John Hope Bryant Talks Wealth Building Through Entrepreneurship

Founder, Chairman, and CEO of financial dignity empowerment nonprofit Operation HOPE, John Hope Bryant, known as one of the foremost authorities on poverty eradication will be offering insight on wealth building through entrepreneurship at the 2016 Black Enterprise Entrepreneurs Summit May 4–7, at the Loews Hotel Miami, Miami, Florida.

[Related: 4 Top Financial Habits of Successful Entrepreneurs]

Not only is Hope Bryant an adviser to the last four sitting U.S. presidents, but he is most notably a thought leader and an innovator in the business of empowerment.

Hope Bryant is a member of the founding class of the Young Global Leaders and was a founding member of the Clinton Global Initiative. He is currently serving his third term as a President’s Advisory Council member, with the appointment to the U.S. President’s Advisory Council on Financial Capability for Young Americans earlier this year. He is also co-chair of Project 5117, an initiative of Operation HOPE to strengthen the economy by focusing on empowering those who earn less than $50,000 a year.

Black Enterprise Senior Editor, Finance, Stacy Tisdale recently caught up with Hope Bryant where he shared the most important things he knows about money and the impact it’s had on his life.

First, it isn’t about money. Money, itself, is not capital. Money is an agent of change, but capital comes from the Latin root word, “capitis” meaning knowledge in the head. People make money their end-all-be-all, their value, their definition, their identity.

Second, there are two ways to make money: make more or spend less. It’s amazing how easily we waste money on little things…

Finally, if you don’t understand money, you’re in slavery. Being part of a capitalist system and not knowing the rules, or how things work, means that you aren’t included.

Hope Bryant’s newest book, How the Poor Can Save Capitalism, redefines poverty and transforms the perception of the poor as a drain on society to an engine of growth. Check out Hope Bryant where he details how poor people can go about saving capitalism below.

Hear from John Hope Bryant live at the 2016 Black Enterprise Entrepreneurs Summit, May 4-7, Loews Miami Hotel, Miami, Florida, where he will provide an exclusive fireside chat on how you can begin to build wealth. REGISTER NOW.

Be sure to follow Black Enterprise on social media @BlackEnterprise for Entrepreneur Summit news, highlights, and updates. Use hashtag #BESummit to stay in the loop. Please be on the lookout at BlackEnterprise.com as speakers, activities, and sessions are announced.

John Hope Bryant Talks Wealth Building Through Entrepreneurship

Founder, Chairman, and CEO of financial dignity empowerment nonprofit Operation HOPE, John Hope Bryant, known as one of the foremost authorities on poverty eradication will be offering insight on wealth building through entrepreneurship at the 2016 Black Enterprise Entrepreneurs Summit May 4–7, at the Loews Hotel Miami, Miami, Florida.

[Related: 4 Top Financial Habits of Successful Entrepreneurs]

Not only is Hope Bryant an adviser to the last four sitting U.S. presidents, but he is most notably a thought leader and an innovator in the business of empowerment.

Hope Bryant is a member of the founding class of the Young Global Leaders and was a founding member of the Clinton Global Initiative. He is currently serving his third term as a President’s Advisory Council member, with the appointment to the U.S. President’s Advisory Council on Financial Capability for Young Americans earlier this year. He is also co-chair of Project 5117, an initiative of Operation HOPE to strengthen the economy by focusing on empowering those who earn less than $50,000 a year.

Black Enterprise Senior Editor, Finance, Stacy Tisdale recently caught up with Hope Bryant where he shared the most important things he knows about money and the impact it’s had on his life.

First, it isn’t about money. Money, itself, is not capital. Money is an agent of change, but capital comes from the Latin root word, “capitis” meaning knowledge in the head. People make money their end-all-be-all, their value, their definition, their identity.

Second, there are two ways to make money: make more or spend less. It’s amazing how easily we waste money on little things…

Finally, if you don’t understand money, you’re in slavery. Being part of a capitalist system and not knowing the rules, or how things work, means that you aren’t included.

Hope Bryant’s newest book, How the Poor Can Save Capitalism, redefines poverty and transforms the perception of the poor as a drain on society to an engine of growth. Check out Hope Bryant where he details how poor people can go about saving capitalism below.

Hear from John Hope Bryant live at the 2016 Black Enterprise Entrepreneurs Summit, May 4-7, Loews Miami Hotel, Miami, Florida, where he will provide an exclusive fireside chat on how you can begin to build wealth. REGISTER NOW.

Be sure to follow Black Enterprise on social media @BlackEnterprise for Entrepreneur Summit news, highlights, and updates. Use hashtag #BESummit to stay in the loop. Please be on the lookout at BlackEnterprise.com as speakers, activities, and sessions are announced.

One Mother’s Journey with Her Gifted Children

Colette Morehead is a Nevada educator who has raised three highly gifted children into adulthood. I met Colette earlier this year during a workshop where she shared her story with me. Raising gifted children is a challenge for any parent, but raising three can be daunting.

[Related: Black Enrollment in Single Digits at Gifted School in Diverse District]

In this two-part story, Colette shares her experiences.

BlackEnterprise.com: What challenges did you face in getting schools to recognize and provide for your children’s giftedness?

Morehead: My twin girls, Nicole and Natalie, were readily identified and participated in the school district’s pullout gifted program during their early elementary school years. They enjoyed the gifted services for two years.

Afterwards, however, without a reasonable explanation, my daughters were denied access to the gifted program. I went back and forth with the school administration, but eventually, accepted their decision, knowing that I would be able to supplement their education on my own.

Later, in the fourth grade, the girls participated in the orchestra. In time, however, this experience also came to an end. Most African American students in our district quit the orchestra because they were uncomfortable and believed that the directors were biased in their interactions with them. Upon the twins entering middle school, their grades began to decline and I found myself meeting regularly with their teachers. As a parent, I became frustrated with teachers’ inconsistent grading practices and punishments extended to my children.

Did your children ever face times when they denied their gifts just to fit in with others, or were challenged by educators who did not believe in them? 

Interestingly, Evan’s bold, strong personality would not permit anyone’s denying [of] his giftedness. He didn’t face as many challenges as his sisters until he reached high school. He often complained to me about a white classmate that told him that he was black and had no business being ‘smart.’ Finally, one day Evan had had enough and had a physical altercation with this classmate. Luckily, his coach supported Evan, who wasn’t punished. Evan’s actions put an end to these confrontations.

After completing 11th grade, the twins were accepted into A Better Chance, which sponsored them to attend Cheshire Academy boarding school in Connecticut. When they left the public school, their former classmates called them traitors—that ended most of the friendships. The sacrifice was worth it, however, because Cheshire provided an excellent educational environment and was instrumental in my daughters’ gaining acceptance to a number of top-tier universities, including Wellesley College. Evan graduated from high school with a 4.8 GPA and attended Carnegie Mellon University.

In Part 2, we’ll read more about Colette’s parenting style.

This post was written by Joy Lawson Davis, associate professor and chair, Department of Teacher Education at Virginia Union University. She is also the author of Bright, Talented and Black: A Guide for Families of African American Gifted Learners.

Marijuana Shops Break Sales Record In April

It’s no surprise to cannabis retailers that April 20 is the biggest sales holiday in the cannabis industry. Total U.S. marijuana retail sales on April 20, 2016 exceeded $37.5 million and saw an almost 30% increase in customer traffic over last year’s 4-20 holiday, according to MJ Freeway’s retail sales data figures. While customer traffic was up, customers spent on average $20 less per transaction on April 20, 2016, versus April 20, 2015.

The “4-20″ calendar date is widely recognized as a holiday by cannabis enthusiasts, sparking events and cannabis-driven tourism. The cannabis industry, which totaled $5.7 billion in sales in 2015 and is expected to clear $7.1 billion in 2016 according to the Arcview Industry Report, sees the most customer traffic and highest sales on April 20.

Other findings revealed that individual marijuana licensed retail locations– dispensaries and delivery services – sold on average $10,822 in retail sales on April 20, $6,208 on April 19, and $5,442 on April 18. Cannabis retail customer traffic increased by more than 29% on April 20, 2016 compared to April 20, 2015.

[Related: 11 African American Cannabis Entrepreneurs You Should Know, Part 2]

The state with the total highest average sales of marijuana per day per retail licensed location for April 20 was Colorado. The state with the highest total dollar amount sold on April 20 was California. When equalized by population, Colorado outsold California in total dollar sales on April 20 by 3 times.

“Consumer traffic increased in 2016, but retailers used discounts and price incentives to lure customers.” Jeannette Ward, MJ Freeway’s data & marketing director, points out. “For states, the comparison is telling from a total dollar sales and tax revenue perspective. Even states with a broad and well-utilized medical market like California cannot match the sales traffic and spend of a regulated medical and adult use state like Colorado; not even close. April 20 sales results show that states with medical and adult-use cannabis markets win the revenue game.”

Reporting by BlackEnterprise.com reveals that while the naysayers continue to perpetuate the story that people of color are being left out of the cannabis industry, black businesses are benefiting from legalized marijuana. People of color may not be bustling at the seams as cannabis farmers or dispensary owners. Consumers shouldn’t be misled: people of color, African Americans in particular, are in the cannabis scene.

“Retailers need to be careful to ensure that discounts to drive traffic don’t eat unnecessarily into profit margins and that increased traffic is sustained with successful loyalty and rewards programs. We can manage that for our retail partners,” says Sue Jensen, director of solution services for MJ Freeway.

The next big cannabis retail sales holiday is July 4, which ranks as the third-highest holiday in total cannabis retail dollar sales following 4-20 and New Year’s Eve.