According to the Ewing Marion Kauffman Found-ation, African-Americans own just 4 percent of businesses, but they are 12 percent of the U.S. population.

But the student business organization Phi Beta Lambda, is working hard to change those statistics.

Along with the Triangle Chapter of Urban Financial Services Coalition, they organized a six-person panel to discuss entrepreneurship on Thursday, Jan. 22.

The panelists stressed education.

“Complete your education first. That gives you options,” said Monica Edwards, who owns the Morehead Manor Bed and Breakfast with her husband, Daniel Edwards.

“Yes, you may have a brilliant idea, but you need the background and the foundation that education can give you.”

“Start now at the university,” said Marcus Fryar, founder of the Fryar Management Group.

According to the panelists, starting your own business will be a challenge, but there’s something to learn even if you fail at first.

“Most ‘big ballers’ out there have fallen and failed many times,” said Daniel Edwards. “Don’t be afraid to get up and try again.”

According to Fryar, starting your own business is an investment in yourself. “No one can take that [starting your own business] or your education away,” said Fryar. “What you invest in yourself is priceless.”

Daryl Beasley, owner of the Select Seafood restaurant, advises students to get started early and to get experience in what interests them.

“Plan ahead,” he said. “And know what you want to do. Work in that field and get experience. Don’t rush.”

When Beasley decided he wanted to run his own restaurant, he started buying equipment in advance at a discount and storing it until the day he opened.

Whitney Rich got his real estate license while he was a senior at NCCU.

His advice to future entrepreneurs: “Save your money. Pay your bills on time. Keep your credit clean. Put yourself in the space of those who are in your field and be patient,” he said.

“Everything doesn’t come as fast as you want it to.”

According Fryar you should start with your interests.

“Follow your hobbies,” he said. “Don’t become a doctor just because they make a lot of money. That won’t make you happy. Follow your interests and not the crowd.”

The panelists’ advice comes at a time when African-Americans are lagging behind other minorities in business ownership rates.

Twenty years ago, African-Americans were No. 1 in U.S. minority business ownership.

Currently, Hispanics are first, Asians second and blacks third according to USA TODAY.

Not only do other minorities own more businesses than African-Americans, but also have higher revenues.

On average, the annual revenue for Asian-American businesses is $336,200, for Hispanic companies $155,200, and only $86,500 for black-owned companies.

According to Fryar, mentoring — and workshops like Phi Beta Lambda Entrepreneurship Workshop — can help young African-Americans succeed as entrepreneurs.

“Seminars like this will help people think about things at a younger age,” he said. “Often times we are not exposed to this kind of information until we are in our 30s.”

Above all, said Edwards, African-American entrepreneurs need to be true to themselves.

“Your idea of success may be different from society’s and you need to be able to separate the two.”