CEO Sirena Moore (Image: Courtesy of Subject)

“As a teenage mother with no higher education and very few resources to start a business, I had every reason to quit. Instead, I chose to lead a life of faith and leave a legacy that screams, ‘No excuses!” ~Sirena Moore

Today, Sirena Moore’s Bristol, Pennsylvania-based industrial and commercial construction site cleaning firm continues to generate revenue that’s a far cry from the $200 Moore, her father and younger brother pooled together back in 2002 to launch the business. But what Moore lacked in capital she made up for it in determination.

Click here to read how that determination lead Sirena Moore to build a successful business before the age of 30.

“My father used to meet with the families,” recalls Nina. “They would walk in, bypass me, and ask, ‘Where’s Mr. Jones?’ They weren’t looking to make arrangements with a 22-year-old young woman.” But that’s just who they got. Nina had originally planned to pursue a career in counseling. However, helping operate the business founded in 1935 by her great-grandfather, Nina says she’s grown to love her career and that she’s proud to preserve its legacy. She also feels that the company has the stamina to go further.

Ranging in size from traditional small businesses to a third of the top 500 companies in the nation, about 90% of all U.S. businesses are family-owned or -controlled, according to the Small Business Administration. For a young person currently at or planning to take the helm of a family-owned business, it is important to know that it takes much more than a transition of power to guarantee its success.

IN THE MINORITY
To their credit, Jones & Sons and a few companies on the be 100s are anomalous. The SBA reports that less than one-third of family businesses survive the transition from first- to second-generation ownership. Of those that do, about half do not survive the transition from second- to third-generation ownership.

“Less than 10% of family-owned businesses get to the third generation,” notes Michael, Nina’s father. “I was fortunate.” Michael grew up around his grandfather’s business and enjoyed it from the start. “As teenagers, my brother and I ran an ambulance service, picked up bodies, put up tents, and worked funerals,” the 62-year-old recalls. Of course, he also remembers the challenges. “There are always bumps in the road when you work with family,” he concedes, alluding to the disagreement he had with his father that led to his leaving Jones & Sons for 12 years.

Ultimately, the two reconciled, and Michael returned to the business and purchased it wholly from his father in 1991. Today, it’s an immediate-family affair that sometimes includes his older son, Michael G. Jones II, helping out as a funeral attendant. With his younger son, Marcus, uninterested in working for the business, Nina is his only child with significant involvement. “I’m not going to say it’s perfect—we do fuss and fight,” Michael notes. “But in the end we work it out.” The Joneses, along with four full-time nonfamily employees, manage a thriving small business. But other companies aren’t as lucky.

A FAMILY AFFAIR
The main reasons family-owned small businesses fail are simple:

• They don’t plan for the future. “Issues that arise are often avoided until it’s too late,” says Dennis Jaffe, Ph.D., a family business adviser who is also professor of organizational systems and psychology at Saybrook University in San Francisco.

• Family considerations overrule business considerations. “They do things for family reasons and based on family traditions rather than on business reasons. Those two issues show up over and over again,” says Jaffe, who is also the author of Stewardship in Your Family Enterprise: Developing Responsible Family Leadership Across Generations (Pioneer Imprints; $19).

One way to counter the first of these two problem areas is to prepare the next generation—the potential successors—for the future. Jaffe recommends starting the moment they begin working in the business, if not sooner. But going from dinner talks to talking business can be a tricky transition. Michael agrees. “Trying to listen to Nina as an adult, as an employee, and not as the child I’ve raised—that’s always a hard transition,” he admits. “And I had the same experience with my father. We had bumpy roads.”

Having a parent as a boss is not the same thing as having a third party as a boss, asserts Neil Raphel, founding partner of the full-service St. Johnsbury, Vermont-based Raphel Marketing, as well as co-author of several business books, including Business Success in Tough Times (Raphel Publishing; $17.95) and The Complete Idiot’s Guide to a Successful Family Business (Alpha; $18.95). Raphel says those involved in a family-operated venture must “act like it’s a business.”

From how the monies are managed to dealing with issues of hiring, firing, and compensation, the consensus is to keep business concerns separate from family issues. Guidelines for responsibilities, expectations, and legal requirements should be in writing, because blurring or disregarding the boundaries can hinder professional and personal relationships and jeopardize the business. “You have to keep the distinction between your family and your business,” Raphel asserts. “Your family is always your family, but the business, you should treat as such.”

A YOUNGER PERSPECTIVE
Nepotism and commingling finances, among other indiscretions, are what family-owned small businesses need to ward against. Just as detrimental is allowing the business to stagnate. The best defense is the injection of someone who doesn’t just have new ideas but also has the willingness and power to implement them. This can be someone from within the family or from outside who’s brought in.

For Jones & Sons, the ideas and implementation may have come from Nina but embracing them has been a companywide effort. Michael credits Nina with bringing technology to the company in 2000. For example, gone is the showroom full of caskets, replaced with a virtual one. Today, clients choose from the company’s entire warehouse selection on a 37-inch monitor, which saves time and makes the process more comfortable. The entire staff had to adjust and learn how to use the technology, including Michael, but he says they all took it in stride. “The industry itself is changing,” he acknowledges. So far, Jones & Sons is keeping up.

Over the years, Nina, who’s worked in the company for 13 years, also orchestrated plans to upgrade the staff from suits to tuxedos during funeral services, to update the logo, and to increase Jones & Son’s branding efforts. “We have increased revenues because of it,” she notes.

Open communication is paramount for any business, and that applies to family and nonfamily members. “We’ve seen surveys where the most important thing an employee wants is being in on things. It’s even more important than salary,” insists Raphel, who is also a principal of Brigantine Media, a publishing house in St. Johnsbury that focuses on business books. Being kept in the loop is important for nonfamily employees and family members, he says. “You just can’t assume, because you have your son or daughter in your business, that they know what’s going on.”

THE NEXT GENERATION
“I hope my wife and I ride off into the sunset,” says Michael. He and Nellie, who is 60, are approaching retirement age, so succession planning is a growing topic of discussion between them and their daughter, as it should be for any family business looking to thrive for generations to come.

Raphel urges entrepreneurs to put together a succession plan sooner rather than later. It’s not that the successor has to take control immediately, but all involved need to sit down, discuss how ownership will be transferred, and agree to it, he says.

Nina admits to feeling some pressure because of her parents’ eventual exit from the business, but she says it motivates her. “I’m well aware of the history and legacy,” she says. “The younger generation must realize that the previous generation worked hard to grow their clientele. As a new generation, I have to continue to do this, not just with my parents’ name but with my name, with me as part of this business. I have to make it my own.”

And the guidance of her father, grandfather, and great-grandfather is helping usher Nina into a role of leadership and of bringing long-term goals to fruition. They include expanding into a larger facility as well as to areas beyond the local community. As her duties increase and she continues helping her father and the staff implement new business ideas, one thing that may need updating is the company’s moniker. “Granddaddy was a visionary, but he just didn’t see that coming,” says Michael, with a laugh. “It’s always been Jones & Sons. Maybe one day we’ll change it.”

Click here to see how these young bosses are changing the game.

Happy customers are good for business (Image: Thinkstock)

At its core, excellent customer service is really about meeting a consumer’s needs with a quality product and exceeding their service expectations in a memorable way. Today, these efforts are no longer optional; they’re imperative for business survival.

Billions are lost annually because unhappy patrons take their business elsewhere after a bad experience. Make sure your customers remember you for all the right reasons.

Four things you can do today:

1. Be a standout. What separates you from your competition? Identify and perfect the added value you deliver.

2. Engage the audience. Being attentive is where it starts. Constantly communicate to your clients not only what they mean to your business but also what your business means to them.

3. Hire properly. Those on your team must share your values (e.g., seeing the company flourish).

4. Stay consistent. Make sure everything, including the overall experience, maintains your standards—and is something people will want to return for.

Want to know more about taking care of your customers? Then attend Black Enterprise’s annual Entrepreneurs Conference, taking place May 22-25, 2011 in Atlanta Georgia. Visit blackenterprise.com/ec for more details. As an incentive BE is offering you a discount on early registration: Just enter code BEDG295 and receive $200 off.

Tennille M. Robinson is Senior Multimedia Content Producer for Small Business. You can follow her on Twitter at @TennilleSmBiz and send your business questions to smallbiz@blackenterprise.com.

Make sure your business is moving in the right direction (Image: Thinkstock)

Strategy is not about waiting for opportunities to come to your business. It’s about making sure your business is moving, and, most importantly, that it’s moving in the right direction. Here are five things you must do to develop a solid plan for strategic growth:

1. Know exactly how the market you’re doing business in operates.

2. Learn your role in the value chain. Make sure it’s a profitable position.

3. Identify your competitors as well as your business’ competitive advantage.

4. Understand what your customers need and how you can best serve them.

5. Be sure the products and/or services the business is providing now as well as those it’s capable of providing in the future are aligned with the company’s core skill set.

Want to know more about growing your small business? Join us at Black Enterprise’s annual Entrepreneurs Conference, taking place May 22-25, 2011 in Atlanta Georgia. Visit blackenterprise.com/ec for more details. As an incentive BE is offering you a discount on early registration: Just enter code BEDG295 and receive $200 off.

Tennille M. Robinson is Senior Multimedia Content Producer for Small Business. You can follow her on Twitter at @TennilleSmBiz and send your business questions to smallbiz@blackenterprise.com.

Black business owners are still skeptical. Are you?

The Index of Small Business Optimism, a monthly survey by the National Federation of Independent Business, hit 94.5 last month—the highest reading since the 94.6 it registered right before the recession began in December 2007. The numbers have been inching up since August 2010, minus a dip in December.

But does this mean a smidgen of hope for an economic rebound? Not so fast, says Thomas Boston, Ph.D., an economics professor at Georgia Institute of Technology and CEO of EuQuant, an economic and statistical research company. “The majority of small business owners are still more pessimistic about the future than they are optimistic,” he says, citing persistent low sales, slow payment cycles, fewer purchases and reduced aid from government agencies, and trouble accessing credit.

What do you think about the outlook for small business? Take our poll and leave a comment below.

Do you think conditions for small business owners will get better?customer surveys

For more on the outlook of small business, read “Better Than Nothing” in the March 2011 issue of BLACK ENTERPRISE.

Are you ready for your 60 second pitch? (Image: Thinkstock)

Okay, so 30-60 seconds may not seem like a lot of time. But in the confines of an elevator, it’s an eternity. And in pitching your business to someone, it’s ample time to show them what you’ve got. Of course, every word and second counts.

To win anyone over with the perfect pitch starts well before you step inside an elevator, a boardroom or take center stage. Avoid being lost for words or leaving money on the table by mastering these 5 P’s to the perfect pitch.

1. Preparation

Doing your research is a must for anyone looking to convince someone about anything. Know your stuff and come correct with the information. (Don’t just arbitrarily drop stats and facts.) From the ins and out of your industry (i.e., How large is it? Where/How does your business fit within in?) to statistics on the problem your product or service looks to solve.

2. Purpose

Who are you? What does your service, product, or business offer? If you are already in business, briefly note how profitable or impactful it is to date; if not, provide realistic estimates related to your business’ performance. Think: Results. Also include what you look to do, especially if this speaks to how the listener(s) can be of support to you.

3. Potential

Your pitch is not about what the listener can do for you, but rather it’s to illustrate how you and your business can be of help to them (consider your audience as potential customers). Think: What is the problem that your product or service solves? Or better yet, what’s in it for them?

4. Punctuality

Being brief is an understatement here. Think: Get in and get out. But it’s not about rushing; it’s about delivering a pitch that’s quick, simple and to the point. Pace yourself; speak clear and fluently. The goal is to win someone over in at least 30-60 seconds, not run them off or have them walking away asking, “What the heck was that?”

5. Presentation

This is neither the time to freestyle nor to approach someone with a memorized speech. Bottom line: Come ready to play. In crafting your pitch, start from a macro of what you want to say, and then reel it in with bullet points in order to create a micro (unscripted) message to work from. For some it easier said than done, but make it enjoyable. Aim for being calm, cool and collected. Who wants to give money to someone who looks like they’re about to implode from nervousness? The more familiar you can become with the information, the less anxious and better focused you’ll be in order to nail it.

Whether it’s an angel investor offering $10,000 or $10, give them all you’ve got. You never know who can help and how. If you truly believe in your idea and are passionate about seeing it come to fruition, then you’ll forget fear and have no qualms about asking for what you want.

So, are you ready to pitch your business and enter for a chance to win $10,000?

Enter here for the Black Enterprise Elevator Pitch Competition; the winner will receive $10,000 to help jump start their business. The competition is during our annual Entrepreneurs Conference + Expo, taking place May 22-25, 2011 in Atlanta Georgia. Visit blackenterprise.com/ec for more details. As an incentive BE is offering you a discount on early registration: Just enter code BEDG295 and receive $200 off.

Get serious about your business plan (Image: Thinkstock)

Whether you have 100 investors or 100 dollars to fund your start-up, your business plan being on-point is a must. It should meticulously and thoroughly describe the launch of your product and/or service as well as reflect how you will make use of the resources that you do have as well as garner success from them.

I’m fortunate to be a part of the annual MillerCoors Urban Entrepreneurs Series (MUES) business plan competition as a national judge. The dedicated team awards grants to the most viable business concepts. It’s always those with solid business plans that secure the money and resources to propel their business forward.

Having reviewed business plans ranging from polished to pitiful over the years, I can tell you there are patterns in poor preparing. So, to make sure your document delivers, here are four business plan must-haves.

Not clearly addressing crucial areas within your plan easily assures the death of your business, in some cases, before it even begins. Because, if you can’t tackle it in writing, what makes you or any potential investor confident it can be done face-to-face? It doesn’t. So, let’s get to work.

1) Develop a viable revenue model.

Having a great idea is, umm great, but the follow up question to that would be: How you are going to make money? Don’t expect to put a product/service out there, stand back and watch the magic happen. It just doesn’t work like that.

Within the business plan, the revenue model shouldn’t be indecipherable or a secret to you or those reading it. But what it should set out to do is reveal—in a clear, concise yet thorough, and realistic explanation—how you intend to maximize profitability in offering your products and/or services to your clients and/or customers. This may involve one or, over time, multiple revenue streams.

Research plays a huge role in developing this portion of your plan. In determining the revenue model, you must know the following:

• Who your target audience is.
• How many of them actually exist.
• How you intend to reach them (if you even can).
• What the results will be for your business and for them.
• Revenue models that worked or failed for your competitors.

Your plan needs a viable revenue model. It’s the most vital piece of your business plan’s puzzle. So, don’t leave people puzzled about how the money will actually be made.

2) Get the financials right.

It baffles me how often prospective entrepreneurs – and even those already doing business – include in their plan inaccurate, incomplete, or just plain incoherent numbers on their company.

There’s no getting around it, you are responsible for having accurate financial documents that offer a true snapshot of your company now and a rational, realistic look at how the company will look and produce over time. This is where the majority of mistakes are made. Some entrepreneurs either undermine the process or overestimate the result.

From how much monies the company currently has on-hand to projected cash flow to budgeting for salaries, equipment and supplies needed, required travel or marketing and advertising, this and more must be included.

The three basic financial statements are the…

• Balance sheet, which shows firm’s assets, liabilities, and net worth on a stated date.
• Income statement (also called profit & loss account), which shows how the net income of the firm is arrived at over a stated period.
• Cash flow statement, which shows the inflows and outflows of cash caused by the firm’s activities during a stated period.

Even if the numbers aren’t what you may have anticipated, putting on paper the financials helps to further determine the company’s viability. Unless you are qualified (and have the background to prove it), pay an experienced certified public accountant or other financial professional to make sure the numbers not only add up but also make sense. (Key words here: experienced professional. This is neither the time nor the situation for Do-It-Yourself.) Hiring the right people to get the numbers right is an investment in your business. So be willing to budget for it.Of course, it goes beyond hiring people to crunch the numbers and handle the related paperwork; you need to know, be highly familiar with, and understand what the numbers represent. Also, what the financials mean to the business in the short- and long-term. (Book: Finance for Non-Financial Managers and Small Business Owners by Lawrence W. Tuller (Adams Media; $16.95).)

Too many prospective entrepreneurs stammer with this query, offering vague to no explanation. Don’t be one of them.

Continue reading on page 2

Learn to delegate to get the job done (Image: Thinkstock)

3.) Figure out how the work will get done and delegate.

To get the company successfully off the ground, it’s necessary to know what your roles and responsibilities are.

Your title(s) should not be listed as: C.E.O/Dir. of Operations/Chief Technology Officer/VP of Sales & Marketing. Regardless how excited everyone is, how many bottles of 5-hour ENERGY you have, or how strapped the company is for capital: Do you seriously think one person can perform all of these jobs successfully? Or better yet, logistically? Doubt it. Hate to break it to you but the more times your or anyone else’s name appears in the company’s organizational chart, the less productive and effective the output will be. Sure, starting up often occurs with minimal resources and people, but don’t allow this, over-enthusiasm, or poor planning to cloud your judgment and spread things far too thin.

Whether you plan to go into this venture solo or with business partners, when it comes to exactly what needs to get done and by whom, its unfortunately common to play down the necessary manpower. Overstating the ability and responsibilities of those involved just breeds a disastrous (or improbable) launch.

Outlined within the plan must be the jobs/roles you need completed as well as how many bodies it will take to handle them. Note: these people may already be on-board or have to be hired (which should mean you’ve budgeted a salary or some type of payment for their services). Prepare well-crafted job descriptions noting how and what each person will be held accountable for.

Find out how you and each person slated to be a part of the team can best serve the company in the short and long term while also growing as professionals. You’re setting up the company’s organizational design, so don’t shortchange the business by taking on more than the team can reasonably handle.

4) Determine the business’ scalability.

Scalability refers to the ability of a successful company to grow while maintaining its successful processes and performance on a larger scale. The business must be structured for growth even as it scales back costs or resources.

If it isn’t growing, then your company may not have what it takes to get to the next level. This is nothing to fear or ignore; companies reinvent themselves often, especially in times of crisis and stagnate grow. Of course, you just have to be willing to see and tackle the inconceivable—that your business isn’t structured for optimal growth. It’s best to deal with it on paper during the business’ infancy stage then launch with no foreseeable plan or outlet for ensuring the business’ longevity.

In finding a niche, reaching your customer and filling a need, what is the plan to make this cyclical? Is this plan replicable? A company operates efficiently when it is achieving three things:

• Retaining old customers
• Attracting new customers
• Increasing value in products and services for current customers

If any of these actions isn’t happening in whole or in part within your small business, then it is overdue for a makeover. And it’s not about an overnight implementation or return on investment, but rather planning a short- and long-term strategy that takes everything into account and gauges how the company intends to progress.

Want to know more about writing a business plan and running your own small business? Then attend Black Enterprise’s annual Entrepreneurs Conference, taking place May 22-25, 2011 in Atlanta Georgia. Visit blackenterprise.com/ec for more details. As an incentive BE is offering you a discount on early registration: Just enter code BEDG295 and receive $200 off.

• (Images: Thinkstock; Lonnie Major)

Today, young people are making moves sooner than previous generations. Not holding back in pursuing their dreams, goals and aspirations, they are redefining how business is done and the results are immediately seen in the impact they have on the business landscape today, as well as tomorrow. But just what does it take to be a young boss? While a number of factors are involved, there are a few must-have traits for success. Here’s a roundup of a few BE Nexters who embody the advantages of youth and why it can give one a leg up to the competition. 

• EARLY BIRD GETS THE WORM

• “I look back and I always say, ‘The hits I took as a kid, if I had to take those same hits today, I wouldn’t make it.’ When you’re young, you’re unafraid and unstoppable,” ~Tina Wells

• Tina Wells, 30, Owner/CEO, Buzz Marketing Group

• Wells’ journey into entrepreneurship began at 16. She wrote product reviews for a newspaper, eventually starting a business to help clue companies in on what teens want. Now in its 15th year, Buzz Marketing Group’s revenues are over $4 million. “I never said, ‘Oh, I’d like to own a marketing agency.’ I didn’t even know what that was at 16,” says Wells. “I knew I was a kid who was passionate about fashion, beauty, entertainment, and pop culture.”
• All grown up, Wells is now a savvy businesswoman continuing to redefine the way companies identify, interpret, and respond to young people. Her Voorhees, New Jersey-based market research firm, has positioned itself as a key player offering companies from PBS to Sesame Workshop to American Eagle effective marketing and research strategies—related to beauty, fashion, lifestyle, and entertainment—for 6 to 24-year-olds. Besides Buzz Marketing, Wells is now an accomplished author having released the tween book series, Mackenzie Blue, as well as the youth marketing handbook Chasing Youth Culture And Getting It Right, which will be released this spring.

• BOUNCING BACK FROM ADVERSITY

• “As a teenage mother with no higher education and very few resources to start a business, I had every reason to quit. Instead, I chose to lead a life of faith and leave a legacy that screams, ‘No excuses!” ~Sirena Moore

• Sirena Moore, 29, Founder/CEO, Elohim Cleaning Contractors Inc.

• The Bristol, Pennsylvania-based industrial and commercial construction site cleaning firm continues to generate revenue that’s a far cry from the $200 Moore, her father and younger brother pooled together back in 2002 to launch the business. But what Moore lacked in capital she made up for it in determination.

• During the first three years of business, they added full-time employees to the payroll one at a time. “I worked during the day to make ends meet and my brother also kept a job,” recalls the 29-year-old. “I added myself last.” Among the top priorities of the company was to operate debt-free, which it managed to do successfully since inception until November 2009 when they secured their first line of credit. This feat worked in their favor during the economic recession. This past year the firm received its 8(a) certification which gives minority- and women-owned businesses competitive positioning in applying for federal contracts. Elohim Cleaning Contractors generated $2.7 million in 2009, and surpassed $3 million in 2010. The company looks to reach $10 million in revenue for 2011.

• MAKING SCIENTIFIC SMARTS COUNT

• “While I would never claim to change the world, I hope to inspire generations of leaders with the quantitative creativity critical for true innovation and progress.” ~ Sheldon Gilbert

• Sheldon Gilbert, 35, Founder/CEO, Proclivity Systems

• Being considered a “nerd” might not be such a bad a thing anymore. Science and technology are standout growth industries for the U.S., with the Bureau of Labor Statistics projecting a 22% increase in the number of such jobs from 2004 to 2014, or more than 2.5 million job openings. And the global marketplace is constantly on the prowl for new innovations to change the way we do any—and everything. This is what lured Sheldon Gilbert into entrepreneurship. The creator of Proclivity, a behavior predicting software, he knows the ins and outs of data mining. “Every time you click a link, it’s a request for information you’re making to a server,” explains Gilbert, who tutored students in chemistry on the side while he spent a year writing the software. “We can then mine the data stored on the servers to create a profile of a person’s likes and dislikes—or proclivities.”
• With this software, the 25-person firm Proclivity Systems has increased online sales by as much as 30% for clients such as Barney’s New York, by predicting which offers to present to which customers, says Gilbert. Launched in April 2006 with $750,000 from angel investors, the startup recently raised an additional $5.5 million in venture capital in order to expand Proclivity’s platform and services into new vertical arenas and channels, as well as bring on senior management, says Gilbert.

• TAKING RISKS, THINKING BOUNDLESSLY

• “There’s a huge disconnect between the mindset of young people and the companies trying to create products that young people buy,” ~Jason Smikle

• Jason Smikle, 25, Co-Founder, Managing Director, TUV Online/TUV Media Networks

• A creative entrepreneur and risk taker, Smikle teamed up with friends, Ebele Mora and Fabricio Sousa during his sophomore year of college to launch Truly Unique Vision (TUV). The team has since reaped the rewards from this venture, evolving into a Chicago-based new media company that helps brands connect directly with young people (18-24). The company has successfully led efforts in creating video campaigns with companies such as Foot Locker, Toyota and McDonald’s. Marrying a grassroots style of youth engagement and digital media at colleges nationwide, TUV has also helped BET refine its content through an innovative approach to reaching its audience. “There’s a huge disconnect between the mindset of young people and the companies trying to create products that young people buy,” says Smikle. “Clients will have a one-stop-shop into the college market.” With a growing client list the company expects 100% growth in year-over-year revenue.

• THROWING CAUTION TO THE WIND

• “Above all be fearless. Because the world is a scary place and stepping out on your own is risky,” ~The Broussards

• Lorielle and Brandon Broussard, 30 and 34, Barackawear Inc.

• Everything doesn’t always go as planned. In August 2007, the sibling duo quit their day jobs to go full force with their clothing line, Barackawear Inc. The Los Angeles-based company aggressively touted T-shirts and other apparel with the ’90s-inspired slogan: Barack the Vote, in support of the then-Illinois senator and presidential candidate who became the nation’s first Black president. Their risk-taking teamwork paid off and the popular T-shirt line generated $600,000 in revenue in 2008. But betting on President Barack Obama was just the beginning.

• Business-savvy and ready to expand, the two went on to launch YOTOWN, a line of nonpolitical shirts featuring personalized maps of any U.S. city. And after realizing that their passion for YOTOWN had waned, the Broussards stopped production on the clothing line in October 2009. Today, Lorielle and Brandon are putting their energy and enthusiasm into Purple Stuff TV, a sketch comedy Web-based series which they are currently shopping around to television networks. Based on their previous success, their prospects remain promising. “We got an investor for Purple Stuff TV based on our success with Barackawear,” says Lorielle.

From 2002 to 2007, the number of Black-owned businesses increased by 60.5 percent to 1.9 million, more than triple the national rate of 18.0 percent, according to recent data released from the U.S. Census Bureau’s Survey of Business Owners. Over the same period, receipts generated by Black-owned businesses increased 55.1 percent to $137.5 billion.

The new data comes from the Survey of Business Owners: Black-Owned Businesses: 2007. The survey–which defines Black-owned businesses as firms in which Blacks or African-Americans own 51 percent or more of the equity, interest or stock of the business–provides detailed information every five years for Black-owned businesses, including the number of firms, sales and receipts, number of paid employees and annual payroll.

And while New York had the largest number of Black-owned firms at 204,032, Georgia came in second with 183,874 (and their receipts total $8.9 billion). What makes the peach state such an attractive destination for prospective Black business owners? “Knowing that I had access to a wide array of resources, contributed to me being more confident about launching my business,” says Tiffini Gatlin, founder and CEO of The Atlanta Go To Girl, a concierge business located in Atlanta.

After working nearly seven years in the banking industry, Gatlin launched her business in February 2007 (She incorporated in March 2010). The 30-year-old says throughout the lengthy start-up process she relied on a number of Georgia state-sponsored programs and resources targeting entrepreneurs, specifically women-owned. Gatlin adds, “With the abundance of resources, the examples of successful young entrepreneurs, and the data to back up the state’s entrepreneurial statistics, new entrepreneurs are recognizing that if they want to start a business Georgia is the place to do it.”

Newly minted entrepreneur Ronald Keith Young agrees. The 27-year-old is co-founder of the Atlanta-based mobile gaming technology company According 2 LLC. “The high-quality academia in Georgia offers high-quality talent and resources to tap into,” says Young, who started the company with his partners in November 2009 and have since created a mobile application, According 2 Hip-Hop, that’s now available on iTunes. “The Hartsfield Jackson International Airport can get you to another city to handle business relatively easy. The cost of living and working is considerably lower than other major cities. And the weather puts you in a good mood, well most of the time.”

Deputy Director of the U.S. Census Bureau Thomas Mesenbourg, said in reference to the findings: “Black-owned businesses continued to be one of the fastest growing segments of our economy, showing rapid growth in both the number of businesses and total sales during this time period.”

Regardless where they strike out on their own geographically, small business owners are fearlessly looking for ways to impact global commerce. And as the country’s economic landscape continues to bounce back, innovative and profitable opportunities reveal themselves for those eager and able to rethink business.

Are you ready to rethink business?

Whether you’re just starting out or looking for ways to take your company to the next level, attend the 2011 Black Enterprise Entrepreneurs Conference + Expo hosted by Nationwide, May 22-25, at the Atlanta Marriott Marquis Hotel in Atlanta, Georgia. Also, enter our Elevator Pitch Competition.  Do you have what it takes to win the $10,000 grand prize? And nominate your company or an organization you feel is deserving for our Small Business Awards.

To register for the event and find out more, visit www.blackenterprise.com/ec/.