No dictators and a third of the wealthiest Africans are from South Africa. Quite a few black faces in the mix too including a $10B Nigerian–that’s billion with a B. Don’t sleep on Africa.

Read more about Africa’s Richest.

Related articles

• Nigerian tops African rich list (bbc.co.uk)
• Forbes unveils Africa’s richest people (cnn.com)

Our friends at The Root have reported that Tom Joyner has decided to market his own pre-paid credit card for consumers who may not qualify for traditional credit cards. Many of you may be aware that Russell Simmons has also been a long-time promoter of his own branded pre-paid card, the RushCard. Though both Simmons and Joyner indicate that their fees are not excessive, consumers who decide to apply for pre-paid cards should be aware that these cards are not always accepted for some rental reservations and may not include insurance for many purchases. In many cases, you may be required to tie up additional funds on your card by way of deposits that may take several days to release thus not allowing you access to your complete balance. Joyner’s Reach card is estimated to cost $120 in annual fees.

Hustletown readers, are pre-paid credit cards a good way for people who don’t have or want traditional credit cards to navigate the consumer system or are they additional ways of making money from those of us who are least able to save money and become financially stable?

Related articles

• Radio host Tom Joyner backing a new prepaid card (seattletimes.nwsource.com)
• Tom Joyner Joins Prepaid Card Business (theroot.com)
• A look at Russell Simmons’ prepaid RushCard (seattletimes.nwsource.com)

1.  Crowdfunding

This concept involves gathering a large donation pool for your start-up through small donations from individuals. Check out Kickstarter, who popularized the idea for artist projects. Deciding how to thank individual donors–through products, special access or thank-you’s–is a key to making this approach work.

2.  Microlending

Many entrepreneurs require start-up funding assistance, but nowhere near the $50,000 threshold expected at the average bank.  Not-for-profit Accion starts micro-loans at $500, with most averaging just over $5,000. Search out more microlending programs at the Association for Enterprise Opportunity.

3.  Credit Unions

Terms are usually better than at your traditional bank–consider becoming a member in order to borrow, especially if you are still improving a weak personal credit score.

4.  Bootstrapping

This is hustling in its most basic form–using your personal savings, leaning on friends and family or negotiating star-up supplies from vendors willing to front for delayed payment. While passing on the loan may be an enormous weight off your fledgling business, be sure to test your start-up product or service for success before investing too heavily in it.

5.  The Slow Money Movement

The goal of this innovative idea is “a million Americans investing 1% of their assets in local food systems within a decade.” Slow money advocates profess helping local entrepreneurs who are committed to local food use and sustainable agriculture by funding their start-ups on a deal by deal basis.

Check out the full story from Entrepreneur.

New Year’s resolutions

1.  Establish personal financial goals.

Your outlook on the year will vary depending on several factors, such as your age or expertise in business. Take some time to plan where you want to be in life–preferably start with the next three to five years–and strategize how your company will align with that plan.

2.  Create a budget.

Budgets are essential to a company’s well being, but few entrepreneurs invest the time in creating one. Consider your cash and credit needs, as well as any seasonal changes you may need to adjust for in the upcoming year.

3.  Discuss priorities with employees.

Your employees can draw energy and understand how best to fulfill their roles in the company if clear expectations are communicated with them. A more formal process can be more effective if your company is larger.

4.  Negotiate fixed costs.

As our economy recovers, vendors and leasers will likely begin to raise prices. Beat them to the punch by negotiating agreements to lock in your current price.

5.  Reconsider delayed expansions.

There is a possibility that lending will pick up once more in 2011, so if your business is performing well this may be the year to secure capital for growth.

Read the full Entrepreneur article for even more insight, and always hustle hard!

Sierra’s formula is pretty simple. She sat down with her husband to determine a monthly dollar amount for their fixed expenses, such as car payments, utility bills, and so forth. That amount is deposited each month to their high interest bank account, where it sits untouched until the automatic payments remove it.  This provides a safety net, and allows her to focus less on due dates week in and week out.

The remainder of her income remains in a separate account. She can spend freely from it, knowing that her major bills are already secured. Sometimes the beauty of an idea is in how it changes the way we look at something, and this may be that critical tool to simplify your weekly finances.

Hustletown readers: Check out the entire  post, and let us know your thoughts. If you already use something similar to Sierra’s plan, feel free to share!

SCORE

The new eGuide, “Growing and Maintaining a Healthy Business Credit Score,” is now available for download under the “Financing Your Business” section at www.score.org. The eGuide is designed to educate business owners on the basics of their credit profile, as well as provide tips and resources about how business owners can effectively manage their credit.

“Making sure that your small business has a solid credit report is as important as maintaining a positive credit history in your personal life,” said Allen Anderson, president, Experian’s Business Information Services. “In fact, when creditors are reviewing the creditworthiness of a small business, having a solid business credit history becomes critical to that business’ success.”

Hustletown readers: Score.org offers many more tools and resources, it is definitely worth checking out! Read the full release for the eGuide here.

The New York Times

None of these options are entirely full proof from hackers, malware and phishing sites. Credit cards still garner a top recommendation because of the laws protecting against fraudulent charges:

“The strongest protections are when you pay by credit card,” says Carole Reynolds, a senior lawyer at the Federal Trade Commission. Under the Truth in Lending Act, consumers’ maximum liability for unauthorized use of their credit card is only $50, and when a card is used online, it’s zero.

Visit here for the rest of the article.

ExpertFlyer.com,

“ExpertFlyer’s new Market Affiliate Program is a great way for organizations in the travel industry to earn additional income while offering their customers access to a unique tool for business travelers and frequent flyers,” says Chris Lopinto, president and co-founder of ExpertFlyer.

Organizations interested in the program and learning how they can become a market affiliate should visit http://www.expertflyer.com/affiliate.

Hustletown readers: Do you use Market Affiliate Programs to generate an additional income stream? We would like to hear your feedback on what has proven successful for you. Sound off in our comments section!

In the Chicago area, the number of African-American businesses grew by 67 percent from 1997 to 2002, the latest year for which census data is available, while revenue growth lagged at 17 percent.

“There is a glut of new entrepreneurs out there all vying for the same opportunities and what little financing is available,” said Dave Thomas, executive director of the Chicago Minority Business Opportunity Center.

Research suggests blacks are 50 percent more likely to try to start a business than whites, yet they face an uphill battle in finding the capital and connections to make their companies successful, said Daryl Williams, director of research and policy for minority entrepreneurship at the Kauffman Foundation in Kansas City, Mo.

The Tribune examines additional challenges such as low employee rates, qualifying for loans from traditional lenders, and establishing solid business partner and mentorships. Link here to read the article in its entirety.

Hustletown readers: Does your experience as an entrepreneur mirror the Tribune story? Leave us your feedback in the comments section below!