THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Friday, January 19, 1996 TAG: 9601190729
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: BY MYLENE MANGALINDAN, STAFF WRITER
LENGTH: Medium: 57 lines
The tone of the morning meeting almost resembled that of a church revival - reverent, yet bubbling on the edges with enthusiasm.
Those in the audience weren't celebrating a religion, although many were true believers.
They had come to hear Robert L. Wallace, a business consultant and author of the book ``Black Wealth Through Black Entrepreneurship.'' He spoke this week at the Norfolk State University Breakfast Forum before about 75 students, entrepreneurs, professors and aspiring business owners.
``I wanted to see what he had to say even if it was to say, `Go get 'em,' '' said Pamela C. Felder, who runs a desktop publishing company called Scribe Publication Services. ``I'm looking for inspiration.''
Wallace, founder and president of the Columbia, Md.-based BITH Group Inc., had come to Norfolk State University to talk about creating wealth through entrepreneurship. He based his book and his comments on his 10-year study that defined the habits and characteristics of successful minority and female entrepreneurs.
``If people aren't thinking like entrepreneurs, they're foolish. Look at AT&T,'' he said. ``No one's guaranteed a job anymore.''
Wallace's speech sounded like a pyramid of basic needs: The point to being in business is not to make money. Money is just a means to an end. The end that minorities and women should seek is the accumulation of power.
Building power and accumulating wealth gives people control of their economic destinies and influences important political decisions. Without it, people are at the mercy of others' whims and desires.
To emphasize his point, Wallace explained that one of his major gripes with the revitalization program in Baltimore revolved around its concentration on creating jobs. Jobs can disappear, but power, through the accumulation of wealth, has greater permanence.
He advised minorities and women to concentrate on core competencies, usually the foundation to their business, that put them in the game. Once they build that base, they could embrace new technology, which would distinguish them from others less-knowledgeable and allow them to beat bigger companies.
Entrepreneurs also should maintain a high level of gratitude and spirituality. They also should never give up on their communities or others of their race, Wallace said. He explained that even middle-class African Americans still are judged by the plight of other blacks.
``You will never be truly successful until your people are successful,'' he said. ILLUSTRATION: Color photo by Beth Bergman\The Virginian Pilot
Business consultant Robert L. Wallace spoke on entrepreneurship at
Norfolk State.
by CNB