention as opposed to something you’re unworthy of.

    Related: 5 Qualities of Black Excellence Overlooked in the Workplace

    2. You uplift the voices of those in the dominant culture while suppressing other marginalized voices

    Internalized oppression can cause us to not only feel bad about ourselves and our own ideas but also about ideas from others who share our identities. Representation matters. If we only hear ideas from the dominant culture being acted upon and celebrated, it can be hard to uplift ideas from other marginalized people in the workplace. It’s not necessarily our fault. A surprisingly low 3.2% of senior leadership roles at large companies are filled by Black professionals, and for those individuals, it’s not easy to feel their ideas are heard or valued.

    What you can do about it: Begin to understand the roots of where the urge to diminish other’s success is coming from. Engage in introspection around your childhood, family dynamics and early career experiences. It could be that in your formative years, your opinion and ideas were diminished by a person of authority and that could have present effects on your professional life.

    Related: 6 Ways to Offer Allyship to Black Entrepreneurs

    3. You pull other marginalized people down when they’re up for promotions or advancement

    When you’re feeling low, it might be tempting to pull others down to your level. However, this mentality is holding you and them back from success. As mentioned earlier, internalized oppression and a lack of representation could be perpetuating feelings of powerlessness and inferiority, which can play a role in how you feel about yourself and others like you in the workplace.

    What you can do about it: Imagine that the person who is winning in the office, getting that promotion, and succeeding is you. Close your eyes and see yourself in their position. Internalized oppression can cause us to feel in competition with others at our level. Instead of dragging them down, imagine what it would feel like if you were the one succeeding and channel that energy the next time you see another marginalized person doing well. Who knows, perhaps you are the next person in line for that advancement.

    Related: The ‘Us vs. Them’ Mentality Is Tearing Our Communities Apart. Here’s How to Bridge The Gaps That Divide Us.

    4. You stay silent when injustice happens in the workplace

    It’s not easy to stand up when another person is being treated unfairly. After all, internalized oppression tells us that we “deserve it” or that our inferiority justifies such treatment. But it’s not true. Out of fear that we may experience the same retribution for standing up and being vocal, some marginalized folks might turn the other cheek to injustice or mistreatment when it happens to others in the industry or workplace. When we stand up for others, we stand up for ourselves as well.

    What you can do about it: Practice speaking up in the mirror. Perhaps you have witnessed an injustice at work recently, try to replay that scenario at home in private and experiment with finding artful ways to defend someone on the receiving end of discrimination or harassment. Equip yourself with the language, practice and skills to feel confident when faced with the important task of speaking up.

    Final thoughts

    When it comes to DEI, the work begins within, whether you’re working on your own business or serving as an employee. To achieve more success, we have to find the power inside us and dispel the false narratives of unworthiness and imposter syndrome. The best source for empowerment can often be found and fostered in the community. When we lift other marginalized folks out of the depths of oppression and celebrate their wins and successes, we can often find the strength to give ourselves that same support and hope.

    Nika White

    Source link

  • Trailblazing Black Women Entrepreneurs Share How They’re Breaking Barriers | Entrepreneur

    Trailblazing Black Women Entrepreneurs Share How They’re Breaking Barriers | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    For every Black woman who starts a business, a barrier is broken. An impressive 50,000-plus Black women are innovating in the United States — but not without the uphill battle of fighting bank funding denials, limited access to capital and systemic racism and sexism. Despite the challenges, Black women are bringing their products and services to the market.

    I’ve discovered several Black-owned brands and know they’re setting the stage for Black women everywhere to feel well, look good, and stay rooted in the culture. Here are four Black woman-owned businesses breaking barriers and some of their insights on business.

    Related: The Burden of Breaking Barriers is Pushing Black Leaders to Breaking Point. This DEI Expert Reveals Where We Are Going Wrong

    Fitness snob

    Fitness Snob is a Black and women-owned crew sock brand helping to cultivate and empower every woman’s fitness lifestyle. They’ve created perfectly tailored crew socks with styles that make it easier than ever to embrace one’s fitness journey in style.

    While crew socks don’t seem like a barrier-breaking product, they really are. With the apparel industry being largely dominated by white male-owned businesses, Black woman-owned fashion — especially crew socks, which are prized by athletes in every corner of our country — are hard to come by.

    When Fitness Snob founder Kim Turner was pressed about the challenges she’s faced growing her business, she said, “Being a Black-owned business entails overcoming stereotypes and obstacles, from the perception of catering exclusively to Black consumers to the struggle to secure startup capital and combat doubts about quality and legitimacy.”

    Despite these challenges, Turner has found the journey immensely rewarding as breaking barriers in the apparel industry has allowed her to witness her products transcend racial boundaries and empower all women to prioritize their health and fitness in style.

    Related: 6 Ways to Offer Allyship to Black Entrepreneurs

    DESERI

    With tons of fashion brands emerging from Europe, DESERI is a Black woman-owned fashion brand crafting signature handbags and jewelry that are timeless, elegant, and undeniably of the moment. Each product is handmade and a true work of art that reflects the skill of the artisan and the eye of the designer.

    With a deep appreciation for and commitment to quality, Deseri Kelley created a brand that is the embodiment of luxury made accessible. Representation matters. There are a million handbag brands out there, but very few are Black woman-owned and able to meet the mass market where they are.

    When asked about what qualities it takes to make a barrier-breaking Black-owned business, Kelley said, “Authenticity is the cornerstone of entrepreneurial success. By staying true to our values, celebrating diversity, and fostering a positive impact within the industry, we have not only built a brand but also a community.”

    Deseri emphasizes that embracing authenticity resonates with customers and, as a consequence, creates a loyal following that’s drawn to the business’s passion and purpose.

    Related: 5 Qualities of Black Excellence Overlooked in the Workplace

    Vontélle

    Vontélle is a luxury bespoke eyewear brand with an ethnic flair using unique African, Caribbean, and Latin print designs and textiles created by women of color. The luxury eyewear market is dominated by European brands, so it’s been refreshing to don a pair of Vontélle eyewear that are handcrafted and made for diverse faces.

    In addition, Vontélle is the first Black women-owned and operated eyewear company to obtain a licensing agreement from Nickelodeon. This brand is changing the narrative of who stylish eyewear is made for and putting Black and brown people’s unique physical characteristics and culture front and center in their designs.

    When Vontélle co-founders Tracy Vontélle Green and Nancey Flowers-Harris were asked about lessons they learned since starting their eyewear brand, they said, “soft launch with few products. We launched 37 designs with a large MOQ (minimum order quantity), in hindsight, we should have done a soft launch with 5 to 10 eyewear styles.” According to these founders, when launching a direct-to-consumer brand, starting small is key.

    Kee’ss Moi

    With the beauty and make-up industry dominated by white male-owned businesses, Kee’ss Moi is breaking barriers with their cruelty-free and vegan lip glosses inspired by iconic landmarks and neighborhoods. Founded by Mouna Deme, a French visionary with Senegalese roots, they’re celebrating diversity and inclusivity in beauty with products that match darker skin tones and make Black women look chic.

    When asked how creating a make-up line for women of color in a male-dominated space has impacted her vision and purpose, Deme said, “I’ve realized the importance of embracing imperfections and letting go of the need for perfection, which allows for more genuine moments and creative outcomes.”

    Deme has also learned that delegating tasks is essential for the optimal performance of the business. She knows that doing everything alone is not sustainable, and finding a work-life balance that aligns with her needs is key to increasing productivity in her business.

    Final thoughts

    For years, Black women entrepreneurs didn’t have options. From the clothing we wore to business meetings to the makeup we put on for photoshoots, many of us longed for more inclusive and flattering options, culturally competent designs, and to see someone who looks like us running companies with purpose.

    We’ve made significant progress in the past few decades and many of us finally have access to Black woman-owned brands that truly “get” us and our aesthetic and values. These are just four of the many Black woman-owned businesses breaking barriers and giving us options. I encourage you to support these businesses and hope you’ll keep your eye out for other Black women-owned brands near you.

    Nika White

    Source link

  • How Daymond John’s Black Entrepreneurs Day Is Changing the Game | Entrepreneur

    How Daymond John’s Black Entrepreneurs Day Is Changing the Game | Entrepreneur

    Daymond John is the reason I became an entrepreneur.

    When his clothing brand, FUBU, first launched I was in junior high school. I was immediately drawn to the bold designs and the associated status wearing his clothes would bring me. But, since we had already done back to school shopping, my mother wasn’t willing to buy me anything I didn’t need.

    But here’s the thing, I didn’t need FUBU gear, I wanted it. So, I started making money by working after school. I did yard work around the neighborhood and earned $5 per hour. If I wanted a new shirt, I knew I could make enough money in a week. If I wanted to throw in a pair of pants too, I could make enough money by working over the weekend instead of sitting around watching television.

    That experience taught me that I could get anything I wanted so long as I had vision, opportunity and the determination to make it happen. And although Daymond unintentionally taught me about entrepreneurship as a teenager, there’s nothing accidental about the movement he’s creating through Black Entrepreneur’s Day.

    What is Black Entrepreneur’s Day?

    Founded in 2020 by Daymond John, Black Entrepreneurs Day is the ultimate celebration of Black business and entrepreneurship.

    This year’s event is highlighted by insightful conversations with Black business icons including Cedric the Entertainer, Whoopi Goldberg, SHAQ, Anthony Anderson, Cari Champion, Sloane Stephens and many more.

    To date, the event has raised over $750,000 in Black Business grants in partnership with the NAACP and has inspired millions of fans. That commitment continues this year with Shopify sponsoring an in-person pitch competition.

    Beyond that, Black entrepreneurs from around the country can apply for the chance to win a $25,000 grant to help them grow and scale their businesses through the NAACP Powershift Entrepreneur Grant. In addition to the monetary compensation, winners of the grant will receive:

    • Mentorship from Daymond John
    • Join Daymond live on air during this year’s Black Entrepreneurs Day broadcast

    This year’s grants will be funded by event partners including: J.P. Morgan Chase, The General Insurance, Hilton, T-Mobile, Salesforce, and TriNet.

    So if that sounds good to you, apply now, the application window closes October 11, 2023. You can find more information on the Black Entrepreneurs Day website.

    Why Black Entrepreneurs Day is so important to Daymond

    The tale of how Daymond built FUBU is legendary but one aspect of the story stands out to me because it epitomizes the resilience and creativity displayed by many other entrepreneurs.

    When Daymond first launched FUBU he didn’t have money for marketing or publicity. However, he did have one valuable asset; a deep understanding of his audience which included how they spent their free time. Specifically, they frequented the hottest hip-hop clubs in New York City.

    So Daymond, he gave away FUBU clothing to bouncers who worked at these clubs.

    Why did he do this, and what was the impact?

    • He knew these bouncers had trouble finding fashionable clothes in their size. (He solved a problem)
    • Unlike other fashion forward people, they wouldn’t just wear it occasionally, they would wear his clothes at least every weekend. (His product inspired loyalty)
    • Standing outside of these clubs, they were very visible to his target audience, people who liked hi-hop. (He identified micro influencers)

    This strategy not only got the name out, it eventually helped him land LL Cool J as a celebrity influencer, which exposed FUBU to an even bigger audience.

    Fast forward 30 years and you have the outline of a perfect influencer marketing campaign.

    Daymond understands people and behavior in a way that truly encompasses the empathy so many other brands and marketers try to project. Fortunately, his empathy also extends to other entrepreneurs who are struggling to find the money to build their business.

    During our interview he stated “I know that a lot of the money that has been traditionally issued out in this country is not going to us. But this is issued by an entrepreneur who is African American by companies that are supporting this initiative. Now, the playing field is even for me as an African American.”

    When asked about the kind of impact he wants Black Entrepreneurs Day to have he shared the following.

    “You know what the victory is going to be? People who got the grants year one, two, three and four and on coming back to say my business is doing great.”

    This isn’t just a performative gesture, Daymond is helping people establish generational wealth.

    Related: Daymond John: Money Mastery Playbook for Entrepreneurs

    The impact Daymond has had on generations of entrepreneurs

    As mentioned, Daymond John inspired my entrepreneurial journey, but he’s already played a role in my 7 year old daughter’s as well. This year we purchased his book “Little Daymond Learns to Earn“. His book ignites kids’ early interest in how money works through storytelling and practical examples. After reading it my daughter decided to start her own business selling custom bookmarks at her elementary school.

    During my chat with Daymond I shared how much money she made as well as the impact it had on her confidence and creativity. He replied “I mean, you encompass black entrepreneurs day. We’re trying to do the same exact thing that just happened. Educate people and also give them money. And then highlight just amazing people who are helping us do it like, McDonald’s and Hilton and all of our partners.”

    He then extended an invitation for me and my daughter, Lena, to join him at this year’s Black Entrepreneurs Day. Her teachers are onboard with it, so long as she shares her experience with the rest of the class.

    I’m sure she won’t be the only entrepreneur who inspires and empowers their community based on the experience they have at the event.

    You can learn more about Black Entrepreneurs Day and register to watch the online event, which takes place November 1st, at www.blackentrepreneursday.com.

    Terry Rice

    Source link

  • 3 Keys to Success for Black Women Entrepreneurs | Entrepreneur

    3 Keys to Success for Black Women Entrepreneurs | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Let’s be blunt. Being a Black entrepreneur is different from our counterparts. Not always in a bad way, just dissimilar. However, we do face challenges or have experiences that are sometimes difficult to understand or articulate unless you’re in our shoes or you live through them. What might seem routine, ‘normal,’ or straightforward to others has proven to be unlike what our communities of color face — especially in the small business world. Nevertheless, remaining optimistic and resilient amongst the noise will aid in your success despite the barriers.

    Embracing pride for your business while maintaining respect for others and yourself will ultimately mold a sound backbone for what life throws amongst the discrimination and bias that are still prevalent. As a Black woman entrepreneur, being aware of the obstacles and having courage to overcome them is critical. Here are three keys to success that aid in empowerment, growing your small business as an underrepresented class and evolving into a respected small business owner.

    Related: 6 Ways to Offer Allyship to Black Entrepreneurs

    1. Bring your own perspective and authenticity + don’t be afraid to cultivate change

    No matter how often you’ve been silenced, don’t allow that to define you. Bring your unique perspective to every situation facing you. Fortunately, redefining and making small changes can yield big results in every area of life. Entrepreneurs generally endure a lot every day because it seems easy enough to just count us out or take us less seriously than those in corporate America. However, speaking up, starting and maintaining needed conversations and leveraging your strengths to propel you forward will open doors for differing perspectives and much-needed change to your organization and the world. It’s as simple as this — You can make a difference. So, when you see something you don’t agree with or feel it is unethical, say something. Be 1% better every day in all you do.

    Roadblocks are inevitable but necessary for growth. Looking at them as opportunities to be better is always the way forward. Keep your vision clear on what you want your business to accomplish and your life. Continuously set goals to make your vision a reality. And know that being authentic is the best you can be. People want to see authenticity in how they live their lives, run their businesses, and create community. It builds trust and confidence — which is so instrumental, especially today.

    Related: How to Create a Thriving Workplace by Leading With Authenticity

    2. Stay true to who you are + be an advocate for yourself

    If you’re a POC reading this, there has, without a doubt, been a time when you found yourself as the only representation of color in a group. In these moments, look for opportunities to drive diversity by advocating for yourself and others. Because when you walk into rooms and see people that look like you amongst the crowd, doesn’t that feel better than good? Whether you look at the company you founded, the organizations you get involved with, or the community you live in, you have the greatest opportunity to support diverse environments. Remembering your value and having a purposeful vision in all situations will go a long way.

    Related: Black Women Entrepreneurs, Not Banks, Helped Me Keep My Company Going During the Pandemic

    3. Stay informed + commit to your beliefs

    The average revenue of Black-owned businesses in Atlanta is incredibly low. According to The Atlanta Journal-Constitution, in 2021, “Black-owned companies generate $39,826 in average annual revenue.” When you consider that minority-owned businesses are pulling in less than $40,000 a year, which is astonishingly less than those businesses that aren’t minority-owned, that’s a huge problem. Whether it’s through volunteering, speaking, mentoring or 1:1’s, being a force of change in those statistics (or similar ones) is crucial to the difference that the small business community needs.

    As business grows, be a role model for those following in your footsteps. Others are studying your career path and seeing what your business and life look like. Why not leave a lasting legacy in all areas of your life?

    Be strong in your commitment to rise above and make a difference; remember it starts with you. Consider these possibilities:

    • Choose equitable hiring practices.
    • Find speaking opportunities that allow you to support your community.
    • Cultivate a diverse set of offerings and client bases.
    • Think through your business and find areas where you can drive diversity, equity and inclusion.
    • Be the change you know you can be, and be proud of where your business can take you.

    The path to success for Black women entrepreneurs requires perseverance and perspective. Staying true to yourself and being a positive resource to others will build a successful business that serves your purpose and your community well. Even in the face of adversity, a resilient spirit, clear vision and unwavering commitment can make all the difference in achieving success and positively impacting the world.

    Lauren Gall

    Source link

  • A Nurse Turned $500 in Savings Into $100 Million in Sales | Entrepreneur

    A Nurse Turned $500 in Savings Into $100 Million in Sales | Entrepreneur

    In 2013, Courtney Adeleye was working as a registered nurse and searching for a product suitable for treating natural hair.

    “There were not many brands that used natural ingredients and specialized in healthy hair growth at the same time,” Adeleye recalls. “So, I started mixing my own products at home and infused them with vitamins, nutrients and healthy ingredients.”

    Adeleye documented her homemade hair care routine on YouTube, and it wasn’t long before she gained a large following of people who wanted to know her secret — and purchase products from her directly. So, with just $500 to her name, Adeleye developed a few deep conditioning treatments and sold them to her fans.

    Those initial offerings would grow into The Mane Choice, Adeleye’s hair care solution for healthy locks, featuring formulas free from mineral oil, petrolatum, parabens, sulfates and formaldehyde.

    Adeleye says she sold $10 million worth of products from her home during her first three years in business, and within another two, she’d partnered with more than 60,000 retailers across the U.S. — achieving $100 million in sales and an IPO by 2019.

    Last year, Adeleye launched Olbali, a health-focused direct-selling company, to house her private brands, including The Mane Choice, Cool Coffee Clique, Foolproof Body and more.

    Related: How Private Equity Investors Gave This 17-Year-Old Beauty Brand a $100 Million Makeover

    Entrepreneur connected with Adeleye during National Black Business Month to hear more about how she overcomes the limiting perceptions Black-owned businesses often face and the 10 secrets that helped her see so much success.

    “I have been asked if my products are for Black women only despite having extensive diverse marketing.”

    Adeleye says she didn’t become a nurse because she wanted some people to live healthier lives — she became one because she wanted everyone to live healthier lives. The same is true of why she founded a beauty and wellness business.

    Her company’s products aren’t just for Black consumers, but for everyone who can benefit from them, Adeleye says.

    Courtesy of Olbali

    Still, all too often, Black founders are unfairly pigeonholed, and the Black-owned label can actually work against their businesses, according to Adeleye.

    “I create healthy products for people to help them live healthier lives,” she explains. “However, I have been asked if my products are for Black women only despite having extensive diverse marketing.”

    Research from McKinsey & Company highlights how pervasive the issue is.

    Like all businesses, beauty brands must stay connected with their core shoppers and pursue growth opportunities — yet “there’s also a persistent myth in the beauty industry that Black-brand products can only be sold to Black consumers,” per the report.

    Related: 6 Ways You Can Support Black Businesses Long-Term | Entrepreneur

    Adeleye says she “must be more intentional” when it comes to displaying diversity across her brands, ensuring her business can realize its full growth potential “on a mass level.” “My goal has always been to be diverse and inclusive,” she says. “So, being intentional is something that comes natural to me.”

    “You have to believe in yourself before anyone else will.”

    Adeleye says following 10 key guidelines helped her achieve her many milestones to date — spanning product innovation, marketing tips, social media strategy and more.

    Here’s what she suggests for entrepreneurs who are ready to level up their businesses:

    1. Be authentic.

    2. Don’t meet your customer expectations…exceed your customer expectations.

    3. If you don’t think you have a great product, you need to try again before releasing it.

    4. Informal content can be more powerful than formal content.

    5. Be a walking billboard for your brand.

    6. Engage with your customers on all platforms.

    7. Show up consistently on social media.

    8. Bring your brand to life (off social media) by doing grassroots events and activations.

    9. Invest more in your customers and micro-influencers versus macro-influencers.

    10. Fix the brand before you start to spend money on marketing. Great branding can exceed great marketing.

    Adeleye’s learned a lot over the course of her entrepreneurial journey, but perhaps her best piece of advice? “You have to believe in yourself before anyone else will.”

    “If you don’t believe your business is just as good or even better than the next business, it never will be,” Adeleye says. “There is no such thing as an oversaturated industry. I say, ‘An industry cannot be oversaturated if I am not currently producing in it.’”

    Amanda Breen

    Source link

  • Why Addressing the Racial Wealth Gap is Good for Business | Entrepreneur

    Why Addressing the Racial Wealth Gap is Good for Business | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Philanthropy and government programs have been trying to close the racial wealth gap for a long time, but they’ve been focused on band-aids when we need ladders. While the wealth gap is fueled by several contributing factors, including disparity in home ownership, accumulation of financial assets and strong growing wages, as small business investors, we can draw our attention to a core piece of the problem: the wage gap.

    Let’s take a moment to clarify what we mean when we talk about the wage gap as it relates to the racial wealth gap. We are not just talking about good-paying jobs for people of color. We really need good-paying jobs that provide a clear pathway for Black and Brown employees to build a stronger, sustaining financial future.

    The typical white U.S. household has nearly eight times the wealth of the typical Black household. To address the systemic issue of racial wealth inequity, the private sector must do what it does best – invest in great companies and entrepreneurs that create quality jobs –and ensure all workers, especially Black and Brown workers, have an equal opportunity to build a lasting, positive economic reality for themselves and their families.

    Related: Compounding Inequality to Compounding Success: Bridging the Racial Wealth Gap

    Media reported widely that recent pandemic aid cut U.S. poverty to a new low, but that was a short-term solution to a global crisis — it wasn’t aimed at driving wages higher in perpetuity. As that funding source dries up, those in a lower economic bracket return to the same or even worse circumstances than they were at the start. To truly attack the racial wealth gap, we need the private sector to make the change that the government and non-profits simply cannot do independently.

    Private sector employers and investors often can’t see how they can drive the change needed to give Black and Brown Americans access to wealth-creation opportunities while growing businesses and pleasing investment partners. But it is not as hard as they may think, and the benefits to their business and community deliver a long-lasting ROI for companies, workers and families.

    Building a path to financial security starts with strategic wages

    For decades, wages for Black and Brown workers have lagged behind those of white workers with the same experience and education, even in the same geography Even when people of color climb the corporate ladder, they make less — 97 cents on the dollar.

    These communities need more than just a living wage; they also need opportunities for long-term career development, pay parity and wage progression. A rising wage promotes economic stability, helps workers provide for their families and facilitates wealth accumulation for future generations.

    Wage progression — whether linked to individual performance, company performance, tenure, skills development, or promotion — is also good for business. It helps attract the best employees, improves retention, and sustains and incentivizes business growth.

    Related: How to Support Black Employees During (and After) Juneteenth

    The role of benefits in building generational wealth

    Meaningful benefits are a major piece of increasing sustainable employee wealth. Most employee wealth is derived from workplace benefits packages: health insurance, 401ks, stock options, etc. Low-wage workers typically don’t have those options, which are key to building generational wealth.

    Business leaders and investors can change this situation by learning from employees what benefits and opportunities would make the greatest difference in their lives and free up income for saving and investing– be that affordable healthcare, child/eldercare support, or direct wealth creation through incentivized savings opportunities like 401k plans, IRAs, and employer matching savings programs.

    Offering these types of household-stabilizing benefits could largely pay for themselves in terms of lower absenteeism, greater productivity, increased retention and worker-driven competitive advantage.

    Help employees continually grow their skills

    Too often, the leadership potential and training of Black and Brown Americans is overlooked. According to McKinsey, Black workers are disproportionately concentrated in entry-level jobs with low pay and underrepresented in leadership and executive positions.

    Correcting this divide means providing entry-level workers with access to training and development opportunities from the moment they are hired. Programs that teach employees valuable skills for remaining relevant in their careers to prepare them for higher responsibilities while reducing turnover, improving engagement and accelerating business growth.

    Making it happen

    Investors typically provide small businesses with growth capital, but they can also provide operational capital that is invested directly in employees. Business leaders, their investors and advisors can collaborate to devise a feasible and ambitious plan that establishes measurable goals for the company and the impact company leaders aim to achieve by driving an innovative wage strategy.

    Several local or national advocacy groups for diverse workplaces, such as the Business Consortium Fund, the National Institute of Minority Economic Development and the Minority Business Development Agency, can assist with this kind of wage-targeted approach to eliminating the racial wealth gap.

    Furthermore, it is crucial to monitor and evaluate outcomes using meaningful metrics. Failing to measure outcomes from these changes means businesses will not know what they’ve really achieved, which keeps them from continuous improvement.

    Related: How to Overcome Workplace Inequality and Reach Gender Parity

    Opportunity and obligation

    I believe that every employer and their investors have a moral imperative to make closing the racial wealth gap a focal point of their business model, even if it means taking a little less for themselves and other executives off the bottom line. There is a tremendous opportunity to hire workers from disadvantaged communities and grow and sustain a strong workforce that helps grow all businesses. In return, employees would benefit from quality jobs and greater economic vitality now and in the future, setting up the next generation for even greater progress.

    It’s about doing something incredible and making work “work” for businesses and employees alike. This type of investment is the catalyst for the change we need in our business world and our society —but it can’t happen without the private sector and its leaders driving the charge.

    Sandra M. Moore

    Source link

  • 50 Cent Partners with Las Vegas Golden Nights NHL Team | Entrepreneur

    50 Cent Partners with Las Vegas Golden Nights NHL Team | Entrepreneur

    This story originally appeared on Black Enterprise.

    Curtis Jackson has expanded his liquor empire onto the ice!

    The prominent television producer and hip-hop entrepreneur has signed his first multi-year partnership with an NHL team. Jackson, known professionally as 50 Cent, has agreed to bring his Sire Spirits to the Vegas Golden Knights. 50 already has partnership deals with NBA teams, the Houston Rockets, and the Minnesota Timberwolves for his liquor products. He also has one with an NFL team, the Houston Texans.

    “I’m excited for Sire Spirits to close its first NHL partnership deal with the Vegas Golden Knights,” said 50 in a written statement. “Branson Cognac and Le Chemin du Roi Champagne are championship brands for winning teams. Bill Foley and his entire team know how to win and are the perfect partners for my brands and for me to extend my charitable efforts in the Las Vegas community through the G-Unity Foundation. Hockey is an exciting sport and Las Vegas is a top market for entertainment. I look forward to working closely with the entire Golden Knights Organization.”

    Branson Cognac and Le Chemin du Roi Champagne will be sold at the arena for this year’s Stanley Cup champions for the next several seasons. The two spirits will be labeled as The Official Champagne and The Official Cognac of the Vegas Golden Knights.

    “We are excited to welcome Curtis “50 Cent” Jackson and Sire Spirits into the VGK Family,” said Kerry Bubolz, President, and Chief Executive Officer of the Golden Knights. “Our hope is that through this partnership we continue to diversify the hockey fan base in efforts to grow the game for everyone.”

    As is customary with similar deals by 50, his G-Unity Foundation plans to team with the Vegas Golden Knights Foundation to serve the Las Vegas community.

    This news comes right after the announcement of 50 and Rémy Martin agreeing to an undisclosed settlement between Branson Cognac and the French cognac brand. There was a dispute regarding the bottle design brought by E. Rémy Martin & Co., citing copyright infringement.

    Cedric 'BIG CED' Thornton

    Source link

  • The 6 Do’s and Don’ts for Engaging in Juneteenth Conversations | Entrepreneur

    The 6 Do’s and Don’ts for Engaging in Juneteenth Conversations | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    On June 19, 1865, Black folks in Galveston, Texas, were approached by 2,000 Union soldiers with good news: Slavery had been abolished. For the first time in 300 years, their families would finally know freedom. After the news of the abolishment of slavery had been heard in several other parts of the United States, people in Galveston were the last to know. It marked a new holiday where people all over the country could celebrate the turning of a page in American history: The end of slavery as they knew it.

    Fast forward to today, educating ourselves on historical markers that represented a shift in American culture is under attack. Critical Race Theory (CRT) is a prime example. By definition, CRT is a “set of ideas holding that racial bias is inherent in many parts of western society, especially in its legal and social institutions, based on their having been primarily designed for and implemented by white people.”

    In 2023, we would sum up CRT to mean simply “privilege” or “advantage” on the part of the dominant group in society. CRT asks us to look critically at the ways Juneteenth and other moments in American history came to be and why we should acknowledge the past so as not to replicate it in the present or future.

    Talking about Black history is the first step toward our national healing. When we acknowledge the impact history has had on our collective experience, we can begin to see the light at the end of the tunnel and work towards ending the inequality and injustice that’s plagued our nation.

    This Juneteenth, let’s take baby steps towards that national healing and focus on just having the conversation — the conversation that slavery was abolished not too long ago and that schools, workplaces, and other institutions should be talking about it in order for us to learn from the past and create a more equitable future.

    Here are 6 do’s and don’ts for engaging in conversations about Juneteenth.

    Do: Educate yourself on the holiday ahead of time

    When it comes to conversations on historical topics, not everyone knows every detail of how historical events came to pass. The first thing to do when planning to engage in a conversation about Juneteenth is to educate yourself on the facts. When did Juneteenth happen? How did it happen? Why did it happen? Who authorized the abolishment of slavery? Why did it take so long for the slaves in Galveston, Texas, to hear about it?

    Acquiring answers to these foundational questions ahead of time will arm you with a baseline of information that will inform more thoughtful conversations.

    Do: Allow Black colleagues to speak on their Juneteenth perspectives but don’t put the burden on them to educate everyone

    In 2023, it’s likely you work with a Black American or know one in your personal life. In the case of Juneteenth, don’t make the conversation a teacher-to-pupil dynamic. If a Black person in your life wishes to share their perspective or thoughts on Juneteenth, listen to them. Allow them to talk about their family traditions or how they choose to celebrate the day. You might even attend a Juneteenth celebration in your city and witness how Black folks express joy on the holiday. However, avoid targeting Black colleagues and acquaintances by asking them to educate you or expend mental energy to bring you up to speed. That’s your responsibility, not theirs. Strive for a friend-to-friend or colleague-to-colleague relationship on the topic of Juneteenth, not a teacher-to-pupil relationship.

    Do: Create a safer space for the conversation

    As I’ve shared in other posts, I don’t believe fully “safe” spaces exist. I do believe there are safer spaces where folks walk into a conversation with the best intentions and an open mind. If you choose to discuss Juneteenth in your workplace or institution, consider holding it in an intentional space with thoughtful touches.

    For example, if you’re hosting an in-person conversation, have you thought about including a facilitator or someone who can set some ground rules to maintain a cordial atmosphere while the conversation ensues? In addition, are you aware of the literal temperature of the room? Will it be a physically comfortable space, or will it be too hot or cold for the number of attendees in the space? Are there soothing beverages available like coffee or tea for moments when people could use a sip of something warm? Think about the seating arrangement. Is the room set up in a hierarchical way where all chairs are pointed in one direction in the teacher-to-pupil dynamic that I referred to earlier, or are the chairs set up in a circle so all attendees can be seen and heard?

    If you are choosing to send an email to your colleagues about Juneteenth, have you included a TL;DR or warning at the top of the email informing the recipients that the message they are about to receive contains information about Juneteenth and the history of slavery? As you can see, there are several ways to create a safer space that sets the foundation for a conversation that’s rich and enlightening as opposed to tense and uncomfortable.

    Related: Here’s How to Have the Most Powerful DEI Conversations

    Do: Propose to make Juneteenth a company holiday

    After your in-person or online conversations, consider making a case for why Juneteenth should be a company holiday. Perhaps you have several Black colleagues who would appreciate the day off or, if there is a multicultural coalition of people who also support the idea, come prepared to discuss with leadership or HR to request the holiday be a part of the company’s paid time off roster. Like Labor Day, the 4th of July, and other national holidays, Juneteenth marks a turning point in American history that affected not only Black folx but every American in the U.S. Why not make the case for Juneteenth to be celebrated in the workplace like other national holidays?

    Related: Don’t Phone It In for Black History Month: 5 Ways to Show You’ll Be Dialed In All Year

    Don’t: Make Juneteenth a one-day event

    Like other days involving Black history, companies, and individuals make the mistake of treating Juneteenth like a one-day event. The day comes and then it goes. But holidays like the 4th of July are celebrated over three or four days with an emphasis on pride and celebration. Juneteenth deserves the same acknowledgment. To enhance and elongate the holiday, give colleagues a runway of days during which to absorb historical information. For example, send an email about the history of Juneteenth one week ahead so people have time to absorb the content. You can also set up a small art exhibit or feature books and other historical information in a common space in the preceding month so people have time to reflect on the information. Host a book club featuring a Juneteenth-centered book so colleagues have a meaningful opportunity to be engaged in the history. In essence, preparing colleagues ahead of time will make the day that much richer–not just for your Black colleagues but for everyone involved.

    Don’t: Wear performative clothing to show that you’re “down” with the cause

    A common mistake companies and individuals make during Juneteenth is thinking that performative allyship is the way to celebrate and honor the holiday. That’s not true. Please avoid wearing dashikis or dawning red, green, and black colors on or around Juneteenth. For many Black people, it’s considered offensive and disingenuous. Avoid performative allyship at all costs, whether that’s your personal style choices or your company’s newest product promotion. The way to show Black folks and others who care about Juneteenth that you are engaged and want to pay your respects is by educating yourself, participating in meaningful conversations where you’re truly listening, and sharing this information with others in your life who may not know the history of Juneteenth. Those are steps towards allyship far more meaningful than wearing a dashiki.

    Related: How Brands Can Go From Performative Allyship to Actual Allies

    Final thoughts

    While the celebration of Black history is, in general, condensed into one month in February, Black History Month, we often forget that Black history is American history and that we should be celebrating it year-round. Not everyone does and that’s okay. What we can do is inspire more people to engage by having meaningful conversations about what happened on June 19, 1865, and the historical context in which the event occurred. Only when we can pull the veil off of Black history and see that these events are significant for all Americans do we begin to let down our guard and welcome the truth about our country: That we did some awful things, but we’re learning from them. This Juneteeth, make meaningful conversations a priority.

    Nika White

    Source link

  • We Need to Talk About Black Vernacular and Dialect Bias in The Workplace | Entrepreneur

    We Need to Talk About Black Vernacular and Dialect Bias in The Workplace | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    African-American Vernacular English (AAVE), also known as Black Vernacular English (BVA) or ebonics, is a historic American English dialect that millions of people speak. It’s a part of our cultural DNA and is a blend of words and ways of speaking rooted in various African cultures as well as the English spoken in Southern U.S. states, with additional contributions from Creole.

    This way of speaking has long had negative connotations associated with it. People who speak AAVE are often seen as uneducated and not a cultural fit in workplaces managed by the dominant culture. Many Black people are penalized for a way of speaking that’s deeply rooted in this country and yet, despite their education, accomplishments and accolades, speaking AAVE can significantly diminish their professional prospects.

    This shouldn’t be the case. Speaking a different dialect should not negate the professional impact, skills and value that a worker brings. Companies that claim to support diversity, equity, and inclusion (DEI) while simultaneously discriminating against language or dialect should reconsider their stance on the topic.

    I am working to change that. I help organizations break barriers and integrate DEIB into their business frameworks with a human-centered approach. I will share how organizations like yours can be more conscious about language and dialect bias to do better on their DEI and inclusion goals.

    Hire for a culture “add,” not a culture “fit”

    Many individuals who speak AAVE are often dismissed in the job interview process because they don’t seem like a good cultural “fit.” I’ve discussed the dangers of hiring for culture fit before, but it’s worth noting that language or dialect should not invalidate a person’s ability to contribute, add value or participate in work life.

    Instead of assuming the status quo is the ideal culture in the company, consider the very real possibility that having folks who speak AAVE or another dialect or language on the team can truly “add” to the company culture. For example, perhaps someone speaking AAVE can bring a new perspective to company projects or dialogues. Or perhaps they can connect with diverse partners and stakeholders in a way that the dominant culture hasn’t previously found successful. Think outside the box about how someone’s language or dialect can actually enhance your company culture instead of “fit” into it.

    Related: Avoiding the Sea of Sameness: How Hiring for Culture Improves DEI

    Never judge a book by its cover

    Although people who speak AAVE are often described as “ghetto,” “loud,” or “aggressive,” it’s often a misconception. A prime example is Angel Reese, a Louisiana State University basketball player who has skyrocketed in popularity in recent weeks. She’s had to face dialect and gender bias in the public eye.

    Angel said, “I’m too hood. I’m too ghetto. I don’t fit the narrative and I’m ok with that. I’m from Baltimore where you hoop and talk trash. If I was a boy, y’all wouldn’t be saying nun at all.” Angel was referring to a culture of basketball that has a double standard for women, specifically for women who speak like her. While some are considered “ladylike” in the sport, others are called something very different.

    Apply this same logic to the workplace. If a worker doesn’t speak exactly like another colleague who represents the norm of the workplace culture, will they still be accepted and feel a sense of belonging? Why should language or dialect stand in the way of someone belonging in the workplace or prevent them from getting hired at all?

    DEI extends beyond skin and gender. Dialect and language should not create a hostile atmosphere where Black workers are undervalued, demeaned or held down at lower rungs in the organization because of the way they speak.

    Related: Hire Like a Diversity Expert: 5 Key Qualities of Inclusive Employees

    Bias against people who speak AAVE hurts organizations, too

    Did you know the fastest-growing entrepreneurial demographic in the United States is Black women? Black women aren’t waiting for organizations that exhibit bias in their company culture to accept them — they’ve moved on to building their own empires.

    Organizations that consciously or unconsciously bias their employee pool based on the dialect of English the applicant speaks are losing out in the end. As mentioned, dialect does not equate to intelligence, talent or value. Choosing not to hire a qualified candidate because they speak AAVE only pushes them to take their talents elsewhere which can often leave organizations at a deficit in terms of intellect, innovation and growth.

    In this sense, bias not only hurts the person who experiences it, but it hurts organizations, too. This type of bias holds everyone back. So, why not remove the barrier to access, create more empathy and understanding of the various cultures that live within the United States, and see candidates through the lens of value, character and contribution?

    Related: 5 Qualities of Black Excellence Overlooked in the Workplace

    Final thoughts

    Organizations are losing out every time they pass over a candidate that speaks a dialect of English that is not the cultural norm. Race, gender, ability and other identifiers are all seen as important parts of DEI that add to organizational growth and innovation. But why are dialect and language left out?

    The people who experience some of the most bias are those who don’t look or speak like those in the dominant culture. Sticking to the norm is not always the best or only way. I invite organizations to expand their definition of belonging and value and to create increased awareness around dialect bias.

    Human Resources and other groups involved in the hiring process and people management functions should put into place bias guardrails that push on hiring managers who may be discriminating against potential employees based on their dialect of English. The financial and cultural costs are too high to ignore. AAVE is English and should be valued and seen as such within institutions.

    Nika White

    Source link

  • What These Sisters Can Teach You About Resilience and Compassion | Entrepreneur

    What These Sisters Can Teach You About Resilience and Compassion | Entrepreneur

    It was an otherwise regular day in 2018 when Michelle Mokone made plans to attend a local market in Pretoria, South Africa. However, when a friend canceled, Michelle’s sister, Mo, volunteered to accompany her.

    What neither of them realized at the time was how that day would spark a new trajectory for the sisters, one they’d never be able to turn back from.

    Mesmerized by the artisans at the market — particularly those who made crafts out of recycled materials — Mo and Michelle were inspired to create something of their own. That very same night, Mo went home and researched how to get into the market, and a year later, Mo and Michelle were not only exhibiting regularly but also won best new product with their handwoven baskets made of recycled materials.

    Meanwhile, the sisters were still working full-time — Mo as a VP of HR for Nestle and Michelle as an economist — so their side hustle, dubbed Mo’s Crib, remained a fun hobby to dedicate time to on the weekends.

    “It’s not like we needed the money in any way, shape or form, but that was the beginning of everything for us because we were so at home at that market,” Mo recalls.

    Although the sisters enjoyed their jobs at the time, Mo’s Crib and the market — its energy, customers and art — increasingly became a focal point in their lives. By late 2019, Mo’s Crib was doing business in markets throughout South Africa.

    Related: Driven By Purpose: Dubai-Based Veganologie Creates Bags From Recycled Plastic Bottles

    However, when the pandemic hit and the world shut down — including Mo and Michelle’s primary way to exhibit their products — it was time to reevaluate. Instead of abandoning Mo’s Crib or putting it on the back burner until the world opened up again, the two decided to go all in.

    “When the pandemic hit, that’s when the real challenge was because we then had to be bold enough to leave our jobs and depend full-time on Mo’s Crib,” Michelle recalls.

    When they realized the limits of their business and how they couldn’t sustain themselves or the brand by exclusively selling at markets (especially now that most were closed), they had to find alternatives. They pivoted their business model and began to sell wholesale to retailers throughout South Africa — but getting there? That definitely wasn’t easy.

    “In those moments, you’re like, is it even worth it? But then you wake up in the morning and think to yourself, It is worth it. I will continue to hustle today.”

    Having left their jobs, Mo and Michelle were working tirelessly to keep Mo’s Crib afloat — funneling savings, time and energy in the hopes they’d make it out on the other end.

    “During that time, it was met by days when we would go hungry, where there was literally so much money in the business that we were running out of savings,” Michelle recalls. “There were many nights of questioning if we’d made the right decision because we were struggling so much. In those moments, you’re like, is it even worth it? But then you wake up in the morning and think to yourself, It is worth it. I will continue to hustle today.”

    Hustle they did. After successfully pitching to homeware stores in South Africa, the sisters decided to expand even further and pitch internationally. The two had attended the tradeshow New York Now in 2019, where they received a special mention in the Best New Product Artisan Resource category. They decided to reach out to some of the brands they were exposed to at the convention, one of which was Crate & Barrel — which ultimately became one of Mo’s Crib’s biggest distributors.

    Related: They’re Doing It: Awe-Inspiring Black Female Entrepreneurs

    Now, as Mo’s Crib continues to thrive, with its products sold in homeware stores across the globe, Mo and Michelle are committed to the art and quality of their handwoven baskets and ensuring that the people who make them have a high quality of life.

    “It’s not just about shining light on the actual product, but it’s [ensuring] that the people that actually make the product, that their dreams also come true,” Michelle says. “Because more often than not, you find that the dreams of the people that make the product are forgotten or are not even spoken of.”

    The sisters, who grew up in a working-class family, are open about understanding what it means to go to work and not know if you’ll have a meal that day or shelter when you get home. For Mo and Michelle, Mo’s Crib is more than a brand, it’s an opportunity for others to live out their dreams and end the cycle of poverty.

    Beyond giving their employees a living wage, the sisters take a variety of steps to offer shelter and resources to their artisans, including free lodging if needed, transportation stipends, access to books, in-house medical care and what they call “Wellness Fridays,” wherein workers are given one free day off at the end of the month to recharge and focus on themselves.

    “One of the things that we pride ourselves on is making sure that our employees come out of Mo’s Crib better than they were when they came in,” Mo explains. “We’ve got a 100% retention rate.”

    Additionally, the sisters provide various resources for workers to achieve financial literacy, as many of the artisans had never had a steady paycheck before working for Mo’s Crib. Through collaboration with banks across South Africa, Mo’s Crib employees are educated on how to be savvy with their spending and saving.

    “We had to really just put aside what we have taught, the doctrine of running businesses and the status quo and just lead with our hearts”

    One artisan, Franz, came to Mo’s Crib on the verge of poverty, living in a tin house and barely able to support his family. Now, he’s able to support himself and his family and send his daughter to university — something he says he never could have achieved without his work at the company.

    “It’s a way to break the chain of poverty in his lineage — for his daughter to have [an] education and be able to get into the job market and get a high-skills job that will change the trajectory of the family,” Michelle says.

    Related: Entrepreneurs Can Have a Direct Impact on the Eradication of Extreme Poverty in the World. Here’s How.

    When asked about the importance of other companies offering similar benefits to their employees, the sisters emphasize that it has to be people over profit — something that comes naturally to them because of their humble beginnings.

    “We know what it is to be a Black girl in South Africa growing up without a household that can uplift you, get you to education and sustain your livelihood,” Mo says. “It was really important for us when we built a company to remember where we come from, honor our journey and make sure that we can sustain the livelihood of those that work for us.”

    Although they say not everyone who starts a company has experienced the journey to their extent, one pillar they preach to other business owners is leading with compassion. Instead of falling back on the unspoken doctrine of what people are taught about business, lead as a human being first. If an employee is consistently late, instead of reprimanding them or giving a warning, ask why they’re late — what is going on in their life?

    “We had to put aside what we’ve been taught, the doctrine of running businesses and the status quo and just lead with our hearts,” Michelle says. “When you do that, you are meeting people at the human level. You’re able to see that we are one. And it’s important to understand compassion even in a professional context.”

    Related: 4 Ways Women Entrepreneurs Can Lead With Compassion

    Madeline Garfinkle

    Source link

  • 3 Reasons Black Small Businesses Should Embrace Digital Transformation. | Entrepreneur

    3 Reasons Black Small Businesses Should Embrace Digital Transformation. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Small businesses are the backbone of our communities. They supply and care for our families, support economic growth and stability, and foster meaningful relationships with the people they serve. Nobody understands the value of small businesses more than those who live in communities that are most likely to experience disinvestment and neglect from corporate investors — which are disproportionately communities of color.

    These small businesses are also most often owned and operated by Black entrepreneurs and other entrepreneurs of color. Despite their value to their communities, racial inequities persist, and many Black-owned small businesses lack the financial resources necessary to grow and survive an economic crisis.

    Luckily, in today’s tech-driven economy, Black small business owners have new digital tools to help their businesses survive, thrive and stand out among corporate competitors. Here are three reasons Black small business leaders should meet this moment and embrace digital transformation.

    Related: 12 Steps That Could Help Your Small Business Start a Digital Transformation

    1. Improving agility

    Businesses that rely on foot traffic to reach clientele were hit hardest by pandemic-related shutdowns. The needs and interests of business leaders and their clients drastically changed, and those without the infrastructure to adapt to our new normal were at the greatest risk. As experts continue to signal that we’re nearing an economic recession, agility becomes increasingly necessary for the survival of small businesses.

    When small business leaders adopt digital tools and infrastructure, it allows them to shift quickly to ensure they can continue providing services to their customers. Whether through eCommerce websites or social media campaigns, digital adoption can help small businesses stay afloat amid global economic disruption. If business leaders start planning and implementing digital strategies now, they will be better prepared to meet whatever challenges they face next.

    Related: Digital Transformation Means Adopting a New Culture: Here’s How To Do It

    2. Expanding customer base

    One of the many reasons Black-owned businesses struggled to survive amid the pandemic was due to the direct economic impact it had on the people they serve. Many Black-owned businesses operate in predominantly Black communities, which are disproportionately affected by job loss and illness spurred by COVID-19 because of economic and healthcare disparities.

    Business leaders have to seek new ways to expand their customer base. Digitizing operations can open new markets for small businesses to explore, which generates more significant growth opportunities. Through online advertising, cloud computing and mobile commerce, small business leaders can extend their reach beyond local communities and into national or global markets. This will not only advance the success of small businesses but also ensure they are still around to serve their communities well after an economic crisis hits.

    Related: The Ultimate Guide to Competitive Research for Small Businesses

    3. Leveling the playing field

    Corporate competitors routinely receive more investment than small businesses, which means they have the resources to position themselves as better service providers. Small business leaders can stand out among corporate competition when investing in digital tools. These tools offer a more efficient means for handling inventory management, data analysis and marketing automation — resulting in faster turnaround times and better decision-making processes.

    Small businesses, especially Black-owned ones, often lack the financial capital and investments needed to innovate and keep up with their larger competitors. The good news is there is support for small business leaders, especially those who are shut out of financial opportunities due to pre-existing racial inequities.

    One of the groups I work with, the Small Business Digital Alliance (SBDA), connects small business owners with digital tools, training, and other opportunities to reach new customers by expanding their digital networks. Services and resources provided by the SBDA can help small businesses adopt digital strategies to grow and sustain their businesses – and they are free of charge to those within the network. This can help small businesses better understand the needs of their customers and quickly fulfill their expectations. By investing in digital solutions, small businesses can level the playing field and put themselves on equal footing with larger corporations.

    There is no way to predict an economic crisis’s impact on our businesses, but we can take steps to prepare and mitigate risks. Beyond business survival, going digital offers many advantages for Black small business leaders who want to stay competitive in an increasingly tech-driven landscape.

    Jimmy Newson

    Source link

  • Entrepreneur | This Founder Started a Now Thriving Brand in Her Kitchen

    Entrepreneur | This Founder Started a Now Thriving Brand in Her Kitchen

    It was 2012, and Beatrice Dixon was running out of patience. She’d been dealing with chronic bacterial vaginosis that returned almost monthly, and doctors continued to prescribe medication that was more of a quick fix than a long-term solution.

    Dixon felt she wasn’t being heard, so she began to do some research on her own — which was overwhelming in its own right.

    “I was in this perpetual state of taking medicine, going back to the doctor and getting another prescription,” Dixon says, “which then led to the doctor’s office of Google. Which is not the one that you want to be in. You don’t want to be on Google trying to figure out what’s going on with you.”

    Dixon began alternating between medication and holistic remedies she researched online, but she saw no significant results. Then, her grandmother spoke to her in a dream.

    She describes how her grandmother (whom she never got to meet) was sitting across from her at a round table. The room was all white, with just the two of them at the center.

    “I remember her telling me, ‘I’m not here for us to have a conversation. I’m not going to be here long,’” Dixon recalls. “‘You need to memorize what’s on this paper, because this is going to solve your problem.’”

    Dixon woke up with a kind of urgency she’d never experienced and began immediately jotting down the ingredients that came to her in her sleep. Dixon began collecting the aforementioned ingredients at Whole Foods, where she worked at the time, and after a few days, she created her own formula.

    After the fifth day of using the formula, Dixon was entirely cured of her BV.

    “It had literally gone away,” she says. “It was crazy. That was the moment when I realized that this is what I was going to be doing for the foreseeable future.”

    Related: This Black Founder Stayed True to His Triple ‘Win’ Strategy to Build a $1 Billion Business

    “It got to the point where people were saying, ‘Look, I can’t take this for free anymore.’”

    After Dixon perfected her formula, she knew she had to share her discovery. Because Dixon had only raised financing from family and friends and had created the product in her own kitchen, she couldn’t afford a clinical trial — so she ran her own.

    Dixon didn’t ask for money in exchange for her homemade product, which ultimately became The Honey Pot’s bestselling The Honey Pot Co’s Normal Wash. Instead, she asked that people review the formula and give her feedback on how well it worked or didn’t.

    Her friends and family were hooked.

    “It got to the point where people were saying, ‘Look, I can’t take this for free anymore, take some money,’” Dixon says.

    That’s when Dixon knew she was onto something, so when news hit that the Bronner Brothers Beauty Show was coming to Atlanta, she took it as her chance to expand her reach.

    “It felt like the best place for us to launch because there was nothing but humans with vaginas walking around,” Dixon laughs. “So we went to the hair show. We made 600 bottles. We sold 600 bottles. It was insane.”

    Image Credit: Courtesy of The Honey Pot

    “There was no plan B either, so this s**t had to work.”

    This was in early 2014, only about a year and a half after Dixon made her first Honey Pot product. The business began to grow, and despite increasing demand, The Honey Pot company continued to operate out of Dixon’s kitchen for another two years while Dixon kept her full-time job at Whole Foods to make ends meet.

    Through 80-hour weeks and tireless work, Dixon never wavered from her mission, certain that women needed her product in their lives. “It was really hard,” she recalls, “but I always knew that no matter what, we were going to be okay. There was no plan B either, so this s**t kind of had to work.

    In the early days of Honey Pot, the team traveled to trade expos and natural hair shows where they’d give out products to people who were interested in their plant-derived approach to feminine care. One of those early recipients was a hairdresser, who was so impressed with the product that she told her client about it. That client was a buyer from Target — the rest is history.

    Related: How the Founders of LOLA Learned to Talk up the Feminine Hygiene Market

    The retail giant got wind of the company by 2016 and presented Dixon and her small team with a proposition to sell their products in their stores. It was the expansion Dixon had always dreamed of — literally. By the time Target decided to sell the products in stores nationwide, the company had produced around 24,000 bottles and made nearly $250,000.

    From there, The Honey Pot continued to grow not just as a business, but as a platform to empower other women of color to “reclaim their wellness.”

    Dixon and The Honey Pot launched its Reclaiming Wellness campaign in 2020, wherein the company — in partnership with Target — travels to historically Black universities and hosts seminars and talks on wellness and encourages women to “reclaim” their power when it comes to their bodies.

    Image Credit: Courtesy of The Honey Pot

    “As you grow as a business, it’s important for you to understand where you are, but also understand where you want to go when you have more resources.”

    One of Dixon’s main initiatives is to address societal stereotypes when it comes to being a woman of color in the U.S. — particularly, she says, fighting against the problematic belief that “Black women are stronger.”

    “That’s the mantra that creates an environment for Black women to be dying [during] childbirth more than anybody else,” she says. “We’re helping women understand that [they] don’t have to continue to die.”

    Although the Reclaiming Wellness campaign is only in its third year, the initiative has been Dixon’s goal since starting the brand in 2014. Before 2020, Dixon didn’t have the capital to launch Reclaiming Wellness, so as the company grew, she jumped at the opportunity to finally carry out what her overarching mission was from the start.

    “As you grow as a business, it’s important for you to understand where you are, but also understand where you want to go when you have more resources,” she says.

    Now, in its third annual campaign, The Honey Pot is partnering with Target and traveling to Clark Atlanta, Howard, Prairie View A&M and North Carolina A&T to host panel discussions with specialists in both medicine and education to help women gain ownership of their well-being.

    Related: When This Couple Opened a MassageLuxe in an Underserved Black Community, They Realized Their Business Was About Self-Care in More Ways Than One

    Dixon hopes that The Honey Pot will continue to not only serve as a resource for women to understand their bodies and find the treatment they need but also become a vehicle to pass information down to future generations.

    “It is a very tribal thing, to be able to pass information down, and that is literally built into the fabric of Honey Pot — us being able to educate and empower women on what they need,” Dixon says. “From the beginning, we were focused on it being a generational thing. But what that’s grown into now is that it needs to be a generational thing as it relates to education, to self-love, to self-respect.”

    Madeline Garfinkle

    Source link

  • Entrepreneur | ‘Bias Is a Business Killer,’ Says the Co-Founder of the Largest Black-Owned Wine Company in the U.S.

    Entrepreneur | ‘Bias Is a Business Killer,’ Says the Co-Founder of the Largest Black-Owned Wine Company in the U.S.

    Opinions expressed by Entrepreneur contributors are their own.

    I love sparkling wines, and I recently discovered the McBride Sisters Wine Company and this particular bottle: Sparkling Brut Rosé. I’ve become obsessed. I brought my new favorite bottle to dinner parties, opened it when I had guests over and gifted it to a girlfriend. My friends like the wine as much as I do.

    “My curiosity for wine started as a child,” says Robin McBride, co-founder and president of McBride Sisters Wine Company. “I can recall trying to ferment Welch’s grape juice in baby bottles under my bed! My sister and I always had a passion for wine that we wanted to share with the world, in an industry where very few people looked like us.”

    The size of the U.S. wine market is approximately $63.69 billion, with an expected compound annual growth rate (CAGR) of 6.8% (from 2022 to 2030). The sparkling wine segment, my favorite, is predicted to grow the fastest at 7.7%, driven by prosecco and Champagne.

    Enter the McBride Sisters Wine Company, which the sisters founded in 2005 in California, first as importers and then as wine-makers. Its collection of still, sparkling — and canned — wine has taken the industry by storm in recent years.

    Robin McBride and her sister Andréa McBride John co-founded their company in an industry that has notoriously lacked diversity of representation. “About one percent of one percent of all winemakers are Black,” Phil Long, president of the Association of African American Vintners (AAAV), said in an interview with Wine-Searcher. “If you’re looking at winemakers and brand owners overall there are over 50, but if you’re looking for African Americans who are both the winemaker and the brand owner, there are just a few dozen.”

    Image credit: McBride Sisters Wine Company

    The McBride Sisters have ignited the movement to change that. “My sister and I are on a mission to transform the industry, lead by example and cultivate community,” Robin McBride says. “One delicious glass of wine at a time.”

    Here are the three most important lessons McBride and her sister have learned as they’ve built the largest U.S. Black-and women-owned wine company:

    Related: “I Am Not a Diversity Quota,” Says the Founder Disrupting the Dessert Category

    Stop thinking money will solve everything

    McBride has always been a problem-solver. As a child, she loved to take things apart and put them back together. She also recalls asking a lot of questions. “I got on everyone’s nerves,” she says. “I was always on a mission to find out the why and seek out solutions.”

    Now as co-founders, the sisters are always in problem-solving mode. On their journey to build the company, they have been under-resourced and understaffed. The pandemic was another reminder that money won’t solve everything. “We can’t pay to play in our industry. The other players are just too big and will always outspend us,” McBride says. “During the pandemic, we needed to innovate around ways to engage our consumers. We created a free online wine school on Facebook and filmed modules from home, and it didn’t cost us much more than our time. We not only engaged our community but grew it [by providing] useful content.”

    Related: This Founder Went to Prison When He Was 15 Years Old. That’s Where He Came Up With the Idea for a Company Now Backed By John Legend.

    “Bias is a business killer”

    The sisters’ road to building their business hasn’t been easy. “There is an immediate lack of credibility you can feel from investors who are skeptical of your success as a Black woman founder, because you must be an anomaly,” McBride says. “Hundreds of questions come your way. Who actually owns the company? Who makes your wine? Do Black women even drink wine? Bias is a business killer.”

    Early on, an investor actually recommended that the sisters get a white man as a partner to help them raise money. But the sisters wouldn’t give up; they would not be ignored. “We are great business leaders, and we know our consumers,” McBride says. “Eighty percent of wine purchases are made by women. And yes, despite what some of those investors thought, Black women do drink wine.”

    Today, the McBride Sisters Wine Company employs 51% people of color and 93% women, which includes an all-women winemaking team.

    Related: This Filipino American Founder Is Disrupting the Beverage Aisle by Introducing New Flavors to the Crowded Bubbly Water Market

    Celebrate and give back

    In 2019, the McBride sisters were invited to the Essence Festival, and they were asked to join the mayor of New Orleans on stage at the opening party. They decided to make a wine to commemorate the moment and called it Black Girl Magic Riesling. They made fewer than 100 cases for the event, and the demand was enormous. The sisters weren’t prepared for how well it would be received.

    “People really loved the wine,” McBride says. “For my sister and I, it was an opportunity to celebrate our culture and community, to honor Black women. Because for far too long, the industry has not catered to us as consumers, and it was important to us to create a line of wines for us as a community that can be enjoyed by everyone.”

    The McBride sisters continue to push beyond all barriers to provide customers with a wine that represents their culture, their story, their likes and their celebrations. “This collection is inspired by and is meant to celebrate the incredible Black women in our family, our community, and everyone who celebrates them,” McBride says. “It’s our opportunity to give back to so many Black women who continue to support us.”

    Related: This Baker Was Told Not to Speak Spanish With Colleagues, So She Started Her Own Cake Company That Values Employees Just As Much As Customers

    Mita Mallick

    Source link

  • 5 Qualities of Black Excellence Overlooked in the Workplace

    5 Qualities of Black Excellence Overlooked in the Workplace

    Opinions expressed by Entrepreneur contributors are their own.

    We live in a world where Black excellence is everywhere. Entrepreneurs like Oprah, Rihanna, Michael Jordan, Jay-Z and Beyonce dominate the airways, TV stations and retail outlets. Each of these stars entered the arena in different ways and all managed to embody Black excellence to grow their businesses to unimaginable heights.

    But why is it that excellent qualities revered in celebrities are so often overlooked — and sometimes even stifled — within everyday white and eurocentric workspaces? It doesn’t take a Diversity, Equity and Inclusion (DEI) expert like myself to tell you that Black employees get a bad rap at work. Racism, stereotypes, inequity and cultural clashes make it so that employers and coworkers alike may exclude, diminish and at times target Black workers while downplaying their excellent qualities.

    Despite the systemic reasons why some Black workers may retreat and lose their shine in the workplace, there are others who hone in on their excellent qualities, break through barriers and shoot for the moon. Today, we’ll discuss five qualities of Black excellence, how they are cultivated in Black communities and the myriad of ways they manifest in the workplace.

    Related: It’s Black History Month. Here’s How to Show Black Employees You Care.

    1. Black culture encourages building meaningful connections

    In many Black households, family and community are one and the same. One person’s grandmother is everyone’s grandmother and often holds the role of making sure no one is left behind, alone or without guidance. Black entrepreneurs coming from traditional Black households understand that building meaningful connections and looking out for one another is essential to survival.

    This shows up in the workplace as Black employees seeking to connect with individuals at varying levels of the organization, networking across departments, social statuses, races, genders and nationalities to build connections that feel reciprocal, meaningful and welcoming. Lifting others up, checking on them and making sure they’re included is a quality of Black excellence that eurocentric workplaces would be wise to recognize and value in their Black employees.

    2. Black culture cultivates creativity

    When all Black folks had was each other and the hope they would surpass the confines of slavery, Jim Crow and now the prison industrial complex, many folks cultivated a sense of creativity. Whether inventively using food scraps left by white plantation owners during the slavery era or making music and art during segregation, Black folks had to be creative to find upward mobility, bypass restrictions from the wider society and most importantly, survive.

    Black culture encourages us to see obstacles and find ways around them. We’re encouraged to find new opportunities, think outside of the box, and innovate on new solutions–even if the existing culture tries to stop us. Creativity could be the secret sauce to why so many Black entrepreneurs experience success.

    Related: Managing a Black Woman? Here’s How to Become Her Success Partner and Ally.

    3. Black culture invites joy and humor as resistance

    Despite all that’s happened to the Black diaspora, many people still find a reason to smile and find joy. Instead of weeping and retreating into sadness, many of us had to find a way through the most difficult parts of our lives and cultivate an inner strength that showed up as joy, humor, and wit.

    This isn’t simply a sign of someone who enjoys humor, but someone who is resilient in the face of difficulty and who can turn a hard situation into something joyful. Some who experience trauma in the workplace may exemplify anger, hatred or sadness. But facing triggers and difficulties with satire, improvisation or wordplay to create a humor-filled moment and create something positive is a soft skill that should be recognized in more Black employees.

    4. Black culture calls for fairness

    The vast majority of folks calling out workplace racism or inequality are people of color, in particular Black folks. Many Black individuals have had to collectively fight for their rights which produced a sense of righteousness and justice-mindedness that’s pervasive throughout the Black culture.

    In the workplace, a passion for fairness can look like speaking up when a biased comment is spoken. It can also look like holding leadership accountable for implementing programming and initiatives equally amongst all employees.

    Black workers are often passionate and vocal about fairness because it was a necessity in our families and communities. This quality helps us advance diversity, equity, and inclusion (DEI) across communities, companies and workplaces.

    5. Black culture encourages people to project confidence

    “Keep your chin up” is a common phrase heard in Black households. The idea is to never let the dominant culture see you sweat. The goal was to work hard and project confidence even if you were feeling low. Freedom, safety, jobs and other opportunities may not always be available, but Black culture tells us to project confidence, stand tall and keep moving forward.

    At all levels of the organization, Black folks attempt to show pride in their work. They can strive for excellence in their corner of influence even if it’s not the most powerful position in the company. It can show up as being strong at work even if things in one’s personal life are not in great shape. Demonstrating resiliency and projecting confidence are qualities of Black excellence passed down through the generations and are deserving of recognition.

    Final thoughts

    Whether it’s Beyonce, Jay-Z, Michael Jordan or Oprah, all of the Black entrepreneurs we know and love have qualities rooted in Black culture. While all Black entrepreneurs are inherently gifted with qualities of Black excellence to one degree or another, some have yet to reach their full potential, while others have truly embraced and embodied them to break through barriers and skyrocket to success. Now is the time for conventional, white, and eurocentric workplaces to finally recognize the unique qualities that come from Black culture and lift up employees who exemplify these qualities.

    Nika White

    Source link

  • Free Webinar | February 23: How Black Entrepreneurs Can Achieve Success With a Profit-First Mentality

    Free Webinar | February 23: How Black Entrepreneurs Can Achieve Success With a Profit-First Mentality

    The road to becoming a successful entrepreneur is a lot less bumpy when someone who has been down that path is guiding you. In this webinar, two-time Emmy Award winner Mario Armstrong will elaborate on the profit-first mentality that led him to become the successful entrepreneur he is today.

    Register now to learn about topics including:

    • Learning The Pomodoro Technique for productivity
    • Accelerating trust from customers
    • Practicing mindset resilience
    • Avoiding the dream-killers in your life
    • And more!

    About the Speaker:

    Mario Armstrong is a two time Emmy Award Winner, Entrepreneur, Public Speaker, TV and Podcast Host. He teaches Creators & Entrepreneurs how to build their brand, monetize their passions and build profitable businesses. He’s the Creator and Host of the Emmy Award Winning Never Settle Show filmed at Nasdaq studios in Times Square. Mario is an NBC TODAY Show Contributor and appears regularly on NPR, Inside Edition & more. He is a public speaker with Daymond John’s Shark Group’s Speaking Division. His new podcast “Parents Making Profits” is available on the HubSpot Podcast Network. Mario’s latest venture is the Never Settle Academy, which provides creators and entrepreneurs the blueprint to closing sales and getting paid brand sponsorships.

    Entrepreneur Staff

    Source link

  • Free Webinar | February 15: How to Build and Elevate A Black-Owned Brand

    Free Webinar | February 15: How to Build and Elevate A Black-Owned Brand

    Opinions expressed by Entrepreneur contributors are their own.

    While business operations are generally black and white (hello, spreadsheets,) there are often unique cultural and environmental nuances that drive how a Black-owned brand is developed and launched, ultimately shaping how it is received and grows in the marketplace. Learn from global executive leader in public relations and brand elevation, Zakiya Larry, how to shape and grow a Black-owned brand that stands out and lasts. Also, discover how to go beyond checking a DEI box, to enhancing any company’s operations with Black-owned brands.

    Secure your spot today!

    Register now >>

    About the Speaker:

    Zakiya Larry, immediate past Chief Communications Officer for Constellation, a group within Stagwell, elevates brands and awareness through visibility strategy, media coaching, speaking and PR training, crisis mitigation and strategic public relations.

    Zakiya’s media features as an expert include: The New York Times, O, The Oprah Magazine (.com,) FOX News Radio Network, BlackEnterprise.com, The Washington Post, ESSENCE, Ebony, and many others.

    Source link

  • Rap Icon Jadakiss Is Using Coffee to Build Generational Wealth

    Rap Icon Jadakiss Is Using Coffee to Build Generational Wealth

    • Rap heavyweight Jadakiss, along with his father Bob Phillips and son Jaewon Phillips, launched a new coffee line this year.
    • Dubbed Kiss Café, the company is an extension of the family’s longtime business ties.
    • The three men spoke with Insider about their inspiration behind the venture — and why keeping it in the family is key.

    This story originally appeared on Business Insider.


    Courtesy of Michael Chavez Booth via Business Insider

    The founders of Kiss Café: Jason Phillips, also known as Jadakiss (left), his father Bob (center) and his son Jaewon (right).

    Money, power and respect. Now, add coffee.

    Rapper Jadakiss, whose real name is Jason Phillips, knows about rap family loyalty and the intricacies of the music industry but the Grammy-nominated artist recently joined forces with his son and father to hype a new grind — Kiss Café.

    The company is a coffee business that brings together three generations of Black men to foster love, tradition and legacy, the three men told Insider.

    It’s made up of the rap icon, his son Jaewon Phillips and his father, Bob Phillips. The venture is an extension of all three men, respectively, who all have grown a passion for coffee throughout their lives.

    Packaged in a sleek matte-black exterior Kiss Café’s “Beijo” blend, available online, is sourced from South and Central America, said Bob, 69, who has been in the coffee business for more than 40 years.

    And in the spirit of hip-hop bravado, Bob claims those places have the “best coffee in the world.”

    “We want to share the love,” he told Insider. “There’s a lot of love and a lot of hard work that went into developing this blend.”

    The coffee is sourced from South and Central America. The product is for “everyday coffee lovers,” Jason “Jadakiss” Phillips said. Courtesy of Michael Chavez Booth via BI

    The 12-ounce product is listed as $14.99, an intentional price point to make it more accessible, a reflection of his son — professionally known as one-third of the legendary rap group, The LOX — whom Bob champions as being “a man of the people.”

    “It is not for the coffee snobs, as my dad likes to say,” said Jadakiss, 47. “It’s for the everyday coffee drinkers. We could have put it in Bergdorf Goodman and Saks and Neiman’s, but we wanted it to be in a price range where the average working person can afford it.”

    Jaewon, 26, added, “Everybody needs a cup of Joe in the morning. It’s a good fat burner. It’s a good price.”

    He continued, “It’s for the family. It’s for the love of coffee.”

    ‘Passing the torch’

    Jaewon, 26, has been working alongside his grandfather, Bob, since 2018. Michael Chavez Booth via BI

    The family’s affection for coffee is not just the love of its flavor but from Bob’s years in the industry.

    The patriarch’s experience in the coffee business traces back four decades, he said, and has been vital in supporting his family since before Jadakiss was born.

    Bob has also been chief of Caturra Corp, an importing and trading firm specializing in green coffee, since the late 1990s. Kiss Café is the natural progression of his hard work and exemplifies him “passing the torch” to help his offspring build generational wealth.

    “We’re talking about generational knowledge here. [Kiss Café] is a way of passing on the knowledge that I have and the passion that I have for the product,” he said. “I think it’s every parent’s dream to have their kids follow them.”

    Despite Jadakiss being the face of the brand, Jaewon is taking the reign of the business and its future. An alum of Clark Atlanta University, he has worked with Bob’s firm since 2018. Jaewon’s familiarity with the industry, his knack for branding, and his social media expertise has helped Kiss Café shine, his grandfather noted. And when it launched earlier this year, orders were pouring in.

    Jason Phillips and his son, Jaewon. Courtesy of Michael Chavez Booth via BI

    “The first week, we were getting hundreds daily,” Jaewon recalled. “It was a lot, a little overwhelming, but once we got it under control and got a system going, it was perfectly fine.”

    With both his father and grandfather solidified in their respective fields, growing up Jaewon said he learned the value of listening and perseverance, which has helped him succeed in his role in the business. They taught him “to be prepared” for any opportunity that comes his way.

    “He has four other siblings,” Jadakiss said, adding that he instilled the importance of earning “your keep, investing and saving.”

    ‘There’s no ceiling to coffee.’

    Jason “Jadakiss” Phillips. Courtesy of Michael Chavez Booth via BI

    The concept of the new venture stems from the night of the long-awaited 2020 Verzuz between the Yonkers MC and Brooklyn rapper Fabolous. The hit-for-hit battle between the two produced viral meme-worthy content of the lyricist getting a little tipsy — eventually leading him to capitalize on the moment by launching “#JadaDrunk” merch.

    “My granddaughter had come over, and she was showing us the comments that were coming in on Instagram, and people were saying, ‘Get Jada some water.’ And that ‘He’s a little wobbly,” Bob said. “His fans were having some fun, and the idea became much stronger at the point I’m saying, ‘Maybe he needs a cup of coffee to help straighten him out. Now, here we are.”

    Aside from his hip-hop roots and his family’s coffee business, Jadakiss has been an entrepreneur in other areas— including partnering with his group member Styles P, whose real name is David Styles, on a healthy juice bar called Juices For Life.

    Getting involved in the coffee industry at this point in his life was a no-brainer due to his family connection, the “Top 5 Dead or Alive” rapper told Insider, and has a greater marketing reach compared to music.

    “There’s no ceiling with coffee. Coffee is loved by young kids, the elders, you know what I mean? Everybody. Coffee is consumed by all different people,” Jadakiss said. “I market my music to my core fans, my contemporaries.”

    The business is “going higher than top five,” he continued. ” We’re going number one with the Kiss Café.”

    His father concurs. Bob is optimistic that the business will have physical storefronts as the coffee line expands.

    “The long-term goal is to have brick-and-mortar Kiss Cafés. We want to see as many Kiss Cafés out there as you see Dunkin’ Donuts or a Starbucks right now,” he said. “Hopefully, that’ll happen during my lifetime.”

    Taylor Ardrey

    Source link

  • These Comic Creators Got a $500,000 Shark Tank Investment

    These Comic Creators Got a $500,000 Shark Tank Investment

    “I wanted to tell a story about African history before slavery,” Manuel Godoy, co-founder of Black Sands Entertainment with his wife Geiszel, says. “[So I wrote] a story about Ancient Egypt and the surrounding areas. And it was amazing — people gravitated toward it because they finally felt included in historical contexts.”


    Courtesy of Black Sands Entertainment

    The Godoys began Black Sands Entertainment in 2016 to draw attention to the characters and stories that so often go unwritten in mainstream media. Now, the comic publisher and media venture boasts dozens of titles that represent the entire diaspora, and young adults are devouring them — just like the Godoys would have, if they’d had the opportunity at their age.

    Black Sands stands apart for its dedication to Black history and its commitment to the Black community, but something else has also contributed to its striking success: The Godoys’ status as United States Army veterans.

    Ahead of Veterans Day, Entrepreneur sat down with the Godoys to learn how they’ve grown Black Sands from crowdfunding to almost IPO with investments from Kevin Hart and Mark Cuban — and how their Army backgrounds have informed their entrepreneurial journey along the way.

    Related: 6 Ways Small-Business Owners Can Celebrate Veterans Day

    “Momentum is the biggest factor when it comes to raising capital.”

    From the start, the Godoys spread the word about their content on social media and set their sights on raising capital. Between 2017 and 2020, Black Sands ran four Kickstarter campaigns and raised $80,000 in total. Then, in 2020, they decided to launch another campaign on WeFunder.

    “We basically judged the intent of our biggest followers,” Manuel says of their approach to the 2020 campaign. “We asked them, ‘How much were you planning on investing?’ [Then we said], ‘If you were to invest this much money, we would spend at least 15 minutes talking to you about any questions you have about our company, our financials, etc.’”

    The Godoys asked, and their readers answered: They raised $40,000 in those first 24 hours. Ultimately, that campaign brought in $500,000.

    “No one wants to be the first investor,” Manuel adds. “But if you already got 300, 400 investors in the first day, everybody’s like, ‘Hey, I’m joining too.’ Momentum is the biggest factor when it comes to raising capital if you’re going through customers.”

    And the Godoys have kept up Black Sands’ momentum since those early days, climbing to the top 1% of the Patreon community, raising $2 million in capital and earning more than $2 million in revenue to date.

    Related: Why Creators Are Recession-Proof

    “We got on stage, pitched our information, and everybody fell in love.”

    Earlier this year, the Godoys appeared on Shark Tank to pitch their company.

    Shark Tank features Mark Cuban, Barbara Corcoran, Lori Greiner, Robert Herjavec, Daymond John and Kevin O’Leary as permanent judges, with Kevin Hart, Emma Grede, Peter Jones, Daniel Lubetzky and Nirva Tolia as recurring guest judges.

    The Godoys knew that Hart was going to be one of their judges ahead of time.

    “We knew we had to make him fall in love with our content,” Geiszel says. “So we got on stage, pitched our information, and everybody fell in love.”

    Initially, the Godoys offered the Sharks a 5% stake in Black Sands for $500,000, with the funds earmarked for animation development and additional titles. But Hart and Cuban countered with a 30% stake for the same investment, citing the media resources that Hart’s production company, HartBeat, could provide as Black Sands expands.

    The fact that Black Sands’ Shark Tank deal went through is a testament to its strong business model and the Godoys’ entrepreneurial savvy. Forbes spoke to 74% of the people who were offered deals on the show in seasons one through seven and found that roughly 43% of those agreements didn’t go through — because the Sharks pulled out or changed the terms.

    Now, Black Sands is focusing on that animation development — and on taking the company public.

    Not only are the Godoys dreaming of an eventual $1 billion IPO, but they’re also envisioning a future where Black Sands’ fans-turned-investors are at the forefront, continuing to hold stock as “their slice of the pie.”

    Related: The Basics of Raising Capital for a Startup

    Image credit: Courtesy of Black Sands Entertainment

    “Being in the Army taught me how to be an entrepreneur.”

    The Godoys’ experiences in the Army have helped lay the foundation for Black Sands’ success.

    “Being in the Army taught me how to be an entrepreneur,” Geiszel explains. “In the Army, I was leading a group of 30 soldiers. So it taught me about how to manage a team and run a company, because [it gives] you that discipline and structure you need.”

    Manuel agrees, noting that the Army imparts significant leadership experience, even for those lower on the chain of command — because you have to learn how to get things done on time.

    Another skill the Army teaches that every founder should have on lock? Inventory.

    “You have to know where everything is and how much you have,” Manuel says. “Otherwise, one day you run out, and it takes three months to get the next part. And you’re out of business for three months.”

    The Army has given the Godoys essential skills for running a business — and it’s also inspired some of Black Sands’ narratives.

    “I’m a war nut,” Manuel says. “I love war, so anything that has to do with strategy, military tactics, logistics, that’s stuff that I put into my writing. I make sure it logistically makes sense that [a particular] battle is happening, and that’s probably why people like the accuracy of the storylines.”

    Related: 7 Qualities the Army Instilled in Me That Helped Me Launch a Business

    “Veterans always want to choose five different businesses at once. I’m like, ‘No, stick to your favorite.’”

    There are many reasons why veterans make excellent entrepreneurs. Manuel notes the benefits they have at their disposal, which can help accelerate their business’s growth.

    Still, the Godoys stress it’s important to keep several key things in mind.

    First up? Stick to one business idea — and see it through.

    “Veterans always want to choose like five different businesses at once,” Geiszel says. “Stick to your favorite, take those military skills, apply them to your everyday business life, and you will succeed. Don’t give up. If you fail, keep going.”

    Additionally, you should know exactly who’s buying what you’re selling.

    “Find out who your core customer is,” Manuel says. “Don’t worry about what you’re going to make and how you’re going to do all that stuff. Find out who you want to sell to — because once you figure that out, then you can make a product that’s tailored to them.”

    Once you have your idea and customer in mind, you have to surround yourself with people who will help you level up.

    “Hiring the right team is very important for a business to thrive,” Geiszel says. “And you want to make sure your team is going to be loyal to your company.”

    One sure way to cultivate company loyalty? Pay people fairly, raising benefits as the company succeeds — it will make employees feel valued and willing to continue their contribution. Manuel says that Black Sands has people who have been on the team for five or six years.

    Related: The 4 Rules of Treating Employees Equitably

    “We have to champion things that the Black community wants us to champion.”

    Above all else, Black Sands is a company that refuses to sacrifice its principles.

    Originally, the co-founders wrote and designed all of Black Sands’ comic books by themselves, but they’ve begun allowing other Black creators to write for them as they build their own brands.

    Black Sands has also harnessed the power of Kickstarter as part of its larger effort to lift up Black creators and their work. The Godoys recently launched a campaign for Everett Montgomery’s Flame comic series.

    Image credit: Courtesy of Black Sands Entertainment

    “We are a company that’s dedicated to Black history,” Manuel says. “And that means that we have to champion things that the Black community wants us to champion. We can’t just go out there and be like, ‘Oh, we make comic books, and that’s all we do.’ We have to be involved in social issues and other things that are related. We have to be able to say that we actually are doing something about it.”

    Amanda Breen

    Source link

  • Four Black Entrepreneurs Announce a New Scholarship for HBCU Students

    Four Black Entrepreneurs Announce a New Scholarship for HBCU Students

    Black entrepreneurs come together to pay it forward to hard-working, inspirational HBCU undergraduate students with the Step into Greatness College Scholarship.

    Press Release
    –


    updated: Mar 31, 2021


    ATLANTA, March 31, 2021 (Newswire.com)
    –
    Black entrepreneurs are showing commitment to their community by joining together to offer a $2,000 scholarship for two HBCU undergraduate students. Four businesses have teamed together to pay it forward to the next generation of black leaders. Lauren and Zevi Lacey, Founders of Urban Business Directory, CEO Wesley Jacques of BlueDrem Media & Marketing Services, Gia Mac, CEO of Infinite 7, and Ashley Johnson, Owner of the Vegan Chef Ash brand, have partnered to present this incredible opportunity. These entrepreneurs have created a collective call to action to give back to the community that has continued to support their dreams. “As black business owners, we want to show our love and appreciation to the upcoming generation so the Step into Greatness Scholarship will be rewarded to passionate individuals who are making a positive impact in the community,” states Lauren Lacey, Co-founder of Urban Business Directory. With the goal of empowering young people to move forward in successful paths despite any roadblocks that may come their way, these black business owners want to express their support and encouragement for students. “Food, expenses, and tuition are expensive, so I am truly honored to be in a position to pour into the lives of young people by any means necessary. Our college students need to be uplifted because they are the pillars of the future,” says Wesley Jacques of BlueDrem. 

    In these ever-changing times, being able to pause and think about the future of the world is imperative. For these five black entrepreneurs, it was not an easy road to get to where they are today, which is why this scholarship presents a full circle moment for many of these innovative and incredible business owners. “Entrepreneurship takes a lot of work and dedication, and we believe it’s our responsibility to champion those who have the dedication and drive to go after their dreams, especially at such young ages,” says Gia Mac, CEO of Infinite 7. By cultivating this call to action for HBCU students, these black entrepreneurs hope to be a source of encouragement, especially to those who go on to curate black businesses. In addition to providing financial relief for students, this crafted partnership plans to continue in their collective support of assisting the community through scholarships, conferences and funding individuals interested in attaining professional certifications. They make a point to remember the years before their careers and the people who have helped them along the way. “I am inspired by stories of perseverance and people who have a desire to serve. I am looking forward to giving back to a community that continues to love and root for me. My core clients are people who understand the importance of a healthy mind, body, and soul. I accept all opportunities for me to practice what I preach and help young people step into their greatness in all aspects of life,” said Ashley Johnson, the Founder of Vegan Chef Ash.

    The Step into Greatness Scholarship application deadline is May 31, 2021. The recipients will be announced on July 7, 2021. Applications must be submitted digitally on either of the following websites www.urbanbusinessdirectory.com/hbcu-scholarship and www.infinite7llc.com/hbcu-scholarship.

    For more information please contact:

    Scholarship Committee:
    Scholarship@urbanbusinessdirectory.com

    Lauren and Zevi Lacey
    Urban Business Directory
    Info@urbanbusinessdirectory.com
    Instagram: @urbanbusinessdirectory

    Gia Mac
    Infinite 7 LLC
    Info@infinite7llc.com
    Instagram: @infinite7llc

    Wesley Jacques
    BlueDrem
    Wes@bluedrem.com
    Instagram: @bluedremmedia

    Ashley Johnson
    Vegan Chef Ash
    Ash@veganchefash.com
    Instagram: @veganchefash

    Source: Urban Business Directory

    Source link