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  • Black Business Owners Hoarding Info from Each Other

    Black Business Owners Hoarding Info from Each Other, Stunts Growth, Creates Contempt

    One of the greatest testimonies to your success is when others try to do what you do, especially when they have no background in your particular area. As imitation is the greatest form of flattery, I realize it doesn’t always feel that way.

    If there is one thing that I have found is a constant in dealing with other blacks in business it’s the way we consistently hoard information and look at each other as the enemy. The jealousy and contempt that we have for each other, backstabbing and protecting clients with our lives as if their budgets are only meant for us is unfortunate. To that end, I understand why it happens but things are not always as they seem.

    In 21 years of doing my magazine and site Radio Facts, I am always aware of who is stabbing me in the back and using me for information, yet I often still give it (perhaps to a fault) because I don’t care. I do not want what others have because I’ve been too blessed doing business for myself but I see a lot of black folks trying to find their way in business by any means they deem necessary and others making sure they don’t succeed. This is very unfortunate.

    Clients have no problem telling me how vicious “competitors” can be by calling them and asking questions like why are they advertising with me instead of them and copying my banner ads and sending it to my clients and asking “What is this shit?” when they don’t get it. In the end, the client ALWAYS tells me and they tell me they will not support the competitor because they treat them like they OWE a part of their budget to them. It used to piss me off but it doesn’t anymore. These people don’t need any help from me to destroy their own reputations. All I know is that doing something like this has never been and will never be a part of my business practice. Some competitors are so vile that they have even copied stories verbatim (copy and pasted from my site and put the it on theirs, including my cropped images) and they try to sell the client that I am copying stories from THEM (but they fail to realized there is a date stamp on all the stories).

    I can certainly understand where some of this comes from, because I’ve been in business long enough to now how incredibly hard it is to convince white clients as well as black clients who are being bombarded with requests from other black companies and often angled in a way that says “Help a brotha out” or “You owe this to me because you are black.” They don’t owe you sh and these are not the streets and nobody is obligated to feed you.

    There are those times when other blacks have asked me questions that certainly make you slam on the brakes. One incident was a young black man who boldly asked me if I could explain to him the entire process of how to do a radio industry blog and another time a woman asked me for a copy of my database to start her own industry business. These items are proprietary and hard-earned and NO I don’t think you should ever give info like this out as it’s the basis of your business and success. I would not betray my clients by giving out their personal information like email, phone number etc but I don’t have a problem telling someone who the point person is. If they can sell themselves, than so be it.

    There is a person that I gave complete advice to on how to do a magazine and even offered his name for a television segment who is notorious amongst other industry entrepreneurs for being an elitist and hoarding information after finding ways to take it from other black entrepreneurs and use it for himself. Therein lies the problem, If you are not willing to help others but you are willing to use their info that’s just wrong and it’s greed. You present yourself as an opportunist who can’t be trusted.

    I found that this person would call me every few months whenever I would have small successes to pick my brain and to see if I was willing to give more information. I found it was a one-way street and I realized it was a mistake so I shifted and stopped taking his calls and giving him information but I was still willing to give it to others in business.

    The answer to all of this is your brand and the quality of your product will stand the test of time no matter WHO tries to compete with you. Stay the course and keep doing what you are doing and find a way to consistently improve your service and over deliver to the client. In addition, if your services have exceeded your client’s expectations and they constantly come to you (without coercion) you are already winning.

    Nothing that is meant for you can be taken by someone else no matter what their intention is good or bad. Keep focusing on the finish line instead of stopping to take a look on the sidelines and you will win. You may be completely wrong in your assessment as we all have the right to do business the way we want to. THESE are the most important traits that you can have.  If you find that you are constantly giving information to people who never give it back or return the favor in any way, stop doing it and spend your time more wisely by mentoring younger people or doing volunteer work or even writing a book about what you do and your experiences. Finally, when you help someone else everyone succeeds the rewards come back tenfold. I’ve witnessed it many times over.

    My best.

    K

  • Black Business Owners Hoarding Info from Each Other, Stunts Growth, Creates Contempt

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    One of the greatest testimonies to your success is when others try to do what you do, especially when they have no background in your particular area. As imitation is the greatest form of flattery, I realize it doesn’t always feel that way.

    If there is one thing that I have found is a constant in dealing with other blacks in business it’s the way we consistently hoard information and look at each other as the enemy. The jealousy and contempt that we have for each other, backstabbing and protecting clients with our lives as if their budgets are only meant for us is unfortunate. To that end, I understand why it happens but things are not always as they seem.

    In 21 years of doing my magazine and site Radio Facts, I am always aware of who is stabbing me in the back and using me for information, yet I often still give it (perhaps to a fault) because I don’t care. I do not want what others have because I’ve been too blessed doing business for myself but I see a lot of black folks trying to find their way in business by any means they deem necessary and others making sure they don’t succeed. This is very unfortunate.

    Clients have no problem telling me how vicious “competitors” can be by calling them and asking questions like why are they advertising with me instead of them and copying my banner ads and sending it to my clients and asking “What is this shit?” when they don’t get it. In the end, the client ALWAYS tells me and they tell me they will not support the competitor because they treat them like they OWE a part of their budget to them. It used to piss me off but it doesn’t anymore. These people don’t need any help from me to destroy their own reputations. All I know is that doing something like this has never been and will never be a part of my business practice. Some competitors are so vile that they have even copied stories verbatim (copy and pasted from my site and put the it on theirs, including my cropped images) and they try to sell the client that I am copying stories from THEM (but they fail to realized there is a date stamp on all the stories).

    I can certainly understand where some of this comes from, because I’ve been in business long enough to now how incredibly hard it is to convince white clients as well as black clients who are being bombarded with requests from other black companies and often angled in a way that says “Help a brotha out” or “You owe this to me because you are black.” They don’t owe you sh and these are not the streets and nobody is obligated to feed you.

    There are those times when other blacks have asked me questions that certainly make you slam on the brakes. One incident was a young black man who boldly asked me if I could explain to him the entire process of how to do a radio industry blog and another time a woman asked me for a copy of my database to start her own industry business. These items are proprietary and hard-earned and NO I don’t think you should ever give info like this out as it’s the basis of your business and success. I would not betray my clients by giving out their personal information like email, phone number etc but I don’t have a problem telling someone who the point person is. If they can sell themselves, than so be it.

    There is a person that I gave complete advice to on how to do a magazine and even offered his name for a television segment who is notorious amongst other industry entrepreneurs for being an elitist and hoarding information after finding ways to take it from other black entrepreneurs and use it for himself. Therein lies the problem, If you are not willing to help others but you are willing to use their info that’s just wrong and it’s greed. You present yourself as an opportunist who can’t be trusted.

    I found that this person would call me every few months whenever I would have small successes to pick my brain and to see if I was willing to give more information. I found it was a one-way street and I realized it was a mistake so I shifted and stopped taking his calls and giving him information but I was still willing to give it to others in business.

    The answer to all of this is your brand and the quality of your product will stand the test of time no matter WHO tries to compete with you. Stay the course and keep doing what you are doing and find a way to consistently improve your service and over deliver to the client. In addition, if your services have exceeded your client’s expectations and they constantly come to you (without coercion) you are already winning.

    Nothing that is meant for you can be taken by someone else no matter what their intention is good or bad. Keep focusing on the finish line instead of stopping to take a look on the sidelines and you will win. You may be completely wrong in your assessment as we all have the right to do business the way we want to. THESE are the most important traits that you can have.  If you find that you are constantly giving information to people who never give it back or return the favor in any way, stop doing it and spend your time more wisely by mentoring younger people or doing volunteer work or even writing a book about what you do and your experiences. Finally, when you help someone else everyone succeeds the rewards come back tenfold. I’ve witnessed it many times over.

    My best.

    K

  • 12 Things business Owners Should Hire Someone ELSE to do.. AMEN

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    I cannot lie, I need to hire someone else to do EVERY ONE of these tasks so I can use my free time to take better care of myself. They forgot one thing: Grocery shopping. Check out this great article…

    Laura Vanderkam, author of “I Know How She Does It: How Successful Women Make the Most of Their Time,” studied the time logs of more than 140 women with kids who earn at least six figures to find out how they fit everything into 168 hours a week.

    “It’s about having a good sense of value of your time and that, as a small-business owner, you’re trying to grow your business and grow the revenue, and thinking of things that free up your time and free up your mental energy as investments in your business,” she says.

    You can outsource pretty much anything these days; you just have to use your imagination and some good judgment to figure out what you should and shouldn’t delegate to someone else. Vanderkam says the key is figuring out how you value your time.

    Read the Entire Article here

  • Survey Finds Small Business Owners Not Ready for Retirement

    New Survey Finds Small Business Owners Uncertain About Retirement Plan, Finances Despite confidence in business financial management skills, small business owners unsure they will retire comfortably

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     Small business owners are confident in many key areas of running their businesses, including handling finances, knowing when to hire and managing employees, according to a new survey from TD Bank, America’s Most Convenient Bank®. Life after entrepreneurship and personal finances present a different story: More than one-quarter (26 percent) of small business owners are not confident they will have enough savings to retire comfortably.

    Baby boomers, for whom retirement is on the horizon, are the least confident when it comes to their retirement savings, with 28 percent saying they are not very or not at all confident that they have enough savings, compared with 21 percent of millennials. A key factor in this lack of confidence could be that on average, baby boomers started their current business at 43 years old, whereas millennials began their business at an average age of 26 years old, giving these younger adults more time to grow the business and invest in their retirement funds.

    The TD Bank small business survey asked more than 660 small business owners nationwide about their management experience, how and when they started their business, confidence in major business tasks and areas where they need advice or help.

    In terms of plans for retirement, nearly half (47 percent) of business owners said they do not yet have a plan in place, while approximately one-quarter indicated they would close the business. Furthermore, 27 percent of business owners who started the company from scratch said they plan to close their business when they retire, compared with only 8 percent of those who took over an existing business. Fifteen percent of business owners overall said they would transfer ownership of the business to family or co-workers.

    Building a small business is hard work, and it can be easy to get caught up in daily tasks such as paying invoices or increasing sales, but smart business operations need to consider the future, including the retirement of the owner,” said Jay DesMarteau, Head of Small Business Banking, TD Bank. “Just as those in the workforce should invest in themselves through retirement savings, business owners need to have conversations about retirement and prepare for the future to ease the transition, whether that be closing or selling the business or passing it on to family member.”

    Small Business Management Skills

    According to the survey, 72 percent of small business owners were employed in the workforce before opening their business, but just 51 percent had management experience or expertise. Generationally, 63 percent of millennials started their business without management experience, compared with only 49 percent of gen Xers and 46 percent of baby boomers.

    Despite only one half of small business owners having previous management experience, 84 percent personally handle finances/accounting for their business, and 72 percent are extremely /very confident in their ability to do so. Millennial small business owners are the least confident in this area, with 60 percent saying they are extremely/very confident, compared with 72 percent of gen Xers and 76 percent of baby boomers.

    To learn more about managing their business, small business owners turn to a variety of resources. Twenty-four percent of millennials say they have used a local or regional small business association, 21 percent of gen Xers have taken a college financial or small business course and 24 percent of baby boomers have attended a financial seminar or workshop. Even though some business owners sought some type of continuing education or professional development, 56 percent of all respondents have not taken any action to learn more about managing their business.

    Small Business Owners Seek Advice

    Although many small business owners indicated a high level of confidence in handling finances, human resources and other aspects of business management, many are still looking for advice on how to run their businesses. Millennials are most likely to seek insights on how to expand /grow their business (43 percent) and how to handle finances/accounting (35 percent), while gen Xers and baby boomers are most likely to want help with marketing/advertising strategies for their business (35 percent and 32 percent, respectively).

    The survey revealed that the majority of business owners (73 percent) do not have a financial advisor or dedicated banker for financial planning and small business needs. Instead, most small business owners go to family and friends for advice (45 percent), followed by the Internet (36 percent).

    “Small business owners are likely to be experts in their respective fields, whether it’s app development, dentistry or catering, but they might need a hand from an outside expert in knowing how to expand, get a loan or buy new equipment,” DesMarteau said. “By engaging a financial advisor, small business owners unlock access to custom tools and advice for managing their finances, including knowing when to seek additional funding to help them grow smartly.”

    To learn more about TD Bank, America’s Most Convenient Bank, stop by a store, visit us at www.tdbank.com, find us on Facebook at www.facebook.com/TDBank or on Twitter at www.twitter.com/TDBank_US.

    Survey Methodology
    The study was conducted among a nationally representative group of small business owners between March 30 and April 6, 2015. Included were small businesses of $5 million or less in revenue, and 100 employees or less. The sample size of 667 has a margin of error of +/- 3.8 percent. The survey was conducted by Vision Critical.

    About Vision Critical

    Vision Critical provides a cloud-based customer intelligence platform that helps companies build engaged, secure communities of customers they can use continuously, across the enterprise, for ongoing, real-time feedback and insight.

    About TD Bank, America’s Most Convenient Bank®
    TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8 million customers with a full range of retail, small business and commercial banking products and services at approximately 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas andFlorida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook atwww.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.

    TD Bank, America’s Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol “TD.” To learn more, visitwww.td.com.

     

  • CoCo Brother returns to the Airwaves After Hiatus, Great Advice for entrepreneurs!!! (podcast)

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    Download this episode (right click and save)

    In This Episode of the Radio Facts Radio Show… we talked to Cory Coundrey who is back after a hiatus of nearly two years as hip hop’s spiritual radio personality  “CoCo Brother.” He has decided to form his own syndication company this time called Radio Condrey. The first show “CoCo Brother Live: The Weekend” has already started and he’s accomplished quite a bit since his time off. But what made him walk from such a successful show two years ago? He has a very interesting and exclusive story to tell on this episode of the Radio Facts Radio Show podcast. Enjoy

    Become a Patron of the Radio Facts Podcast

  • Entrepreneur Necole Bitchie shuts down Celebrity Blogger Operation, States “It’s time to move on”

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    I greatly respect Necole from  the now former necolebitchie.com.  First, for her consummate effort in learning all aspects of doing a blog on her own, which is on INCREDIBLE amount of work, second for being a successful black entrepreneur and MOST for having the courage to walk away when it’s no longer fun.  She has told her story several times as to how she was unemployed in a very dark space after losing both parents and in the process of being homeless before she started her incredibly successful blog.  It was sheer determination that presented her from submitting applications and resumes for job she knew she didn’t want for doing what she really wanted to do which was to start her own business.

    Quite often, a minority black entrepreneur’s greatest mistake, is thinking that you have to hold onto a business for life just because you’re currently successful at it.  What we fail to realize is, it’s best to leave  or sell when you’re on top and still have business and client leverage. There is no guarantee the business will continue to be successful and we do ourselves a favor by taking the experience, relationships, leverage  and remaining energy from our success and applying it to something else instead of letting the business die when you die, or worse yet, letting the business kill you because you’re unhappy. Holding on to a business forever is not a way to amass wealth because you will eventually become tired of it especially at the seven-year mark which is where Necole is.  The goal to amass wealth is to start a business, sell  the business and  diversify the key components for new opportunities.

    I have never met Necole, but I always thought she was very sweet and almost too kind and transparent to work in the industry.  There are not many industry people who I know of that show their vulnerable side to the industry or the public (see video).  As I told another industry vet the other day, working in the music industry is not a job it’s a lifestyle especially in places like Los Angeles which is an entertainment town. You literally never stop working and you’re very likely to see a client or someone from the industry even when shopping at the grocery store.  We have very stringent rules, for example, we work in the music industry but it is considered taboo to dance at an event, go figure (lol). I wish Necole well in her future endeavors.


    Her last post on her blog is…
    This is probably the most difficult thing I’ve ever had to do…

    And I will cry after I write this.

    I am very sadden to announce that today is my last day as a ‘celebrity gossip blogger.’ It’s also my last day running the site as you know it, NecoleBitchie.com.

    Back in 2008, while people were celebrating the New Year with their loved ones, I was on the phone with my good friend Lamar (most of you know him as ‘Blogxilla’) and I told him my plans for growing the traffic on this tiny blog I had just started. I researched HTML codes for hours in an attempt to create a readable layout with red, black and white colors, and he offered to help me with a header image. Although I was living with my aunt at the time, I was somewhat homeless and reminded every day that if I didn’t get a real job soon, I’d have to find somewhere else to go. Over the next six months, I found myself hopping from couch to couch as I moved to Atlanta, and worked hard to grow my following. My friend Lauren tells the story of one day waking up to me laying on her floor with my head resting on my computer.
    Read more: It’s Time For Me To Move On | Necole Bitchie.com http://necolebitchie.com/2015/07/its-time-for-me-to-move-on/#ixzz3etomcR1z
    Read more at http://necolebitchie.com/2015/07/its-time-for-me-to-move-on/#74izqy577XOlXIEJ.99

  • My greatest lesson learned as an entrepreneur: Makeda Smith – JazzmynePR.com

    11203112_10152889859903525_1147209046198430844_n“The greatest lesson I have learned in business is to always provide your best service. When a client remembers you, you want them to remember that you provided them with great service, professionalism, care and attention. That memory is your calling card. They will spread that memory of you to their peers and that personal recollection that they share is stronger than any paid advertising. I have 30 years in the publicity game and it is personal referrals that have sustained me for decades now.” Makeda Smith / JazzmynePR.com

  • My greatest lesson learned as an black entrepreneur: Makeda Smith – JazzmynePR.com

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    “The greatest lesson I have learned in business is to always provide your best service. When a client remembers you, you want them to remember that you provided them with great service, professionalism, care and attention. That memory is your calling card. They will spread that memory of you to their peers and that personal recollection that they share is stronger than any paid advertising. I have 30 years in the publicity game and it is personal referrals that have sustained me for decades now.” Makeda Smith / JazzmynePR.com

  • My greatest lesson learned as an entrepreneur: Ken Wilson, music industry veteran promoter

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    My greatest lesson learned as an entrepreneur

    Ken Wilson

    Music Industry Veteran  promoter that helped established J records and has worked with many artists including: Alicia Keyes, Fantasia, Eric Benet, Johnny Gill, the latest project from Janet Jackson and many other  recording artists.

    The best lesson that I learned was to build relationships and treat clients and even competitors with respect as you never know who can or will speak on your behalf or write that next check. I had an experience where I met with a possible client and their money fell through after a great deal of planning  and work on my behalf but I was very understanding and let them know my services would be there when they got funded. I did not gripe about the lost time and effort and soon after that this person was so impressed by my attitude and presentation, he directed a major client my way that became a huge deal for my operation.

  • My greatest lesson learned as an black entrepreneur: Ken Wilson, music industry veteran promoter

    22653_1267009229174_1384113_n

    My greatest lesson learned as an black entrepreneur

    Ken Wilson

    Music Industry Veteran  promoter that helped established J records and has worked with many artists including: Alicia Keyes, Fantasia, Eric Benet, Johnny Gill, the latest project from Janet Jackson and many other  recording artists.

    The best lesson that I learned was to build relationships and treat clients and even competitors with respect as you never know who can or will speak on your behalf or write that next check. I had an experience where I met with a possible client and their money fell through after a great deal of planning  and work on my behalf but I was very understanding and let them know my services would be there when they got funded. I did not gripe about the lost time and effort and soon after that this person was so impressed by my attitude and presentation, he directed a major client my way that became a huge deal for my operation.