Earl T. Murray, III, brings his extensive knowledge and resources to entrepreneurs with his company, The Entrepreneur’s Accountants. With practices developed specifically for business owners, Earl teaches entrepreneurs how to manage their money, hone their business skills and increase revenue. As a man of service, he believes that it is our job to educate and empower the next generation of young professionals and he does so through partnerships that allow him to educate them in entrepreneurship and finance. Earl sets a high standard and encourages others to do the same.
FMM: Please introduce yourself to our readers.
EM: Hello Formidable Family, my name is Earl T. Murray III and I am a native of Baltimore, MD but Washington, DC has been home for the last 15 years. While I am a city guy at heart, I have a passion for the outdoor adventures such as hiking, mountain climbing, hanging out at the beach, canoeing, fitness, etc. Now that the country is opening back up, I will continue my outdoor adventures by visiting all fifty states in the USA. I’ve traveled to 32 of them thus far.
Professionally, I own a company called The Entrepreneur’s Accountants where I consult entrepreneurs on how make, manage and multiply their money. We do that using our Accounting, Tax, and Business Consulting Services.
FMM: What drew you into the accounting field?
EM: I took my first Accounting class as a sophomore in High School and I enjoyed it. However, by the time I got to my Senior year of high school I hated it so much that I rebelled and went to college for Chemical Engineering which didn’t last long. I took several years off from school and I ended up getting some Accounting experience under my belt. I was promoted to an opportunity which led me to go back to school to finish my Undergraduate degree in Accounting.
FMM: What strategic partnerships do you have in place to give back to the community?
EM: One of the ways I give back is through service through my church. Every Fall, I teach a class called Kingdom Building through Entrepreneurship which teaches business owners Biblical principles on Entrepreneurship and Finance. These principles have helped me grow as a business owner through the good and the bad times.
Preparing the next generation of young professionals and ensuring that they walk in their purpose is a passion of mine. I’ve had the opportunity to speak at several colleges and universities from across the country teaching the importance of financial literacy and financial decision making.
Lastly, I’ve also partnered with several Alumni Chapters of Iota Phi Theta Fraternity, Inc., which I am a member of, to facilitate workshops in Entrepreneurship and Personal Finance. These sessions educated and advocated for the audience on the need of creating businesses in African American communities. The creation of small businesses in African American communities not only produces jobs but it also creates financial independence for the owner, employees and stakeholders.
FMM: What advice would you give to new entrepreneurs regarding finance?
EM: Price appropriately. Many entrepreneurs struggle financially to grow because they don’t charge enough to cover costs not directly related to the product or service that’s produced (Administrative Expenses, Rent, Insurance, Advertising, etc.). Every entrepreneur should know the four components to their pricing: Direct Labor, Direct Materials, Overhead and Profit. Making up numbers and hoping that someone buys isn’t good if you choose to build a company for the long haul. Everyone isn’t your customer. All money ain’t good money!
FMM: What is your favorite book and why?
EM: Whenever one goes through a life changing scenario, improvements are made incrementally and not drastically. Atomic Habits is my new favorite book. I like the book because it provides practical breakdown tools, tips and tricks that someone can use to improve their lives but also shows that it takes time.
FMM: What is next in the life of Earl T. Murray, III?
EM: In the coming weeks, I will be launching a course titled the “Reset & Pivot Challenge” in support to help businesses rebound from the effects of COVID-19. The challenge will help aspiring and new startups by laying the proper foundation to develop and grow a business.
On a personal level, I am excited about finishing my Masters in Financial Planning and traveling once again.
FMM: How can our readers connect with you outside of this interview?
EM: Readers can connect with me through Facebook & LinkedIn (Earl T. Murray III) and on Instagram @etmurrayiii. They can also reach me by email at earl@theentrepreneursaccountants.com.
Photos courtesy of Sam Gross Studios.
