Principles of Entrepreneurship Preparation

Removing the Power of the Stake Principle

Wisdom for Today

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  • The typical entrepreneur, in a moment of weakness, is reminded of some form of a sharp, deep, stake that firmly keeps them in "their place." For some, this stake is racism and bigotry. They have concluded that they are the "wrong" color and therefore cannot achieve true success.  For others, this stake may be sexism.  Women feel that their gender automatically renders them uncompetitive.  For many more entrepreneurs, the stakes that fasten them tightly in place may be age, weight, height, culture, or religion.  The worst case scenario is that too many stakes often mean certain failure. 
  • Usually the stake has no inherent power.  The stake has only as much power as the entrepreneur allows.  For instance, you could let the stake of sexism dictate what opportunities you try to capitalize on, but then accomplished by women.  By focusing on the stake, you automatically divert to it your power, energy and ability to perform.  It is prudent to recognize that the stake exists-and then to recapture the power it appears to possess by assuming full ownership of our destiny.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

Principles of Entrepreneurship Preparation

The Principle of Dream Embodiment

Wisdom for Today

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  • Dreams are the forces that help keep us alive.  Usually entrepreneurs who have passion, energy, and drive in their ventures are motivated by a compelling dream. Whether they dream of opening a mom-and-pop corner store or an e-commerce business, dreams of success are the first step toward reality.

  •  Inspiration is vital.  When we see a dream come true for another human being, the dreams we have for ourselves seem attainable.  Where would many of today's most successful people be if not for the trails blazed by others?

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

Principles of Entrepreneurship Preparation

The Five Cs Principle Wisdom for Today

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Wisdom for Today

An unfair reality of doing business in America is that minority and female entrepreneurs often get only one chance to impress a customer or a group of investors. Some investors are especially unforgiving in their assessment of the value and validity of entrepreneurs and their ideas.  To increase your chances of winning a customer or an investor's favor, remember these five Cs: 

 

Character: Moral Excellence and firmness

Capacity: Ability to repay what has been borrowed

Collateral: What the investor can seize if you don’t deliver

Capital: Cash, Stocks, Bonds, or any liquid asset resources (usually money) you are willing to put “at risk”

Credit:  Repayment history and level of trustworthiness

 

When approaching investors about committing capital to your venture, be sure to prepare answers to the following questions prior to meeting:

1.      How much capital will you need?

2.      How will investors be repaid or “made whole”?

3.      How will the capital be used?

4.      What collateral can be used to repay the loan if the project fails?

 

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

Principles of Entrepreneurship Preparation

The No Man is an Island Principle

Wisdom for Today

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  • Some entrepreneurs their duties and tasks like the Lone Ranger. They have the mistaken belief that they can achieve their business objectives by themselves, with little or no help. But even the Lone Ranger needed his friend Tonto every now and then.
  • The reality is that that entrepreneurial greatness is realized by working with and through people.  The most successful entrepreneurs depend upon assistance from employees, stakeholders, stockholders, suppliers, consultants, and business partners.  

  • The irony for those who are reluctant to ask for help is that most people who are in a position of power and influence   are normally willing to help others. There are some recommended approaches, though, on how to ask for and obtain assistance.

 

  1. Be humble.  Learn to listen to those who are in the know.

  2. Be sure you approach someone who has the experience and the power to help you.

  3. Be specific about what you need help with.

  4. Be prepared to articulate how the individual will personally, benefit from helping you. Keep in mind that the benefit need not necessarily be financial.

  5. Learn to set aside your pride. Ask for help.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

Principles of Entrepreneurship Preparation

Principle of Focus Effort

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 Wisdom to Take Away

 A mistake entrepreneur commonly make is to try to do too many things at the same time. I term this tendency "opportunity fatigue." The problem is that the entrepreneur spreads himself too thin and ends up doing most things in a mediocre fashion. Since the majority of minority and female-owned businesses are undercapitalized, there is a natural tendency to take any business that comes their way, even when the new opportunity does not match their core strengths. Taking on more work than you can handle, especially work that is outside your area of expertise, can be deceiving and treacherous.

 

  • Minority and female entrepreneurs also expend resources combating racism and sexism. Many of them can probably recite a list of experiences when they were disregarded, disrespected, or overlooked because of their ethnicity or gender. The reality is that most of us do not have the resources to fight every perceived wrong inflicted upon us. Therefore, we must become proficient at knowing when to "pick our fights" and focus on the things that matter.

  • The principle of focused effort suggests that it is better to concentrate on a few tasks and spend the time and resources to do these tasks exceptionally well. This focus on specialized areas will let you become expert at providing those services. Get your core skills solidified and your key opportunities achieved before expanding into new endeavors.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

Principles of Entrepreneurship Preparation

The 2 X 2 Principle

Wisdom to Take Away

  • The 2 X 2 principle dictates that in order to achieve certain business objectives (which require planning), you must first create the future (vision) and then work backward.

  • When working backward from the vision, it is important to work in a controlled and incremental fashion. At each level, the entrepreneur should ask,

 

Figure 4.1 The 2x2 Principle.PNG

When working backward from the vision, it is important to work in a controlled and incremental fashion. At each level, the entrepreneur should ask, "What must I do to achieve the task at hand?"  Work diligently to develop at least two answers (see Figure 4.1).

 

Figure 4.1   The 2 X2 Principle

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These answers then become new nodes in the net­work of tasks that have to be completed in order to make the vision a reality. Continue to ask this same question at each level until you have developed a list of attainable tasks that can be worked on immediately and that will serve to propel you into the future. These attainable and discrete tasks, if defined in a detailed manner, become the building blocks for your business plan.

 

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

Principles of Entrepreneurship Preparation

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The Mt. Moosilauke Principle

Wisdom for Today

  • The process of achieving breakthrough in business is very much like climbing Mt. Moosilauke, a peak in New Hampshire's White Mountains.  The Tuck School of Business at Dartmouth College uses the mountain as a team building climbing exercise for its first-year MBA students. The objective is for the class to coalesce as a team and to reach the summit successfully. How­ ever, climbing Mt. Moosilauke is no easy feat. First, the journey takes several hours. There is often a 20-30 degree temperature difference between the base of the mountain and its peak. The paths are narrow, slippery, and surrounded by thick brush, so it is difficult to see much until you reach tree line. There, however, you enter a whole new world. Dozens of other footpaths appear that were hidden until you reached the top of the mountain. Without the aid of binoculars, you can see parts of Maine and Vermont, and you become encouraged by the newly discovered paths that offer safer and more navigable options for your descent.
  • In the beginning phases of business, your options as an entrepreneur may appear quite limited, and your perception may be that you are forced to operate under tight and unfriendly constraints.  Often you are afraid to venture off your designated path for fear of encountering an obstacle that you will be unable to overcome. 
  • If you can endure to the end, you often will be presented with new opportunities and choices that you would have missed had you not taken the journey.
  • By plunging into your venture by giving - it all you have - you will automatically open up new and exciting opportunities for yourself and your company that were initially off of your radar screen. Remember that one of the benefits of climbing your entrepreneurial mountain is that the effort alone will expand your range of choices and entrepreneurial possibilities.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

Principles of Entrepreneurship Preparation

Word for Today

The Jockey Principle

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  • Becoming a successful entrepreneur requires an acute ability to convince investors, business partners, employees, stakeholders, and customers to believe in you, your product, and your company. To obtain the support and funding of stakeholders, some entrepreneurs rely only on glossy, marketing materials, professionally designed and developed business plans, multimedia presentations, and overly optimistic financial projections.  These items may impress some people, but rarely will they impress "money people." Money people are those special individuals who have significant capital to invest and who are experienced investors. Examples of money people would be venture capitalists and "angel" investors.
  • Money people have learned that the key to making good investment decisions is to make good people decisions. Money people don't invest in businesses or business plans or ideas. Instead they invest in people (the jockeys). They know from experience that they can take an average horse (the business) and an out­ standing jockey (the entrepreneur and his management team) and still win the race (accumulation of value in a business investment).
  • The secret to becoming an investment-worthy jockey is to get in touch with yourself and your vision for the company. This requires that you spend time each day with your intellectual self, your physical self, and your spiritual self. The intellectual self will tell you what to do. The physical self will provide you the vehicle in which to get it done. The spiritual self will give you peace to understand why you are doing what you do and how your actions fit into the larger plan.
  • Only after you've taken care of all three selves will you be at your best and be most competitive.  By really knowing yourself and being able to articulate your vision, you can begin to understand your distinctive competence and move closer to making people eager to invest in you.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

 

Welcome to the redesigned RobertWallace.com website

 Providing better access and expanded service.

Over the past several months, our team has been hard at work redesigning our website to kick off 2018 with a new look. Our goal with this new website is to provide our visitors an easier way to learn about Robert Wallace’s customized services and solutions, and provide a better way to connect with him.

Now you can instantly book Bob as a speaker, request a consultation with him, or visit the store  to purchase his books. We’ve also revamped the site navigation with new dropdown menus that organize our services and resources better. With mobile responsive design, we made it easy to navigate the new site from your smart phone, tablet, or any device.

The new website will provide you with all of the information you need to hire Bob, whether it's speaking with your organization through a keynote presentation or workshop, or partnering with him more closely for training, coaching or consulting.

Going forward, we will continue to communicate regularly through our blog  as we post new articles and updates about Bob's thought leadership. We plan to continue adding more video content, audio recordings,  and articles to share Bob’s insights and experiences with you.

We encourage you to bookmark RobertWallace.com and connect with us on Facebook, YouTube, and Twitter to receive notifications when new content is added.

We hope you like the changes and find the information you’re looking for on our new website. Let us know what you think, and please contact us  if you have any questions.

 

The Daily Record honors Robert L. Wallace as Influential Marylander in General Business

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Robert L. Wallace, President & CEO of BITHGROUP Technologies and Bithenergy, Inc. will be honored by The Daily Record on  March 22, 2018 at the 2018 Influential Marylanders Awards. The award ceremony will celebrate individuals who have made significant impacts in their field and continue to be leaders in Maryland. Robert was selected by The Daily Record’s editors for his untiring contribution and leadership in the area of general business.

Robert is an internationally-known entrepreneur, author, speaker and consultant. With more than 30 years of business experience spanning engineering, energy and IT, Bob blends decades of research with practical real-world advice to educate and inspire entrepreneurs and executives worldwide. He shares his innovative strategies for success with other corporate and community leaders through his growing library of books and other content, and through his energetic keynote presentations and training workshops. (Learn more about Robert L. Wallace at www.robertwallace.com, www.bithgroup.com, and www.bithenergy.com.)

2018 Influential Marylanders

Winners will be profiled in a special magazine that will be inserted into the March 23rd issue of The Daily Record and will be available online.

Principles of Entrepreneurship Preparation

The Leveraging of Gratitude Principle

Wisdom for Today                                                                                                                   

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Average individuals, if asked for an honest personal assessment, would agree that they are not completely content with what they have and where they are in life.  Most of us desire bigger and more-a bigger home, a nicer car, a better-paying job, more recognition, enhanced prestige and power.  "Constructive discontent" can be good, and indeed it is necessary if entrepreneurs are to push the envelope of opportunity.  But if that attitude is allowed to get out of hand, entrepreneurs will lose sight of the wonderful assets they already possess.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing

 

 

Robert L. Wallace, President and CEO of BITHGROUP Technologies served as the moderator for the 2017 PRT CEO Briefing.

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April 18, 2017-  Robert L. Wallace, President and CEO of BITHGROUP Technologies served as the moderator for the Presidents Round Table (PRT) 2017 CEO Briefing. Robert Wallace who is the Chairman of the Board of Directors for PRT, led a discussion along with 4 other panelists on Trumponomics: Accelerating Your Business Growth Under A New Administration.

The discussion explored how Donald Trumps presidency provides opportunities in certain industries and how companies can tap into those opportunities through pivoting their business structure to the changing political landscape.

Hanover, MD- The Hotel at Arundel Preserve graciously provided the space for the event. The panelists were setup on stage where the guests could hear the panelist engaged in the discussion. After the talk was a Q&A to provide the audience to ask how they could better fulfill their capability in their current industry.

Robert L. Wallace, CEO and Founder of BITHGROUP Technologies Inc. and Bithenergy Inc. receives the 2017 Maryland International Business Leadership award

Robert L. Wallace with Maryland State Governer Larry Hogan
Robert L. Wallace with Maryland State Governer Larry Hogan

On March 8th 2017, Robert L. Wallace received the 2017 Maryland International Business Leadership award from the World Trade Center Institute. The event was held at the American Visionary Art Museum in Baltimore Maryland and was attended by hundreds of guests and anchor institutions throughout the sate. This renowned award honors leaders who have taken their companies as well as the State of Maryland to new global heights. Wallace accepted the award on behalf of the work performed by BITHGROUP Technologies Inc. and Bithenergy Inc. overseas, in Asia and Africa. International business accounts for over 15% of the current business portfolio and the companies expect to double the revenue over the next two years with emerging opportunities in the Caribbean and various African nations.

A portion of BITH’s profits go to humanitarian efforts to support the overseas construction of churches, clinics, schools, and orphanages. On a local level, BITH proudly supports Baltimore City Schools in their efforts to be more environmentally responsible and seek new technologies in energy and sustainability.

Unusual Partnership

Unusual Partnership Moves The Needle On Encouraging Black Girls To Pursue Science and Engineering Careers - Robert L. Wallace

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Robert L. Wallace, Chairman of the President’s Roundtable (PRT) and Founder and CEO of BITHGROUP Technologies, Inc. cancelled his scheduled business trip so that he could escort his three granddaughters to see the hit movie, “Hidden Figures.” The blockbuster movie portrays the stellar Black women who pioneered careers at NASA back in the 50s/60s. They were phenomenal and played an integral part of NASA's success. Hidden Figures is the incredible untold story of Katherine G. Johnson (Taraji P. Henson), Dorothy Vaughan (Octavia Spencer) and Mary Jackson (Janelle Monáe)—brilliant African-American women working at NASA, who served as the brains behind one of the greatest operations in history: the launch of astronaut John Glenn into orbit, a stunning achievement that restored the nation's confidence and completely turned around the Space Race between Russia and the United States. The visionary trio crossed all gender and race lines to inspire generations of young women to dream big and to not take no for an answer.

Mr. Wallace was pleasantly surprised to see the empowering and positive reaction that the show had on his granddaughters.  He states, “I have never seen my grandchildren so moved by a movie before.  They were mesmerized by how these three African American female heroes endured and overcame the sexism and racism that they confronted in their pursuit of careers in engineering and science.  At that moment, I thought to myself, “we need to find a way for all black girls in the Baltimore City School System to see this movie!””

It turned out that Mr. Wallace and the PRT were not the only ones who realized the positive influencing power the movie could have on young black girls.  Thanks to Mr. Arnold Williams, partner in the Baltimore based accounting firm, Abrams, Foster, Noel, and Williams and himself a member of the PRT, the group was able to partner with an empowering organization called, Black Girls Vote (BGV) to develop an initiative where more than 425 black girls from the Baltimore School System would enjoy an all-expense paid viewing of the movie, “Hidden Figures.” Whiting-Turner, in conjunction with Exelon also saw the value and helped sponsor the wildly successful outing, which took place on February 19th at the Senator Movie Theatre.

Mr. Wallace provided some context for why this outing was so important.  According to Robert, “The United States continues to lag behind China and India in the production of young engineers and scientists. The shortage has become so acute that it is negatively impacting American businesses (including my two companies – BITHGROUP Technologies, Inc. and Bithenergy) and consequently our global competitiveness. “To help close this gap The President's Roundtable (PRT), Black Girls Vote (BGV), Exelon, and Whiting-Turner stepped up to ensure that women and people of color are encouragedto pursue careers in science, engineering, and technology. Of particular interest and focus is the development and education of women of color, since they have historically been woefully underrepresented in these game-changing and life altering fields of endeavor.”

The PRT has historically been committed to providing scholarships, mentoring, and internships to promising young African-American students who are interested in the pursuit of technical education and a host of different degrees.

Robert further states, “The PRT did not want the fact that a young person did not have money for a ticket and/or transportation to be an impediment to them missing this educational experience, so by working with BGV, Exelon, and Whiting-Turner, we were able to purchase movie tickets for close to 500 students, pay for the buses to get them there, create a learning environment for them outside of the classroom, and provide meals for these special young women."

It turned out that Mr. Wallace’s vision was realized as he and other PRT members who stayed to watch the movie with the girls and then had a panel discussion afterwards, observed the young girl’s positive reaction to the movie.  “It was like déjà vu all over again.  These hundreds of girls exhibited the exact same reaction that my granddaughters did weeks earlier.  As we loaded the young ladies onto their buses to return to school, I whispered to myself, mission accomplished.  Thank you Lord!,” a satisfied Robert Wallace shared.

Black History Month Spotlight: Christopher J. Williams

Who is this person?

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Christopher J. Williams is Chairman, CEO and founder of The Williams Capital Group, L.P. and Williams Capital Management, LLC.  A 1984 graduate of the Tuck School of Business at Dartmouth College, Williams began his career on Wall Street working for Lehman Brothers where he assumed senior management responsibilities in debt capital markets, over the counter derivatives, and taxable fixed income trading.  Chris later left Lehman Brothers and formed a derivatives division of Jefferies & Company before he ultimately started the Williams Capital Group, L.P. in 1994.  He is a proud and dedicated husband and father of two lovely children and a very visible member of the New York City society.

Why does he inspire me?

There are many reasons why Christopher Williams inspires me but the most top-of-mind reasons are his tenacity, his brilliance, and his generosity.  As my classmate at the Tuck School of Business at Dartmouth, Chris showed that he had the courage and vision to do what few people of color thought to do at that time and that was to start an investment banking firm on Wall Street and to actually compete with the titans who had dominated the financial markets for centuries.  Once he made the commitment to start his firm he quickly moved to leverage his extensive experience in the fixed income, equity, and derivatives markets to direct the firm’s strategic efforts in investment banking and asset management. Both Fortune magazine and Crain’s New York Business have recognized Mr. Williams for his leadership in the financial services industry.  To see my classmate and friend chase his dream and make it real, is both uplifting and motivating to me and my family.

What can we all learn from this man?

Christopher J. Williams has successfully modeled for our community the power and the opportunity of the convergence of high morals, new economy innovation, entrepreneurship, and “financial engineering.”  Mr. Williams has successfully lived out the old adage, “Do well and do good.” Throughout his career and despite his impressive financial success, Chris has mentored and provided professional opportunities to a host of young people who dream of making their success on Wall Street and following in the steps of Christopher J. Williams.  Not only has he help nurture young professionals in their financial careers but he has often paved a path and navigated the way for women and minority entrepreneurs, who are striving to tap into the Wall Street storehouse of capital to grow their businesses.  He is generous with his time, his financial blessings, and his unwavering commitment to humanity.  As a country and as a community, we are blessed to have Christopher J. Williams as one of our leading financial minds.

Black History Month Spotlight: Robert Frederick Smith

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This month our country celebrates Black History Month. Rather than praise the same leaders and trailblazers we have all heard of and know well, I want to lift up my own minority heros. My first hero for Black History Month is Mr. Robert F. Smith.

Who is this person?

Robert Frederick Smith is an entrepreneur, business leader, investor, and is chairman and CEO of Vista Equity Partners, an investment firm with over $26 billion in assets as of September 2016.  Mr. Smith was ranked by Forbes in 2016 as the 274th richest person in America, the second wealthiest African American on the list after Oprah Winfrey.  Robert was the second largest donor for the recently opened African American Museum of History in Washington D.C.

Why does he inspire me?

Mr. Smith started from humble middle-class beginnings in a neighborhood in Denver, Colorado.  Although he was the son of two parents with PhDs, both parents chose careers as school teachers which meant that they committed their God-given gifts to teaching young people at the expense of more lucrative professional pursuits.  Despite the challenges of classism and inherent racism, Mr. Smith was undeterred in his relentless pursuit of his education (Chemical Engineering at Cornell and MBA from Columbia) and his mastering of the art of finance and deal making with Goldman Sachs.  He went were few have gone and learned the ways and means of capitalists.  Although he has achieved enormous wealth, I sense that he follows the biblical adage that, “to whom much is given, much is required.”

What can we all learn from this man?

Robert F. Smith has shown through his success that the creative and innovative intersection of technology and well-thought out business models can still result in the creation of significant wealth and is often the basis for the development of sustainable economic ecosystems that can benefit all sectors of our society.  All young and emerging entrepreneurs should consider treading the path that Mr. Smith has engineered.