Changing the Face of Entrepreneurship for Over 30 Years

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Cover Story
Global Ex
Chicago MSDC
Real Talk

Hoyt Hsiao joined his father’s general contracting business, Shaw-Lundquist Associates Inc. in 1987, looking to make a difference but never considering that someday he’d take his father’s place and oversee the entire operation. Almost three decades later, not only is he the company president and CEO, but he has also steered his father’s company through one of the most brutal recessions in U.S. history and propelled it into a multimillion-dollar business—one of the 20 largest general contracting firms in Minneapolis/St. Paul and one of the largest Asian-owned contractors in the United States.

In contrast to Hsiao’s entrepreneurship path of following in his father’s footsteps, Kevin Narcomey didn’t have those same opportunities growing up as a member of the Seminole Nation of Oklahoma. However, he is charting his own course as founder and CEO of Osceola Consulting , a leading management consulting and information technology services focused on the energy and utilities industry.

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Q: While many of our MBE magazine readers are selling internationally, many others have yet to look into exporting. What advice would you give these firms?

Griffin: First of all, it’s important to note that more than 95 percent of the world’s potential consumers live outside the United States. If a U.S. company is only selling their products or services domestically, it’s like leaving money on the table. In my travels across the United States as Deputy Assistant Secretary, I’ve visited many successful exporters who can attest to the value of exporting, not only in boosting the bottom line, but also in making their firms more competitive. Several of these business persons and entrepreneurs have also noted the importance of exporting in diversifying sales and taking advantage of opportunities in the global economy. In the last few years, our offices have seen an upward trend in the number of worldly and business savvy entrepreneurs who are preparing their firms to go global.

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Chicago in the 60’s, specifically 1968, was in what many termed, civil and economic mayhem. The Rev. Dr. Martin Luther King, Jr. had been killed in April, and the ensuing riots decimated much of the city’s Austin neighborhood, leaving 11 dead and many more injured and arrested. Efforts to end housing discrimination, that began just two years before, were just beginning to take hold. The 1968 Democratic Convention devolved into what became known as the “Battle of Michigan Avenue,” mainly due to opposition to the Vietnam War.

That year, in the midst of the turmoil, a group of corporate and community leaders, took a stand to mend their city, and created Chicago Business Opportunity Day, a trade fair focused on economic empowerment of minority business enterprises. In 1969, the event evolved into the two-day Chicago Business Opportunity Fair (CBOF), which led to the formation of the Chicago Minority Supplier Development Council (MSDC). Today the CBOF remains the signature event of the MSDC network, and in 2017 they will host the 50th Annual Business Opportunity Fair on April 20-21.

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The lodging industry is ripe with business opportunities representing a multi-billion dollar industry in the U.S. and abroad. Household names like Marriott, Starwood, Hilton, Hyatt, MGM, Choice, and Wyndham to name a few are expanding, introducing new concepts, engaging in mergers and acquisitions, and reshaping revenue models from corporate-owned properties to enlisting licensing, joint ventures, and franchise models. New and innovative companies like AirBnB have created instant lodging alternatives and are chiseling away at local hotel market share in major cities around the globe.

Hotel companies have shifted from delivering ideal consumer “stays” to “experiences.” Earning guest approval or better yet, loyalty, may arguably be one of the most challenging achievements to sustain in the hospitality business. A hotel ecosystem is not limited to workforce, supply chain, and operations anymore. It encompasses more strategic partnerships with developers, entrepreneurs, investors, and curators of guest experiences. This represents abundant opportunities for minority business enterprises.

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Publisher's Page

It is with pleasure that I welcome another guest editorialist to this page. Dr. Fred McKinney has been a great friend to the minority business community over the years and is the managing director, MBE Programs, Tuck School of Business . Cheers!

And I am reminded of all those folks who had to count bubbles in a bar of soap, beaten trying to register voters in Mississippi, risked everything so that they could pull that lever. So if I hear anybody saying their vote does not matter, that it doesn’t matter who we elect—read up on your history. It matters. We’ve got to get people to vote.— President Barack Obama at the Congressional Black Caucus Dinner, September 18, 2016 (https://www.whitehouse.gov/the-press-office/2016/09/18/remarks-president-congressional-black-caucus-foundation-46th-annual)

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Departments

In Brief

The U.S. Small Business Administration (SBA) recently announced seven awardees of $700,000 in new grant funding for continued projects to promote the development, success, and long-term survival of Native American firms eligible for assistance under the SBAs 7(j) Management and Technical Assistance Program.

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Alliances

Urban Lending Solutions (ULS), a leading national provider of outsourced financial services, has announced that Fifth Third Bank has engaged in a supplier partner relationship with Urban Lending Solutions Appraisals (ULSA), a subsidiary of ULS. The bank signed an agreement for appraisal management services to support enhanced services for its customers.

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People/Places

TheNational Association of Educational Procurement (NAEP) held its biennial Supplier Diver­sity Institute in Kansas City, Missouri, in August.

The theme of the institute was Educate, Empower, Sustain and featured a keynote address by Interim President Michael Middleton of the University of Missouri System and Brian Burnett, chief financial officer, University of Missouri System.

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Conference Round Up

Women’s Business Enterprise National Council (WBENC)

The largest and most prestigious conference of its kind for women business owners in the U.S., the Women’s Business Enterprise National Conference and Business Fair (NCBF) convened in Orlando, Florida, in June with a kickoff luncheon at the Hyatt Regency Orlando, and concluded with a Tribute! Dinner.

Joining forces and succeeding together under the banner “Creating Magic Together,” WBEs, senior executives and procurement representatives from the Fortune 500 and the U.S. Government, and select partner organizations are expanding women’s business opportunities in the marketplace.

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