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ENTREPRENEURSHIP FOR BLACK YOUTH

by Dr. Joseph A. Bailey II, MD., FACS on 27th-February-2017

The essence of struggling Black People’s “here and now” personal and public problems are Economic. If they do not crack this shell, they will never be able to eat the nut. Because it is absolutely foolish to think the oppressors will “eventually come to their senses and do the Right Thing,” the only way to “crack the shell” in the present is by becoming an Entrepreneur–one who starts and runs an enterprise (“work taken in hand”) or business. Imagine standing in the middle of a “Five-point” business intersection where people come and go. Type I, the overwhelming majority of people encountered are Incompetent from being Ignorant, Fools, Stupid, Con-Artists, and the Wicked. All are self-interest aiming to control other’s minds and activities. To play their game is to certainly lose. Type II are quietly demanding friends to whom one must pay a high price in order to “go along to get along”. To go on ones own road is to invite being attacked and isolated. Here, one must decide if taking care of my “ME/WE” for life is better or worse than joining forces with “friends” who are going no place and will be gone eventually. Type III are strangers needing help on the spot. Type IV are strangers out there somewhere looking for things they do not know how to do, or do not have the time, or interest to do. So, the best options are to remain in the middle of the “Five-Point” intersection and create a business for Type III or to make “house calls” for Type IV. Next is to decide if one wants to be a “jack-of-all-trades”—i.e. a person competent with many skills, but no particular one. Or, be an African type of “Man- of-all-work”—i.e. a Master of Integration of Needs or Wants—a “Super-Generalist” practitioner knowing enough from many learned trades and skills to be able to bring their diverse disciplines into a masterpiece. Or, Entrepreneurs may be one-skill master Specialists. All 3 require making big decisions—having needed skills—and fashioning workable solutions so that “the customer is always happy.” 

The really smart only spend profits on Necessities and Important aspects of business + just what they need to live on—and no fine cars or clothes. One only spends time on how to wisely make—save–and spend money–trusting no one because most people are not honorable–spending no time indulging in Desires (e.g. no television or Flashing Light gadgets). When one it tired, one goes to sleep—not take “Escapes” into exciting things—for that is dessert after success arrives. A very small business enterprise owner-manager starts the business + makes directional decisions that promise economic gains + assumes all business risks. To be successful requires a high initiative personality dedicated to finishing the task. Entrepreneur success is assured by doing things Right– finding out what the customer wants and “giving it to them just that way”. Start on time; finish ahead of schedule; give good service, even if one has to take on a disadvantage or give up an advantage; do the service at the going rate; and have such a superb product that people “seek you out”; go the “extra mile”; and give no Credit, even to friends. Being Honorable and Competent guarantee success because almost no business people are like that. A bold Entrepreneur seeks success further afield and does more calculated risks than a more timid, modest, or afraid person. Entrepreneur profits are “left overs” after paying costs of production. Those Profits might include wages, rewards, or other remunerations.  

Putting saved money back into the business springs one into CEO (Chief Executive Officer) realms so as to stand as the “Judgment Orchestrator” of business matters. A CEO: (1) brings together agents and/or factors of production–land, capital, and labor–in such a way as to render them workable and useful in the process of production; (2) does administrative services; (3) designs production planning in anticipation of market demand; (4) negotiates diverse money and labor aspects into a unity, employing them as she/he sees fit–paying interest to the lender of money; (5) paying high wages to the workers + make them a “WE”; and (6) keeps any balance of profit for her/himself. Success or failure of any enterprise in a changing economy depends largely upon the accuracy with which change can be foreseen and allowed for in making plans.  It is this function of planning in the face of uncertainty which characterizes the unique activity of the Entrepreneur.  As with a professional gambler, it is the accuracy of prediction which determines the size of the profit (or loss). Handle the countless setbacks; treat people right; and keep going straight ahead. jabaileymd.com; JABLifeSkills

Category: Dr. Joseph A. Bailey II, MD., FACS.
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