Kamau's Business Blog Page - The World's 1st Black and Minority Business Blog!
Wednesday, October 15, 2003
After Building A Multi-Million Dollar Business, Andrew Morrison wants ... "You To Be the Best That You Can Be"
In Today's E-biz Tip, I suggest taking your business to the next level by finding a mentor or coach who is were you would like to be. If you want to learn to run a successful multi-million dollar business, the most logical place is to get advice is from someone who has "been there done that". Andrew Morrison, has built a multi-million dollar business, written a book, and excels at working the media to promote his business goals. He has been featured in the Wall Street Journal, Crain's Business Report, Advertising Age, Black Enterprise, CNBC, on Nightline with Ted Koppel, and was featured as a young Black Millionaire on the Oprah Winfrey Show.
He teaches direct marketing at NYU, and is now giving back to the community, by making himself available to business persons like ourselves. What I personally like about Andrew, is he has a real passion to help other Black - Hispanic - Minority and small business people of all backgrounds. He is not your typical aloof successful business person. I know he came from humble beginnings, and the tough streets of New York, to become a dynamic entrepreneur always on the move.
Andrew has done business with like major clients like: P&G, AOL, and Coca Cola.
Andrew wants to help you "become the best you can be in business" that's why he started a business boot camp to whip you into shape in 90 days, to turn around your business. His advice has helped me tremendously in just 10 days. Check out more about Andrew Morrison in my Exclusive Interview and Profile. Mention my name Kamau and save $100 when You Sign up for the Small Business Camp or See how Andrew can help you Jump Start Your Business for Free by taking his FREE Teleclass. If you are sick and tired of just getting by in business - why don't you learn from an expert.
In Today's E-biz Tip, I suggest taking your business to the next level by finding a mentor or coach who is were you would like to be. If you want to learn to run a successful multi-million dollar business, the most logical place is to get advice is from someone who has "been there done that". Andrew Morrison, has built a multi-million dollar business, written a book, and excels at working the media to promote his business goals. He has been featured in the Wall Street Journal, Crain's Business Report, Advertising Age, Black Enterprise, CNBC, on Nightline with Ted Koppel, and was featured as a young Black Millionaire on the Oprah Winfrey Show.
He teaches direct marketing at NYU, and is now giving back to the community, by making himself available to business persons like ourselves. What I personally like about Andrew, is he has a real passion to help other Black - Hispanic - Minority and small business people of all backgrounds. He is not your typical aloof successful business person. I know he came from humble beginnings, and the tough streets of New York, to become a dynamic entrepreneur always on the move.
Andrew has done business with like major clients like: P&G, AOL, and Coca Cola.
Andrew wants to help you "become the best you can be in business" that's why he started a business boot camp to whip you into shape in 90 days, to turn around your business. His advice has helped me tremendously in just 10 days. Check out more about Andrew Morrison in my Exclusive Interview and Profile. Mention my name Kamau and save $100 when You Sign up for the Small Business Camp or See how Andrew can help you Jump Start Your Business for Free by taking his FREE Teleclass. If you are sick and tired of just getting by in business - why don't you learn from an expert.
Tuesday, October 14, 2003
SBA Sets 50-Year Record in Loans to Small and Minority Businesses
"Registers 29% Increase in 2003; Loans to Minorities Up 38%"
Results Support Agency's Emphasis on Easing Process for Smaller Loans
WASHINGTON - A record number of small businesses turned for credit assistance to the U.S. Small Business Administration over the past year, producing a 29 percent increase in the total number of loans backed by the agency in FY 2003, including sharp jumps in the number of loans to women, minorities and veterans.
During the fiscal year ending September 30, the SBA backed 76,465 loans to small businesses in the agency's three major loan programs. "These loans demonstrate our commitment to meeting the unique financing needs of small businesses everywhere, and the impressive increase we have posted for the past year validates our approach to making smaller loans more readily available to the real job creation engine of our economy," said SBA Administrator Hector V. Barreto.
"By focusing on a smaller average loan size we are leveraging our resources to assisting more small businesses and creating more jobs. Based on statements from our borrowers, our financial backing helped the small businesses of America create or retain more than 526,000 jobs."
The overall increase in loan approvals under the SBA's three major loan programs, the 7(a) General Business Loan Guaranty program, the Certified Development Company (or 504) loan program and the Microloan program, came to 29.8 percent, reflecting an increase from 59,563 loans in FY 2002 to 76,465 loans in FY 2003.
Strong increases were registered in the two larger programs: 7(a) loans were up by 30.3 percent and 504 loans rose by 25.2 percent. The number of Microloans fell slightly, by 5 percent.
In total, loans to small businesses owned by minorities increased by 38 percent, from 15,836 in FY 2002 to 21,830 in FY 2003. Within that total, loans to African Americans increased by 61 percent, loans to Hispanic Americans increased by 39 percent, loans to Asian Americans increased by 31 percent and loans to Native Americans increased by 18 percent. Loan approvals for women small business owners increased by 33 percent, to 16,503 loans, and loans to veteran-owned small businesses rose by 22 percent, to 7,413 loans.
"Registers 29% Increase in 2003; Loans to Minorities Up 38%"
Results Support Agency's Emphasis on Easing Process for Smaller Loans
WASHINGTON - A record number of small businesses turned for credit assistance to the U.S. Small Business Administration over the past year, producing a 29 percent increase in the total number of loans backed by the agency in FY 2003, including sharp jumps in the number of loans to women, minorities and veterans.
During the fiscal year ending September 30, the SBA backed 76,465 loans to small businesses in the agency's three major loan programs. "These loans demonstrate our commitment to meeting the unique financing needs of small businesses everywhere, and the impressive increase we have posted for the past year validates our approach to making smaller loans more readily available to the real job creation engine of our economy," said SBA Administrator Hector V. Barreto.
"By focusing on a smaller average loan size we are leveraging our resources to assisting more small businesses and creating more jobs. Based on statements from our borrowers, our financial backing helped the small businesses of America create or retain more than 526,000 jobs."
The overall increase in loan approvals under the SBA's three major loan programs, the 7(a) General Business Loan Guaranty program, the Certified Development Company (or 504) loan program and the Microloan program, came to 29.8 percent, reflecting an increase from 59,563 loans in FY 2002 to 76,465 loans in FY 2003.
Strong increases were registered in the two larger programs: 7(a) loans were up by 30.3 percent and 504 loans rose by 25.2 percent. The number of Microloans fell slightly, by 5 percent.
In total, loans to small businesses owned by minorities increased by 38 percent, from 15,836 in FY 2002 to 21,830 in FY 2003. Within that total, loans to African Americans increased by 61 percent, loans to Hispanic Americans increased by 39 percent, loans to Asian Americans increased by 31 percent and loans to Native Americans increased by 18 percent. Loan approvals for women small business owners increased by 33 percent, to 16,503 loans, and loans to veteran-owned small businesses rose by 22 percent, to 7,413 loans.
Today's E-Biz Tip - Words Sell Online
Many people want to be represented online with the most razzle dazzle, slick, and graphic intensive web sites. Unless you are in the visual arts or design fields, this may not be your best course of action. Remember, the Internet is an information communication media, in contrast to TV, an entertainment based media. People want good information to make buying decisions. Do you know millions of people make buying decisions, for automobiles, based on their research on the Internet. This factor has totally revolutionized sales in that industry. With these issues in mind don't forget that the net is a textcentric environment.
The 1st great killer apps of the Internet, were and still are, to some extent, text based: e-mail, Instant Messaging, and Chat and Message boards. More importantly, it is text on your web page that actually does the selling. My point is: focus on learning the art and science of good copy-editing on your web site. Copy-editing deals with the words on your web site that triggers and persuades people to use their credit card or buy something! The major geniuses in this field understandably get paid very well to use words to sell effectively. However, you can learn to use words to your sales advantage by obtaining e books on copy-editing like Make MY Words Sell! Click here to:
Check it Out, and a good book on using your ezine and e-newsletter to sell are: Networds by Nick Usborne
Many people want to be represented online with the most razzle dazzle, slick, and graphic intensive web sites. Unless you are in the visual arts or design fields, this may not be your best course of action. Remember, the Internet is an information communication media, in contrast to TV, an entertainment based media. People want good information to make buying decisions. Do you know millions of people make buying decisions, for automobiles, based on their research on the Internet. This factor has totally revolutionized sales in that industry. With these issues in mind don't forget that the net is a textcentric environment.
The 1st great killer apps of the Internet, were and still are, to some extent, text based: e-mail, Instant Messaging, and Chat and Message boards. More importantly, it is text on your web page that actually does the selling. My point is: focus on learning the art and science of good copy-editing on your web site. Copy-editing deals with the words on your web site that triggers and persuades people to use their credit card or buy something! The major geniuses in this field understandably get paid very well to use words to sell effectively. However, you can learn to use words to your sales advantage by obtaining e books on copy-editing like Make MY Words Sell! Click here to:
Check it Out, and a good book on using your ezine and e-newsletter to sell are: Networds by Nick Usborne
Monday, October 13, 2003
Overture Sends Reel Research Survey
Overture, the company I love to hate, obviously is getting negative feed back and closed accounts because of the way they are handling their business with small business customers. They just sent out a research survey to find out why they are losing so many accounts. I knew this day would come. Overture, sells "pay-per-click" advertising for, among others, Yahoo, AOL, MSN, Alta Vista, and Hot Bot. Pay-per-click advertising for small businesses is much more expensive than what even major corporations pay for advertising per thousand viewers. If pay per click advertisers are going to continue to grow they are going to have to treat their customers with respect especially with the high ad rates they are paying.
Just my 2 cents --> Kamau
Just my 2 cents --> Kamau
Today's Biz Tip: Pre-$ales as a way to Finance Your Business
Before you go out and seek loans from friends - family - and loved ones for a business endeavor, or put the equity on your home on the line for your entrepreneurial aspirations, you owe it to yourself to see if you have a viable business idea with pre-selling. Pre-selling can be a powerful mode of financing. In many industries there are trade shows or business expos where you can display your wares - products - or services to buyers in your industry. This is a great environment to present yourself because, these buyers are pre-qualified customers.
Many times you will get real feed back on your product, and even a great deal of sales - if your product is really ready for prime time. Make up samples or prototypes of your products, or sales materials of your services and take orders at the trade shows. If you receive large orders, from established businesses, you can take your orders to factors (people who advance you financing based on your pending orders). Plus you establish the fact that you have a viable business with a real demand for your products. Then when you put the equity on your house up for a loan, or borrow from friends and family for a business endeavor, you are doing it based the knowledge your business concept is solid and not just an illusion.
In my first business, I made samples of my product, did a lot of fashion shows - PR and advertising, and when I opened the doors of my little shop - made almost 5,000 dollars the first day and 12,000 dollars the first month in sales. I broke even with my initial investment within two months so, I speak from experience. FUBU, started with selling caps and tee-shirts on the street, in my home town of Queens NY, and later started doing the major retail trade shows like the Magic, and that catapulted them to become a major brand - doing hundreds of millions of dollars in yearly sales. These are just regular guys from the streets, without an MBA, so you can do it to. I hope this advice inspires other black business people - Hispanic entrepreneurs - and minorities business people to get out there and pre-sell their business concepts. Peace and Blessings.
Before you go out and seek loans from friends - family - and loved ones for a business endeavor, or put the equity on your home on the line for your entrepreneurial aspirations, you owe it to yourself to see if you have a viable business idea with pre-selling. Pre-selling can be a powerful mode of financing. In many industries there are trade shows or business expos where you can display your wares - products - or services to buyers in your industry. This is a great environment to present yourself because, these buyers are pre-qualified customers.
Many times you will get real feed back on your product, and even a great deal of sales - if your product is really ready for prime time. Make up samples or prototypes of your products, or sales materials of your services and take orders at the trade shows. If you receive large orders, from established businesses, you can take your orders to factors (people who advance you financing based on your pending orders). Plus you establish the fact that you have a viable business with a real demand for your products. Then when you put the equity on your house up for a loan, or borrow from friends and family for a business endeavor, you are doing it based the knowledge your business concept is solid and not just an illusion.
In my first business, I made samples of my product, did a lot of fashion shows - PR and advertising, and when I opened the doors of my little shop - made almost 5,000 dollars the first day and 12,000 dollars the first month in sales. I broke even with my initial investment within two months so, I speak from experience. FUBU, started with selling caps and tee-shirts on the street, in my home town of Queens NY, and later started doing the major retail trade shows like the Magic, and that catapulted them to become a major brand - doing hundreds of millions of dollars in yearly sales. These are just regular guys from the streets, without an MBA, so you can do it to. I hope this advice inspires other black business people - Hispanic entrepreneurs - and minorities business people to get out there and pre-sell their business concepts. Peace and Blessings.
Sunday, October 12, 2003
Breaking News - California Launches Health Insurance for Minority Business
--- Health Insurance Program for Minority Businesses---
Southern California Minority Business Development Council, the region's largest nonprofit minority business advocacy organization, announced the launch of a new health insurance program for certified minority businesses. The council, working in conjunction with Insurance Clerk, the largest minority-owned insurance brokerage and consulting firm in the nation, has begun offering affordable, top-quality health insurance benefits through the Minority Business Enterprise (MBE) Health Insurance Program.
"Most companies are faced with the challenge of providing affordable health insurance benefits for their employees, but small and minority businesses find it even more difficult," says John W. Murray, Jr., SCMBDC president, who cited a recent survey showing that only about two-thirds of small businesses offer employee health benefits. "Our program helps minority businesses purchase affordable health insurance benefits." Insurance Clerk has a multicultural service team that speaks more than a dozen languages.
News courtesy of Unity First Newswire
--- Health Insurance Program for Minority Businesses---
Southern California Minority Business Development Council, the region's largest nonprofit minority business advocacy organization, announced the launch of a new health insurance program for certified minority businesses. The council, working in conjunction with Insurance Clerk, the largest minority-owned insurance brokerage and consulting firm in the nation, has begun offering affordable, top-quality health insurance benefits through the Minority Business Enterprise (MBE) Health Insurance Program.
"Most companies are faced with the challenge of providing affordable health insurance benefits for their employees, but small and minority businesses find it even more difficult," says John W. Murray, Jr., SCMBDC president, who cited a recent survey showing that only about two-thirds of small businesses offer employee health benefits. "Our program helps minority businesses purchase affordable health insurance benefits." Insurance Clerk has a multicultural service team that speaks more than a dozen languages.
News courtesy of Unity First Newswire
Today's Biz Tip -- Biz Loans from Friends and Family
If your credit isn't very good, you have a start up business, or have a bread and butter business whereas a business grant is unlikely, perhaps getting loans for friends and family is an option. Friends and family know you and many times believe in your vision. For instance if you needed $25,000 dollars in start up capital you might form a small corporation and get 10 friends or family members to become equity partners in the business at $2,500 each.
Or you could convince some of them to loan you some money. By the way if you can't convince friends and family about the merits of your business, it is unlikely that you can convince anyone else. There are serious risks in alienating that friend or family member if the business goes south. So have everything in writing, and try to convey to them that this is a long term investment of at least 5 years.
You don't want a close friend or family member to hate you because, you did not make them the next millionaire in 3 months with your new business. From what I read Bob Johnson, founder of BET, received a home equity loan from his wife for $15,000. We all know that Bob Johnson and his wife both went on to become the first Black man and Black woman to be billionaires. However, although they are both billionaires, they are divorced now. I hope this had nothing to do with the loan ( (C;]\\\
If your credit isn't very good, you have a start up business, or have a bread and butter business whereas a business grant is unlikely, perhaps getting loans for friends and family is an option. Friends and family know you and many times believe in your vision. For instance if you needed $25,000 dollars in start up capital you might form a small corporation and get 10 friends or family members to become equity partners in the business at $2,500 each.
Or you could convince some of them to loan you some money. By the way if you can't convince friends and family about the merits of your business, it is unlikely that you can convince anyone else. There are serious risks in alienating that friend or family member if the business goes south. So have everything in writing, and try to convey to them that this is a long term investment of at least 5 years.
You don't want a close friend or family member to hate you because, you did not make them the next millionaire in 3 months with your new business. From what I read Bob Johnson, founder of BET, received a home equity loan from his wife for $15,000. We all know that Bob Johnson and his wife both went on to become the first Black man and Black woman to be billionaires. However, although they are both billionaires, they are divorced now. I hope this had nothing to do with the loan ( (C;]\\\
