From buppie to biz-wiz: forget corporate America - Generation X is choosing the entrepreneurial path to success - includes a list of organizations for young entrepreneurs - The New Tycoons - Cover Story

Black Enterprise, Jan, 1997 by Tariq K. Muhammad

McNeal started UPJAM Records in 1989, which he rechristened Bulldog Entertainment after moving to New York and teaming up with 24-year-old Joel Sylvain, who became Bulldog's COO. (Vice president Diamond J., 25, joined the duo in 1994.) The company negotiates production and product endorsement deals, produces logos on several major labels, manages recording artists and provides marketing expertise for companies seeking to penetrate the Generation X market. "We're the Generation Xperts," they say. The company now has product endorsement deals with Boks (a division of Reebok), Oakley Sunglasses, Fox Racing and Greg Norman Sportswear. In 1995, the company grossed nearly $300,000, and expect to do even better after their group, FTN Clique, an R & B duo, debuts on Bulldog/Elektra Records.

COLLEGE PROGRAMS

The increased interest in entrepreneurship isn't being lost on colleges and universities. Responding to student demand, many schools now offer entrepreneurial programs and classes as part of their curriculum. Some even offer degree programs in entrepreneurship. Steven Rogers, who teaches classes in entrepreneurial finance at Northwestern University's Kellogg Graduate School of Management, estimates that there are nearly 800 schools with entrepreneurial programs or classes.

"The interest in entrepreneurial programs will increase as it continues to play a larger role in our society," states Rogers. Forty-five percent of the students who enrolled in Kellogg in 1996 were interested in entrepreneurship. Since 1991, the school, ranked among the top 25 business schools for entrepreneurship by Success magazine, has tripled its entrepreneurial offerings from three to 11 classes. Other business schools, such as Wharton School at the University of Pennsylvania, Harvard Business School and Anderson School of Business at UCLA, have also incorporated entrepreneurial classes or programs into their curriculums.

"The future in corporate America doesn't hold much promise for this generation and entrepreneurship means economic independence," remarks Rogers. Historically black colleges and universities are also looking to help Generation Xers learn about entrepreneurship.

"We wanted to offer our students something more," says Granville Sawyer, explaining why his school, the Norfolk State University School of Business and Entrepreneurship, has offered a major in entrepreneurship since 1992. "We're helping them to understand how to be capable and successful executives and entrepreneurs." Undergraduate students who major in entrepreneurship will receive a bachelor's of science in business administration, with a concentration in entrepreneurship. And according to Sawyer, the response has been tremendous.

STRENGTHENING COMMUNITIES

Of course, black businesses tend to hire more minority employees, and a boost in African American entrepreneurship should mean more job opportunities for African Americans. If the success of Baker and Warren is any indication, then the theory holds true. "This store was designed by a black architect, built by a black construction company and we employ black people at all levels," states Warren proudly of his Tower Place location.