Toraine Lee, Founder of the 7-0-4 Plan, decided to create a unique social network/platform(www.the704planmovement.com) solely for entrepreneurs of minority.
Lee believes that his model will help with economics, networking, job growth, as well as brawny partnerships within the Charlotte area.
By promoting diversity(assortment), Lee insists that the platform will function as a gateway for business owners that don't have the education or resources to help their conglomerates flourish.
Lee researched for years before developing the plan. He says that this is the prime opportunity to put his strategy into action.
How did you come up with the concept for the 7-0-4 Plan?
Causing a catalyst for discussion among business leaders, Bob Johnson, former owner of the Charlotte Bobcats (now the Charlotte Hornets) noted to 200 local black business people at the Westin Hotel, “Charlotte is a very, how would I call it, close knit, arrogant, sometimes incestuous town...” .
After reading the aforementioned article in the Charlotte Observer on May 2, 2010 discussing the lack of a robust African -American business community, the 7-0-4 Plan became my brainchild. An extensive research was conducted to understand the link between entrepreneurship and economic growth, the role of entrepreneurship education, identification of entrepreneurial traits and examination of different teaching methods. Research was done through different components and now reflects my vision of how to build a diverse business community.
How long did it take you to get the plan in action? Do you have any supporters or backers?
The 7-0-4 Plan vision was birthed on May 2, 2010 and became fruition July 2015. The movement has multiple supporters, including The Empowerment Center.
Do you have any experience in business development or economics?
My experience in the related fields are self-taught.
What do you hope to achieve with your plan or theory?
The 7-0-4 Plan hopes to be the revolutionary campaign to promote diversity and inclusiveness in the Charlotte, North Carolina business community. The movement is positioning itself as an initiative for growing minority businesses in the local community. The cause looks to expand beyond some of the ideas of old grass-roots methodologies by utilizing an online presence with emphasis on social platforms and a social network exclusive to supporters to complement its innovative ideas to facilitate growth. The program's purpose also looks to expand to enrich the lives and future of our youth by leveraging unconventional ideas. The mission is to establish its presence as a trendsetting social media campaign designed to build support for a diverse business community via an infrastructure around minority entrepreneurs.
Did you do a trial run of the plan? Have you had success?
I have had an opportunity to run a trial run – from July 2015 to October 2015. I've had brief success by way of social media, though I now seek to share the 7-0-4 Plan's ideas and concepts along with attracting advocates to continue promoting the campaign. The most important issue is to attract activists that see our vision and are eager to support this initiative. The cause is seeking advocates to endorse this movement and to champion the project to its full potential.
What are people saying about the plan?
The community-at-large is saying it’s a must needed plan in the business community. Citizens are saying it must be endorsed and carried by the right people to bring it to full fruition.
What impact do you think the plan will have in the demographic of 18-55 years of age?
I see the plan impacting the populace as a whole by providing the community access to a powerful blend of intensive training, counseling, financial guidance, peer coaching, and networking – all focused on assisting minority entrepreneurs build strong community and corporate partnerships that support the revitalization of Charlotte, North Carolina.
How will the 7-0-4 Plan affect the economy?
The 7-0-4 Plan's aim is to develop citywide resources and bring renewed economic growth and vitality through urban entrepreneurship. The movement seeks to impact locally on a worldwide basis; putting the city on the fast track to explosive job growth and increased tax revenue base.
What can we expect from you in the next 5 years?
Within the next 5 years, the community-at-large can expect The 7-0-4 Plan Chronicles to launch. It will be a blog written by a team of professional writers, profiling minority businesspeople living in urban communities across the Charlotte, NC metropolitan area. This blog will get more in depth about the lives and how diverse the Charlotte area has become, showcasing minority business owners around the city.
Also, the 7-0-4 Plan will transition into a nonprofit organization advocating minority business growth and developing novice entrepreneurs through advocacy, education, research and service. The movement will support and promote minority business growth through peer directed and operated services, advocacy, economic development and participation in minority business policy design.
I will continue with my walk in life as my purpose continues to manifest by representing my entrepreneurial spirit by way of being a blogger, author, consultant, and speaker and coach who's sharing my purpose in life.
You can follow Toraine Lee and his extrospection at: