New Economy, new rules.
Just in case you somehow missed it: the rules have changed. The long anticipated emergence of the New Economy is in full swing, influencing everything from the equity markets and consumer habits to global trade and executive compensation. And judging by the highlights of our 28th Annual Report on Black Business, the CEOs of the BLACK ENTERPRISE 100s, the nation's largest black-owned companies, are more than up for the challenges of the new millennium.
It seems that the leaders of these companies paid heed to the heads-up advice given by the BE Board of Economists two years ago regarding what would be required of black-owned businesses in the new century ("Countdown to the 21st Century," June 1998). The imperatives they outlined: think globally. Focus on the profit motive. Invest in human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. . Adopt an acquisitive mentality. Get bigger. Get better. Seek equity financing Equity Financing
The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. , not just debt financing Debt Financing
When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay . Exploit the competitive advantages of the inner city. Seek strategic alliances with companies owned by other ethnic groups. And, above all, innovate: get outside the box--and stay there. This year's annual report, and especially our profiles of our 2000 Companies of the Year, provides ample examples of the benefits of taking our economists' advice to heart.
Radio One Inc., this year's BE Industrial/Service Company of the Year, is a perfect example of a company tapping the equity markets to satisfy an appetite for acquisitions. Led by the mother-son team of Catherine Liggins Hughes and Alfred C. Liggins III, Lanham, Md.-based Radio One completed a successful initial public offering on the NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on exchange and then pursued acquisitions of still more properties to become the fastest growing company in the radio broadcasting The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. and programming industry.
For innovation and a demonstrated commitment to continuous improvement and growth, look no further than Dayton, Ohio's Bob Ross This article is about the painter and television presenter. For the publisher/activist, see Bob Ross (publisher).
Bob Norman Ross (October 29, 1942 – July 4, 1995) was an American painter and television presenter. Buick, BE Auto Dealer of the Year. When founder Bob Ross Sr. died suddenly of a heart attack in 1997, he was already established as Ohio's No. 1 Buick Dealer and the world's first black Mercedes-Benz dealer. His wife and the company's current CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Norma Ross, along with their children, Robert Jr. and Jenell, have succeeded in building on his legacy of excellence, with a focus on customer satisfaction, employee loyalty, expansion of operations, a strong mix of products and a commitment to technological innovation.
The nation's largest black-owned advertising firm, New York's UniWorld Group Inc., showed how to make the most of an investment in human resources by assembling a leadership team more than able to steer the 31-year-old agency through an ultra-competitive advertising environment. By luring proven talents like Gregory Walker, Chuck Morrison and Valerie Graves (no relation to the publisher of BE to his agency, founder and CEO Byron Lewis secured breakthrough accounts with the likes of Microsoft and another place in history for UniWorld as the BE Advertising Agency of the Year for 2000.
Finally, New York-based Rice Financial Products Co., this year's BE Financial Company of the Year, took our economists' admonition Any formal verbal statement made during a trial by a judge to advise and caution the jury on their duty as jurors, on the admissibility or nonadmissibility of evidence, or on the purpose for which any evidence admitted may be considered by them. to get better to its logical conclusion: simply be the best. Thanks to CEO J. Donald Rice Jr. and his team of "rocket scientists Rocket Scientist
In the world of finance, these are people with science and math degrees who work in the finance field building highly advanced quantitative finance models. These models help banking, insurance and investment firms to price financial instruments. ," Rice Financial is among the nation's top investment banks--black-owned or otherwise--specializing in derivatives, and one of the best at executing the complex securities transactions known as interest-rate swaps.
One of the most important New Economy imperatives cited by our economist is also one of the most intriguing in·trigue
a. A secret or underhand scheme; a plot.
b. The practice of or involvement in such schemes.
2. A clandestine love affair.
v. : black entrepreneurs must seek strategic opportunities and alliances with the businesses and industry organizations of other ethnic groups, with the goal of creating what BE economist Margaret Simms of the Joint Center of Political and Economic Studies calls "economic rainbow coalitions Rainbow Coalition may refer to any of the following groups:
As we move deeply into the new century, and the long-predicted "browning" of America becomes a reality, we must build on Essence Communications' example. I am encouraged and inspired by my experiences during the course of this past year working with us the U.S. Hispanic Chamber of Commerce and its president and CEO, George Herrera. Whether it was working together to protect the integrity of policies regarding the definition of minority-owned businesses or forcing corporate America to recognize and respect the consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. power of his constituents, Herrera is a forceful and persuasive ally on issues of critical importance to the political and economic empowerment of black entrepreneurs and consumers.
Establishing such business alliances won't be easy. Alliances, no matter who they are with, almost always come with a bit of struggle and compromise if they are to be productive and, ultimately, mutually beneficial Adj. 1. mutually beneficial - mutually dependent
dependent - relying on or requiring a person or thing for support, supply, or what is needed; "dependent children"; "dependent on moisture" to all participants. Both the African American and the Latino communities are more diverse than they are given credit for, with a broad spectrum of political voices and economic interests. However, our mutual economic progress--for blacks and Hispanics, as well as Asian-Americans and other ethnic minorities--will rely heavily on our ability to see past our differences to our common interest in building competitive, profitable businesses on a far-from-level playing field.
The bottom line is that the challenges of the New Economy are matched only by the number and variety of opportunities we can be exploit to take a quantum leap quantum leap
An abrupt change or step, especially in method, information, or knowledge: "War was going to take a quantum leap; it would never be the same" Garry Wills. in economic advancement and business growth and development in both national and global markets. The rules may have changed, but the competition still requires black entrepreneurs to bring nothing less than courage, intelligence, persistence, preparation, innovation and a passion for excellence to the game. Let the BE 100s companies featured in this year's annual report show you how it's done.