At 25, Entrepreneur Chauncey Holloman Is Helping Next Wave Of Start-ups

“I’m quite the seasoned entrepreneur,” Chauncey Holloman, 25, says with a smile.

That may sound peculiar coming from a twenty-something, but it’s true. Holloman launched her first successful enterprise at the age of 15. Harlem Lyrics, LLC, an Afro-centric greeting card line, has taught her lessons that business leaders twice her age would be wise to learn.

Talk Business & Politics first met Holloman when she was just a few years into her business. Today, she has a decade’s tenure as CEO/owner of Harlem Lyrics and is paying forward her knowledge to fellow entrepreneurs in all stages of their own business development as the newest spokesperson for the Little Rock Small Business Development Office (LRSBDO).

A third-generation entrepreneur, Holloman’s family members are restaurant owners, writers and the like. Growing up surrounded by the ins and outs of running a business, Holloman found that she, too, had a capacity for big ideas and the “eyes to see” a niche market that she knew she could fill. Her winning concept came to her one day when, as a 15-year-old, she searched in vain for the perfect 16th birthday card for her best friend – one that said what she wanted to say and in the way she wanted to say it.

When an edgy and urban card wasn’t on the rack, Holloman – a poet from a young age – decided to put one there. Backed by the advice and support of her family, she started Harlem Lyrics. Her mother, Subrena McCoy, offered grant writing support and her father, Shawn McCoy, an independent truck driver, helped get out her initial product.

“We had grant writing, distribution and creative direction under one roof when I started out,” Holloman recalled, adding that her family is still a driving force in her business and her mother acts as chief operating officer.

Holloman pitched her urban greeting cards to everyone she could. She entered and became the youngest winner of the U.S. Department of Commerce’s Emerging Business Leaders Business Plan Competition, a competition that resulted in hefty startup funds, and she also received funding from the Arkansas Minority Women Entrepreneurial Program. Other accolades were a direct result of her entrepreneurial strength as a young woman – the Youth Achievement Award, the Maybelline New York/Cosmogirl National Entrepreneurial Award, Arkansas Small Business Administration Arkansas Young Entrepreneur of the Year, International Women of Distinction (Youth Honoree) and the Indiana Black Expo Youth Entrepreneur.

Holloman has since negotiated her product into large chains (Macy’s, Walgreens and Kroger) as well as several mom-and-pop venues. Harlem Lyrics’ product line has grown to include T-shirts, stationery, greeting cards and more – all designed around its original cast of characters – Lyric, Precious, Harlem, Beebe and Jamie – to speak the language of its customers in a tangible way.

Recently, the company developed a new animated cartoon series featuring the Harlem Lyrics cast. “We had a fully developed product line using cartoon characters, so the logical next step was to make an animated series,” said Holloman, who has begun pitching the idea.

The company is also focused on maintaining vendor relationships, watching for new opportunities and working toward the company mission – the latter being Holloman’s ultimate measure of success for her business. “There are ‘serial’ entrepreneurs, those with a monetary goal they’re trying to reach,” she explained. “There’s nothing wrong with that. If that’s who you are, then that monetary goal is your measure of success.”

Harlem Lyrics, on the other hand, is mission-based. “We’re trying to show a positive view of African-American youth that is trendy and fashionable, yet positive. If we were to stop today, I would count us successful, but not done. We’ll continue to push our agenda through our products until I no longer have the foresight or the wherewithal to continue doing that.”

ADDING A NEW ROLE
As she ran her business, Holloman also finished her education in 2011 at the University of Central Arkansas. She brought her company to the point where it is well-established and currently in what she calls a “wait-and-see” mode. With these things under control, Holloman has found time to devote to her passion of helping other entrepreneurs succeed. After graduating, she began this effort through an internship with the City of Little Rock under City Manager Bruce Moore.

In 2013, Holloman and Moore both agreed that the City’s LRSBDO would be a natural next step for her. She joined the team and immediately began heading up programming, which includes an intense entrepreneurial training course offered each spring and fall. The 10-week crash course, presented in conjunction with UALR’s Arkansas Small Business & Technology Development Center, covers a variety of subjects such as business concepts, feasibility, market analysis, pricing and cash flow.

For those who need an alternative to a 10-week course, Holloman has added a monthly incubator speaker session that offers an in-depth look at just one area of running a small business at a time.

“You can cherry pick areas you need development on,” she explained. “For instance, if you don’t know who your target audience is, you may benefit from our consumer behavior session. If you’re looking for funding to reach the next level, our lending session might benefit you.”

Another development in the area of lending is coming soon, Holloman indicated. “I won’t speak their name just yet, but I’m excited. One of our community banks has agreed to come in to do mock lending sessions with small business owners. One of the biggest fears for small business owners is the question of ‘how do I pay for that?’ no matter what that may be – a product, a facility, whatever. Through the mock lending session, the bank will tell business owners ‘this is what we like,’ ‘this is what we don’t like,’ ‘wear a different shirt,’ or whatever they need to know to increase their chances of getting a small business loan.”

In addition to these helpful programs, the LRSBDO office has computer stations (with valuable software), meeting space, and – for regular clients – even phone message service. “We offer technical, research and clerical assistance, and a huge interoffice printer,” Holloman said.

In addition to her roles at Harlem Lyrics and LRSBDO, Holloman is a member of the Arkansas Venture Center, a nonprofit agency aimed at fostering grassroots growth of startup and entrepreneurial activity in Central Arkansas.

LESSONS LEARNED
Her own experiences and those she’s encountered through LRSBDO have taught Holloman lessons she’s happy to share to help those just starting out. To those with an idea, she urges them to make sure it fits their skill set and their personality. “Someone will say, ‘I’m going to create a pizza stand mobile food truck,’” she said. “My first response is, ‘can you make pizza?’”

Once you’ve found a great idea, she advocates sticking to your area of expertise within the realm of that idea. “If you don’t have finance or accounting experience, don’t try to wear that hat. Instead, know how to get that knowledge,” Holloman said. “It may be through contract help from someone else.”

Finally, she says be your biggest cheerleader. “Know everything about your company, so you’ll be able to ‘ra-ra-boom-ba’ about it at a minute’s notice. As my mother says, ‘feel the fear and do it anyway.’ Sometimes that’s faking it; sometimes it’s knowing your market and being as prepared as you can be.”

As Holloman approaches the future, her focus is solid.

“Harlem Lyrics wasn’t my first idea. It won’t be the last,” she said. “However, my main focus now is the Small Business Development Office. I want to help as many entrepreneurs as possible. Many small businesses haven’t taken that step toward legitimacy. They need that push toward professionalism to help brand this state as an incubator for small business.”