Reverend Julius Walls Discusses the Power of Business

Reverend Julius Walls visited the college to speak about starting and running a profitable, socially minded business on Nov. 22. Walls discussed the notion that it is not impossible to both do something good for the community and do well in personal finances.

“You don’t have to make a choice between what you’re going to do and how well you’re going to do,” he said.

Walls said that there are several paradoxes in doing business. “When you’re looking for new members to a team, you must keep in mind do-gooders versus good doers,” said Walls.

Good doers, Walls said, have the experience and skill to get a job done, while do-gooders are merely people with good intentions.

Growth versus focus is another paradox, which prospective business owners may need to keep in mind. According to Walls, it is good to test the waters with market sometimes. Growing a business is just as good as keeping one focused, but in excess it can cause a company to crumble.’

“Sweat equity is the result of hard work and sacrifice, while blood equity is a step too far,” said Walls. Blood equity is taking sacrifice further than one can safely take it.

According to Walls, putting blood equity into your business may keep it afloat but it may also shave years off of your life and drain your own finances.

Walls said, “If you learn to manage your money in tough times, you’ll take extraordinary skills away from the experience.”

Walls worked at the Greyston Bakery for four years, after which he became its Vice President. The Greyston Bakery, a for-profit company owned by the Greyston Foundation, a not-for-profit company, opened a factory in Yonkers, New York, in 2004.

The company employs individuals who are commonly referred to as “hard to employ” in the Southwest Yonkers area, as part of their Workforce Development program. Examples of “hard to employ” people are those just returning to the community from prison and those just entering the job market.

The company has an affordable housing program in the community and they have successfully developed $48,597,735 of real estate projects in Westchester County, while another $25,000,000 of projects are underway.

Walls said that we are not just living in tough times, but we are really living in extraordinary times. “Work with allies in your industries. If you want to make a cereal company, for example, find a company that will use your product in a recipe and find someone to supply you with flour,” he said.

“Don’t stop marketing,” said Walls. “Often, when a company is taking a financial hit, they cut on their marketing budget. But if you company isn’t advertised, how will you get more customers?”

Walls said, “You need to believe in your company more than anything, because if you don’t, who will?”

Walls is a pastor at the Metropolitan A.M.E. Zion Church and President of The Greater Centennial Community Development Corporation.