Alfred A. Edmond, Jr., editor-in-chief of Black Enterprise magazine, addressed students and faculty yesterday in an effort to educate members of the University community about managing their finances and starting their own businesses. The speech, which served as the keynote address for the University's celebration of this year's Black History Month, focused on prominent black entrepreneurs and the common lessons one might draw from their successes in the business world.
Edmond described one characteristic of all successful entrepreneurs as a drive to excel beyond expectations and initial successes. He cited Reginald F. Lewis, a successful businessmen in the 1980s, as a prime example of an entrepreneur who was not satisfied simply with his early gains. Following his sale of the McCall Pattern Company, Lewis, according to Edmond, went on to become the first black entrepreneur to build a billion-dollar company through his expansion of Beatrice International Foods.
Edmond emphasized that the main goal of entrepreneurs -- regardless of race -- is to make money, and that to achieve this, cultural differences must be set aside.
"Consumers don't care who you are," Edmond said. "They want the best products and best services in the marketplace."
To bridge ethnic, racial, gender and age divides, Edmond added that "cultural intelligence" needed to be achieved.
"We have to stop with the broad descriptions of majority, minority, black, white," he said. "We have to come up with a new language of how we identify and relate to each other."
Edmond cited World Wide Technology, the nation's largest company with majority black ownership, as an example of an enterprise that is successful largely because it does not cater solely to the black population.
"It's a regular company that serves and competes in the normal marketplace," Edmond explained.
Edmond also underlined, however, the importance of black entrepreneurs knowing their history and the past successes and experiences of black businesspeople, such as A.G. Gaston, a hotel and radio station owner; Cathy Hughes, a radio and television personality; and Robert Johnson, founder of Black Entertainment Television.
"A big reason why black entrepreneurs fail is because we're not looking at case studies, models and our history," he said. "It's important for your success to know that you have a legacy."
Maurice Apprey, dean of the Office of African-American Affairs, described entrepreneurs as a crucial part of society and the business world because they "are motivated by a social mission and are innovative in the approaches they take to social change."
Edmond echoed this sentiment, adding that entrepreneurship is "not just economic stimulus, but impacts how we live our lives."
Edmond also included recommendations about personal finance in his address; he encouraged attendees to start investing and saving money as early as possible and to consider personal wealth as net worth, rather than solely looking at the amount of each monthly paycheck. He also encouraged management of personal resources and wealth so prospective entrepreneurs can invest in businesses aimed at creating social change.
"He knows what makes a successful entrepreneur," Apprey said. "His mission is to educate us to become self-sufficient so that we can implement our own social mission."
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