Showing posts with label warren buffett. Show all posts
Showing posts with label warren buffett. Show all posts

Sunday, January 25, 2009

Success is Manufactured Say Lawrence Watkins of Great Black Speakers


by: Lawrence Watkins

I remember it like it was yesterday. I’m sitting in Perkins Restaurant as we finished our Friday morning bible study class in Louisville, KY. With me was Carl Brazley, my closest and most creative mentor. We were about to start one of our usual mentoring sessions that we had about once per month. This session was special as he shared his wisdom about success that has become fundamental in my life philosophy.

Mr. Brazley asked me two questions right off the bat: “What does success mean to me?” and “How will I go about achieving it?” I shared with him my personal mission statement that I had recently developed at the LeaderShape program in Champaign, IL. It states that “I want to become a tycoon politically, socially, and economically so that I may have a positive impact on my community.” Mr. Brazley then said, “That’s great! Now how are you going to ACHIEVE your mission?” This was the question that I was still trying to figure out. I had seen ultra-successful all around me in person or on TV, but I found the process mystifying at times.

Mr. Brazley continued, “Lawrence, don’t believe the hype that you see on TV when it comes to people who you view as successful. The media loves stories about self mad millionaires and billionaires, but rarely are they self made.” What he said next changed my perspective, “Here is what they [the media and often the individual in question] don’t want you to know: Success is manufactured! Many successful people have other hidden influential people in the background guiding them on the right path. Giving them the connections that they need to accelerate their success. This is what I am going to do with you Lawrence.” Whoa!! Talk about some heavy material!

The Real Secret Sauce of Success

I researched the statement that Mr. Brazley made further and I started to read more about individuals who I view to be successful. I was very surprised at the results/trends that I found. Let’s start with Donald Trump, the King of the Self Made…His father had over $100 million in real estate by the time he was born. Warren Buffett (a major influence in my thinking), the Sage of Omaha… His father was a stockbroker and four-term congressman from the state of Nebraska. What about Bill Gates? His mother sat on the board of directors of a bank and his father was a prominent Seattle attorney. The more people that I researched, the more surprised I became. Then I started to feel apprehensive, “What do I need to become successful?”

There are two things that I don’t want to happen by sharing this story with you:

1. I do not want to relegate or belittle the accomplishments of successful people just because they come from a well connected family. The people mentioned above are all extremely intelligent and have a strong work ethic. It’s also important not to hide facts about people’s environment as if that doesn’t play a critical role in success.

2. I do not want you to feel like the situation is hopeless if you don’t come from a rich and powerful family. Throughout this article, I’m going to teach you how to create your own “synthetic power family.”

Your Synthetic Family of Networks

If you don’t come from a rich and well connected family, do not worry about it. It is not the end all, be all. In fact, I know many people who come from well-to-do families, but their lives are in shambles. Money and entitlement can be hindrances to living a WEALTHY LIFE just as much as they can be assets. I come from a solidly middle class family where my father was a high-ranking police official and my mother was a high school guidance counselor. I was able to use this base to expand even further and broaden my experiences to study at Phillips Academy Andover, Carnegie Mellon University, and now Cornell. The most beautiful part is that I have paid very little for my educational experience and it’s because I created a synthetic family to help me achieve my goals.

A synthetic family is not the family you were born with, but one that you created that helps provide the resources you need to accomplish goals. I’m not just talking about money, but also advice and connections as well. Having a synthetic family is not a substitute for your real family, proper planning, or an intelligent work ethic (see my Pareto and Parkinson article). I view the synthetic family as an accelerator of the success process. The great thing about the synthetic family is that it is easy to start and replicate.

Be Your Own Barack Obama

After President Obama (wow, that sounds great) won the election for United States President in November, he had to move his actions from campaigning mode to governing mode. Immediately, Obama selected Rahm Emanuel as his chief of staff and then dozens of other appointments were announced in the following weeks. President Obama surrounded himself with individuals who have a greater knowledge about different aspects of governance than he does. When President Obama and his advisors meet about the current economic situation, the advisors give their expert opinions about what Obama should do. After that, President Obama escorts them out of the room and then makes the decision he feels will be best for the country.

I ask, “What’s keeping you from being your own Barack Obama?” I urge you to assemble your own personal board of advisors to help you when you have a tough decision to make. There is not a human being on the face of the planet who knows everything. Seek out those individuals who have general wisdom as well as those who have specific expertise. Bring them into your family and achieve your goals more effectively.

The Early Bird Gets the Worm

One of the great myths of networking is that you start reaching out to others when you need something. The people who really succeed in building relationships know that you need to start building way BEFORE you need anything. This is especially true if you are thinking of opening your own business. Many people start the networking process too late in the game. Prospective entrepreneurs think about details like incorporating or the specific name of their company. Although those tasks are important, they have much less influence over your business success compared to relationship building.

Immediately after graduating from college I worked for my brother, Dr. Boyce Watkins. My job was to book him for speaking engagements and manage his growing national media profile. I knew long before I started to work for him that I wanted to start my own company and I took steps to achieve this goal. For example, when Boyce would appear on a national TV show, he was often on the show with other high profile guests. We would make sure to collect that person’s contact information and follow up with him/her right away. When I started Great Black Speakers Bureau, those were my first speakers. Make sure to always begin with an end in mind!

Overcome your Fear of Rejection


Bestselling author and networking guru Keith Ferrazzi calls this the “genius of audacity.” If you never ask for what you want, very rarely do you ever get what you want. The two major emotions that stop people from asking are the fear of rejection from the other person and a feeling that the other person is better than you. Question: What’s going to have a longer impact on your life? FEAR of rejection or FAILING to reach your goals? The answer to this question for me is not reaching the goals I set out to accomplish. In this scenario, rejection MIGHT happen but failure WILL happen.

Follow Up and Stay in Touch

If the yin is overcoming your fears and asking for what you want, then the yang is following up with your contacts. This is something that I have personally struggled with lately as my number of contacts has grown significantly. However, I have noticed a direct correlation between my rate of follow up and the amount of success I achieve over any period of time. It is funny how people spend so much time making new contacts and so little time following up with them. This reminds me of the local ladies man who is only interested in the chase of a woman. Once he gets her, he then loses interest. In business and in life, don’t be this person! It is much more expensive to attain a new client/contact/friend than to maintain the ones you already have. I am not telling you to not meet new people, just do right by them when you do meet them for long lasting business/personal relationships.

Friday, January 2, 2009

Interview With "Great Black Speakers" Founder Lawrence Watkins



Name: Lawrence Watkins

Current Gig/Occupation: Owner of Great Black Speakers Bureau and MBA student at Cornell University

Motto: “Success is manufactured”

Favorite Quote: In order for God to direct you, you have to be moving.

Q: What makes you one to watch in your opinion?

I am very ambitious and I want to make a positive impact on my community politically, socially, and economically. Also, I have a business that is growing and that will soon be a powerhouse within the speaking industry.

Q: What’s the most important lesson you learned so far?

Always approach task and people with humility, yet still have the confidence inside that you know you will achieve.

Q: What or who are your inspirations?

Warren Buffet, Google, The Wire, my parents, my brother Dr. Boyce Watkins, John Wooden (Former UCLA basketball coach), Tim Ferris Author of the 4-hour Workweek.

Q: If you could meet anyone dead or alive who would it be?

John Wooden. His books on leadership have changed my life.

Q: Describe a typical day.

I wake up about 7:20 a.m. in the morning and take my shower and get ready for school. On the bus, I listen to a motivational audiobook on my iPod. From 8:40 – 1:10 p.m. I am in my finance, strategy, and statistics classes. After that I take a break and review my financial and advertising numbers for Great Black Speakers. The company’s director gives me a call and an update on the daily activities for the last 24 hours. From 3:00 p.m. – 8:00 p.m., I am preparing for class/tests. Lastly, I hang out with my friends on another successful day.

Q: What’s one thing most people don’t know about you?

I am extremely silly under the right circumstances.

Q: What do you bring that hasn’t been brought to your craft?

I sense of purpose and passion in what I do to help the African-American community. Also, analytical skills that most people do not have.

Q: Where do you hope to be in five years?

I hope to be a tycoon of many different companies related to speaking, public relations, and event planning. I hope to travel the world speaking to organizations about productivity and entrepreneurship.

Q: What’s the one thing you are still trying to overcome or master?

I am trying to become more consistent in my work ethic.

Q: What three words describe your attitude?

Positive, Laid-back, Cerebral

Q: What do you want to be remembered for?

I want to be remembered by the people who loved me and the people that I loved.

Monday, November 17, 2008

Things I Would Trade the Black President For...


by Dr. Boyce Watkins


Barack Obama’s voice booms high into the clouds as our nation’s president. But it is also a voice that is sometimes muted by policy, distorted by conflicting agendas and distracted by the complexities of the world in which we live. I find myself mildly disturbed by the excessive celebration within our community, as if winning this political popularity contest has somehow finally validated us as a people. It is scary when the measure of a Black person's success is captured by the degree of favor he has obtained with his historical oppressors. I will never believe that winning the White House is the greatest achievement in Black History, nor was it the greatest sacrifice. The greatest achievements were made by those who worked for us to be truly empowered and the sacrifice was made by those who died to clear President Obama’s path. Achieving prominence on the plantation is not nearly as meaningful as achieving independence.


Before we conclude that we live in a post-racial America, we must remember that many of the men and women who voted for Barack Obama would not be happy to see your Black sons dating their daughters. While we see that the White House has a Black face, we must remember that the majority of our nation’s most esteemed universities still only bring in Black people to dribble basketballs (if you went to college, count the number of Black Professors you had during your 4 years who were not in an African American studies Department). Most of the media outlets you watch on TV are controlled by people who are not Black, yet they consistently impact the self-perception of Black children by bombarding them with negative Black imagery (i.e. DL Hughley's new show on CNN). Most of our nation's wealth is controlled by the descendants of slave masters, with poverty being inherited by descendants of slaves. There is a lot of work to do, we can’t forget that.


So, while having a Black President is a wonderful thing, it’s not the most wonderful thing I can think of. I would GLADLY trade a Black President for any of the following:


Another Malcolm X – Malcolm is likely the most under-appreciated American in our nation’s history, since his legacy is not as amenable to the excessive commercialization and mainstream comfort of Dr. Martin Luther King, Jr. Dr. King achieved political gains and Barack gave us the White House, both of which can be taken away in an instant. Malcolm gave us something far more permanent – our self-respect and desire for economic independence. Since America will never give Malcolm much respect, it is up to us to remember that he is every bit as significant as Barack Obama and Martin Luther King, Jr. We should all memorize Malcolm's birthday right now.


10 Black Warren Buffets – my good friend and wildly successful money manager, Bill Thomason, brought up an undeniable point: if we as African Americans do not get ourselves together financially, we will never have true power. America is a capitalist democracy, and we cannot forget that money makes this world go round. Rather than teaching our children to get jobs, we need to teach them how to CREATE jobs. Rather than trying to wiggle our way up the corporate ladder, we should be creating the buildings that the ladders lean against. Wealth is more powerful than racism any day of the week.


An era of enlightened and educated professional and college athletes – The Black male athlete possesses many keys to the economic and social liberation of Black America. Many HBCUs can’t pay the light bill, but Black Athletes earn at least $2 Billion dollars per year for universities that don’t hire Black coaches or Black Professors (March Madness, for which athletes are not paid, earns more ad revenue than the Super Bowl and the World Series COMBINED). The powers that be know the potential influence and reach of an educated and empowered Black athlete, which is why they work overtime to keep them uneducated: when many athletes come to college, coaches pick their classes for them and some can’t even read at graduation. They keep them focused on the bling so they will take their eyes off the prize. These young men are taught like sheep to embrace intellectual mediocrity so their handlers can earn fortunes at their expense. They are granted the greatest power in our society as long as they prove that they are unwilling to use it. If these men were to ever wake up and fight for something bigger than themselves (as Muhammad Ali and Jim Brown once did), it would be absolutely earth shattering.


A Quality Public Education System – Rather than declaring a War on Terror, we should declare War on inferior inner city education. Instead of bailing out the rich guys on Wall Street, we should be bailing out our children who are stuck in the preschool to prison pipeline. Hundreds of thousands of potential Barack Obamas are being tossed in an educational landfill every year, as Black boys are 5 times more likely to be placed in Special Education as White kids (I was one of those boys). This is a damn shame.


Complete Overhaul of the Prison System – If you ever want to see slavery in the 21st century, one only need look as far as our nation’s prisons. There is little effort to rehabilitate, and the impact on the physical health and socio-economic stability of the Black family has been devastating. President Obama and others should confront the prison industrial complex immediately and stop the human rights abuses taking place in our nation's prisons.


Now that people are saying that President Obama’s success implies that there is no more racism, our job becomes much more difficult. President Obama and others must be consistently asked to pull their weight so that we can get a return on our investment in the Presidential popularity contest. But while we expect President Obama to lead us, we must also remember that it is important to lead him as well. The fight is just beginning.


Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of “What if George Bush were a Black Man?” For more information, please visit www.BoyceWatkins.com. To join the Dr. Boyce Money list, please click here.