Earl “Butch” Graves Jr. Provides 5 Powerful Steps for Business Survival during a Recession
 photo by Steed Media Service
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Black Enterprise recently teamed up with Jaguar and Grey Goose to host a private mixer at Noir Lounge in Atlanta. Entitled ICONS, the mixer featured some of the nation’s elite minds in the field of business. As the attendees enjoyed drinks, live music, and hors d’oeuvres, the economic downturn seemed to be an attention-grabbing topic of discussion. Earl “Butch” Graves Jr., who serves as the CEO of Black Enterprisemagazine, spoke with rolling out and offered powerful tips for business owners who are looking to survive the recession. –amir shaw
What is the first step that business owners should take to secure themselves during the economic downturn?
The most important thing is to reach out to the people who are your best clients. You need to meet with them and secure your business to the best degree that you can. And you must also be prepared to take a haircut the same way that they are.
What are some things that your publication is doing to remain ahead?
What I’ve tried to do with Black Enterprise is to keep our expenses low. We want to make sure that we are spending on the essentials that can move our business forward. At the same time, we talk with our clients and understand their goals and the pains that they’re going through.
What advice do you give to individuals looking to start a business at this time?
It’s a tough time to start a business, but it doesn’t mean that it can’t be done. But if you’re going to start a business, you need to start on the things that are essential to your clients. Not what you want to do, but what is a needed in the marketplace.
Are there certain areas that are better to invest in when it comes to starting a business?
Oftentimes, we follow our passion but our passion doesn’t meet a need. I would look for areas that I know there was a need and deliver to clients the thing that they can’t get anywhere else. But keep your eyes towards the future until things get better.
What has been the biggest change in business in the last 10 years?
The biggest change in the business world is technology. Technology has played a large part for blacks in business. We’re a mobile economy now. If you don’t adapt your business to incorporate technology, you will struggle.
Earl “Butch” Graves Jr. also offered three books that every entrepreneur should read:
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Black Enterprise Guide to Start Your Own Business by Wendy Beech |
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How To Succeed in Business Without Being White by Earl G. Graves |
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The Millionaire Next Door by Thomas J. Stanley |
