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Unless you can afford to throw money away, avoid these missteps in running your business.

This week on The Urban Business Roundtable, I talk about how the difference between success and failure is not just financing the business (although access to capital is important), but planning and preparation. With that in mind, I point out some key mistakes you really need to avoid as you pursue success for your business venture:

Trying to do it all yourself. In the beginning, being everything from CEO to chief bottle washer may be unavoidable, but you must begin to delegate some business functions to others as soon as you can. As the owner, you need to keep an eye on everything, but focus on what you do best and delegate the rest.

Hiring friends and family. The people you know best are often a source of loyal employees who want to see you succeed. But approach such hires with care: Can your older brother handle having you being in charge of him? Could you fire your mother when the business grows to the point when you need a real CPA to do the books? If you are not sure that they (or you) can handle such tough choices, don’t hire friends or family. Focus first and foremost on experience, attitude and qualifications when hiring.

Fudging the financials. Most small businesses don’t collapse; they die a slow death, with the owners not realizing they have been leaking money until it’s too late. Understand exactly, to the penny, how your business makes (or loses) money each day; track every single expense.

Failing to get expert help. Too many entrepreneurs put off getting legal or financial help, thinking they can’t afford to. Actually, you can’t afford not to. Specifically, you should have a CPA/accountant to help you track the financials and a small business attorney to advise you legal on issues. Also, don’t be too proud to seek the advice of other, more experienced entrepreneurs both inside and outside your industry. A great resource for this is SCORE (formerly the Service Corps. of Retired Executives) at www.score.org.

Also on this week’s show, UBR Contributor Angelique Westerfield interviews legendary ad industry executive Al Anderson, founder and chairman of Anderson Communications of Atlanta, and a pioneering innovator of marketing to black consumers. Click here to visit the web site of Anderson Communications.

For more on Josephine Nicholas, the subject of UBR Producer Taquoya M. Kennedy‘s interview on today’s show, read her blog and visit the web site of Published Daily.

If you have a question you want answered or a topic you want addressed on The Urban Business Roundtable, send me an e-mail at edmonda@blackenterprise.com or to me at Twitter or Facebook.

Alfred Edmond Jr.

Alfred Edmond Jr. is the editor-in-chief of BlackEnterprise.com and the host of the Urban Business Roundtable, a weekly radio show, sponsored by Ariel Investments, airing CST Wednesdays at 8:30 a.m., Thursdays at 6:30 p.m. and Saturdays at 9:30 a.m. on WVON-AM 1690, the Talk of Chicago. You can also listen live online at WVON.com. Check back each Wednesday for The UBR Morning Post, which features additional resources, advice and information from and about the topics, entrepreneurs and experts featured on the show.

Dellinger

When Mahisha Dellinger set out to launch her Elk Grove, California-based hair care company Curls L.L.C., she anticipated a few kinks. And with determination and business know-how, Dellinger managed to solve not only her own hair dilemma but also the hair frustrations of others with what seemed like unmanageable curly tresses. In 2003, its first year, the fledging company went on to gross $86,000. Now, seven years later and with $3 million in gross revenues for 2008, the 36-year-old looks forward to taking her business to even greater heights.

Here are Dellinger’s five business strategies for securing sheer success.

Don’t be afraid. Launching into a market already heavily saturated can be intimidating, so it’s best to find your niche. Although, there were more established and consumer-trusted ethnic hair care companies when Dellinger first came on the scene, it didn’t stop her. Dellinger says she was confident Curls products possessed a new and innovative spin. And by focusing on multi-ethnic women with curly hair initially, she was able to reach an otherwise ignored clientele.

Utilize all of your resources. “We started out six years ago before the popularity of Facebook, Myspace, and the other social networking sites,” says Dellinger. “However, we still used digital resources.” She and her team aggressively went into chat rooms and online forums promoting the products, which led to developing a large client base from grassroots marketing. Thus, marketing your business online can be an easy and cost-efficient way to build a buzz for a new product or service. Add to that a mentor and you create an advantageous synergy twice over.

Dellinger worked with SCORE, a non-profit organization dedicated to educating entrepreneurs and the formation, growth and success of small business nationwide. “SCORE matched me with a mentor that was a retired hair care company executive,” recalls Dellinger, who sought out someone experienced in her field. “He was very helpful and provided excellent insight.”

Connect and stay connected. “We connected with our clients through online focus,” Dellinger says. “We also attended hair shows to meet and talk to curly-haired women. We listened to their needs and adjusted our products to fit. Dellinger, who still tests products on customers to ensure they are meeting their needs, attributes much of Curls’ success to listening to customers even as the business grew. “If our customers are satisfied with our product they not only continue to purchase it, but they also spread the word and encourage their local hair salons and stores to carry it,” says Dellinger.

Do your due diligence. Starting a business is an enormous task. Dellinger advises that all entrepreneurs research the market they want to launch into thoroughly. Knowing about the industry can save you time, money, and energy down the road, she adds. “Starting off as an unknown brand we received a lot of ‘no thanks’ from salons that we wanted to partner with,” says Dellinger.  But instead of taking the rejections as a defeat, they motivated her to push forward and target other companies. She adds, “Research the more established companies, find their mistakes, learn from them and capitalize.”

Make a great first impression. “You want to make sure everything that will touch your customer makes a good impression,” Dellinger advises. She encourages entrepreneurs to hire individuals to handle the aspects of their business that they cannot. From packaging to marketing, experts can ensure that all components of your business come across as professional and worthy of the consumer. She adds, “You do not want to come across as a small company on a small budget even if you are.”

For more on Mahisha Dellinger and Curls L.L.C., check out the July 2009 issue of Black Enterprise magazine.

The King Center and the Martin Luther King Jr. National Memorial Project Foundation are heading a project to build a monument for the civil rights leader. (Source: MLKMemorial.org)

King Family Under Fire Over Licensing Deal

Two of the Rev. Martin Luther King Jr.’s children say they were not aware of the details of an $800,000 licensing deal with a memorial foundation building a statue in his honor, according to the Associated Press.

Bernice and Martin Luther King III acknowledged Wednesday that they favored the agreement between the King Center and the Martin Luther King Jr. National Memorial Project Foundation to build the monument, but insist that the monetary aspect of the deal was handled badly by their brother, Dexter King, and struck with no involvement from them.

“When we were made aware of it, it was already a done deal,” Bernice King told The Associated Press. “Our understanding was that this was about The King Center being able to survive.”

In a statement last week, the King estate said there was no fee charged for the use of the civil rights leader’s name, image, and words on the memorial, and that the licensing contract does not benefit King’s heirs.

In regard to when money was introduced in the deal, Bernice King said they had no knowledge of when that happened.
The siblings told the AP they have not been involved in decisions about their father’s estate since 2004, and that Dexter King has acted on his own for years as head of the estate and the center.

News of the deal sparked criticism this week, as one leading scholar said King would be displeased.

Harry Johnson, who serves as president of the King memorial foundation, said the fees were not a burden and that the foundation has a good relationship with the King family.

–Janell Hazelwood

Northern Virginia Urban League Honors B.E. 100s

The Northern Virginia Urban League will honor area black-owned businesses at its annual awards dinner tonight. Eight businesses, listed in Black Enterprise Magazine’s 2008 annual report of the largest black-owned businesses, will be honored for excellence in leadership.

“Even in this recession, the business community has provided unprecedented support and the dinner has raised $450,000 in sponsorships that will help the league continue our work in financial education, foreclosure prevention counseling, and mentoring,” said Lavern J. Chatman, CEO of the Northern Virginia Urban League, in a press release.

More than $50,000 in college scholarships will be awarded to 10 area minority high school students. Over 800 guests are expected to attend the league’s sold out gala.

Among the honorees are two auto dealers, including BMW of Sterling (No. 18 on the Auto Dealer 100 list) and Infiniti of Chantilly (No. 52 on the list). Emerging businesses identified by the Northern Virginia Black Chamber of Commerce will present awards to the honorees.

–Marcia A. Wade

Vilsack to Review USDA Racism Complaints

Agriculture Secretary Tom Vilsack will create a task force to review some 14,000 civil rights complaints against the U.S. Department of Agriculture that had been filed since 2000.

“There have been unresolved claims. There has been a backlog of claims. I want to close the book on all of those claims,” Vilsack told the North American Agricultural Journalists.

In 1999, a landmark multimillion-dollar settlement was reached between the USDA and black farmers who said their applications for USDA loan and benefit programs were unfairly denied. Black farmers also alleged that the USDA failed to investigate complaints of bias. The USDA so far has paid out about $1 billion to compensate black farmers, but the department has yet to review about 3,000 of the complaints.

As a part of that review, the USDA will also suspend foreclosures under its farm loan program for 90 days to examine the loan granting process for possible discriminatory conduct.

–Marcia A. Wade

Unemployment High for African American College Graduates

The benefits of a college diploma are not evenly shared by all graduates with four-year degrees, suggests new research that shows educated blacks are unemployed at a much higher rate that their white counterparts.

Between March 2007 and March 2009 unemployment for white college graduates remained relatively low; increasing from 1.6% to 3.8%, according to the Bureau of Labor Statistics (BLS). Conversely, unemployment for black graduates more than doubled to 7.2% from 2.7%.

“Some argue that the problem of joblessness among African Americans can be solved by education alone, but at every education level the unemployment rate for blacks exceeds that of whites,” writes Algernon Austin, an EPI sociologist who analyzed the BLS data.

The solution to the disparity, says Austin, is a renewed commitment to anti-discrimination in employment and job creation in black communities.

–Marcia A. Wade

Sojourner Truth Honored with D.C. Memorial

Sojourner Truth will once again make history when the National Congress of Black Women Inc. (NCBW) erects a memorial in her honor in the nation’s capitol. Truth, a slave  turned abolitionist, will be the first African American woman to have a memorial in the Capitol building, April 28.

“Sojourner Truth inspired generations of women to demand equality and who later would dare to reach for the ballot,” said President Barack Obama, in a press release announcing the event. “Her Memorial is a milestone, not just for African Americans and women, but for all Americans.”

The honor is a 10-year effort spearheaded by late civil-rights activist C. Delores Tucker, former chair of the NCBW, and will include the Celebration of Truth campaign. Along with the unveiling, the program will feature a presentation of Truth’s speech “Ain’t I A Woman,” by actress, Cicely Tyson and music by gospel singer, Yolanda Adams.

Born into bondage in New York, Truth was eventually sold John Dumont in 1810, who promised her freedom a year before New York State emancipation laws were to take effect, if she was remained loyal. After Dumont reneged on the deal, Truth escaped claiming her own freedom. Later, working as a travelling preacher, she spoke out against slavery and for women’s rights.

“This accomplishment has been a struggle, but at the National Congress of Black Women, we have learned that it is from our struggles that we gain our victories,” said Dr. E. Faye Williams, national chair of NCBW.

–Renita Burns

Free Workshops for Small Business Owners

The Counselors to America’s Small Business (SCORE) and Hewlett Packard are teaming up for a series of free workshops for small businesses. The program, “For the Good of Your Business –Surviving Challenging Times,” will provide lessons on technology-based strategies to help small business owners weather current economic conditions and sustain long term growth.

The workshops will be held in eight cities across the nation with the first event kicking off in Southern California at the Glendale Hilton. Workshop attendees can expect to gain tips on maximizing revenue, cutting costs, planning for disaster and leveraging environmental strategies. The series will also focus on how to win government contacts.

For those who cannot attend a workshop, HP will provide online resources and tools for small businesses as well as Webinars, podcasts, eGuides and business checklists. These resources a part of a new technology center SCORE added to its Website, “Technology and Tolls for Every Stage of Your Business.

Workshops will be held at the following locations:
April 28—Glendale Hilton, Los Angeles, Calif.
April 30—Huntington Beach Central Library, Orange County, Calif.
May 28—The Corporate College East, Cleveland, Ohio
June 11— Colorado History Museum, Denver, Colo.
September 10— Independence Visitor Center, Philadelphia, Pa.
September 24—The Signature Grand, Fort Lauderdale, Fla.
November 11—HP Houston Campus Center, Houston, Texas
December 3—Arizona State University, West Campus, Phoenix, Ariz.

–Renita Burns

Three black firms teamed up with the SmithGroup to create a design concept for the National Museum of African American History and Culture in Washington, D.C.

Black Architects Chosen to Design Smithsonian Museum

The National Museum of African American History and Culture will be getting new digs, and three prominent African American firms will head the architectural team, the Smithsonian Institute has announced.

African American firms, The Freelon Group, Adjaye Associates, and Davis Brody Bond, teamed up with the SmithGroup to create a design concept for NMAAHC, the last museum to be built on the National Mall in Washington D.C. The team, which is calling itself as Freelon Adjaye Bond/ SmithGroup, has designated David Adjaye, a leading British architect from Tanzania, as the lead designer, and the Freelon Group is the architect of record.

The museum will feature a bronze crown, which will allow natural light to flow into the structure through bronze screens, reports the Associated Press.

“Our model illustrates a design concept—not a finished building. The design process now begins in earnest with the full engagement of the museum and Smithsonian Institution staff,” said Freelon, in a press release. The Freelon Group designed the Museum of the African Diaspora in San Francisco and the Reginald F. Lewis Museum of African American History and Culture in Baltimore.

The museum is estimated to cost $500 million. Construction is scheduled to begin in 2012 and the museum is set to open on the National Mall by2015.

–Marcia A. Wade

Lil’ Wayne Denied Injunction to Stop Documentary’s Release

A Los Angeles Superior Court judge this week denied rapper Lil’ Wayne’s request to bar the release of QD3 Entertainment’s documentary The Carter. The New Orleans rapper sued the film’s producers last month, claiming he’d been denied approval over its contents of the movie, which was a hit at the Sundance Film Festival in January.

The urban multi-platform media and entertainment company now has freedom to distribute the film via DVD and other media formats.

Shot in 2008, the film includes scenes of Wayne using drugs in Amsterdam and talking about his first sexual experience. Filmmakers had unprecedented access to the music artist’s tour bus, hotels, shows, and press tours.

The platinum-selling, Grammy award winner is no stranger to legal woes. Known for his affinity for prescription cough medicine, he once even declared his dedication to “weed and syrup till I die.”

Separately, Lil’ Wayne appeared in a Manhattan court Thursday regarding a gun-possession charge stemming from a 2007 arrest. Testimony included reports of alleged marijuana use during a traffic stop of his tour bus.

–Janell Hazelwood

“It’s been in the works since late last year,” says Jennifer Ruben, marketing director at the headquarters. Ruben says the organization is continuing to update its site through a redesign and a re-launch is planned for 2009. “We just added more links and stats and articles.”

Since 1964, SCORE, a resource partner with the Small Business Administration (SBA), has helped more than 7.9 million aspiring entrepreneurs and small business owners. The agency matches would-be entrepreneurs through counseling and workshops with executives and business owners who donate their time and expertise.

Inspired by filmmakers Spike Lee and Oliver Stone, NYU film school graduate April Patrick decided to pursue her dream of starting her own film company. At the urging of her mother, Patrick turned to SCORE for guidance. Patrick was partnered with volunteer counselors who had media experience, and in 2001, April Films was founded (renamed Atypical Pictures, www.atypicalpictures.com). The New York City SCORE chapter helped her develop a business plan, expand production, and reach new markets.

Patrick still stays in contact with a few of her mentors, and each gave her different pieces of advice in developing her business. One gave her a simple cornerstone: Find out what a business needs and be the solution. “He really taught me how to understand the service I was providing—[to] use visual language strategically,” Patrick says. From another SCORE mentor, “[I learned] how to position myself strategically in the industry, [and] stay on top of things,” she adds. Another film industry veteran gave her advice on managing cash flow, pricing, and negotiating payment.

As an African American woman in the field, Patrick was also told she needed to be conscious of appearance in a way others may not need to be. She would not only need to outbid her competitors, but admittedly, “as superficial as it sounds,” she would need to maintain a professional look in order to present a competent image of her business.

In 2003, Patrick was honored with the Entrepreneur of the Year award by the SBA and SCORE at the United Nations. Today, Atypical Pictures provides film and video production services to clients including major corporations and organizations.

With a budding archive of success stories like Patrick’s, SCORE began investing last year in expanding its Web-based resources to reach and support more minority entrepreneurs. The site’s “Insights for Minority Entrepreneurs” section offers key articles on business licensing, protecting your idea, generating income, and business financing. The “Resources for Minority Entrepreneurs” section includes a list of more than 30 organizations, groups, and Websites that offer news, strategies, and advice. The site also provides the latest research and facts on the growing number of African American, Hispanic, Asian American, and Native American entrepreneurs. SCORE also offers free online and face-to-face counseling, low-cost workshops, and free e-newsletters.

Patrick advises those who are just starting out to visit their local SCORE location and find a mentor. “Business is all about partnerships,” she says. “And SCORE offers the best ones available.”