State of Black Economics In America

THE STATE OF BLACK ECONOMICS IN AMERICA AND THE PROBLEMS IT FACES

“America has given the Negro people a bad check; a check marked ‘insufficient funds’. We refused to believe that there are insufficient funds in the great vaults of opportunity of this nation…”

Martin Luther King, Jr.

March on Washington for Jobs & Freedom, 1963

Key Findings

• Capital access or the lack there of continues to hinder the African American community. From business formation, job creation, and equal job opportunities, limited capital infusions continue to produce grave obstacles with regards to wealth creation.
• The primary causes of economic limitations in the African American community stem from un-evolved practices that produce discriminatory socioeconomic values that create the reality of underserved markets.
• In the absence of financial literacy the black community as a whole finds itself inadequately prepared to compete in the rapidly expanding domestic and global market place.

• African Americans wealth in the 1990’s and early 2000’s reached unparalleled heights. Wealth accumulation peaked just before the subprime mortgage debacle.

• There is obvious evidence that discrimination has played a factor in the predatory lending crisis, lack of access to capital for minority businesses, and lack of funding for government set-a-side programs established to assist minority businesses.

• Buying power among African Americans and other minorities continues to grow in record numbers, as they represent an emerging domestic market (EDM).

• The majority of black-owned firms lack size, scalability, and growth potential due partially to the lack of allocated capital resources and management

• Black entrepreneurs must diversify their business models, form strategic alliances, and reengineer their mindset.

• Community collaboration along with increased leadership participation is essential to creating a positive reinforced economic environment.

Introduction

The state of black economics in America and the challenges it faces is a compendium that addresses the issues that affect the economic growth and development of the African American community. The Black Economic Council’s (BEC) purpose is to recognize and address the disadvantages while empowering minority communities, giving them access to the values inherent in the American dream. The BEC looks to bridge the gap between conceptualization and realization of the economic development and wealth creation. Among other things, the BEC has hosted a series of workshops and discussion groups with a focus on the concerns of the black economy and the challenges it faces. Through these discussions, the feedback and recommendations obtained have assisted in establishing a coherent and comprehensive plan.

As we look into the economic diaspora of the African American community therein, lay troubling disparities defined in their overall economic well-being. As African Americans approach the 21^st century the economic gap in homeownership, business development and capital access widen. In the war of the have and have not’s blacks are finding themselves slipping deeper into the have not category. Entrepreneurship, which has been promoted as a solution to reducing the divide has been posed as a viable avenue to achieving such goals, however it is not the complete solution but a part of the complex puzzle. In further examination of the problem, we discover that the overall solution lay in the following formula: financial literacy + access to capital = business formation = job creation + homeownership = wealth.

In defining the core principles of this formula one can better comprehend how to incorporate a strategy of success. Financial literacy is at the root of any economic solution regardless of race or gender. Let us look at the road to wealth as a game. The first step to winning at any game is to have a complete understanding of the rules. Grasping the machinations of the financial world translates into literacy of financial markets, institutions, and their inner workings. If we delve deeper into the equation, we have a better understanding of how financial literacy affects our access to capital. Although the statistics produce an outline that obviously suggest minorities receive capital in much lower amounts and at higher rates; one can not be oblivious to the fact that having an understanding of the products and services offered by those who allocate funds is just as crucial as obtaining the financial resources needed.

Defining Black Business: “An Emerging Domestic Market”

Emerging Domestic Markets are in reference to people or communities with growth potential that endure the hardship of being under capitalized. Some of the reasons for this are systematic, discrimination, and redlining, while other factors point to imperfect market conditions. These markets can be better defined as the following:

• Ethnic markets
• Women & Ethnic Owned Businesses
• Urban & Rural Communities
• Firms that service Low-to-moderate income communities
• Companies that Serve Small-to-medium-sized businesses

Although the existence of emerging domestic markets (EDM) has been around for over 40 years, the last 10 years have been unparalleled in comparison with the most recent data. This report will examine the overall economic health of the African American community, identifying the weaknesses and strengths of this particular emerging domestic market.

Despite the adversities black businesses have faced, impeded by a lack of capital, which in return affected the opportunities available, and the lack of training for most black entrepreneurs, African Americans have made significant progress over the past 20 years. With aggressive leadership from the black community and forward thinking policy makers, unions were formed to embark on an emerging economic opportunity. In the 1960’s set-a-sides were established to provide programs to create businesses that are more competitive and in 1977 Congress enacted the Community Reinvestment Act to ensure that deposit taking financial institutions offer equal access to lending, investment and other financial services. From the early 1980’s with President Regan’s executive order 12432, which mandated the formation of minority business development plans, to the 1990’s when minority firms grew at historical rates. The movement for change and equality in the market place has been a process that has been overlooked. In order for the U.S. to reach parity in a global economy, equality domestically is necessary.

“Doing so is in the strategic interest of the United States. The Nation’s four million minority owned firms, who employ more than 4.7 million people and generate over $661 billion, are in the position to generate long-term employment and economic sustainability in their communities. But, in if the U.S. economy is to sustain its strength and global competitiveness, the national minority business enterprise community must grow in size, scale and capacity. For the U.S. to maintain its prosperous living standards, we must leverage the entrepreneurial spirit of the U.S. minority population. This is our strength and our competitive advantage in a 21^st century worldwide economy.”

Ronald N. Langston

National Director – Minority Business Development Agency (MBDA) – May 2, 2008

Buying Power – Value in the Consumer Market Place

Since the 1990’s, the minority dollar has continued to grow at a steady yet rapid pace. In the following chart, we see that together minority buying power is formidable and their share of the U.S. consumer market commands attention as valid target markets. African Americans and Hispanics lead in consumer spending amongst all the minority groups, with African Americans buying power rising to 203% and Hispanics rising to 347% in a span of only 9 years. Corporate America has taken note adjusting projections and realizing value in targeting minority markets. The numbers demonstrate the participation and affect those blacks and other minorities have in the U.S. economy.

Over the next 20 years minorities, especially black and Hispanic consumers will dictate the consumer industry. In part, numbers like these are what initially sparked the “emerging domestic markets” ideology, fostering a change in the way “traditional” businesses view the importance of the minority dollar. Through advocacy, education, and realization of the power of capital minority firms could form an aggressive campaign.

The Economic Divide

“To the extent that market participants discriminate–consciously or more insidiously, unconsciously–capital does not flow to its most profitable uses, and the distribution of output is distorted. In the end, costs are higher, less real output is produced, and national wealth accumulation is slowed. By removing the non-economic distortions that arise as a result of discrimination, we can generate higher returns to human capital and other productive resources. Investors and lenders need to understand that failure to recognize the profitable opportunities represented by minority enterprises not only harms these firms, it harms the lending institutions as well. Accordingly, we must make further progress in establishing business relationships between the financial services sector and the rapidly growing number of minority and women-owned businesses.”

Alan Greenspan

Former Chairman

Federal Reserve Bank

There is an exorbitant amount of evidence that does more than just suggest there is an economic divide in the United States. With a plethora of economic indicators providing insight into the overwhelming amount of disparities, there is an immediate need for economic relief, preferably through equalization of capital resources and access. Under the current Bush Administration, credit and asset requirements have been tightened by lending institutions, which in return have begun its negative affect on small businesses. The SBA has noted in recent studies that these new requirements, no better than the old, will place additional challenges on small black business owners. It is very common to have small business owners who intermingle business accounts with personal accounts. Practices like this can lead to problems when seeking capital. In addition, small business owners often have to rely upon their own credit ratings when starting out if they have limited growth. The importance of increasing capital and creating new indicators that foster lenders to allocate needed funds to minority firms, African American in particular, is critical to the growth and success rate of these firms.

Ranking member Nydia Velazquez of the House Small Business Committee produced a report (Minority Business Summit Report) in which the issues addressed the issues of lack of capital issued to minorities. Their research suggests that African Americans and Hispanic owned businesses are still subject to higher denial rates than non-minority owned firms. These firms often fail due to the lack of funding during start-up and key growing phases.

During the 1990’s and into the new millennium there was an unparalleled increase in economic growth in the United States. Entrepreneurship, innovations, and dynamic expansion in business formation lead to tremendous increases in economic development and job creation. African American owned firms at the same time grew at twice the rate of all firms, yet and still they are met with greater challenges than all other firms when accessing capital. Studies by government and private institutions like the Milken Institute, SBA, MBDA, Greenlining Institute and others all point to the importance of economic development and the need for capital infusions into the low to moderate-income communities.

According to the 2002 US Census report, there are 1.2 million black-owned, 1.6 million Latino-owned, and 1.1 million Asian-owned businesses. The gross revenue for Black-owned firms ranged from $86 billion to $92 billion. Latino-owned firms revenues ranged from $222 billion to $232 billion and Asian-owned firms generated greater than $328 billion in gross revenue. In comparison to Latino-owned and Asian-owned businesses, black-owned businesses generate much less revenue. As evidenced by these statistics, there is a clear need to focus on the barriers faced by the black business community and the black community overall.

The research all points to the need for government to increase funding of those organizations and the funds it established to assist in business formation. However, as noted in many of these reports, government and corporate funding programs have, to some degree, continued to fall short in the overall bench marks established to measure the level of infusions required to produce successful results in underserved communities. The disparities that create the economic gap in opportunities that affect black businesses are:

• Discrimination, which has been prevalent and existed since the inception of the United States, remains in our government and private institutions.
• A healthy portion of black businesses have yet to see the value in adjusting to the changes in a global economy.
• Non-conceptualization and incomprehension of mergers and acquisitions and the opportunities they present.
• Lack of education on the entrepreneurs’ part; whether it is academic, managerial or financial levels.
  • Lack of understanding or unwillingness by corporations to recognize the importance of supplier diversity and the need for increased capital infusions into underserved markets.

“Our economy works best when our small businesses are diverse and creating jobs. Up to 60% of our banks have made it harder and more expensive to get loans and even the SBA’s lenders are pulling back, which compounds the problem because SBA loans are an important source of capital for underserved communities.”

Senator John F. Kerry (D-Mass.)
Chairman
Committee on Small Business and Entrepreneurship

Why Black Businesses Matter

It is evident that utilizing, forming, and nurturing minority business is key to overall domestic economic development. Studies project that developing large African American businesses that generate a minimum of $100 million in revenue is key to:

• Producing procurement opportunities for small black owned firms
• Creating a new unit of leaders to foster civic and community leadership
• Provide meaningful, higher paying employment opportunities
• Pushing significant economic development for the communities they service
• Increasing opportunities for wealth creation

Access to capital is a much needed resource to any firm looking to expand regardless of color, nationality, or sex. When we look at African American firms who generate receipts grossing above $500,000 we find that their overall performance is stronger than those grossing under $500,000. These projections are produced from findings like those presented in Exhibit A. Black firms that receive the necessary capital have a greater chance of survival, stronger performance ratings, and more opportunities for growth, however only 2 percent of African American firms generate receipts of $500,000 or more.

Exhibit A

Source Notes: U.S. Department of Commerce MBDA Data Sheet; The State of African American Business, Produced in 2006 from an Overview of the 2002 Survey of Business Owners.

Capital Access

For black business to evolve access to affordable capital is necessary. Today black businesses still face obstacles when trying to secure capital. In the black community there is a pool of entrepreneurial capital, however when facing the challenges of start-up cost, employee cost, and even expansion, opportunities are lost without the needed funding. Although many times African American business owners are undercapitalized, self-financing and small capital infusions form family and friends can prove to be a viable means of initially growing the business. Maintaining an economically conservative approach to how funds are used can be a strategy for success. Black entrepreneurs have to see the correlation between access to capital and access to opportunity. Small black businesses have to think outside of the box. Understanding the value in personal creditworthiness and that under current conditions personal credit and finance is a crucial factor when seeking financing. Business owners have to be visionaries, looking to innovative solutions to present to the world. Far too many black businesses are in the service industries where often times too much competition can create a negative result. Business owners are forced to reduce revenue to compete limiting opportunities for growth, not to mention that most service related opportunities are low-growth in nature. The dynamic culture of entrepreneurship is creative, innovative, and diversified at its core. Those looking to engage in entrepreneurism must embrace the concept. By doing so fosters a new agenda that develops solutions more worthy of the attention of the capital markets.

As black owned-firms continue to emerge those obstacles of discrimination can only constrain resources for so long. Shareholders are in the business of accumulating capital, the evidence displays that underserved domestic markets if provided the resources conduce successful results. Even under current conditions black entrepreneurs must continue to prove themselves. The facts strongly support that business owners with equal access to capital, education, and managerial experience succeed at the same rate. There is also overwhelming support that the private capital market underserves small minority businesses in the following ways:

• Discrimination, which has been prevalent and has existed since the inception of the United States still remains in our governmental and privatized institutions.
• Tightening credit regulations created to ensure a solvent lending system effectively redline African American and other minority businesses.
• The demand for mobilization of new capital technologies has not been met for minorities.

To combat the challenges black entrepreneurs must keep to tradition. Not only being trail blazers but advocates for themselves and one another. This is where networking and collaboration comes into place. Forming strategic partnerships, alliances, and understanding the value in contact management. How else is one to network and produce results from the individuals they meet? By managing the contacts, you establish through client bases, vender connections, and banking relationships. Keyword: relationships, fostering and nurturing relationships has the same intrinsic value as having a capital infusion.

The primary disadvantage black entrepreneurs’ face is size and undercapitalization, which hinder the ability to:

• Invest in sizable amounts of capital for research and development
• Attracted capital infusions form venture investors
• Attract and retain experienced management

These disadvantages play a role in the way in which African Americans approach entrepreneurship, signaling why the vast majorities seek to function under the “sole proprietorship” business model. Since many black business owners find themselves funding their operations out of pocket, they have a sense of entitlement that creates additional obstacles when equity investments are available. Black business owners have to be educated on the ways in which businesses of all sizes and groups attract capital. Those in “sole proprietorship” operations have to look to make changes that will make their firms more appealing to investment solutions.

Financial Literacy & Advocacy

The challenge is solving the roadblocks that hinder the black economy from growing into a state of economic maturity. By creating a solution that rids itself of reliance and embraces self-sufficiency. Governmental laws like the Community Reinvestment act of 1977 (CRA) have attempted to establish parameters for the successful formation of minority business enterprise development. The CRA formed as a result of grass roots advocacy to prevent the minority community from being redlined. The law regulates lending and banking institutions and requires them to provide access to capital resources. Financial regulators such as the FDIC, OCC, OTS, and the FRB monitor this Federal law. This mandate assures that financial institutions meet the requirements of the law.

Unfortunately, the absence of knowledge pertaining to this law and the acronyms that are associated with it, are largely unknown by the communities they were intended to protect. There is an explicit understanding that the black economy has suffered from financial illiteracy. America is a society built on capitalism, with democratic ideologies. Success in this system requires an understanding that capitalism and entrepreneurial dynamism transform communities. In essence, there is a need to reengineer the black psyche to focus its energy on the values and economic context in which it exists. African Americans have to be more vigilant about their financial destiny. Self-sufficiency is created by generating mentorship programs, fostering economic literacy at the grass roots level in urban and low to moderate-income areas a dynamic entrepreneurial culture can be created.

Debt in the black community is high, with ownership and asset accumulation lower than consumption of goods. Essentially, many African Americans spend their money on items that hold no value with regards to appreciation. There is a need to express urgently to the black community the correlation between financial literacy and economic empowerment. With the availability of financial literacy programs financial independence becomes realized. There is proven success with programs that focus on providing and educating underserved communities. A continuation is needed in the design and development of programs that target:

• Youth Empowerment and Education
• Economic Empowerment and Community Redevelopment
• Self-Reliance and Entrepreneurship

Diversification

There are a wide variety of industries that African American owned businesses operate in, however those industries that they find themselves in are low-growth sectors. What we find is that black entrepreneurs tend to choose low-opportunity, low-growth industries. It is not clear if this is because of the conditions of accessing capital, however all evidence points in that direction. For example the primary service industries that black businesses can be found in are:

• Personal Service
• Food Services
• Ethnic Retail Sales

These options come from a mindset that was established from the reality that access to capital through traditional finance and venture investors was not a realistic option. Most black business owners have to be creative when trying to finance opportunities and due to the economic conditions of most, the opportunities are not only low in cost but also low in opportunity.

There are four critical areas of improvement for black business, government agencies, and corporate America:

1. Begin to understand the value in using mergers, acquisitions and strategic partnerships

1. Seize diversified opportunities in growth industries

1. View black business development as a key to improving the over all economic development in the U.S.

1. Thinking beyond the “sole proprietorship” business model and think globally

The black business community must focus on the emergence of new technologies; for example, the green movement, which incorporates it dynamics into a multifaceted range of industries. From real estate, housing developments, auto, domestic products, and just about anything that can be seen as improving ones carbon footprint. A prime example of the opportunities available in the green economy:

• 500% Two year climb in the square footage of U.S. office and commercial space registered or certified under the LEED green building standards, 2005– 2007.
• $125 million Amount the Green Jobs Act of 2007 pledges toward green-collar job training opportunities.
• 39% Expansion of the market for clean-energy technology in 2006 versus 2005—expected to quadruple to more than $226.5 billion within a decade.
• $14.5 billion Investment by governments, corporations, and venture capitalists in clean technology in 2006, an increase of 13% over the previous year.
• 1000% Increase in registrations of new hybrid vehicles between 2003 and 2007.
• $37 billion Annual payroll of the recycling industry, which employs more than 1.1 million people in more than 56,000 reuse and recycling establishments.

Source Notes: State of Green Business 2008 by Joel Makower; Recycling Investment Saves Energy Act of 2006, Clean Energy Trends 2007 by Clean Edge, Per Black Enterprise Magazine.

Nonya Collier, an Academy Fellow with the Greenlining Institute produced an issue brief in July of 2006 entitled “The Green Solutions for People of Color: How the Advent of Green Business Can Bring Together Two Movements”. In this brief, the issue of the current divide between the environmental groups and civil rights advocates is discussed as well as speaking to the needs of unionization between the two groups. Together there is a strong viable opportunity to educate those communities while creating an auspicious venture. This is a primary example of a case where the need for minority business firms to seize growing opportunities while setting the tone has yet to be realized.

Entrepreneurs are finding creative and distinctive ways to establish procedures and policies that inevitably benefit their cause. Diversification and innovation will require risk, and black entrepreneurs must mold there ideals into the mainstream markets in order to survive the rapidly, ever changing global economy.

Emending the Black Agendum

It is mission critical that government and corporations begin to realize the value in opening the doors to Black and other underserved minority communities. Research and studies from the SBA, MBDA, Milken Institute, Federal Reserve, NUL, Greenlining Institute, and numerous other government agencies and advocacy groups all speak to the need to stimulate the underserved domestic economy. By fostering an increase in capital investments to struggling communities at higher rates, those underserved markets germinate a culture of effective productivity and self-sufficiency, thus expanding the economic vitality of the U.S. market.

By creating large African American companies that procure revenues of $100 million or more, sustainable business formation materializes. Only large, functional enterprises can induce job creation and wealth, which is needed to optimize the economic conditions in low to moderate income communities like that of the African American community. In order to eradicate the economic gap, black entrepreneurs will require the participation and inclusion of corporate networks and government policy, while espousing a mindset that embodies these five fundamentals:

1. They must conspire strategically to develop large businesses in growth industries.

1. They must utilize innovative methods that embrace funding the growth of black businesses.

1. They must diversify their strategies, networks, and opportunities.

1. The mindset of the black entrepreneur and the corporate executive must evolve into a more progressive approach that transcends the socioeconomic ceiling created by previous generations.

1. They must realize the value in domestic investments that produce growth in underserved, yet emerging domestic markets.

African Americans have to think on a global level understanding that the concept of “sole proprietorship” is no longer a viable methodology to creating sustainability in the market place. These entrepreneurs have to recognize that being the “CEO” is just a figment of the intricate functionality of the corporate structure. The new vision of the black owned firm must be one that looks to formulate innovative strategies that require the recruitment of seasoned managerial talent, something black owned firms tend to lack. Building teams that add value will attract venture capital, traditional funding, and other sources of capital allocation. A mature approach is needed in order for progressive development to continue upwards. Reaching a level of growth that matches that of majority owned firms will also require the understanding and embracing of equity financing. Equity financing is a viable funding solution for black and minority owned businesses. These minority entrepreneurs have to realize that in order to take their business to the next level they will be required to let go of some ownership.

Giving up a percentage of ownership is common in mainstream business practices; letting investors assist in steering the direction in which your model is going goes back to seasoned management. There is no such thing as something for nothing. In any form of business there are risks involved. Offering a piece of the business in exchange for equity opens the doors to expansion and growth. By doing so black business owners can gain access to the needed resources to be competitive in a global economy. Once these entrepreneurs take a progressive stance to seeking capital by showing proof of due diligence (i.e. balance sheets, profit and loss statements) and providing additional data, the ability to attract private equity opportunities for advanced growth will flourish.

Corporate America Must Foster the Emergence of Black Business Formation

Black businesses have continued to contribute to the U.S. economy. Much of their success is do to suppliers side diversity programs, that being said corporate leadership must continue to assist in solutions that foster growth and not just growth in general but growth in size and production volume. This will require not only a change in the small business owner, but a metamorphic process by the corporate executive. Executives or gate keepers to these programs only enact counterproductive results to the intentions of the programs purpose. Not to mention the need for educated executives that are well versed in the fundamental of business – procurement, business strategy, operations, finance, technology, and understanding the value of minority economic development.

Corporations must advance to create energetic alliances with black and other minority owned-businesses to increase collaboration. Minority owners will need to be assisted with innovating solutions that benefit all parties involved. Just as black business owners are advised, corporations will have to diversify their programs to reach the multi-rich opportunities offered by the emerging domestic markets. By capturing shares of the emerging domestic markets corporate America opens itself to creating a parallel relationship with its consumer base.

Effective collaboration with minority operations will assist in the formation of brand affinity, that which all corporate entities desire. Its this intangible quality that board rooms must seek when procuring qualified management in order to enhance the overall bottom line.

The Crossroads

In the deployment of an innovative scheme two critical elements must correspond in concert with one another; advocacy and government. Advocacy groups remain the backbone of the communities in which they service. Drawing attention to the unjust, unnoticed, and underserved conditions in which their constituents reside. Advocacy groups must continue to provide grassroots operations, however they need to begin to emphasize the importance of education. Under the circumstances of this report education predominately defines the financial counter piece to the initial equation – making sure those who reside in underserved communities understand why they face the conditions they do and how to overcome them. In conjunction to this process advocates of the underserved must aggressively continue relations with policy makers at the local, state, and federal level. By pushing their agenda with the support of those constituents they serve solvent solutions can be procured.

Under the current conditions of the U.S. economy, government can no longer afford to be complacent in relation to maintaining its’ committed obligations to business development. We have seen an era of broken commitments; an under funded SBA, MBDA, and similar government programs coupled with what appears to be a lack of concern for the health of the domestic economy. Government must reenergize opportunities available to minority business development, it must see the domestic market as the key to revitalizing the dollar. Agencies at the local, state, and federal level must engross itself in policy that optimizes and facilitates the increase of joint initiatives between the public and private sectors. The public sector too must have facilitation in the construction of an infrastructure that is needed to support emerging domestic markets globally. Incorporation of trade and increase participation of international markets can build global capabilities that open capital markets to the minority community.

For these items to be realized it will take the collaboration of the minority business community, grassroots advocacy groups, government agencies and the policy makers behind them. Essentially, it must be conveyed that economic development in underserved areas and the economic sustainability of this country are inextricably linked.

Summation

In conclusion the state of black economics can be viewed in only one way – as a glass half full. Despite proven obstacles both domestic and foreign, the African American community continues to forge it’s way through. As we approach the next few years it is crucial to the black entrepreneurs to take an aggressive grassroots approach to actively improving their outlook. The opportunity for increased access to capital will be contingent on whether small black businesses can harness the tools needed to build sustainability. They must look to incorporate diversification into their business models by looking to new industries or non-traditional opportunities while taking advantage of new financial technologies to assist in upward mobility.

The Black community must become financially literate to understand the obstacles it faces as a business, consumer and general participant in the U.S. economy. The black communities dollar hold value and understanding how to leverage that value will only ensure they do not see the predatory financial markets taking advantage of them again. The numbers indicated that black, Latinos, and women are the primary victims of predatory practices. By embracing advocate programs the community can better understand how its’ dollars can demand equal opportunity. Based on the findings of many reports and studies on the economic plight African Americans face the key denominator is financial literacy or lack there of; the formula: financial fitness + access to capital = business formation = job creation + homeownership = wealth, must continue as the mantra of the black community and the organizations established to protect, educate, and assist them in reaching the goal of true self-sufficiency.



Comments

[Julie Parker]

Is the BEC working to improve technology and specifically the utilization of social networking with sites like Facebook, Twitter, LinkedIn, MySpace, YouTube and youareaceo. to teach the positive aspects of word of mouth marketing, viral marketing and similar technologies that embrace the Internet as a marketing and advertising platform? Is the BEC going to have online courses for busy entrepreneurs who may not be able to leave the office to attend a workshop?