To Launch His First Business, David Steward Borrowed $2,000. He Is Currently the 2nd Richest Black American with a Net Worth of $6 Billion

 

According to Forbes, David Steward is the second richest African American, with a net worth of $6 billion. The self-made billionaire began his entrepreneurial adventure in obscurity and worked his way up the ladder to prosperity.

Steward, who was born in Chicago in 1951, grew up amid segregation with his seven siblings, and at one point was the only Black boy in his school. His father worked as a mechanic, janitor, and trash collector.

Steward graduated from Central Missouri State University with a B.S. in business in 1973. Harris Stowe State University in 2002 and Lindenwood University in 2010 both bestowed Honorary Doctorates of Humane Letters on him.

Steward began his career as a substitute teacher in St. Louis while applying for full-time positions. Before joining Wagner Electric Inc. in 1974 as a production manager, he temporarily worked as an associate executive with the Boy Scouts of America.

After Wagner Electric Inc. failed a year later, he joined Missouri Pacific Railroad Company in 1975 and left in 1979. He worked as a sales representative for the corporation.

He subsequently moved to Federal Express where he worked for five years. Steward was so diligent and hardworking, earning him the best salesman at Federal Express. The award, he said in an interview “was a defining moment. I asked myself, Is this what I want out of life?”

“That vision sort of hit me then that there was an emptiness and a confinement to working for someone else. That’s when I really started thinking about buying my own business,” he told Horatio Alger Association.

He asked his father for a $2000 loan, which he used to start Transportation Business Specialists, a company that examined and reviewed freight bills and overcharges for the train business. He later founded Transport Administrative Service, a sister firm in charge of auditing undercharges for train corporations.

In 1990, he founded what would become his most important business. World Wide Technologies (WWT) was created on a shoestring budget and with only seven workers. Currently, the company is one of the leading Black-owned IT companies in the United States, with over 20 sites worldwide. The corporation serves the American government as well as private organizations.

According to Bloomberg, WWT has over 8,000 employees and earns more than $14.5 billion in annual sales. Cloud capabilities, data center and virtualization, security, mobility, and networking technologies, as well as audio, video, and collaboration solutions, are all specialties of the technology services provider.

Steward is also the creator of Kingdom Capital, a values-driven private investment firm focused on early-stage health and medical technology firms. Furthermore, the billionaire is the author of two books: Conducting Business by The Good Book, which was released in 2004, and Leading by The Good Book, which will be published in 2020.

The businessman has been married for almost 44 years. He has two kids and two grandkids. Steward has received various honors in addition to his commercial achievements. He was named Black Engineer of the Year (BEYA) in 2012 and St. Louis Post-Dispatch Citizen of the Year in 2015. He and his wife, Thelma, earned the Jane and Whitney Harris Community Service Award in St. Louis.

 

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