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How To Build Your Vision From The Ground Up – Q&A With Bishop T.D. Jakes

Urban Marketing Group Staff



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Business News


Urban Marketing Group Staff



BLACK ENTERPRISE celebrates the 45th anniversary of its roster of the nation’s most successful black businesses—The BE 100s. To commemorate the significance of this collective’s widespread impact on black business and economic development as well as American industry over four decades, we have presented 45 milestone moments. As part of this tribute, we continue our yearlong countdown.  

2000: Robert Johnson, sells BET for $3 billion to media giant Viacom, making him the nation’s first black billionaire.

In clinching a deal that made him America’s first black billionaire, entrepreneur Robert Johnson led the sale of the nation’s largest black-owned cable channel to media conglomerate Viacom Inc. The transaction came with Viacom’s purchase of BET Holdings II Inc., the owner of Black Entertainment Television. The deal was announced in 2000 and closed a year later, valued at around $3 billion.

The pact made BET Founder Robert Johnson the nation’s richest black man and a household name. An astute executive, entrepreneur, and wealth builder, Bob Johnson made business history in 1991 by taking BET public. It became the first company ever traded on the New York Stock Exchange with majority ownership controlled by African Americans.

Not pleased with BET’s stock market performance, Johnson teamed with Liberty Media Group in 1998 to buy private ownership of the company and reorganized it as BET Holdings II Inc. When Viacom acquired BET Holdings II, it resulted into $2.4 billion in Viacom stock options for Johnson, who accepted a five-year contract with Viacom to continue leading BET. A former cable-industry lobbyist, Johnson and his wife at the time, Sheila, founded BET in 1980, with $500,000 in funding and a $15,000 bank loan.

Read more @ Black Enterprise

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Kobe Bryant’s $6M investment in sports drink now worth $200M

Urban Marketing Group Staff



An investment made by Kobe Bryant has yielded more than 30 times its money in fewer than four-and-a-half years.

On Tuesday, Coca-Cola announced it purchased a minority stake in sports drink BodyArmor.

Bryant made his first investment in the brand, for roughly 10 percent of the company, in March 2014, putting in a total of roughly $6 million over time. Based on the valuation of the Coca-Cola deal, his stake is now worth approximately $200 million, sources told ESPN.

Bryant is now the fourth largest investor in the brand, marketed as a healthier competitor to Gatorade, behind the brand’s co-founder Mike Repole, Coca-Cola and Keurig Dr Pepper. When he invested in BodyArmor, the brand had just come off a year of $10 million in sales. BodyArmor is projected to top $400 million in sales in 2018.

Read more @ ESPN

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Business News

Game On: awe-inspiring black entrepreneurs in Greater Cincinnati

Urban Marketing Group Staff



The owners of Mr. Bubbles Auto Detailing are more than just entrepreneurs — they’re leaders of a social innovation.

I showed up to the garage located on East 13th Street in Cincinnati’s Pendleton neighborhood, located just east of Over-the-Rhine, to find that Marvin Butts, owner of Mr. Bubbles, doing what he does best, talking with members of the community. Tabatha Anderson, his partner in life and in business, corralled him in to begin our interview. “It’s time to start,” she says to him.

The mid-summer sun was blazing, heating up the street of the historic Cincinnati neighborhood, and when Marvin joins Tabatha and I in his air-conditioned office, his eyes light up with anticipation to begin.

In earlier conversations with Tabatha, in an attempt to set up the mid-morning interview, I fired off vague and somewhat pretentious suggestions about what we would talk about; like what made them want to jump into business entrepreneurship, or how difficult it is being a black-owned business over the years — maybe they would want to talk about that or their love of the community.

She received my message and was prepared.

Currently, black-owned businesses are a rapidly growing economic force in the United States, which impressive and hard-won considering the challenges that black entrepreneurs face, including lack of startup capital, resources and loans, along with racial discrimination within sectors of financing and technology.

According to the Census Bureau’s snapshot of American businesses, the fraction of companies owned by African-Americans rose between 2007 and 2012. In 2007, 7.1 percent of U.S. companies were headed by an African-American. By 2012, that share had risen to 9.4 percent. It also states that black-owned businesses operate at a far lower rate than other organizations. In 2012, their sales accounted for only 0.6 percent of sales of all American companies.

Marvin and Tabatha have weathered the storm of entrepreneurship, through the good and the bad. Over the past 20 years the two social entrepreneurs have made formidable gains, both behind and in front of the counter. “I attended the University of Cincinnati’s DAAP for fashion design and sports management,” Marvin said. “I never thought I’d be doing what I do today.”

Read  more by Kareem B. Simpson HERE

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