Are Basic Business Principles Dead? (An Entrepreneurial Tribute to Black History month)

As we wave goodbye to Black History month and welcome women history month, I wanted to take a moment to reflect upon the footprints that African American entrepreneurs and inventors have left. The "wheels" of business is not and should not be re-invented. Regardless of your age or background, the roads that past entrepreneurs have paved are indicators of future successes for current and future entrepreneurs.

So, the answer to the question is no! Basic business principles are alive, more alive than they've ever been. If you're still unsure, study the businesses that managed to stay alive during the famous dot.com crash. They followed basic business principles and established lasting business models. Don't re-invent the wheel, just re-create it.

The story of African American entrepreneur Garrett Augustus Morgan for example, is a great one to study. The son of former slaves and a pioneer inventor, he became very famous for inventing the gas mask and three way traffic lights.

How did he do it? Morgan followed some basic business start-up principles that were important then, and still are important now:

• He learned his craft. Born to former slaves and uneducated parents, Morgan left his home at age 14 with only an elementary school education. He settled right here in my home state of Ohio (Ohio has raised its share of entrepreneurs and inventors; like the Wright Brothers). He worked for a few companies and taught himself to repair sewing machines. Then he opened his own company to sell and repair sewing machines.
• He protected his inventions. Morgan obtained a patent for most of his inventions. For instance, his most successful invention was the modern day gas mask or "breathing device" as stated on his patent application. The patent was extended to him in 1914 and had a hood with an inlet for fresh air and an outlet for exhaled air.
• He found his target audience through product testing. In 1916, the explosion at Cleveland Waterworks helped garner publicity for Morgan's products. The whole area was filled with fumes and smoke, trapping workers in a tunnel under Lake Erie. Morgan used his Breathing Device, went into the tunnel and carried workers out on his back, saving a number of men from an underground death. Soon, fire and police departments were demanding his product.
• He sought scalability. Morgan established a company to manufacture and sell the Breathing Device in response to numerous orders from fire and police departments and mining industries.
• He discovered a need. Also the founder of the three-way traffic light, Morgan got the idea for this invention after he witnessed a carriage accident at a four-way street crossing.

Takeaway lesson; study the history of the pioneers in your industry, they will help you think more efficiently.


Goodbye Black History month...until next year!



If you need an accountability partner for your business startup, contact Cheryl Isaac, Start-up Business Planner & Owner of Isaac Business Services, The Business Startup Company. She is also the creator of The 12MonthBizPlan.com; an online business planning center where business owners can work one-on-one with a personal advisor to launch a business in 12 months.