Building Business Beyond Tomorrow

Determined to stay competitive despite a harsh economic environment and to build businesses that endure, more than 1,400 entrepreneurs, professionals, and others who are dreaming of starting their own ventures attended the Black Enterprise 15th Annual Entrepreneurs Conference + Expo hosted by Exxon Mobil in Atlanta. Attendees listened to several renowned speakers, including best-selling author and motivational dynamo Lisa Nichols; senior pastor of New Birth Ministries and entrepreneur Bishop Eddie L. Long; and fashion designer and businessman extraordinaire Daymond John, creator of the FUBU clothing line.

The conference also featured industry leaders who spoke about global opportunities, the energy industry, business technology, marketing, and financing. Young business talent that we’ve dubbed “Teenpreneurs,” age 13 to 17, learned the basic tenets of entrepreneurship and crafted a viable business plan and jingle.

Black Enterprise celebrated its 40th Anniversary with remarks from Chairman and Publisher Earl G. Graves Sr., who touted the progress of African American business. “When opportunities for African Americans in business were limited by racist exclusion, African American entrepreneurs carved out financial opportunity for themselves,” said Graves.

Among the highlights of the three-day event was the Small Business Awards luncheon hosted by Ariel Investments L.L.C., and the Black Enterprise Elevator Pitch Competition, which awarded $15,000 in cash prizes to those who gave the winning pitches. At the conference, be honored the following small businesses and the entrepreneurs who lead them:

PITCH PERFECT
Entrepreneurs compete for $10,000 first prize in elevator pitch competition

The game show—styled Elevator Pitch Competition, one of the prime-time events at the conference, involved 10 entrepreneurs vying for a grand prize of $10,000 by pitching their ideas to a packed audience and panel of judges. The judges were

• Lisa Nichols, motivational speaker and author of two best-selling Chicken Soup for the Soul books
• Earl “Butch” Graves Jr., President and CEO of Black Enterprise
• Magnus Greaves, Founder and CEO, TheCASHFLOW, a one-stop resource for advice and financing for new entrepreneurs

Grand Prize Winner: $10,000
Shay Atkins
Just Turkey

What She does: Proposed sports grill franchise of barbecue restaurant
Location: Chicago
Business model: ­Dine-in and carryout menu
THE PITCH: “Have you ever tasted a turkey rib? What about a rib tip? Well, we’re providing a healthy alternative to traditional barbecue. While most restaurants fail within the first 18 months, The Original Just Turkey Restaurant has doubled business and opened three stores in less than a year and a half in business. Now we want to open a unique sports bar and grill, one that would offer a leaner, lighter, all-turkey menu and where sports enthusiasts can hang and families can feel welcome. What we want to do is transcend stereotypes of the traditional types of barbecue and provide customers with barbecue they don’t have to feel guilty about after eating because, after all, it’s just turkey.”

JUDGES’ COMMENTS
Nichols: The idea is very creative. Revolutionary in terms of serving the market like it’s never been served before. [However,] I didn’t quite get what you would use the funds for. What is the growth strategy? And what’s the vision for the next three to five years?

Graves: The idea is clear. We are moving toward a health-conscious society. For people who want their food to taste good but who don’t necessarily want to eat pork, fried [foods], or whatever for a variety of reasons, there is a need.

Greaves: You are doing some really interesting things, but I didn’t quite understand what was happening in the company right now, or what the sales strategy is. People who invest [in an entrepreneur] like to see execution rather than just a pure idea.

Second Place Winner: $3,500
Lameka Weeks
Height Goddess

What she does: ­Clothing line for tall women
Location: Dallas
Business model: e-commerce, direct to customer, and retail outlets
THE PITCH: “There are more than 22 million tall women in the U.S. who account for $1.2 billion in annual retail sales in tall women’s clothing. Unfortunately, three-quarter sleeves, 33-inch inseam jeans, and crop pants are a part of the wardrobes of most tall women. As a tall woman myself [6 feet, 1 inches], it’s been difficult to find clothing to fit my taller-than-average frame. Clothing for tall women often lacks style and fit, so Height Goddess wants to bring both to the tall women’s clothing market. Currently, we market our products online at HeightGoddess.com as well as in boutiques in Texas and California. We would use the funds to continue to produce our fall 2010 line, to gain brand presence for direct-to-consumer [efforts], and to get into retail boutiques.”

JUDGES’ COMMENTS
Nichols: You justify why you exist using actual numbers, which is really great because it increases your credibility. I would have liked to know your scalability. Is this going to be to the clothing industry what McDonald’s is to the fast-food industry? Show me where you can potentially go.

Graves: Define tall women for the investor. For example, does that start with those 5 feet, 9 inches or 6 feet? Overall, the idea is sound and I’m glad that you start off telling us why this is a market opportunity. One question we are not certain of: Are you the designer selling your own brand, or are you a businesswoman who has an online or storefront boutique and you receive merchandise from other manufacturers?

Greaves: Why you? Other than being tall, what’s your background in fashion? Did you study design? Did you work with designers? And then, obviously, fashion is notoriously tough to invest in and so I’m wondering if you have any other creative revenue ideas, and a bit more about the financial side of the business revenue model. And I, too, would like to know the definition of tall, so I can better visualize it.

Third Place Winner: $1,500
Bill Ivory Larson
Determined to Succeed

What he does: ­Web-based weight loss motivation business
Location: Cherry Hill, NJ
Business model: ­services fees, sponsorship, advertising
THE PITCH: “To tell you about Determined to Succeed, I have statistics to share with you: Nearly one-third of all Americans are obese, and those rates are even higher among African Americans: nearly 37% of men, and nearly 50% of women. Combine that with the growing childhood obesity rate and the need for my weight loss motivation business becomes clear–and that is from my own personal 175-pound weight loss success story. I have successfully launched one-on-one weight loss motivation video sessions via Skype, and in the next 12 to 18 months I’m going to be creating materials for schoolchildren and offering select, low-income families the opportunity to see a nutritionist or a personal trainer and then also offer web-based or text messaging weight loss motivation and tips. Quite simply, $10,000 will help save lives.

JUDGES’ COMMENTS
Nichols: Your data was clear. Then you go on to share your personal story, which basically says: “I’m qualified to do this work.” As an investor, that’s what I am listening for. The one thing I would’ve liked to hear is, “And by doing this, we plan to capture 2% of the obesity market over the next three years which translates to X amount of people,” so now I’d see the growth opportunity.

Graves: Your presentation is clear and concise. And [while] you have a very catchy name for the business, tell us what Determined to Succeed will actually do. I’d like to understand the application better.

Magnus Greaves: The way you made it personal, the evidence is right there in front of us, which is fantastic. In terms of doing a presentation in 60 seconds, you really nailed it. From a business point of view, I would hope that looking at the website or the interface would match the presentation that you gave–if so, you’re really on to something.

Additional reporting by Tennille M. Robinson

Small Business Award Winners

BE NEXT AWARD

Jamail Larkins

Ascension Aircraft – Augusta, GA

www.ascensionaircraft.com