On March 30, 2011, <strong>BLACK ENTERPRISE </strong>Chairman, Publisher and Founder <strong><a href="http://www.blackenterprise.com/2011/03/28/business-lessons-from-black-enterprise-publisher-earl-g-graves-sr/">Earl G. Graves, Sr.</a></strong> was inducted into the American Advertising Federation’s Advertising Hall of Fame, the industry’s most prestigious honor. Here, the media magnate reflects on moments in his life that have yielded valuable lessons on business, perserverance and success.
<ul> <li><strong>On working for Sen. Robert Kennedy</strong></li> <li><em>"When I was working with Kennedy, I was always asking others how they thought I was doing within his organization. Sometimes I would have to make corrections and adjustments to my style in order to be more efficient within the demanding and hard-charging culture of his office. You must continuously monitor your status and your vulnerability in the constantly shifting work environment. You must always be on the lookout for ways to increase your value in the market while being alert to new opportunities."</em></li> </ul>
<ul> <li><strong>On the mission of BLACK ENTERPRISE</strong></li> </ul> "<em>I saw the magazine as a how-to. I saw that it was important to help, to teach, to encourage our readers whether the advice or information we were giving them was related to their ascension in the workplace, acquiring capital to run a business, or saving and investing their hard-earned dollars. We wanted to show our readers a better way and, at the same time, communicate to the business world, from Madison Avenue to Wall Street, that there was a viable black consumer market. It was my vision to show a more positive side of African American participation in the business mainstream. Along the way, we would carve a path for future generations." </em>
<ul> <li><strong>On launching the BE 100s</strong></li> </ul> <em>"As the magazine grew, we became an important gauge of black business activity for this nation. In 1973, we started our ranking of the top 100 black-owned businesses. Up to that point, business publications such as </em>The Wall Street Journal, BusinessWeek <em>and</em> Fortune <em>all but ignored the challenges and triumphs of black entrepreneurs. I developed what came to be known as the BE 100 – and due to the rapid growth of black business 16 years after that list’s inception, the BE 100s – because I thought there was a need to have the world know where African American business was and where it would go. We needed to track that growth over a period of years so that someone 50 years from now could write about what we have done."</em>
<ul> <li><strong>On the first time black business leaders were invited to the White House </strong></li> </ul> <em>"The assemblage was historic: a gathering of men–and one woman–linked not by race but by success, not only by ideology or civil rights but by their proven ability to run businesses, employ people, meet payrolls. When one considers over 100 years ago their ancestors could own nothing–not even themselves; that 50 years ago their fathers could not borrow money from the local bank or be insured; that 15 years ago the very meeting they attended at the White House could not have been held, the significance of that moment at the White House brightens. Here were over 100 black executives who had started with little more than hope, now standing at the symbolic seat of power. It was a moment to remember, to savor."</em>
<ul> <li><strong>On the significance receiving NAACP Spingarn Medal</strong></li> </ul> <em>"Because of the impact of our message, I have received more than 44 honorary degrees, been named one of </em>The Journal of Financial Reporting Group’s <em>Top 100 Business Journalism Luminaries of the Century, been made a Fellow of the Academy of Arts & Sciences, and have been awarded the honor that has given me immeasurable pride, the NAACP’s Spingarn Award, which is considered the highest civil tights accolade in the nation. I have always said that these awards recognize the magazine’s role in uplifting African Americans."</em>
<ul> <li><strong>On recording black business milestones</strong></li> </ul> <em>"What has made my chest swell with pride has been our prescience in identifying African Americans who literally changed the world in which we live and work. It was </em><strong>BLACK ENTERPRISE</strong><em> that first brought the late deal maker extraordinaire Reginald Lewis to the attention of the world and chronicled his development of TLC Beatrice into the first black-owned billion-dollar company. It was <strong>BLACK ENTERPRISE</strong> </em>who foretold the rise of <em>American Express’</em> <em>Ken Chenault to the CEO’s chair of one of the nation’s 500 largest corporations and reported the ascension of other business leaders of the new millennium."</em>
<ul> <li><strong>On the role of BLACK ENTERPRISE in the election of President Barack Obama</strong></li> </ul> <em>"We dedicated every resource of our media company to highlighting the critical importance of electing Barack Obama president of the United States. When President Obama took the oath of office, he established beyond a shadow of a doubt, for the entire world to see, that his generation, the children of the dream, has come of age and come to power."</em>
<ul> <li><strong> </strong><strong>On his first meeting with former South African President Nelson Mandela </strong></li> </ul> <em>"The new South Africa needs us. To be specific, if a truly, multiracial state will grow out of apartheid’s ashes, it needs contributions of African American skills and financial resources. That was the message President Mandela delivered to a gathering of prominent black American business and political leaders when he visited <strong>BLACK ENTERPRISE</strong>’s</em><strong> </strong><em>offices a year after he gained his freedom.</em><strong> </strong><em>Black America has created, sustained and grown its own businesses and sent executives to the nation’s largest corporations. South Africa needs this knowledge."</em>
<ul> <li><strong>On his $1 million donation to the Earl G. Graves School of Business and Management at Morgan State University</strong></li> </ul> <em>"I remember how it felt to be a student on a campus with brilliant and dedicated professors demanding the best from us while being very supportive of us and where associations with fellow students—bursting with ambition and dreaming of success – became lifelong friendships. Our historically black colleges and universities – our Hamptons, Spelmans, Howards, Fisks and Southerns – have a long and noble tradition of educating, training and nurturing our young people while bracing them against a world that is often cruel, unfair and fraught with threats to their very survival."</em>
<ul> <li><strong>On starting BLACK ENTERPRISE’s Wealth Initiative </strong></li> </ul> <em>"We call our program The Black Wealth Initiative [now known as Wealth for Life]. Our objective must be to create wealth by building the cornerstones of financial empowerment: education, equity, enterprise and excellence. I] requires that we be aggressive, even to the point of zealotry. The core component of this bold, new imperative: mastering your money."</em>
<ul> <li><strong>On passing on BLACK ENTERPRISE to the next generation</strong><em> </em></li> </ul> <em>"I had always envisioned</em><strong> BE </strong><em>becoming one of America’s enduring institutions. I beamed with pride when I achieved a major milestone in my personal mission, enthusiastically turning over the reins of leadership to the second generation when I named my eldest son, Butch, CEO of our company. My wife, Barbara, and I have been elated and humbled by the fact that our three sons have taken an interest in the business and Butch has chosen to make our life’s work his own. I view this seamless transition as a viable model for black business."</em>
<ul> <li><strong>On the importance of building a business network</strong></li> </ul> <em>"As one can realize from the Black Enterprise Entrepreneurs Conference, Black Enterprise/Pepsi Golf & Tennis Challenge and Women of Power summit, the black business network is an incredibly vital aspect of the African American community – and one of the best tools for competing in the white-dominated business world. It is not created by professionals standing in a room pressing business cards on each other and demand favors. It is formed out of trust and admiration as well as a mutual desire to help each other because relationships have been nurtured carefully and thoughtfully. That is no-nonsense networking and that is how I do business."</em>
God has given me the innate ability to design an item that is truly extraordinary! I would like to have MACY’S market it for me, but I don’t know how to get started with my designs and ideas! Do you have any advice-do’s and don’ts?! Thanks!
Pinkie Bonita
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12 Things You Can Learn from…Black Enterprise Founder Earl G. Graves, Sr.
![On starting BLACK ENTERPRISE’s Wealth Initiative "We call our program The Black Wealth Initiative [now known as Wealth for Life]. Our objective must be to create wealth by building the cornerstones of financial empowerment: education, equity, enterprise and excellence. I] requires that we be aggressive, even to the point of zealotry. The core component of this bold, new imperative: mastering your money."](http://cdn4.blackenterprise.com/wp-content/blogs.dir/1/files/2011/03/Jan-2000-Black-Wealth-620x480.jpg "Jan-2000-Black-Wealth-620x480")
![Have the proper capital to invest to build a franchise system that lasts. “When you build a franchise system, there are a lot of hidden costs you may not be aware of,” he says. “You have to be able to have the right people, the right amount of capital to put into your marketing program and legal costs related to your FDD [Franchise Disclosure Document].” The FDD is a legal document which is presented to prospective buyers of franchises in the pre-sale disclosure.](http://cdn4.blackenterprise.com/wp-content/blogs.dir/1/files/2011/09/Money-ladder-620x480-90x100.jpg "Money-ladder-620x480")
