Small Business is Big Business

Drive, determination, and tenacity are traits possessed by the 1,200 professionals who converged for Black Enterprise’s Entrepreneurs Conference + Expo hosted by Nationwide Insurance. Ambitious attendees embodying the theme “Small Business Is Big Business” flocked to Hilton Chicago–also host of the Teenpreneur Conference–eager to connect and absorb BE’s signature brand of insight.

“A lot of times we feel like we need permission to dream big. EC gives you that permission and a tool kit so you can succeed,” says Ebonee Monique of Mama I Want to Write, a boutique editing, proofing, and ghostwriting firm and winner of this year’s coveted Elevator Pitch competition hosted by PepsiCo. Monique was among 10 competitors to give 60-second presentations before the judges’ panel that included Magnus Greaves, founder and CEO of The CASHFLOW; Michael Baisden, author and nationally syndicated radio host; and Kim Coles, comedian and host of The Oprah Winfrey Network’s Are You Normal, America? As the grand-prize winner Monique received the spotlight during the “Business of the Week” segment on The Michael Baisden Show, mentoring from The CASHFLOW, and $10,000.

EC panels and presentations hit the mark in addressing the needs of business owners in three key areas: accessing capital, seizing business opportunities, and leveraging technology to grow their enterprises. This was reflected with the kickoff event “Equity Date with an Angel,” moderated by Daymond John, founding CEO of FUBU and costar of ABC’s Shark Tank. Attendees learned lessons on securing capital from the “shark” private investor along with panelists Valerie Gaydos of Capital Growth Inc. and Angel Venture Forum, and Timothy Reese of the Minority Angel Investor Network and Forge Intellectual Capital L.L.C. The group discussed that when pitching to potential investors, turnoffs are rambling on about the business or overvaluing your company, while turn-ons include having sales revenues and telling investors how they will make their money back (see “Hooking Investors,” June 2012).

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“Raising money in this environment is challenging, even for a business that has been around for a while,” says Amy Hilliard, CEO of The ComfortCake Co. (comfortcake.com), founded in Chicago in 2001, who addressed the panel about her business. “With this economy, banks have been navigating rough waters and people have been more conservative, but a savvy investor knows a good opportunity is worth exploring.”

The finance session “Where Is the Money?” offered advice on how entrepreneurs can access everything from microloans to money from private equity firms while “Sourcing Capital for Your Tech Startup”  gave newbies advice on bootstrapping their startups and approaching venture capitalists as well as alternative financing options such as crowdfunding. Panelists included techpreneurs featured in the CNN series Black in America 4: The New Promised Land — Silicon Valley: Hank Williams of Kloud.co; Angela Benton of Black Media Web L.L.C. and NewME Accelerator; and Anthony Frasier of Playd.

Improving diversity in Silicon Valley was also discussed in addition to the differences between an incubator and an accelerator (see “Fast-track Your Business,” Small Biz, this issue). Moreover, one-on-one coaching sessions with venture capitalists and angel investors held throughout the conference allowed a select group of entrepreneurs to solicit feedback about their businesses.

Talking the Talk: Big Opportunities for Small Business
Part of EC’s mission is to help entrepreneurs forge partnerships so that they can have the wherewithal to handle a major contract from a corporation. Seminars were hosted that examined selling to the government and pursuing corporate procurement opportunities.
But there are other ways to do business with big companies, as pointed out by Felecia Hatcher of Feverish Ice Cream during the session “No Store? No Problem! The Virtual Seller,” which put the spotlight on successful mobile businesses, pop-up shops, and online retailers.  Hatcher has co-branded sweet treats by selling them out of pushcarts with packaging featuring her logo and that of partnering companies. She has distributed Feverish pops at events hosted by major companies such as Universal Music, J. Crew, and W Hotels to help promote their brands. “Once you build a company, especially fusing

social media and an experience that is fun, corporations will want to partner with you. It can create a win-win situation … not just financially, but also with helping to further brand recognition,” she says.

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Technology took center stage in several sessions. “Social Media X Factor: Take Your Business Marketing Strategy to the Next Level Now!” was packed with entrepreneurs looking to gain clout online and to leverage social media to position their brands and grow their businesses. Tips came courtesy of Sree Sreenivasan, dean of student affairs at Columbia University Graduate School of Journalism, and Dawn Fitch, founder and president of Pooka Pure & Simple, an Orange, New Jersey-based natural bath and body company. Using Facebook and Twitter, Pooka Pure & Simple’s revenues have grown by 35% (see “Socialology,” March 2012).

A memorable moment was the keynote delivered by Janice Bryant Howroyd, CEO of ACT-1 Group, the first black woman to own a billion-dollar company. ACT-1 Group holds the No. 2 spot on the be industrial/service companies list with $1.8 billion in revenues and was named the 2012 Industrial/Service Company of the Year.  Entrepreneurs were inspired by the business titan, who is convinced that others can follow in her footsteps, but must know getting there is mind over matter. “To be a big business, you have to think like a big business,” Bryant Howroyd shared with EC attendees.

Living up to its mission statement “where deals are made,” EC provides opportunities for entrepreneurs to meet corporate buyers. Case in point is Nadine Thompson, founder and CEO of Nadine Thompson Enterprises and Soul Purpose Lifestyle Co., a direct sales lifestyle company that produces natural personal care products. During the “Sisters Inc.: Bouncing Back” panel, Thompson shared how her first million-dollar business, Warm Spirit, which she founded in 1999, experienced a hostile takeover in 2007. After the session, a representative from Sam’s Club approached Thompson about her Soul Purpose bath and beauty line, and pitched the idea of selling the products

in-store at Sam Club’s Chicago locations as a featured vendor. “She said she was impressed and liked what I was doing,” Thompson says. “This opportunity would allow me to reach a lot of women who would be interested in Soul Purpose.”

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INNOVATOR OF THE YEAR
The Innovator of the Year Award is given to the business flourishing in an innovative industry or approaching entrepreneurship in a groundbreaking manner via its products or services.

Kerry S. Harris
Angel 7 Industries L.L.C., San Antonio, TX
www.angel7industries.com
Kerry S. Harris is a multiple patent-holding inventor.  Today, as director of Angel 7 Industries, the former U.S. Navy pilot and Marine Corps. officer is responsible for developing proprietary gear used by military and law enforcement officials, everything from combat helmets to tactical equipment to optical systems. Revenues climbed to $2.5 million in 2011 for the holding company and think tank.

Harris vows that Angel 7 Industries will “never produce less than the best” when it comes to designing gear such as protective eyewear. “You can look forward to continuous ‘cutting-edge’ products and innovations from Angel 7 Industries serving military, sports, medical, and consumer markets,” says the 42-year-old entrepreneur.

FAMILY BUSINESS OF THE YEAR
The Family Business of the Year is awarded to the family-operated business exemplifying the combined experience and expertise needed to excel in a key industry.

Christopher and Dr. Lezli Levene Harvell
Dental Kidz L.L.C., Newark, NJ
www.dentalkidz.com
Christopher and Lezli Levene Harvell have proven a socially conscious business can be profitable and be a community asset. Their Newark, New Jersey-based pediatric dental care practice utilizes a business model that accepts payments from subsidized healthcare programs. The husband-and-wife team started Dental Kidz in 2008 intent on eliminating oral healthcare disparities in inner cities and to provide oral health education.

In 2009, the couple opened a newly constructed and modernly equipped 8,000 square foot pediatric facility. The practice has 12 employees and about 6,500 active patients. Dental Kidz has grown revenues from $476,000 in 2009 to top $1.6 million in 2011, with 2012 projections at $2 million.

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BE NEXT AWARD
The BE Next Award is given to fearless entrepreneurs ages 21 to 35 who are tapped to be future business leaders.

Teman Evans and Teran Evans
DIOSCURI L.L.C.
New York City
www.dioscuri.us
Twins Teman and Teran Evans studied architecture at Harvard University Graduate School of Design, and upon graduating in 2004 launched their design company, DIOSCURI. Their high-gloss wooden bracelets, known as the Fruit Salad collection, were listed among Oprah’s favorite things. This garnered the duo shelf space in 200 stores around the globe.

DIOSCURI has evolved to specialize in the realms of interior and jewelry design along with brand consulting. The 32-year-old brothers did roughly $750,000 in revenues in 2011 and project to reach $1 million for 2012.

The twins are currently in negotiations for a reality TV series showcasing the behind-the-scenes aspects of their business. “We also have an upcoming meeting with Beverly Johnson to discuss how we might collaborate,” Teman says.

TEENPRENEUR AWARD
The Teenpreneur Award is given to entrepreneurs age 19 or younger committed to the tradition of black business achievement.

Amber Liggett
Amber’s Amazing Animal Balloons, Beaver, PA
www.ambersballoons.com
Amber’s Amazing Animal Balloons was born when Amber received a balloon kit for Christmas from her grandparents at age 9. Today, the 16-year-old Liggett operates a business that entertains youngsters at birthday parties and corporate events. Within her creative skill set, partygoers enjoy creating balloon animals and shapes, face painting, making sand and spin art, applying temporary gel tattoos, and storytelling. Liggett even provides “balloons to go,” which are custom decorations pre-made and sold as takeout orders. Her revenues topped $5,500 in 2011.

Liggett is now looking to grow the business and is thinking about new offerings. “Not only am I in the process of adding party packages to my repertoire, I am training other young people to work with me,” she says.