Made in Partnership with
Black Love Summit 2023 demonstrated the power of unity in both love and business. In a thought-provoking conversation led by JPMorgan Wealth Management Specialist Marco R. Williams, CFP, award-winning filmmaker and CEO of The Confluential Company Tommy Oliver, The Gathering Spot Founder Ryan Wilson, and acclaimed artist and entrepreneur Keri Hilson shared their insights on the intersection of impact and entrepreneurship. Together, they shed light on the realities of achieving success, maintaining it, and the sacrifices needed to leave a lasting legacy — a concept that holds great significance in our culture. The discussion also offered a valuable opportunity for small Black business owners to witness firsthand what it means to scale and sustain a business while gaining a deeper understanding of the unique challenges and obstacles that come with it.
Here are a few moments from the Impact & Entrepreneurship conversation sponsored by JPMorgan Chase that we can all look to for wisdom in building weather whether you’re an entrepreneur or working your way up the corporate ladder.
Black Businesses Being Acquired Isn’t Selling Out
There is often a misconception among the Black community that when a business is acquired, it means the owner has “sold out,” but as exemplified by Tommy Oliver, this is not always the case. Instead of immediately criticizing and bashing brands when they are acquired, we should take the time to understand the reasons behind these decisions. While it is important for consumers to ask questions about the implications of these changes, as highlighted by Oliver, Wilson, and Williams. Acquisitions can provide businesses with more resources, opportunities for reinvestment, and the potential for creating generational wealth for their families and future. This is a concept that should be celebrated, regardless of whether one is a business owner or not.”
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Don’t Overestimate the Value of Talent and Underestimate the Value of Hard Work
In today’s digital age, as the popular TikTok phrase goes, “we gotta get on our Zoom at 10 a.m., y’all.” For those unfamiliar with the Gen Z lingo, this means that hard work and determination are crucial for achieving success. Despite having natural talent, it is essential to continuously push yourself and develop the discipline to reach your goals, just as many talented individuals have fallen short due to a lack of drive. Your uniqueness is only one aspect; consistency, sacrifices, and dedication to your business and goals play a vital role in achieving success.”
Creatives Are Entrepreneurs, Too
Through her music, Keri Hilson has been teaching Black women about money for years. Her hit song Buyou was the start of that (if you know, you know, but Ms. Keri Baby’s No Boys Allowed album had me in a chokehold in high school!), so to see her join this discussion about money was truly a full-circle moment. The artist and entrepreneur talked about the importance of artists having knowledge of publishing, record contracts, and how to navigate the record industry overall, along with business deals and brands that desire to work with artists. This is advice that music artists, actors, and even today’s influencers should heed. Don’t allow what you’re perceived as to impede your knowledge of money management and how to navigate whatever industry you’re in successfully.
Black Wealth, Money, and Entrepreneurship is an Extension of Black Love
During this discussion at the 2023 Black Love Summit, CEO Tommy Oliver shared the exciting news that Black Love and Confluential Films had officially merged into one company. In his inspiring words, Oliver reminded us all that Black wealth, entrepreneurship, and financial transparency all fall under the umbrella of Black Love. He highlighted the crucial role that finances play in the success of marriages and emphasized the importance of open conversations about money in relationships. By acknowledging the significance of finances not just for our families but for future generations, we can pave the way towards a happier and stronger community.
Create an Investment Strategy
JPMorgan Wealth Management Specialist Marco R. Williams shared with Black Love Summit 2023 that investing is just that, investing in yourself, which means investing your money with a strategic plan. “How do you create a strategy and a plan to maintain those investments during an up or down period?” Williams left the attendees with confidence, insight on monetization and money management, and the reality of inflation we’re all currently facing.
As a sponsor of Black Love Summit, JPMorgan Chase is creating financial flexibility while building on their existing investments and helping drive inclusive growth by committing $30 billion. This promise focuses on expanding affordable housing, increasing homeownership, growing small businesses, improving financial health, and accelerating workforce diversity to previously overlooked groups.
To learn more about JPMorgan Chase’s efforts to create financial flexibility, visit their website.
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