WEBVTT - All too common issues that plague Black small business from scaling up

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<v Speaker 1>When you think about those businesses that are you know,

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<v Speaker 1>still in those very early stages Black entrepreneurs who may

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<v Speaker 1>not in many cases come from a lineage of entrepreneurs,

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<v Speaker 1>but they're really good at a thing, whether that be

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<v Speaker 1>you know, developing a hair care product or of some

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<v Speaker 1>sort of food or etcetera. I'm making up things, but

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<v Speaker 1>they are doing it in their kitchen, They're doing it

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<v Speaker 1>in their garage, They're doing it, you know, in somebody's

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<v Speaker 1>commercial kitchen or etcetera. What are some of the most

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<v Speaker 1>common UM business related issues that they walk into the

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<v Speaker 1>door with that they need resolved that prohibits them from

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<v Speaker 1>being able to reach a new level of their business. Yeah,

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<v Speaker 1>I think um the common misconception is that everyone needs

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<v Speaker 1>access to capital. That's what every business other things, their

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<v Speaker 1>biggest problem is. However, there was actually a study done

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<v Speaker 1>by the Rustle Center for Innovation down in Atlanta shout

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<v Speaker 1>out to my my virtual mentor J Bailey. They did

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<v Speaker 1>a study with like five thousand small business owners early

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<v Speaker 1>stage folks and asking them what their greatest needs were,

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<v Speaker 1>and surprisingly overwhelmingly, the number one need and that survey

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<v Speaker 1>was community and networks. Number two was mentorship. Number three

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<v Speaker 1>was access to capital and number four was UM technical

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<v Speaker 1>skills training UM. And so if that sheds any light

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<v Speaker 1>and what folks really need, we know that community is

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<v Speaker 1>extremely important and and and that's largely because entrepreneurship has

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<v Speaker 1>has not been accessible to black and brown communities for

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<v Speaker 1>for a very long time, and it's becoming more and

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<v Speaker 1>more prevalent. We see women Black women are the fastest

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<v Speaker 1>growing group of small business owners and entrepreneurs in the country.

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<v Speaker 1>And it's no surprise because they're the most educated for

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<v Speaker 1>the Black community, and technology has democratized information. UM. But

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<v Speaker 1>I think that UM being pursuing that that entrepreneurial endeavor,

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<v Speaker 1>trying to diversify your streams of income, You're gonna be

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<v Speaker 1>a bit of a black sheep in some families. You're

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<v Speaker 1>gonna stand out, You're gonna be doing different things, and

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<v Speaker 1>you're not gonna be understood. So being able to be

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<v Speaker 1>in a group of like minded folks who are stepping

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<v Speaker 1>out of that nine to five or that thirty year

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<v Speaker 1>career UM zeitgeist mentality, you need to find people who

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<v Speaker 1>are who are like minded, who are who are walking

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<v Speaker 1>that same path UM, just to give you the confidence

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<v Speaker 1>to to to hang in there when times get tough. UM.

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<v Speaker 1>So it's really a qualitative piece of just community can

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<v Speaker 1>be really valuable. Having folks who who can answer questions

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<v Speaker 1>that that you're that you're experiencing, that can help you

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<v Speaker 1>overcome the imposter syndrome. UM. Those things are how a

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<v Speaker 1>valuable and then UM in terms of like technical skills,

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<v Speaker 1>I think helping people actually UM get their businesses online.

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<v Speaker 1>So one of the early stage things is like having

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<v Speaker 1>a website, having a domain that you owned. You really

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<v Speaker 1>need to own virtual your website because that's virtual real estate.

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<v Speaker 1>So many people put a lot of eggs and the

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<v Speaker 1>social media basket thinking like that it's going to be

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<v Speaker 1>their storefront and that's how they reach their audience. But

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<v Speaker 1>a Facebook and Instagram can suspend your account, could delete

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<v Speaker 1>your account at any time, and there's really nothing that

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<v Speaker 1>you could do. Your business would essentially lose that channel

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<v Speaker 1>or that stream of revenue. So having a website is

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<v Speaker 1>a major step that I work with and I advocate

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<v Speaker 1>for small business owners. Of course, building up an email list.

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<v Speaker 1>Your email list is the most underrated asset to any business.

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<v Speaker 1>People think the vanity metrics of followers are really what

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<v Speaker 1>we're all working towards but no, really, you should just

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<v Speaker 1>be trying to generate leads, provide value in exchange for

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<v Speaker 1>people's contact information so that you can sell and market

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<v Speaker 1>to them um and and that will be the group

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<v Speaker 1>that would really help you sustain your business and generate

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<v Speaker 1>the most revenue. So getting folks online technology moves really

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<v Speaker 1>really fast, and we just want to make sure that

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<v Speaker 1>we're not getting left behind in the education and the

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<v Speaker 1>access to the technology, and that we have the skills

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<v Speaker 1>to execute and flourish. There this black tech, Green money.

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<v Speaker 1>Share this podcast with the people you're closest to.