As America arrives at another diversity, equity, and inclusion (DEI) flash point, leading Black power brokers in corporate America offered their perspective and leadership advice to Yahoo Finance.
Their lessons for accumulating wealth, building businesses, growing careers, and making sound investment decisions were originally shared on Wealth (11 a.m.-12 p.m. ET weekdays) and/or over email (formatted for clarity in some cases) throughout February.
Carla Vernon speaks onstage at the AfroTech Conference 2024 at George R. Brown Convention Center on Nov. 15, 2024, in Houston, Texas. (Marcus Ingram/Getty Images for AfroTech) ·Marcus Ingram via Getty Images
“Listen, my message to all of my employees and everyone right now is do a personal inventory,” Vernon said on Wealth. “Make sure every day you are making space for gratitude, for joy, and for rest, because that will serve you in these times and in any times.”
Vernon emailed a few more tips:
“Believe in yourself even more than whatever you hear around you. Believe more than your greatest cheerleader and definitely more than the people who say, ‘Not now’ or ‘You are not ready.'”
“A favorite mantra of mine is written on a sign on my desk: ‘Don’t Look Back. You’re Not Going That Way'”
“Gratitude and joy are the most powerful remedies when things get tough. In your tough moments, tap into that part of your spirit that holds the gratitude and the joy.”
Sean Tresvant (M), Mario Garcia and guest attend Fast Company’s Most Innovative Companies Summit & Gala 2024 at Javits Center on May 16, 2024 in New York City. (Photo by Eugene Gologursky/Getty Images for Fast Company) ·Eugene Gologursky via Getty Images
“You don’t have to be a black belt in everything: Leadership isn’t about being the best at everything; it’s about recognizing that you can’t do it all.”
“It’s hard to make a Crunchwrap… but keep at it: My first attempt at the elusive Crunchwrap fold during my restaurant training was far from perfect. But with time, practice, and the courage to ask for help, I got better. The same is true for any skill — in business or in life. Growth doesn’t happen overnight, and success isn’t instant.”
“Service with a sonrisa (smile): Leadership isn’t about standing on the sidelines — it’s about showing up, setting the tone, and leading by example. When you bring your best self, your team feels it and follows suit. Sometimes, it’s the smallest gestures, even a smile, that make the biggest impact.”
Debra Lee speaks onstage at A Conversation With Debra Lee at The GRAMMY Museum on March 13, 2023 in Los Angeles, California. (Photo by Rebecca Sapp/Getty Images for The Recording Academy) ·Rebecca Sapp via Getty Images
“I firmly believe that you should be comfortable where you work and your values should align with your company’s values,” Lee said on Wealth. “I have been very fortunate to have a long career at BET, but also to serve on many different corporate boards. And you know, they’re all doing some soul searching right now and saying: Where do we go from here? And I’m happy to say most of the companies I know and are affiliated with have said: We believe in our values, and we’re going to stick to our values … no matter what the political winds of the year or these years are. … And I would encourage executives to ask their CEOs to ask their board members what they believe in.”
The Conference Board chief economist Dana Peterson. (screenshot/Yahoo Finance)
“The one thing is that great leaders have to be innovative and visionary,” Peterson said on Wealth. “But they also have to be willing to roll up their sleeves and jump into the deep end and into the trenches with the folks that they’re leading.”
Peterson added:
“Leaders must combine EQ with IQ. Yes, leaders are brilliant, but they don’t know everything. So certainly you have to do more listening than talking sometimes and taking the perspectives of many different voices. And so once you have that data plus different perspectives that may not line up with what you think, you can make much better decisions.”
“And finally, it’s important for leaders to give back. You never know who you might inspire through your teaching, your mentorship, and also your sponsorship. And certainly none of us have gotten to where we are by ourselves, so it’s important that we reach back and help others.”
Wemimo Abbey speaks during the 2023 Forbes 30 Under 30 Summit at Cleveland Public Auditorium on October 09, 2023 in Cleveland, Ohio. (Photo by Taylor Hill/Getty Images) ·Taylor Hill via Getty Images
“Resilience and Perseverance: I’ve learned that resilience is everything. When 326 investors told me no, I didn’t see it as a stop sign — I saw it as a challenge to refine my vision and keep moving forward. Each rejection was an opportunity to adapt and improve. If you hold onto your purpose and keep pushing, the sun will rise again.”
“Turning Adversity into Opportunity: My journey started with personal struggles — coming to America without a credit score and facing predatory lending. Those experiences shaped me and drove me to create Esusu. I realized that if I could turn my hardships into a solution that helps others, I could give people a fighting chance to build better lives.”
“Purpose-Driven Leadership: I believe in justice capitalism — doing well while doing good. At Esusu, we’ve built a model that’s not just about profit but about addressing the systemic barriers that hold people back. This isn’t just business for me; it’s a mission to bridge the racial wealth gap and create a fairer system for everyone.”
Farmer John W. Boyd Jr. (Photo by Scott J. Ferrell/Congressional Quarterly/Getty Images) ·Scott J. Ferrell via Getty Images
“To build wealth, you need land and we also need more interest from younger African Americans to look at farming and agribusiness, to study at these major universities, and farming and agribusiness, and to come out and start small,” Boyd told Yahoo Finance after a discussion about tariffs. “We’re not looking for producers to be full-time, you know, three-commodity farmers like I am, but they can start on a much smaller scale, and we’re going to need those farmers in the coming years to offset what’s going on around the world.”
Founder and CEO of Blavity Inc. Morgan DeBaun attends AfroTech Conference 2024 on Nov. 13, 2024, in Houston, Texas. (Robin L Marshall/Getty Images for AfroTech) ·Robin L Marshall via Getty Images
Blavity, Inc. CEO Morgan DeBaun
Focus on building valuable business assets: “I think a lot of people focus on income. They focus on that top-line revenue,” DeBaun said on Wealth, adding, “I think what’s more important is to focus on building assets, to focus on what is the true value that you’re building. How are you taking the income or the revenue that your business is creating and making sure that it’s institutionalized through assets and ownership.”
Scale the business while retaining majority ownership: “Whether you are an employee and you’re getting stock in the company that you’re working at, or you are a first-time entrepreneur trying to scale your business, making sure that you own the business that you’re scaling is really important,” DeBaun added. “Because more often than not, I see founders going through rounds of funding, and then they wind up with a very small ownership stake and not much power or control in their own company.”
Path CEO Chris Gray ·Provided by Path to Yahoo Finance
Path CEO Chris Gray
Create apps that make an impact: “I think AI has given a lot of being able to deploy a lot of products at scale for a much lower cost, so it’s lowering the cost … to start a company,” Gray said on Wealth. “I think the amount of money that I’ve used to start Path with is infinitely less than what I had to start Scholly.”
Gray added:
“Entrepreneurs [should be] able to build a team that’s keeping an eye on [political changes and technological advancements] and being able to adapt and be resilient and make sure that you’re lowering your cost, being profitable, making sure that you’re not over-hiring for a role that you may not even need tomorrow.”
“Communicate with teammates that ‘You have a long-term role here, and you can be a part of this team and be a part of this new era where we can be more profitable, be more efficient, and still build a big company.'”
Charlamagne tha God (L) and John Hope Bryant speak onstage during the 2023 HOPE Global Forum at Hyatt Regency Atlanta on Dec. 11, 2023, in Atlanta, Georgia. (Derek White/Getty Images) ·Derek White via Getty Images
Operation HOPE founder and CEO John Hope Bryant
Don’t get fancy when starting a portfolio: “Buy fundamentals, buy the basics, buy the framework, the thing that is the architecture for the biggest economy in the world,” Bryant said on Wealth. “Don’t get fancy. There are three things that have never reversed in American history: real estate values, stock market values, [US] GDP. It’s never gone down. It goes up. There’s a recession. It recedes and corrects above the line. So financial literacy tells you: Buy it, hold it, buy fundamentals.”
Ralph Sampson speaks with his son behind him during the Basketball Hall of Fame Enshrinement Ceremony at Symphony Hall on Sept. 7, 2012, in Springfield, Massachusetts. (Jim Rogash/Getty Images) ·Jim Rogash via Getty Images
NBA hall of famer Ralph Sampson
“I have a seven-step strategy where between the first step and the seventh step, I should have a business deal done by then — and it took me a while to build that,” Sampson said on Wealth. “But that’s the way I operate and that’s the way I’ve been successful thus far.”
