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Posts from the ‘History’ Category

26
Feb

Blacks in Business: David Steward

David Steward of St. Louis, MO (1951- )

David Steward is founder and chairman of World Wide Technology, a St. Louis, MO based firm that specializes in supplying technology and supply chain solutions to customers around the world. It is considered the second African-American owned firm to reach the billion dollar revenue mark in the 1990s (the first was TLC Beatrice International, a global food and beverage distributor led by Reginald F. Lewis in 1987).

After rising in corporate America with companies like Missouri Pacific Railroad and Federal Express, David Steward scratched his entrepreneurial itch and founded (or actually bought) his first enterprise, Transportation Business Specialists in 1984. The function of this business utilized his background in the transportation industry and knowledge of accountancy. With the opening of his second company, Transport Administrative Services, he was able to capture a higher margin business within his same value chain in the transportation industry by pursuing larger corporate customers.

Through his work with these firms, he realized a niche of using technology to solve business problems. With this concept and 7 employees, he founded World Wide Technology in 1990. The company had a very tough time growing, but Steward made sure to make payroll even if it meant not paying himself. Times became so hard, Steward’s care was repossessed at one point. Ultimately, with the support of the Small Business Administration (SBA), he began to pursue and was able to secure contracts with the federal government. By 2003, company revenues grew passed $1 billion. They are now approaching $3 billion with an employee base greater than 1,000. Steward is still the chairman of the board and has written a book titled Doing Business by the Good Book.

Lessons to learn from Mr. Steward:

  •  Be true to yourself and what you want out of life. You only get to do it once so you might as well make it count!
  • Remain connected and curious about your industry and its trends. Yet be open to venture into different industries to ensure you walk in your ultimate mission.
  • Serve others and you will be blessed
  • His words: “Good leadership is love.” My interpretation: When leading others, treat them with respect and help serve their needs so that they can best serve yours.
  • His words: “Blessed to be a blessing.” My interpretation: use your time, talent and treasure to give to others.

For more information on David Steward, review the following links:

19
Feb

Blacks in Business: Dr. Farrah Gray

Farrah Gray of Chicago, IL/ Las Vegas NV (1984 – )

Farrah Gray is a success story out of Chicago, IL. He began his entrepreneurial journey at the age of 6 years old! He made $1 million by age 14. Now, 25 years old, with experiences in real estate, consulting, writing, motivational speaking, philanthropy and much more, this serial entrepreneur has done in 19 years what many MBAs dream to do – and he hasn’t reached his peak yet. See below for a 20/20 piece on Dr. Gray:

Lessons we can learn from this young man:

  • Create the change you want for your life. There is no greater motivator.
  • Fear can also be a motivator. Use fear as motivation to get on the other side of it.
  • Diversify your business/investment portfolio so that all of your eggs are not in one basket.
  • Give, give, give and you will receive.
  • Never underestimate what a determined young person can achieve.
5
Feb

Black history month: Annie Malone

Annie Malone of St. Louis, MO (1869-1957)

Annie Malone was a pioneering African-American who some say was actually the first African-American millionaire in the United States (Madam C.J. Walker worked for and was trained by Malone prior to her entrepreneurial journey).

Around the beginning of the 20th century, Malone developed the first chemical straightening product to not damage African-American hair. Since she could not use traditional channels methods of selling products given the racial climate of the time, she became innovative and adopted door-to-door sales, in-person demonstrations, and marketed through the Black press. When she was ready to grow nationally, she hired local agents in cities across the country (and even the world) to do the same thing – providing opportunities similar to what we would find in network marketing today.
In 1918, she founded and built Poro College, the first cosmetology school in America dedicated to black hair care, to train those who were interested in joining her network system. The building of this college was significant because it also demonstrated her commitment to giving to others. Not only was it used to train people in cosmetology, but it also became a center for major African-American activities giving access to people who had been denied it for so long. She was also a passionate philanthropist, giving much of her fortune to

At one point in the 1920s, Malone was reportedly worth more than $14 million.

Unfortunately, much of her fortune was lost between her outstanding generosity, lawsuits, and past due taxes. When she passed away in 1957, her estate was reported to be worth $100,000.

There are lessons we can learn from Malone’s experience:

  • Hire others to help sell your goods and provide incentives that will motivate them to grow your product or service.
  • Create barriers of entry to your market so that others (particularly former employees) will find it difficult to copy your business model.
  • Make sure you understand your finances and hire someone to properly maintain them when they become too excessive for you to both work your business and maintain its finances.
  • Draw a clear line between business and personal when these relationships are shared with family – put it all in writing.
  • Give to your community, within reason, and your legacy will continue beyond your business product.

For more information about Annie Malone, watch this biographical video produced by St. Louis’ PBS channel KETC. Also view the following links:

 During the month of February, a series of African-American entrepreneurs and their achievements will be highlighted in recognition of Black History Month.