Sister CEOs speak out

Black Enterprise, August, 1996 by Carolyn M. Brown, Cassandra Hayes

Success isn't about freeing yourself from challenges; it's about learning how to recognize and conquer them. Ultimately, it's this ability that separates the failures and perennial strugglers from those who rise to the top of the success pyramid.

No one knows better the trials and triumphs of running a successful enterprise than those women who have been doing it for years. So, we asked some of the nation's most prominent female CEOs to share the most significant hurdles their companies are currently facing as well as their views on the challenges facing black women in general, and how best to overcome these obstacles.

Emma Chappell

Founder, president and CEO, United Bank of Philadelphia, No. 17 on the BE FINANCIAL 25 list

The challenge for us is very much like every other type of business. In order to grow the bank we need to raise more capital. This means I'm always in a position of selling stock or acquiring other banks [to increase the number of branches]. We need to be in a position to reach an economy of scale. We are about half the size [in terms of assets] we need to be right now.

A major challenge for women continues to be access to capital. Unless you are in high-technology areas, then it's easier to get start-up or venture capital. I hope to see more women establish venture capital now that they have more financial resources at their disposal. At United Bank, we gear our services to minorities and women. We have granted small business loans to women-owned construction firms, communications companies, a business incubator and a printing concern.

Until we support each other's businesses, we aren't going to be successful. Our feeling is that our bank is for all people. But in the final analysis, 90% of our customers are minorities, and if we didn't get the support of the minority community, we wouldn't be here. Similarly, the women's business community believes that if they support a bank that is founded by a woman, it will have some trickledown effect on them. And it has.

Dorothy Brunson

Founder, president and CEO of Brunson Communications Inc., owns and operates independent television stations

With major changes in the telecommunications industry--where you have these giant monopolies--unless we can grow very quickly, either by merging with other smaller electronic and telecommunications companies or by finding additional capital, we will get swallowed up. It is going to be challenging for me, because no matter how much money you generate, when you are female and black and you start talking about doing mergers, you are not taken seriously. People tend to devalue your company [sometimes by as much as 50%]. We are profitable; we have a growth rate of 30% annually. Most people would look at these barometers and say that the company is doing well. But because I am a women, my company is seen as a fluke.

We are also looking to acquire other stations. But we are competing with the big guys, Warner Bros. and UPN, who are buying up every available station in America. What we could have gotten for $4 million three years ago now costs $8 million. But regardless of cost, we are going to have to be a player.

Unless black women get on the bandwagon of hot industries [such as biotechnology] for the 21st century and the year 2000, the opportunities to make the transition from working for someone else to running their own businesses is going to be even more difficult. The health arena has tremendous diversity that can be an avenue for black women. There are other areas where black women can excel, but they have to have some foundation from which to transfer their skills from employee to entrepreneur.

Ernesta Procope

Founder, president and CEO of E.G. Bowman Co., commercial insurance brokerage firm

Even though we've maintained most of our business, it has gotten harder for us to get new accounts. The challenge for us is being creative, developing new markets and convincing prospective clients [to buy our products]. Though we are a small business we can still render a unique service, like our large multinational counterparts. Trying to get business from white people continues to be an ongoing challenge. All we ask for is the opportunity to make a presentation. We are competing with majority-owned firms on price, quality and service. It's tough being black and trying to sell a product in this society.

After creating the largest minority insurance brokerage firm in the country, it is imperative that succession planning be our first agenda. We are searching from without and developing from within the finest of expertise in the areas of sales, marketing and administration.

Terrie Williams

Founder and president, Terrie Williams Agency, public relations firm

Potential clients continue to pigeonhole my firm in that they think we can only represent black projects. One of our primary goals is to grow the corporate side of the business. We are now looking to form more strategic alliances. We have several relationships with majority-owned public relations firms that are beginning to understand the need to better service their clients with a more well-rounded perspective.