Global Entrepreneurship

                                                                         By Stacy M. Brown, The Baltimore Times

                                                                       By Stacy M. Brown, The Baltimore Times

Local entrepreneur Robert L. Wallace is on a voyage that will take him by boat to about 35 countries and 100 ports to complete research for his new book, “Global Entrepreneurship.” Wallace says this approach allows him to visit locations around the world and to “feel, touch, see, smell, and experience” the entrepreneurial reality and energy of the global community through the eyes of a world traveler. 

“A few years ago, I began conducting research on how American entrepreneurs could start doing business globally. I was particularly interested in learning how small businesses and grassroots entrepreneurs could be successful at expanding their entrepreneurial  opportunities internationally,” Wallace said. “I was not interested in looking at large, multinational corporations because they have been successful at building this international network.”

Not content to conduct this research from a purely academic and research perspective, Wallace said he decided to take a novel approach.

With the assistance of his wife and staff, he decided to take a sabbatical from his role as founder of BITHGROUP Technologies, Inc. and CEO of Bithenergy, Inc. The five-month journey, which is expected to conclude next month, is unique because of the method of travel he chose, according to Wallace.

“Instead of jumping around the world on a jetliner, hopping from one country to another, I instead decided to sign up for a world cruise on Viking Cruises,” he said, noting that this approach provided him the vehicle for covering a great distance in a relatively short period of time with the least stress.

Raised in Cherry Hill, Wallace overcame poverty to become a speaker, consultant, author and entrepreneur. He is considered as one of the most influential Maryland in business and he is the author of several books, including: “Soul Food,” “Black Wealth,” and “Black Entrepreneurship.”

“It is my belief that when we bring together entrepreneurs from different societies and different backgrounds at the grassroots level, we will begin to see a rapid expansion of ideas and innovation that have the potential and likelihood to change the world,” Wallace said.

Having spent the last 40 years studying and documenting the success and failures of American entrepreneurs, Wallace says he has isolated a series of common mistakes that are made by both aspiring and seasoned entrepreneurs.

“[Aspiring entrepreneurs] underestimate the amount of capital it will ultimately take to fund their idea or project and, consequently, they are confronted with structural deficiencies in their financial business model that are difficult to resolve,” he said. “This group of entrepreneurs, too often lack clarity in their business objectives and mission. This fuzziness in their business objectives results in precious resources being squandered, putting the enterprise at risk from the very beginning.”

Seasoned entrepreneurs are often guilty of not spending enough time developing an acceptable exit strategy for their business and frequently develop a “no one can do it better than me” attitude which results in them trying to do everything themselves when they could be using this energy to better develop their organization.

“I have been blessed to have been able to experience such a wonderful global voyage as has been experienced through this World Cruise,” he said.

“The experiences I have enjoyed and the wonderful people I have met has been invaluable. While I do believe that anyone who is able to take such a trip should take it, the reality is that most people will not have the time or the money to invest in such an adventure. 

“My suggestion for any entrepreneur who is looking to expand her markets and relationships internationally first define what countries, regions, and markets that they have a desire to do business in and then go to that country and spend some quality time there before making any significant investments there.”

Robert L. Wallace featured as GEM 10 in new book release

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Life is puzzling. The collection of 33 essays in this book share wisdom about how some of the "pieces" of the puzzle are being lived & navigate by 33 essayist who are from many walks of life. Each essay begins with the words: "This I Know for Sure..." and then provides vignettes of the author's life and formative experiences and explains how s/he came to know this for sure."

AMAZON $14.99

33 Gems: Wisdom for Living Pieces of Life’s Puzzle

ISBN 978-0-9816885-5-8

Sharon T. Freeman, Ph.D., et.al.

Author, Publisher

President of Gems of Wisdom Consulting, Inc.

AASBEA Publishers

Gems of Wisdom Consulting

1629 K St, NW, Suite 300

Washington, DC 20006

Web: www.gemsofwisdomconsulting.com

Phone: (202) 699-2368

Maryland Governor appoints Robert L. Wallace to Board of Regents

Maryland Governor Larry Hogan has appointed Robert L. Wallace to the University Systems of Maryland Board of Regents effective July 1, 2018.  The Regents oversee the system’s academic, administrative, and financial operations; formulate policy; and appoint the USM chancellor and the presidents of the system’s 12 institutions.

Robert Wallace’s economic development consulting services have supported companies and community leaders charged with accelerating economic growth. Since rising from a financially disadvantaged and racially segregated community to build three of his own successful companies, Bob has consulted hundreds of other leaders around the world – sharing his researched, tested and proven methodologies to unleashing economic growth and human achievement at all levels.

Wallace consults government and community officials and their organizations to design and execute targeted economic development strategies to:

  • Maximize community competitiveness in the new global economy

  • Harness strategic partnerships for profitable collaborations

  • Empower disadvantaged businesses to accelerate and sustain growth

  • Attract and retain companies to boost local economies

  • Create global opportunities for domestic emerging markets

  • Diversify local industry and economic activity by promoting entrepreneurship

“I am honored to be appointed as a Regent for the University Systems of Maryland Board of Regents.  Looking forward to serving and helping with moving the system’s needle forward.”  - Robert L. Wallace

The Daily Record 2018 Inflential Marylanders - General Business

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     Robert Wallace says he learned three lesson from two people: his grandfather and tech pioneer Steve Jobs.

  1. Life is short.

You need build a sense of urgency in your life if you are going to accomplish great things. 

  1. We  must learn to work together and stay focused on what is important.
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     The Baltimore native founded and leads three companies; Bithenergy, an energy services company; BITHGROUP Technologies Inc., an IT service provider; and EntreTeach Learning Systems LLC, providing web-based training for women and minorities.  

     He has written several books, serves as an in-demand speaker on the business circuit and helped establish Global Vessels, a faith-based nonprofit aiding humanitarian projects all over the world. He also serves on the board of the Greater Baltimore Committee.

     As he looks over his tech career, family life and community leadership positions Wallace says he has taken the three lessons to heart and applied them in his personal and professional life. 

     Wallace has found three areas where people should focus on every single day--intensity of purpose, intensity of persevering and intensity of perspective.  

"Because I have learned in business and in life that if you and I can master the art of perspective then it will drive and give your perseverance and it will keep you focused on your purpose," he says.

Initiative for a Competitive Inner City Welcomes Robert L. Wallace to the Inner-City Alumni Network Board

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Initiative for a Competitive Inner City (ICIC) welcomes Robert L. Wallace to the Inner-City Alumni Network Board.

ICIC is a national nonprofit research and advisory organization and the leading authority on U.S. inner city economies and the businesses that thrive there. Its mission is to drive economic prosperity in America’s inner cities through private sector investment to create jobs, income and wealth for local residents. ICIC helps business, government and philanthropic leaders leverage local assets to transform communities. They deliver the knowledge and the know-how to achieve sustainable economic and job growth. 

 The organization was founded in 1994 by Harvard Business School professor Michael Porter.  Today its research and advisory team is shaping economic development strategies in more than twenty inner cities. Learn More

 The ICIC Alumni Network Board consist of ICIC alumni throughout the country who are thought leaders.  Wallace’s renewable energy service company, Bithenergy, Inc. (www.bithenergy.com ), was named by ICIC Inner City 100 the fastest-growing inner city firm in the U.S. in 2015, earning it the annual Staples Business Growth Award.  

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.