Wake up everybody! music mogul Kenneth Gamble is leading the charge to clean up the Ghetto - Reviving Communities

Black Enterprise, Dec, 2002 by Alan Hughes

Over the last 25 years, legions of black entrepreneurs and professionals have been doing the same. And you can, too. BLACK ENTERPRISE interviewed Richmond S. McCoy, president and CEO of UrbanAmerica L.P., a private real estate investment company, and Ronald A. Williams, president of Prince George's Community College and an expert in bringing together business, academic, and community leaders for collaborative ventures. Both men stressed the importance of community redevelopment and recommend the following tips to get started:

Network aggressively

In developing any venture, networking is critical, says Williams. "Many business leaders and community activists undersell social interaction. They feel that they do not have time or that their business interactions are good enough." But, maintains Williams, it can make the difference between a viable project and one still on the drawing board. He recommends the following:

* Brainstorm with economic development organizations and groups. Find individuals in those organizations that have overlapping interests.

* Create a social setting that serves as a conduit to interaction between investors and community members.

Work with the community

Good intentions are fine, but make sure your ideas support the community you are seeking to serve. Here are a few steps:

* Build your credibility with the community. Figure out what the area needs by bringing together community leaders.

* Get feedback on your agenda and action plan. Is it effective or realistic?

* Gain further input on how your plan should be implemented and how the venture can get political support.

These pointers will help you lay the foundation for your community cleanup project. But before you take the plunge, make sure you're ready to commit for the long haul.

Conduct extensive research

* Find out as much as you can about the organization and individuals involved in a given project, as welt as details about the community they plan to serve.

* Identify welt-endowed organizations and foundations that fund similar programs.

* Evaluate how your involvement in such a venture will physically, financially, emotionally, and spiritually affect you and your family.

Develop a solid plan

* Define the purpose of your venture or an adopted project. Make sure it has a clearly defined mission statement.

* Attack the project as if it were a business start-up. Develop a plan that establishes long-term objectives, short-term goals, and timetables.

* Put together a team and organize all levels of management.

Be careful how you use capital, especially if it's your money

* Develop a budget and a system of financial controls so you don't waste any of those precious dollars.

* Identify qualified financial managers who have experience managing and allocating resources.

* If you need to raise funds, make your project or community business venture attractive to investors.

It you need funding for your community-based business, try the following resources:

* The Small Business Administration (www.sba.gov): The SBA offers a number of lending programs for community-oriented entrepreneurs.