Cathy Hughes on Building Urban One with Guy Raz | How I Built This | NPR | Summary and Q&A

Summary

In this video, Guy Raz interviews Cathy Hughes, the founder of Urban One, the largest African-American owned broadcasting company in the United States. They discuss the current global crisis, the impact on entrepreneurs, the demonstrations against racial injustice, and the future of black businesses. Hughes shares her insights and concerns about the economic reality and the need for creative solutions in these challenging times. She also emphasizes the importance of taking action rather than just offering lip service when it comes to diversity and inclusion. Hughes expresses optimism about the opportunities that may arise for young black entrepreneurs and the potential for positive change.

Questions & Answers

Q: How does Cathy Hughes feel about the current state of the world and the challenges we are facing?

Hughes acknowledges the difficulties we are currently facing, including the pandemic, economic meltdown, and mass demonstrations. She expresses concern about the global impact and the devastating effects on employment, particularly for small businesses. However, she also finds encouragement in the demonstrations and the refusal of young people to accept the status quo. She sees it as an opportunity for change and hopes to find solutions to pull ourselves out of these challenging times.

Q: How does Cathy Hughes feel about the economic reality faced by entrepreneurs?

Hughes acknowledges that entrepreneurs, in general, are in a tough situation. She is worried about the impact on small businesses, especially considering the current crisis. She believes that the majority of employment in the United States is based on small businesses, which are being wiped out and eliminated. Hughes expresses concern about the lack of truthful information from the media and the government about the economic devastation.

Q: Guy Raz mentions that Cathy Hughes is known for her optimism. Does she still maintain her optimism in the face of current challenges?

Hughes admits that the current challenges are much larger than anything she has faced before. She refers back to her own struggles in building her company, describing them as a "picnic" compared to the current situation. However, even though she is worried, she still maintains her optimism. She believes that in times of crisis, people become more creative and ingenious, leading to new opportunities and solutions. She remains hopeful for young entrepreneurs who may have the chance to break through in this difficult time.

Q: Cathy Hughes talks about the decline of entrepreneurship in the United States. What are her thoughts on this matter?

Hughes recognizes the decline of entrepreneurship in the country over the past 30 years. She attributes this decline to big boxes and major corporations buying out smaller businesses. She emphasizes that many black businesses have been lost in recent times, with around 480,000 black businesses disappearing between February and April. Hughes sees this as a significant issue and hopes that the current crisis will bring new opportunities and creativity for black entrepreneurs, helping to reverse the decline.

Q: Guy Raz mentions the discussions around diversity and inclusion that are happening amid the demonstrations. What are Cathy Hughes's thoughts on this topic?

Hughes points out that many corporations have been paying lip service to diversity and inclusion but have not taken tangible actions. She mentions how Colin Kaepernick was blackballed in the NFL until recently, despite corporations now claiming to support racial justice. She believes that apologies from corporations are not legitimate and that actions speak louder than words. Hughes highlights the need for real change within corporations by increasing diversity in decision-making positions and boards.

Q: As the CEO of Urban One, what does Cathy Hughes hope to learn from this challenging time?

Hughes hopes to learn new business models that will adapt to the changing landscape. She anticipates that expensive office spaces may become an issue and sees technology playing a significant role in the future. She believes that opportunities will arise from the crisis and is excited about the potential for growth and innovation. Moreover, she emphasizes her commitment to using her resources to build her community and help finance the correction of the ills that plague black people.

Q: As a black entrepreneur, what does Cathy Hughes feel is her responsibility in these challenging times?

Hughes believes it is her responsibility to use her resources to help her community and finance the correction of the issues faced by black people. She wants to provide education, skills, and financial assistance to empower her community. Hughes emphasizes that this responsibility cannot be fulfilled unless the system changes, and institutional racism is addressed. She acknowledges the need for action and the importance of not just talking about change, but walking the talk.

Takeaways

In a time of crisis and challenges, there are opportunities for creativity, innovation, and positive change. Both entrepreneurs and corporations have a responsibility to address diversity and inclusion genuinely. Black entrepreneurs may have a chance to break through and reverse the decline of black businesses. It is crucial to take action and provide tangible solutions instead of just offering apologies or lip service. The future will require new business models and adaptation to changing circumstances, potentially driven by technology. The commitment to building communities and empowering marginalized groups should be at the forefront of business endeavors.