Minority B2B or C2B, Good Business
I am a huge advocate for minorities doing business with other minority businesses. Actually, I consider it an imperative. No one else but a MWDBE will advocate for minority business enterprise, so we must do it ourselves. Also, if we as minority business owners desire the federal government and corporate entities to do business with us as minority enterprises, then we too must support minority business. The Golden Rule- Do unto others what you would have them do unto you. We must as minority businesses support other minority businesses.
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Great Through Fundamentals
Recently had an odd place for a reflection, while pursuing due diligence on an individual, found he had played college basketball for UCLA under John Wooden. He, the player, is now 54 and I wondered what kind of impact four years under Wooden’s tutelage would have. As we all have, he has had his ups and downs, and he is currently in a down cycle. But my reflection is less on the player than on Wooden and the few great individuals like him.
When I say great people like Coach Wooden, who won 10 NCAA Championships in twelve years, a remarkable feat that towers over everyone even today, I got to thinking about other greats. Vince Lombardi, John Wooden, and Warren Buffett are men of the same substance just in differing fields.
Vince Lombardi never had a losing season as a head coach. He won five NFL Championships and the first two Superbowls. How did he do it? He focused on the fundamentals and basics. It is said his offense only had about eight plays and often the other team knew what they were going to run but were defenseless to stop it. Lombardi drilled his men hard in the few plays and how their advisories would respond to them. He built a legacy from fundamentals and executing them to perfection. How fundamental? Beginning of every pre-season training camp, he would hold up a football and start training his professional football players with this statement- “this is a football.”
John Wooden, who’s accolades I touched on earlier, did not focus on winning. He focused on developing players and assuring they lived up to their potential. He felt that preparation was key, and that preparation for practice was as much, if not more important than game preparation. When asked what he misses about basketball (since retiring) he says not the games, not the tournaments, but he misses the practices. Then there is the fundamentals, again, how fundamental? Coach Wooden used to instruct his players on how to put on their shoes and socks before each game or practice.
Warren Buffett is the richest man alive before and after the current economic crisis by buying on fundamentals. He buys companies that have a lot of money and have strong management when these companies’ stock prices are less than the companies’ value. In other words he buys good companies at bargain prices. That’s it. Then he holds them for a long time. He often says if he cannot understand a deal with 5th grade math, it’s not worth doing. Wall Street is flush with scam artists with Ivy League degrees, who build complicated schemes to defraud people of money, yet a man in Omaha builds a solid investment company with fundamentals and transparency.
What I find most amazing is how few people follow their examples. Seemingly people either do not believe in simplicity or think there is an easier way. Finding a few things to do and do them better than anyone else, seems to be a common denominator. Also, focusing on the foundation, the fundamentals, and not the obvious objective is another common thread. That is instead of winning, focus on perfecting the plays. The winning comes as an outcome of perfecting the play. Instead of focusing on how much to sell a company for, focus on finding good bargain companies and holding.
Maybe these great one’s success could be summed up by doing the simplest things that others are not.
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President Obama On Minority Business - Part Two
With President Obama being sworn in today, presented is part two of how President Obama will affect minority business. Yesterday reflected on the downside of Obama’s Presidency, today will focus upon the upside.
Though my impression is that little will change with programs available, we all already know that President Obama is working on a huge economic stimulus package. The difference between President Bush’s economic stimulus and President Obama’s is twofold. President Bush delivered direct cash to the populace, and cost in the $300 billion dollar range.
President Obama is trying to pass a near trillion-dollar economic stimulus package, but it is focused on project spending. This is very exciting news for minority business, as these projects will be federal programs with the ability to leverage set-aside programs. Additionally, prime contractors (I am speculating) will have serious contractual stipulations to utilize small businesses as sub-contractors. After all, the government is not going to be different (there is no time) just larger. Meaning that it will use programs in place to designate who to utilize. This is a wonderful time that has never been and never will be again (the minority population is growing, with it diminishing returns for affirmative action) for minority business and its place in federal programs.
From the new whitehouse.gov web site, here are the areas stated for the economic stimulus package:
- Doubling the production of alternative energy in the next three years.
- Modernizing more than 75% of federal buildings and improve the energy efficiency of two million American homes, saving consumers and taxpayers billions on our energy bills.
- Making the immediate investments necessary to ensure that within five years, all of America’s medical records are computerized.
- Equipping tens of thousands of schools, community colleges, and public universities with 21st century classrooms, labs, and libraries.
- Expanding broadband across America, so that a small business in a rural town can connect and compete with their counterparts anywhere in the world.
- Investing in the science, research, and technology that will lead to new medical breakthroughs, new discoveries, and entire new industries.
Though some items state years away, we know that President Obama plans to begin immediately. I see information technology infrastructure and construction being the highlights of the package as stated. But even if one’s business does not necessarily fit in these two categories, perhaps there would be a fit for business supporting these businesses that are in these industries. Prime contractors can still count certified contractors who do marketing, office supplies, accounting, etc. That is 8(a), HUBZone, MWDBE, SVOB, and the rest of the government contracting alphabet soup will become more important by prime contractors and government contracting officers when this is package passed.
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President Obama On Minority Business - Part One
With President Obama to be sworn in tomorrow, thought a two-day series would be in order. Thoughts on how President Obama will effect minority business. This will be a pros and cons dual piece with Con’s today and Pro’s tomorrow.
Essentially, there is no strong downside to President Obama being elected affecting minority business. The largest “con” would actually be diminishing expectations of his position in office. As with any President or political office, the office runs on political capital. Gain it were one can, spend it when needed. There is little political capital gain in supporting minority business, especially as a minority himself.
President Bush (or any white male politician) can have a political capital gain by championing minority business in the federal government. This is seen as progressive and tolerant of diversity, while at the same time supportive of the entrepreneurial spirit indicative of America. President Obama supporting minority business is a political capital loss as a minority as it could be seen as self-serving. Though not a reality, Washington and the media run on perception is reality. Just as President Obama’s choice of Joe Biden as a running mate, his choices for cabinet positions, he is very limited in what he can do for minorities. Being a minority, this places him in a unique position of being unable assist minorities as it is an expense rather than a gain.
However, we can expect that President Obama will not do anything to diminish what is currently in place. Just as he matched President Bush’s initial diverse selections for cabinet positions, he cannot far exceed previous administrations in the matter of affirmative action. Although, he will be able to maintain status quo and possibly nudge it higher, a bit at a time.
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Dress For Entrepreneurial Success
Years ago in my IT days I worked with a gentleman who by shear example showed me what good dress means. Daily he would come to work dressed well, but not over the top. The way I thought of it, he dressed just below where one would compliment him. The power of his dress came that he kept that high standard everyday. So, his dress became an attribute of the man and not an element in itself.
As business owners, people will decide a lot about one’s business by the people they come in contact with. A lot of attention is given to soft skills (attitude, politeness, professionalism, etc.) but little attention is paid to dress. Yet, most people will see the business before they ever have contact with the business. Meaning people will judge upon appearances before they get to be charmed with politeness and professionalism. The business owner and staff will have to be careful that errands, lunches, etc. are putting the business name in front of everyone. What is being said to the world?
Attending to dress, one’s business should be better dressed than the competition. Of course, dress depends on industry but I see plenty of room for improvement daily. Industry primarily use t-shirts? Upgrade to golf shirts. Industry has polos? Upgrade to dress short sleeves. Dress shirts are industry standard? Add a tie. Let me also say that one should have the business name branded on all attire. There are too many opportunities for business to not wear branded attire daily.
Once attire is decided, attention needs to be given daily. Clothes should be in good repair (keep back-ups available). Hygiene of staff should be addressed. Then the when and where that branded business dress is worn should be established. Wouldn’t want one’s brand to brandished about at some after-hours watering holes; therefore, establish policy. Ultimately, keep standards high but also executable daily by everyone.
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