Section 2, Page 19
Winston Salem Chronicle
May 19,
mt
Winston-Salem Chronicle
Minority
Business
Development
Report
NEW MINORITY
MEMBERS
SECTION
Highlighting the new
members of Minority
Businesses in
Winston-Salem
ABOUT THIS PAGE
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The information contained on this page represents a collaborative effort between the Winston-Salem Chronicle
and the Minority Business Development Committee of the Winston-Salem Chamber of Commerce.
The intent of this page is to inform the community of Chamber activities as they relate to the minority business
community. Additionally, we hope to begin to bridge the gap between majority and minority companies. Hopefully,
as these two business groups develop closer, more meaningful relationships, both will prosper and our community
will be a better place to live, work and do business. . . . j ,
We encourage you to write us letters letting us know what you would like to see and any information that you
would like to have printed on this page. We will be asking some of you to advertise on this page or the one next to it
We hope you will see the value in doing so and. in fact, will.
Call us at 722-K624 or fax your ad or letter or article at 723-9 1 73.
.? ? Ernie Pitt
ECONOMIC VIEWS
TRADING PLACES. ;.
AN ECONOMIC THEME OF THE 1,990'S
Michael J. Robinson '
Dean Wilier Reynolds, Inc.
(Contributed by: Dean Witter Chief Economist, Joseph G. Carson)
- The" United States nosy exports a higher percentage of
its domestic outpjlit than Japan -does. -In 1985,-Japan export
ed 15 percent of output, almost
double the U.S. share. American
firms slowly, by surely gained
ground, and took the lead in 1991.
As qf year-end 1993. we were
ahead by one. percentage point.
Investment decisions being made
today on both sides of the ocean
indicated that U.S. export shares
will continue to rise relative to
Japan, anil perhaps to other
nations as well, in the years to
come. Clearly, we are trading
places.
Trading Places with Japan
Mike Robinson
J apanese e X port production~is~being moved offshore.
often to the United States, taster than U.S. manufacturers
moved production offshore at anytime during the past 20 to
30 years. Better yet. a number of these firms plan to use
their U.S. facilities as a hub to export to Furope and the rest
of the globe.
The following are some signs that the tide is turning:
* U.S. automakers will build more vehicles than their
Japanese cpunterpjiq^yy.l^^- Jjur .the first time since 1980.
* hiji t?imaker * sold more U.S. built
vehicles in the United States than they imported from Japan,
for the first time ever.
* Japanese companies are importing U.S. made good.
silch as. IBM mainframe computers. Sun Microsystems
workstations and celtalar phones from Motorola, putting
their names on them, and selling them as Japanese products.
"?Japanese companies are buying more U.S. parts and
supplies. General Motors is building* engine blocks for Toy
ota; Ford is building transmissions for Mazda.
* Fewer elect runic-ftfoducts-are-bemg _pu>duced in
Japan anil more are being produced in the United States.
* Japanese car makers are looking to U.S. companies
for technical, and possibly even financial, support, just as
we were doing back in the early 1980s.
The tide of investment has been helped, if not accelerat
ed, by passage of the North America Free Trade Agreement
(NAFTA) and the General Agreement of Tariffs and Trade
(GAIT). Foreign multinational companies are more likely
to invest here in order to take advantage of the world's
largest free-trade zone, while U.S. companies are likely to
move production home now that local content rules are to be
phased outr The result will be- rebirth in U-S, manufacturings
-IhaL,wilLlift our ecunum^Linn-mimber of ways. lliiiitked.s of
thousands of high-skilled, high-wage jobs will he created in
the industrial sector, reversing a 20-year decline in real
wages. Many new service jobs w ill emerge, as well as
impressive gains in corporate profits. The current business
cycle could also be extended by two to three years, with real
Gross Domestic Product (GDP) growth averaging near 4
percent. All told.-trading places bespeaks the brightest of
outlooks for U.S. manufacturing and exports.
. For additional information, please write care of
Winston-Salem Chronicle . P.O. Box 1636. Winston Salem,
N.C. 27102.
Coretta. J. Bigelow
Sapolcon Richardson Jr.
Corporate Promotions
Nicholas A. Daves, presi
dent and chief executive officer
of Enterprise National Bank,
announced that Coretta J.
Bigelow, Credit Administra
tion Officer, has been appoint
ed Assistant Vice President of
Enterprise National Bank.
Bigelow joined Enterprise
in March of 1990 as Credit
Administrator.
Napoleon Richardson Jr.
has been elected assistant vice
president of Wachovia Bank.
He serves as branch operations
manager of the East office.
R)chardsoo is a native of Silver
Spring. Md., and has a degree
in accounting from N.C. State
University. He and his wife, the
former Irma J. Moore of
Vanceboro. reside in Winston
Salem.
CHAMBER BUSINESS NEWS
Chamber Minority Development Initiatives
J
The Minority Business Develop
menf Group of the Winston-Salem .
Chamber of Commerce has very ambi
tious goals, As part of our mission
.statement we are working towards
strengthening the economic relation
- ships between existing majority and
minority businesses in-Winston-Salem;
assisting in the creation of new minori
ty businesses where opportunities are
identified: and lending assistance to
existing local government and commu
nity agencies that are doing minority
economic development on targeted
projects.
The Chamber of Commerce
Minority Business Development pro
gram is a private business initiative and
is being funding by an anniversary ini
tiative grant of the Winston-Salem
Foundation. The Chamher interviewed
local government and community orga
nizations working towards minority
economic development so as not to
duplicate 'their efforts. It also
researched other cities and chambers to
see which had successful minority busi
ness programs, and invited three of the
best to visit and share what their cities -
and chambers were doing in the minor
ity business area. A Best Practices Con
ference was held in February with rep
resentatives from Cincinnati, Oh;
Tampa. Fla.: and Atlant. Ga. to explore
what the best chamber programs are for
minority business development.
The Best Practices Conference and ?
other Chamber research conducted in
late 1993 indicated majority/minority
business partnership programs were
some of the most successful programs
of Chambers of Commerce. These pro
grams impact local economic develop
ment by creating the m?ahs to ensure
that the minority business community
is growing stronger economically and
achieving parity with majority busi
nesses.
Our Chamber's Business Partner
ship Program will pair mid-sized ana
larger established majority and minori
ty business with African-American
firms who can sell goods and services
to them. These business partnerships
between Chamber member firms will
increase revenues and provide on-going
technical and development assistance
to minority business. Applications for
businesses interested in participating
are availably at the Chamber of
Commerce.
Another important project for 1994
is helping publicize news about minori
tv businesses to
the general pub
lic on a consis
tent bases. The
Chamber is
dedicated to
working with
the Chronicle
on this effort, f
The Cham
Shirley Dixon
ber's minority development department
also will act as a referral agency or
clearinghouse for minorities who wish
to start a business or need assistance for
an on-going business. By utilizing .the
small business resource round^able
group and other networking contacts,
individuals- contacting the Chamber for
business assistance will be pointed in
the right direction.
- Shirley Dixon
EAST AREA COUNCIL MEMBER PROFILE
Annie Hairs ton
Pan African Imagery is Chamber
Minority Business of the Year
Annie Hairston retired December 1992 after
36 years as a teacher and school administrator. A
"month later, she formed Par^ African lm^pry,
Inc.. a company that imports authentic Afri^n
Art and Artifacts, fulfilling a dream of owning
her own business. * - ? . ?
"I Started at home at first," Hairston recalls,
"then the family joined in." Her family includes
six siblings and their spouses who bought stock
in her new company. She moved to her current
location in the Winston-Salem Business & Tech
nology Center in 1993, and is quickly making a
plays her artworks at the High Point Furniture
Market and many local businesses have become
her clients. Her exhibits have appeared at the
W inston-Salem Chamber of Commerce, the
Sawtooth Center for Visual Arts, the BTC. ihc
National Black Theatre Festival, the Atlantic Gift
Mart, and the Pmehurst Resort. Country Club, to
name a few, _
Batiking is a form of art that requires
painstaking application of wa.\ and dye to fabric
to achieve the desired designs. The Masai trihes
in Tanzania are the artisans from whom Hairston
receives the pieces she features in her boutique
o carries Eevotian art, hand-done on
papyrus paper, and ebony carving from Kenya.
Here's who to ask for help . . .
Small Business Resource Roundtable
'Start-up information
'Sources of Market Data
'Business Planning Guidelines
'Source for Loans
'Workshop Classes
'Free counseling
'Marketing Strategy
'Otner Assistance
Minority Business
llpypliipmpnt rropram
Greater W-S Chamber of Commerce
PO Box 1408 (601 W. 4th Street)
Winston-Salem, NC 27102
(910) 777-3787 ext. 1202
Contact: Shirley Dixon. Manager.
Minority Business Development
Majority/Minority Business Partner
ship Program, Hast Area Council,
Kntrepreneur Development Program.
Referrals for business information
Business Assistance, Center
Greater W-S Chamber of Commerce
1001 South Marshall Street. Suite 69
Winston-Salem. NC 27101-5993
; (910)777-3697
Contact: Michele S. Treadwell.
i director of Entrepreneurial
I Development
I Referral agency or clearing house for
j individuals who wish to start a busi
ness or need assistance for an on
going business.
W-S Business and
Technology Center
1(X)1 South Marshall St reek Suite 69
Winston-Salem. NC 27 101 -5893
; (910) 777-3603
Contact: Phillip Stuart, director of
Entrepreneurial Development
; Provide services and office space to
start-up and transitional businesses.
City of Winston-Salem
City Development Office
PO Box -25 11
Winston-Salem. NL 2/102
(910)727-2.741
Contact: Janet DeCreny. Economic
Development Coordinator
City Revolving LoaJi Fund for busi
nesses located in a CDBG defined
target area.
Forsyth Technical
Community College
2100 Silas Creek Parkway
Winst on -Salem. NC 27103
(910) 723-0371 ? ext. 370
Contact: Dr. Anne Hennis. Economic
Development Division
Focused Industrial Training Program
for businesses
r
t -
Small Business Center
Forsyth Technical Community
College
2100 Silas Creek Parkway
Winston-Salem. NC 27103
(910) 723-0371. ext. 370
Contact: Anne Hennis. Economic
Development Division
Provides workshops and training for
the entrepreneur.
Forsyth County Public Library
660 West Fifth Street w.
Winston-Salem, NC 27101
(9-10)727-2208 .
Contact: Phyllis Jtfhnson. Business
Science Department
Demographic and research materi
als/assistance for the entrepreneur
and existing business.
MONEY WATCH
By THEODORE R. DANIELS
Financial Life Cycles
Part II
This is the second of two articles on financial life cycles. Financial strategies
and investment programs vary according to a number of factors: age, number of
children or other dependent relatives you have, education and the desire to educate
one's child, the desire for material possessions, salary level and financial
resources; and your temperament and personality. -
The Family at Midstream: When the head of the family is between 35 and
50 years old, the bread-winner's investment objectives change because the family
is now at "mid-stream." An investor at this stage is usually more financially secure
and has accumulated some assets. Because of higher income, the investment strat
egy focuses on increasing dollars received after taxes. An investor at this stage is
-penalized severely for not having tax-deferred or tax-exempt investment like
fRAs, tax-exempt securities and real estate tax shefrersT^This stage requires the
investor to be creative in structuring investments and business affairs. Such an
investor should be willing to change his portfolio (mix of investments) more often
in order to achieve a greater net after-tax return on investment.
An investor during this period is in a better position to aggressively use his
funds. This investor can afford a higher degree of risk since his income is usualh
higher and expenses relatively lower. Therefore, he is capable of continuously
adding a fresh capital to his portfolio of investments. Additionally, since the
investor has a greater supply of funds, he is able to t-ngage in diversified investing.
This allows him to establish an appropriate share of his investment in long- term
bonds, growth stocks, speculative stocks, mutual funds, convertible bonds,
options, foreign currencies, etc. The purpose of this aggressive investment strategy
is to build a "nest egg" for the future.
The Family Near Retirement: The last investment stage occurs when you
and your spouse are near retirement (ages 55 to 61). Your family goals are now
very different. In many instances, the kids have finished college and the mortgage
is gone. The investment emphasis shifts to preservation of capital and establishing,
a stable income stream. No longer is it possible to take speculative chances in
order to achieve capital gains. At this stage, investments are shifted to complement
pensions, social security and other retirement benefits. This is when financial plan
ning in the earlier years really pays off.
After reading these articles, you and your family should sit down and discuss
your own family's stage and consider your fihancial goals and needs. Then try to
determine how much risk you can afford to take to achieve those goals and satisfy
those needs. The next step is to gain the knowledge that will give you the invest
ment know-how to match your attitude toward risk and with your earning power
This step is necessary to generate wealth and satisfy your needs. -