Successful African American Business People

Behind the Boomtown African American entrepreneurs are on a tear. Their numbers grew by 45%, to 1.2 million, between 1997 and 2002, according to the U.S. Census Bureau's most recent data. That compares with a 10% increase in the total number of businesses. "This is the first time that the change has been that significant," says Thomas Boston, professor of economics at Georgia Tech. "When you see the figures, it's mind-boggling."

Cook County, IL
Nowhere is the surge stronger than in Cook County, Ill. In Cook County, with Chicago at its heart, the number of black-owned companies grew 69% during that period, to 54,760. That trounces the 52% leap in second-place Kings County, N.Y., which includes Brooklyn. The jump is even more astonishing considering that Cook County's black population grew only 4.2%.

Eric T. McKissack
CEO of Channing Capital Management, a seven-employee investment management firm with $570 million in assets
worked at Ariel Capital Management for 16 years and managed $5 billion in assets. That was a great experience. I saw Ariel benefit from black

Emil Jones
Illinois Senate President (D), from the 14th state senate district
Chicago has a strong affirmative-action initiative for its procurement programs, and Illinois also tries to ensure that black businesses receive a fair portion of contracts. Since the 1980s, I have pushed pension systems to use minority and female money managers, and I think reports show Chicago has outpaced the nation in their involvement in portfolio management. I also sponsored a 1984 law that required the state to help minority and female businesses get procurement and contracting opportunities.

Marc Brooks CEO of MKMB Corp., a $20 million holding company with 10 employees. Its businesses include cell-phone stores, an investment in a cable provider, restaurant partnerships, and an events business. My dad was president of the Chicago Economic Development Corp., so I grew up going to events where black entrepreneurs were being recognized. Starting a business was like waking up. Chicago has had an abundance of black entrepreneurs:

Jamell Meeks
Creator of Arise, a program that trains entrepreneurs. Meeks is also director of the Women’s Ministries of Salem Baptist Church of Chicago.
This is our third year running an entrepreneurship program in our church. It’s for anyone interested in starting a business. Each session is six weeks. I had seen all the one-day seminars that a lot of places offered, and I knew you couldn’t launch a business from a one-day seminar. A small business needs nurturing. We’ve had 150 to 200 people in each of the sessions

Rahman Williams
Owner of Maxima Barber Salon Nail Spa, with nine employees and about $500,000 in sales
I had worked in the Loop as a stylist for 10 years before opening this business. I bought this space, in the West Loop, in 2001. This area was very industrial then, and the buildings were decrepit. Since then the neighborhood has flourished, and my clientele has tripled, to 5,000. About 75% of my clients are African American, though the neighborhood is 90% Caucasian.

Hermene Hartman President of ABLE and publisher of N'DIGO magapaper ABLE [Alliance of Business Leaders & Entrepreneurs] is about empowerment, networking, and business development. To join, a business must have revenues of at least $2 million. We meet with public and private groups, from Sears Roebuck, Wal-Mart, Time Warner, and JPMorgan Chase to the mayor and the governor. We talk about doing business with them not just to fulfill their diversity goals but to fulfill their needs. People here see entrepreneurship as an option.

John Rogers Jr. An advocate for black business and CEO of Ariel Capital Management, the first African American-owned mutual fund company. Rogers is shown with students of the Ariel Community Academy, which his company sponsors.

Successful African American Business People

by lindy23 on Jan 19, 2007

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Successful African American Business People — Presentation Transcript