Most 6-year-olds have not begun to dream of entrepreneurship. Most 14-year-olds

Question

Most 6-year-olds have not begun to dream of entrepreneurship. Most 14-year-olds only dream about being millionaires. Most 21-year-olds are in the early stages of their work lives or in col- lege. None of this was true for Dr. Farrah Gray. At age 6, young Farrah (who was born in 1984) was selling products door-to-door from his home on the South Side of Chicago, one of the toughest areas of the city. He was a self-made millionaire by age 14. He received an honorary doctorate at the age of 21. Gray is a master of promotion, inspiration, and entrepreneurship. He achieved more before the age of 29 than most people do in their entire lives. The National Urban League named him one of the most influential black men in America. He has been a syndicated columnist, writing for the National Newspaper Publishers Associa- tion, reaching 15 million readers in 200 weekly newspapers. He serves as an AOL money coach and has been featured on the Dream Team of Financial Experts in O, The Oprah Magazine. He is a professional speaker on topics that include financial management, creativity, personal devel- opment, and leadership. He has been many times in print and on broadcast media. Dr. Gray has created numerous business ventures, fulfilling his dream of becoming a 21st-century CEO. These include a mail-box franchise, prepaid phone cards, an interactive teen talk show, and Farr-Out Foods. As a 12-year- old, he was the inspirational cohost of Las Vegas- based Backstage Live, which was simulcast to 12 million people weekly. He is the author of three books—Reallionaire: Nine Steps to Becom- ing Rich from the Inside Out; Get Real, Get Rich: Conquer the 7 Myths Blocking You from Success; and The Truth Shall Make You Rich—and is the CEO of Farrah Gray Publishing. Most recently he partnered with rapper Flavor Flav in creating Flavor Flav’s House of Flavor Take Out Restau- rant in Las Vegas. While enjoying this spectacular success, Dr. Gray’s commitment to philanthropy also emerged early and continues to flourish. When he was 8, he cofounded the Urban Neighborhood Enterprise Economic Club (U.N.E.E.C.) on Chicago’s South Side. He later created New Early Entrepreneur Wonders (NEEW) Student Ven- ture Fund to engage and encourage at-risk young people to find legal sources of entrepreneurial income. This was followed by the establishment of the Farrah Gray Foundation, which supports scholarships for students at historically black colleges and universities (HBCUs) and promotes youth entrepreneurship. He is a spokesman for the National Marrow Donor Program and the National Coalition for the Homeless. Dr. Farrah Gray is an extraordinary ex- ample of a successful young entrepreneur and philanthropist.

Questions

5-24. Farrah Gray is a master of integrated promotion. List the promotional methods he has used and why he may have selected each.

5-25. What is the most interesting part of his story for you? Why?

5-26. The Farrah Gray Foundation serves as a vital part of Gray’s activities. Explain how it is important. 193

5-27. If you were going to meet with Farrah Gray, what would you want to discuss and why?

Explanation / Answer

·         5-24. Farrah Gray is a master of integrated promotion. List the promotional methods he has used and why he may have selected each.

“The National Urban League named him one of the most influential black men in America. He has been a syndicated columnist, writing for the National Newspaper Publishers Association, reaching 15 million readers in 200 weekly newspapers. He serves as an AOL money coach and has been featured on the Dream Team of Financial Experts in O, The Oprah Magazine. He is a professional speaker on topics that include financial management, creativity, personal development, and leadership. He has been many times in print and on broadcast media.” I believe he selected these methods to reach out to every single person. He chose an abundance of diverse promotion methods to reach people off all types, with any goal of being successful.

·         5-25. What is the most interesting part of his story for you? Why?

The most interesting part of his story for me would be his desire to be a millionaire since the age of 6, but not only his desire, his hard work to get there. I could not even imagine my 6 year old brother getting off his butt to sell fundraiser things for school, let alone create his own business and actually profit from it. At the age of 6 is when his career took off, and that amazes me.

·         5-26. The Farrah Gray Foundation serves as a vital part of Gray’s activities. Explain how it is important.

It supports scholarships for students at historically black colleges and universities as well as promoting youth entrepreneurship

·         5-27. If you were going to meet with Farrah Gray, what would you want to discuss and why?

I would want to discuss where his drive came from. Of course everyone wants to be a millionaire, or at least successful, but no one else created products to sell door-to-door at the age of 6, or become the youngest millionaire (or one of them). So I’d want to know where it all started, what interested in him into becoming an entrepreneur, and what kept him motivated to keep pushing. He's definitely a role model.

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