Latest / The Steve Harvey Morning Show / Financial Motivator: Insights on Supporting and Scaling Black Businesses with Morehouse Innovation and Entrepreneurship Center Founding Director Tiffany Bussey.

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Financial Motivator: Insights on Supporting and Scaling Black Businesses with Morehouse Innovation and Entrepreneurship Center Founding Director Tiffany Bussey. · The Steve Harvey Morning Show

• 0:05
  Speaker 1: Welcome to the show. I am Rashwan McDonald, the host
• 0:08
  Speaker 1: of Money Making Conversations Masterclass, where we encourage people to
• 0:11
  Speaker 1: stop reading other people's success stories and start planning their own.
• 0:16
  Speaker 1: Listen up as I interview entrepreneurs from around the country,
• 0:19
  Speaker 1: talk to celebrities and ask them how they are running
• 0:22
  Speaker 1: their companies, and speak with nod profits who are making
• 0:25
  Speaker 1: a difference in their local communities. Now sit back and
• 0:28
  Speaker 1: listen as we unlock the secrets to their success on
• 0:31
  Speaker 1: Money Making Conversations Masterclass. Hi, I'm Rashaan McDonald, our host
• 0:37
  Speaker 1: is weekly Money Making Conversation Masterclass show. The interviews and
• 0:40
  Speaker 1: information that this show provides off for everyone. It's time
• 0:43
  Speaker 1: to stop reading other people's success stories and really start
• 0:46
  Speaker 1: living your own. Next us is the director of Morehouse
• 0:49
  Speaker 1: Innovation and Entrepreneurship Center. They are assisting the development of
• 0:53
  Speaker 1: minority entrepreneurship through scholarly research, training and consulting services. Please
• 1:00
  Speaker 1: please walk with the Money Making Conversation Masterclass, Doctor Tiffany Bussy.
• 1:03
  Speaker 1: Are you doing, Doctor Bussy?
• 1:05
  Speaker 2: I am doing Wonderfulora Sean, And first of all, thank
• 1:08
  Speaker 2: you so much for having me. It is indeed a
• 1:10
  Speaker 2: pleasure to be here and congratulations on your show.
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  Speaker 1: Thank you, thank you. I really appreciate that. Now I
• 1:16
  Speaker 1: gave out a big title here Director of the more House,
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  Speaker 1: which is Morehouse College HBCU, one of the big more
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  Speaker 1: prominent HBCUs in the country. Director of the Morehouse Innovation
• 1:26
  Speaker 1: and Entrepreneurship CE. What is that?
• 1:30
  Speaker 3: Wow?
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  Speaker 2: Yes, it is about bull But we are really really
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  Speaker 2: proud of the work we've been doing here at We
• 1:36
  Speaker 2: call it our loving name for it is the MIEC.
• 1:40
  Speaker 2: We've been doing this work for the past twenty years,
• 1:42
  Speaker 2: which is really really just focused on helping businesses, black
• 1:47
  Speaker 2: and brown businesses scale. We believe that our entrepreneurship and
• 1:51
  Speaker 2: small businesses but one of the pathways in closing the
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  Speaker 2: racial income inequality GAMP in this country. So that's the
• 1:59
  Speaker 2: work we've been busy doing for the past twenty years,
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  Speaker 2: whether it is working with our students right here on
• 2:05
  Speaker 2: campus or working with businesses in the community. We see
• 2:08
  Speaker 2: this work as an important piece in really driving wealth
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  Speaker 2: within our community.
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  Speaker 1: Well, you know, some doctor busy. The stereotypes drive this
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  Speaker 1: country and drive the world, really because when they start
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  Speaker 1: talking about black businesses, you know what the stereotized do
• 2:25
  Speaker 1: you have to deal with and trying to understand and
• 2:29
  Speaker 1: navigate the world of entrepreneurship people with people who are
• 2:32
  Speaker 1: people of color, who are interested in trying to be
• 2:35
  Speaker 1: small business owners.
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  Speaker 2: Sure, and so we hear that every day. Right. The
• 2:40
  Speaker 2: group of businesses that we work with, and we've learned
• 2:42
  Speaker 2: this as we've pive our work over the like I
• 2:45
  Speaker 2: mentioned twenty years, are really what we call scalable mid
• 2:50
  Speaker 2: size companies. And some may wonder do they really exist,
• 2:54
  Speaker 2: and I would say yes. We've touched over four hundred
• 2:58
  Speaker 2: of these businesses over the past twenty years and have
• 3:00
  Speaker 2: helped them to create over eight hundred and fifty new jobs.
• 3:03
  Speaker 2: Now that's significant. And the work we do is to
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  Speaker 2: really help these larger what I would call large primes
• 3:11
  Speaker 2: that say they can't find these businesses to be a
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  Speaker 2: part of their supply chain or their supply and diversity programs,
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  Speaker 2: and we help these programs to really grow in scale
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  Speaker 2: and to make them accessible to these larger companies. I
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  Speaker 2: think with you would agree that we've been doing a
• 3:27
  Speaker 2: fantastic job because these companies, as they have gone through
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  Speaker 2: all programs and as we've touched them, have really gained
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  Speaker 2: over thirty four million in access to new capital, which
• 3:38
  Speaker 2: has been one of the biggest barriers we hear about
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  Speaker 2: quite a bit and have really helped them to generate
• 3:44
  Speaker 2: over eighty two million in new revenues. Now that's not right.
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  Speaker 2: You know.
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  Speaker 1: The thing about it is that, you know, we thought
• 3:53
  Speaker 1: all these numbers, we thought about all the success stories,
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  Speaker 1: but it also comes back to the opportunity to get
• 4:01
  Speaker 1: the shot at the big prize. Now, this center, how
• 4:04
  Speaker 1: does one you know, how does it? How do you
• 4:08
  Speaker 1: use your the purpose of the center to impact a
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  Speaker 1: person like me? Say, I'm coming through the door, I'm
• 4:13
  Speaker 1: contacting you them, Why am I contacting you? And what
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  Speaker 1: will you be able to allow assist me in my
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  Speaker 1: career goals as a small business owner.
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  Speaker 2: Sure, and thank you for really asking that question, because
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  Speaker 2: one of and it's in the design of our programs.
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  Speaker 2: We know that basically we have heard about the lack
• 4:32
  Speaker 2: of capital or access to capital. What we don't talk
• 4:35
  Speaker 2: about quite as much is access to opportunities, as you
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  Speaker 2: have nicely placed it. So in designing our programs, we
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  Speaker 2: are attached to what we call opportunity partners, those large
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  Speaker 2: primes and by the way, we work mostly with companies
• 4:50
  Speaker 2: that we call B to B. They're really generating services
• 4:54
  Speaker 2: to serve other businesses. That's the business model that we
• 4:58
  Speaker 2: work with. So what does that that look like. We
• 5:01
  Speaker 2: work with these large companies such as your large general
• 5:05
  Speaker 2: contractors that have huge construction jobs or work and we
• 5:10
  Speaker 2: design our programs so that when the companies come in
• 5:13
  Speaker 2: and work with us, they're not only getting access to capital,
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  Speaker 2: but also access to contracts the other see that is
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  Speaker 2: often not talked about. So it's the intentionality of really
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  Speaker 2: creating those opportunities on working side by side with these
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  Speaker 2: large firms to ensure that these small businesses such as yourself,
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  Speaker 2: as you through our programs. This is not just technical
• 5:38
  Speaker 2: assistant for technical assistant's sake. I like to say, this
• 5:41
  Speaker 2: is not about bucks and seats. This is about how
• 5:44
  Speaker 2: do you impact and create opportunities to have these companies
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  Speaker 2: meet and engage with these large primes that have the
• 5:51
  Speaker 2: opportunities to learn how to navigate that landscape and to
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  Speaker 2: make the contracts available for them as they go through
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  Speaker 2: our programs. We all like to say that we create
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  Speaker 2: a community. This is not a one off for us.
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  Speaker 2: So these four hundred businesses that I told you that
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  Speaker 2: we touch, we are in constant communication with them, sharing
• 6:10
  Speaker 2: opportunities and making sure that they leave with not only
• 6:14
  Speaker 2: the information, but also how to implement and to be
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  Speaker 2: ready to deploy for those contracts and to engage with
• 6:21
  Speaker 2: new revenue. At the end of the day, it's revenue
• 6:24
  Speaker 2: that drives and scale businesses.
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  Speaker 1: You know what frustrates me the most. And now what
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  Speaker 1: you just said is that the reputation that the black
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  Speaker 1: community have of not having skilled labor their jobs out there,
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  Speaker 1: that we are not educated or qualifying for. How are
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  Speaker 1: you assisting us in tearing down that wall or that
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  Speaker 1: stereotype that we are not ready and if opportunities presents
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  Speaker 1: itself to us, we're not qualified.
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  Speaker 2: Yeah, and so one of the things that again is
• 6:57
  Speaker 2: the intentionality and understanding where these opportunity it is are.
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  Speaker 2: I will share with you that just as recented today,
• 7:03
  Speaker 2: a few hours ago, as a matter of fact, I
• 7:06
  Speaker 2: had the opportunity to visit with the good Will industries
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  Speaker 2: here in Georgia. Goodwill, Yes, good Will, the same one
• 7:14
  Speaker 2: that you know of that provides you know, perhaps use
• 7:18
  Speaker 2: goods and things like that. Availability. Well, they also do training,
• 7:23
  Speaker 2: job readiness training. But the reason I was there.
• 7:27
  Speaker 1: Doctor busty, old hodly. You just slid through that real quick. Now,
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  Speaker 1: I've been passing good Wills all my life, all right,
• 7:34
  Speaker 1: I've lived in Houston. Good Will. You go there, you
• 7:37
  Speaker 1: get closed that you can't afford. You go there and
• 7:39
  Speaker 1: probably get an old chair or old furniture piece and
• 7:43
  Speaker 1: you bring it home and hey, you live with it.
• 7:46
  Speaker 1: That's what you got, that's what you can afford. Now
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  Speaker 1: you're telling me that Goodwill has job training that's not
• 7:53
  Speaker 1: tied to the in store sales.
• 7:56
  Speaker 2: That that's correct. One of the other things that they
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  Speaker 2: do and I'm out here too. They didn't pay me
• 8:02
  Speaker 2: to sell someone theath of Goodwill. But one of the
• 8:04
  Speaker 2: other things that they do very well is job training.
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  Speaker 2: I like I said, I was so impressed. I visited
• 8:11
  Speaker 2: one of their newest training job training facility here in Atlanta, Georgia,
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  Speaker 2: and I must say it was top of the art.
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  Speaker 2: And what we're looking at is to collaborate with Goodwill
• 8:23
  Speaker 2: in terms of its clean tech training jobs. Now, I'm
• 8:27
  Speaker 2: gonna break that down a little bit because we talked
• 8:30
  Speaker 2: about knowing opportunities and being ready for opportunities, and the
• 8:34
  Speaker 2: way you do that is by being ahead of the opportunities,
• 8:38
  Speaker 2: and that's exactly what we're looking at. What does that
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  Speaker 2: look like for black and brown businesses to be a
• 8:44
  Speaker 2: part of this ten trillion dollar global market in sustainability.
• 8:51
  Speaker 2: Now those are some big fancy words, but all it
• 8:54
  Speaker 2: means is that we know that global warming is a
• 8:58
  Speaker 2: thing and it does exist, and that in order to
• 9:01
  Speaker 2: address that, there is a huge industry that is being
• 9:05
  Speaker 2: developed and that is about to be launched and is
• 9:09
  Speaker 2: already launched because the rest of the world is ahead
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  Speaker 2: of us on this in terms of what that means
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  Speaker 2: and how do we create businesses and jobs in that
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  Speaker 2: particular sector to be an active part and to be
• 9:23
  Speaker 2: at the table and not after the fact. And so
• 9:26
  Speaker 2: as we have been talking with Goodwill, who is now
• 9:29
  Speaker 2: doing this training for those that would like to think
• 9:32
  Speaker 2: of new careers and new opportunities, we are engaged in
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  Speaker 2: helping businesses understand what that market looks like and also
• 9:42
  Speaker 2: giving them access to these employed individuals. We often hear
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  Speaker 2: and we have already talked about this access to financial capital,
• 9:51
  Speaker 2: which is usually one of the barriers, the other piece
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  Speaker 2: that we often don't talk about, and businesses will tell
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  Speaker 2: you that is a real thing for them. Is access
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  Speaker 2: to human capital. How do they find the workers? How
• 10:04
  Speaker 2: do they find skilled workers to meet the demand that
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  Speaker 2: they have? And so, not only are we getting ready
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  Speaker 2: to prepare these businesses to be a part of this
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  Speaker 2: whole sustainability market, but engaging them and connecting them with goodwill?
• 10:18
  Speaker 2: Who is training the employees that become part of that
• 10:23
  Speaker 2: work and employable. I'm going to pause it because I
• 10:26
  Speaker 2: know I said a lot.
• 10:27
  Speaker 1: Well, don't pause too long. But I do have a
• 10:30
  Speaker 1: question because of the fact that whenever you hear courses
• 10:34
  Speaker 1: and all that money, how can I afford this are there?
• 10:38
  Speaker 1: You know? Did the word free mean that it's going
• 10:42
  Speaker 1: to be something that I can take somewhere with a certificate?
• 10:46
  Speaker 1: How do I enable this relationship to benefit me and
• 10:49
  Speaker 1: get me out of the indulgence of the lifestyle finances
• 10:53
  Speaker 1: I'm living in right now? How does that work?
• 10:56
  Speaker 2: Well, Rashan, I don't know if I'm here to bring
• 10:59
  Speaker 2: good use all around. But and I don't like to
• 11:02
  Speaker 2: use the word three because there's always a cost associating
• 11:05
  Speaker 2: to everything.
• 11:06
  Speaker 1: But on the point they told you you can't use free,
• 11:09
  Speaker 1: because I'm on the website, I see free now see
• 11:11
  Speaker 1: see don't tell you, doctor Bussy. I just couldn't believe
• 11:14
  Speaker 1: you when you say good Will didn't did more than close. Actually,
• 11:19
  Speaker 1: while we talking, I typed in Goodwill training program bad
• 11:24
  Speaker 1: No good Will's door popped up. It was about certificates
• 11:28
  Speaker 1: and the word free was right there. So I'm verified
• 11:31
  Speaker 1: that doctor Bussy is about to tell you guys the
• 11:34
  Speaker 1: truth on money making conversations, masterclass, Doctor Bussy, the floor is.
• 11:37
  Speaker 2: Yours, and I have a double coupod if you will.
• 11:44
  Speaker 2: Not only is the training for and we talked about
• 11:47
  Speaker 2: at the employee level. Right, So I'm an individual out
• 11:51
  Speaker 2: of a job, looking for a job, looking for reskills. Yes,
• 11:54
  Speaker 2: I could go to Goodwill and it's at no cost
• 11:57
  Speaker 2: for me. Not only is it at no cost, Goodwill
• 12:01
  Speaker 2: in many instances will actually pay you and give you
• 12:04
  Speaker 2: a stipend for participating in that causs and the time
• 12:09
  Speaker 2: that you're involved with that retraining number one, there are
• 12:12
  Speaker 2: many other opportunities on. Like I said, I get no
• 12:15
  Speaker 2: compensation from Goodwill to talk about their program, but I
• 12:19
  Speaker 2: know it benefits our community and that's why I am
• 12:21
  Speaker 2: sharing that. The second piece, however, that I can absolutely
• 12:25
  Speaker 2: say with all certainty, if you are a business which
• 12:29
  Speaker 2: is the work that we're in in training businesses and
• 12:33
  Speaker 2: helping business and soon to stand up a certificate in
• 12:36
  Speaker 2: sustainability for these businesses that want to be part of
• 12:39
  Speaker 2: this sustainability sector. Our training is also of no cost
• 12:44
  Speaker 2: to those companies. We are fortunate and what does that
• 12:47
  Speaker 2: look like. We are fortunate to have the support of
• 12:50
  Speaker 2: some wonderful philanthropical organizations such as JP Morgan Chase, Wills
• 12:56
  Speaker 2: Fargo that pays and provide the resources for us to
• 13:02
  Speaker 2: develop these training programs that I've talked about. All the
• 13:05
  Speaker 2: programs that I've mentioned in terms of our small Business
• 13:09
  Speaker 2: Executive program that I touched over four hundred companies. We
• 13:13
  Speaker 2: have a particular program called the Assen National Program, wonderful
• 13:18
  Speaker 2: program sponsored by JP Morgan Chase that was the initial
• 13:21
  Speaker 2: founder for this. It is a network that brings in
• 13:24
  Speaker 2: these small businesses and we really focus on how do
• 13:28
  Speaker 2: we scale them so that they may provide those jobs
• 13:30
  Speaker 2: for those people that are being trained at Goodwill. You
• 13:33
  Speaker 2: see how that works and how that connects and in
• 13:36
  Speaker 2: building that ecosystem. That's what we're about, really creating opportunities
• 13:40
  Speaker 2: for new jobs, to create pathways in closing this racial
• 13:46
  Speaker 2: inequality gap that we have in this country that.
• 13:48
  Speaker 1: We always talk about, but we don't ever have a
• 13:50
  Speaker 1: plan or see the options. Are you telling me right now?
• 13:53
  Speaker 1: Goodwill is offering a plan and options.
• 13:56
  Speaker 2: And let's not forget more house because we're on the
• 13:59
  Speaker 2: other se also, So Goodwill does the training of the employees.
• 14:03
  Speaker 2: We do the training of the companies that can hire
• 14:06
  Speaker 2: those employees and come part of the supply chain for
• 14:10
  Speaker 2: the larger such as the electrical companies and the other
• 14:14
  Speaker 2: huge companies hopefully like Tesla that are building these wonderful
• 14:18
  Speaker 2: electrical vehicles, so that we can create that infrastructure to
• 14:23
  Speaker 2: provide and support those electrical vehicles. That's one example. There's solar.
• 14:29
  Speaker 2: There's also other sustainable efforts within that sector, but I
• 14:33
  Speaker 2: just wanted to point those out as examples.
• 14:36
  Speaker 4: Please don't go anywhere. We'll be right back with more
• 14:39
  Speaker 4: money Making Conversations Masterclass. Welcome back to the Money Making
• 14:49
  Speaker 4: Conversations Masterclass, hosted by Rashan McDonald. Money Making Conversations Masterclass
• 14:55
  Speaker 4: continues online at Moneymakingconversations dot com and follow money Making
• 15:00
  Speaker 4: Conversations Masterclass on Facebook, Twitter, and Instagram.
• 15:04
  Speaker 1: So let's let's go back four hundred small minority owned
• 15:07
  Speaker 1: businesses are positively impacted eight hundred and fifty new jobs, created,
• 15:12
  Speaker 1: thirty four million dollars in capital access, and nearly eighty
• 15:16
  Speaker 1: two million in revenue growth in the local Atlanta area.
• 15:20
  Speaker 1: And that I'm speaking to the director of the Mohouse
• 15:23
  Speaker 1: Innovation Entrepreneurship Center, doctor Tiffany Bussy, doct Tiffany Bussy. Electric
• 15:29
  Speaker 1: vehicles dominate the industry best the voice one of my employees.
• 15:36
  Speaker 1: He's thinking about getting an electric vehicle. Black people will
• 15:40
  Speaker 1: not buying electric vehicle, but that industry is booming because
• 15:45
  Speaker 1: you got to have someplace to plug that car up.
• 15:48
  Speaker 1: Talk about the EV industry and talk to my listeners.
• 15:52
  Speaker 1: They might not be the one, but they might know
• 15:54
  Speaker 1: somebody who needs to really clearly understand this pathway to
• 15:58
  Speaker 1: success can't be through EV.
• 16:01
  Speaker 2: That and I'm happy to talk about EV, which is
• 16:04
  Speaker 2: about one hundred and sixty three billion dollar industry. It
• 16:08
  Speaker 2: has its what I would call its downside, because there's
• 16:12
  Speaker 2: this what they call anxiety about electrical vehicles. And you're right,
• 16:16
  Speaker 2: perhaps the lowest segments of those quartering vehicles is perhaps
• 16:20
  Speaker 2: in our community, which is why we must intentionally build
• 16:24
  Speaker 2: out the infrastructure to address that issue. I know I
• 16:27
  Speaker 2: don't have one because I'm going how far can I
• 16:30
  Speaker 2: drive before I see the next charging station?
• 16:32
  Speaker 3: Right?
• 16:32
  Speaker 2: We got to have more of those. But I really
• 16:35
  Speaker 2: want to quickly share that the sustainability industry is only
• 16:39
  Speaker 2: about one segment with ev There's the Green Bill, which
• 16:42
  Speaker 2: is about how do we build our homes? How do
• 16:44
  Speaker 2: we make them more efficient? And that's a three hundred
• 16:47
  Speaker 2: and twenty four billion dollar industry. So anyone out there
• 16:51
  Speaker 2: that's in construction, that's listening to your podcast and your
• 16:55
  Speaker 2: many millions of followers, if you're in constructions and you're
• 16:59
  Speaker 2: not thinking thinking about how do you build sustainable, don't
• 17:03
  Speaker 2: leave that behind because you are going to be left behind.
• 17:06
  Speaker 2: We are thinking about how do we do all these
• 17:08
  Speaker 2: things in a more sustainable fashion. If you're in agriculture,
• 17:12
  Speaker 2: a twenty billion dollar industry, we are thinking about how
• 17:16
  Speaker 2: do we grow our products more sustainable and what does
• 17:18
  Speaker 2: that look like? Renewable energy again huge nine hundred and
• 17:22
  Speaker 2: fifty two billion dollar industry. We are talking about a
• 17:26
  Speaker 2: lot of money and a lot of opportunities, which is
• 17:29
  Speaker 2: where we started this conversation in terms of how do
• 17:32
  Speaker 2: we as we think about business opportunity. Let's not think
• 17:36
  Speaker 2: about that starting another nightclub. We don't need that. What
• 17:39
  Speaker 2: we need are business within this sector of sustainability in
• 17:44
  Speaker 2: these eras that I've just mentioned. That's what we're talking
• 17:47
  Speaker 2: about when we're talking about building successful companies. We got
• 17:50
  Speaker 2: to think outside the box and our traditional ways of
• 17:53
  Speaker 2: how we look at businesses.
• 17:55
  Speaker 1: We know some I don't even think is outside the box.
• 17:58
  Speaker 1: It's just open your eyes. That's what we tend to do.
• 18:01
  Speaker 1: We tend to only see what we feel we are
• 18:05
  Speaker 1: have access to. And that's what this interview is about,
• 18:08
  Speaker 1: is that what you're doing at more House and what
• 18:11
  Speaker 1: Goodwill is doing is providing access an opportunity. What we
• 18:15
  Speaker 1: have to do is not be naysayers and seek and
• 18:20
  Speaker 1: jump upon or jump up to the opportunity that's being
• 18:23
  Speaker 1: presented yourself. And that's why I keep going back when
• 18:25
  Speaker 1: I'm talking to you about there's so many people standing
• 18:29
  Speaker 1: at the door not going in. Why is that.
• 18:35
  Speaker 2: We do the other side of the work we do
• 18:37
  Speaker 2: is really about the research about why this is right?
• 18:40
  Speaker 2: And I think that number one, as a people, historically
• 18:46
  Speaker 2: we have good reasons for that right. We have not
• 18:49
  Speaker 2: been treated fairly Historically, we know that if we were
• 18:54
  Speaker 2: not entrepreneurial in our very nature. Entrepreneurship is in our DNA,
• 18:59
  Speaker 2: we wouldn't be here as a people number one, because
• 19:02
  Speaker 2: we survive, right, and that's being entrepreneurial. So I really
• 19:05
  Speaker 2: push against when people say that you've got to be
• 19:08
  Speaker 2: born and this cannot be taught. We as people have
• 19:12
  Speaker 2: all the characteristics I would say of being those calculated
• 19:17
  Speaker 2: risk takers. Now we also are I would say, not
• 19:24
  Speaker 2: as open to failure because of so many things that
• 19:28
  Speaker 2: whatever we do, we have to perform at exceedingly deep
• 19:33
  Speaker 2: level for folks to accept us, because there are always
• 19:36
  Speaker 2: that level of doubt. There's always that we cannot do it.
• 19:41
  Speaker 2: And so one of the things, especially as I work
• 19:44
  Speaker 2: with my students who are black men at Morehouse, is
• 19:47
  Speaker 2: truly to break down some of those historical traits that
• 19:51
  Speaker 2: we understand that our psychological barriers. Right. I could recall
• 19:56
  Speaker 2: when my son was leaving for college and he you know,
• 20:00
  Speaker 2: you would think because I teach this, I would certainly
• 20:02
  Speaker 2: encourage it. But one of the things I thought about,
• 20:04
  Speaker 2: if he comes back to me after four years of
• 20:07
  Speaker 2: going to college and perhaps in debt and tell me Mom,
• 20:10
  Speaker 2: I'm going to open that business. I don't know how
• 20:13
  Speaker 2: I would react.
• 20:14
  Speaker 3: I would go get that job first, pay off that debt,
• 20:17
  Speaker 3: and then maybe come back and talk to me about
• 20:19
  Speaker 3: a business. Right, So, we as a community are not
• 20:25
  Speaker 3: as privileged as perhaps our conterparts, from our Caucasian counterparts,
• 20:33
  Speaker 3: able to take those calculated risks that I'm talking about
• 20:36
  Speaker 3: that you need to do and to accept the failure.
• 20:39
  Speaker 2: The fact is that eighty six percent of our small
• 20:41
  Speaker 2: businesses are going to fail within the first three years.
• 20:44
  Speaker 2: That's a given, and that is part of the process.
• 20:46
  Speaker 2: So we have to have some things on the table
• 20:49
  Speaker 2: and be willing to accept that failure as part of
• 20:53
  Speaker 2: the process. We're not quite there yet. We have loans
• 20:57
  Speaker 2: we got to pay back once we get out of college.
• 21:00
  Speaker 2: We have families we have to take care of, and
• 21:02
  Speaker 2: so those opportunities and those are real things that we
• 21:06
  Speaker 2: must consider. So I would say that, yes, entrepreneurship, but
• 21:11
  Speaker 2: we cannot all be on entrepreneurs and let's not romanticize entrepreneurship.
• 21:16
  Speaker 2: It's perhaps one of the hardest things that would ever do.
• 21:19
  Speaker 2: And you probably can speak to that.
• 21:21
  Speaker 1: That's Rob Landford. It's not a forty hour way job. Everybody.
• 21:25
  Speaker 1: It's no guarantee your vacation. If you're sick, get up
• 21:28
  Speaker 1: and go to work, because sick days don't happen when
• 21:30
  Speaker 1: you running your own business. And guess what you can't
• 21:33
  Speaker 1: beat You can't let the customers beat you to your business,
• 21:36
  Speaker 1: that's the bottom line. So that means that you have
• 21:38
  Speaker 1: to be there, set up and ready to go. Whether
• 21:41
  Speaker 1: you running a business or provide product, you have to
• 21:44
  Speaker 1: understand that as a small business owner, it is the
• 21:47
  Speaker 1: most rewarding for the most fatiguing thing that you can do.
• 21:51
  Speaker 1: But when you do it right, ownership and that's what
• 21:54
  Speaker 1: we need, ownership. And I want to make that transition
• 21:57
  Speaker 1: statement to the Small Business Executive Program and the three
• 22:01
  Speaker 1: seeds of the Small Business Executive Program. I wanted to
• 22:04
  Speaker 1: ask you about doctor Bussy because of the fact that
• 22:06
  Speaker 1: you're throwing theres so much knowledge you know about the
• 22:09
  Speaker 1: program that's available at ball House, telling us what good
• 22:12
  Speaker 1: will doing not only providing free opportunities for job training,
• 22:16
  Speaker 1: but also providing paying you for some opportunities over there. Now,
• 22:21
  Speaker 1: we talked about pushing past stereotypes walking through that glass door.
• 22:27
  Speaker 1: We are always heard about the glass ceiling, but for minority.
• 22:30
  Speaker 1: It's just walking through that door. What is the three
• 22:33
  Speaker 1: seeds of the small business Executive program?
• 22:36
  Speaker 2: Capital, connections, and contracts. I ensured capital dominates the conversation
• 22:44
  Speaker 2: right every time, access to capital, access to hack and
• 22:48
  Speaker 2: brown businesses don't have access to capital. I like to say,
• 22:51
  Speaker 2: equally as important, again, are those contracts. If you have
• 22:56
  Speaker 2: capital and you don't have revenue, and you can't sell
• 22:59
  Speaker 2: like you said to your customers, and you don't have customers,
• 23:02
  Speaker 2: your business probably will not succeed. In order to get
• 23:06
  Speaker 2: those contracts. You might be equally as qualified. What you
• 23:09
  Speaker 2: need is the connections. You need to be in the room.
• 23:12
  Speaker 2: You need to be in front of the folks that
• 23:14
  Speaker 2: have the decision power in making those contracts available. And
• 23:19
  Speaker 2: so we like to see our three seeds capital, connections
• 23:24
  Speaker 2: and contracts.
• 23:25
  Speaker 1: Now, let me ask you this doct about will connections
• 23:28
  Speaker 1: carry the same value as relationships?
• 23:30
  Speaker 2: It is exactly the same thing.
• 23:32
  Speaker 1: Okay, cool?
• 23:33
  Speaker 2: Well, relationships you might say. I might say I know
• 23:36
  Speaker 2: no Rashan, but does Rashan know me? So that's the difference. Right,
• 23:41
  Speaker 2: So that network has to be a two way thing.
• 23:44
  Speaker 2: You need to know about me and my capabilities, and
• 23:48
  Speaker 2: I need to know about you and what you offer.
• 23:51
  Speaker 2: Many times, what we hear from the large primes that
• 23:53
  Speaker 2: have all these contracts is that we think that a
• 23:56
  Speaker 2: one size fits all and we think that by saying
• 23:59
  Speaker 2: I do information technology and you need to do business
• 24:03
  Speaker 2: with me. Well, that's not the way it works. You
• 24:06
  Speaker 2: need to find out what the problem that that potential
• 24:09
  Speaker 2: customer has and be able to offer a solution. People
• 24:13
  Speaker 2: don't buy products and services for the heck of products
• 24:16
  Speaker 2: and services. They buy solutions. So when we start understanding,
• 24:21
  Speaker 2: and that's the way we teach and the way that
• 24:23
  Speaker 2: we do our technical assistance is really about falling in
• 24:27
  Speaker 2: love with that problem that you think you're solving. Because
• 24:30
  Speaker 2: if you approach a customer or a potential customer and see,
• 24:33
  Speaker 2: this is how I can help you and help you
• 24:36
  Speaker 2: solve your problem, more than likely you will get that business.
• 24:39
  Speaker 2: As opposed to you going and say this is what
• 24:41
  Speaker 2: I sell and this is the price, and you don't
• 24:44
  Speaker 2: make that value proposition very clear to that potential customer,
• 24:49
  Speaker 2: you probably won't get that new customer.
• 24:52
  Speaker 1: Wow, I tell you. Her name is doctor Tiffany Bussy, Chief,
• 24:56
  Speaker 1: the director of the Morehouse Innovation and Entrepreneurship Center. I
• 25:00
  Speaker 1: don't know what you expected when you came on my
• 25:02
  Speaker 1: show or got invited to come on the show, Doctor Bussey,
• 25:04
  Speaker 1: but the information you've given me is it's going to
• 25:07
  Speaker 1: change people's lives. It's going to give them an opportunity
• 25:10
  Speaker 1: to see life a little bit different and also value information.
• 25:15
  Speaker 1: And that's what this show is about, giving information that
• 25:17
  Speaker 1: can change their lives. In closing, you want to wrap
• 25:20
  Speaker 1: up with any thoughts or any information that we may
• 25:23
  Speaker 1: have missed that you want to tell about what you're
• 25:25
  Speaker 1: doing over that more House.
• 25:27
  Speaker 2: So, first of all, Rashan, what you're doing is invaluable.
• 25:30
  Speaker 2: I think, so really kudos to you and your show.
• 25:34
  Speaker 2: I think one of the most important things is sharing
• 25:36
  Speaker 2: of information. So many times I hear we have no idea,
• 25:41
  Speaker 2: we didn't know this was happening, and that is happening.
• 25:43
  Speaker 2: So there cannot be anything as too much information. So
• 25:46
  Speaker 2: please continue doing what you're doing, and I hope that
• 25:49
  Speaker 2: you will have me back in sharing this. But I
• 25:52
  Speaker 2: want to share also that folks that would love to
• 25:54
  Speaker 2: know more about our programs, and again being in mind
• 25:57
  Speaker 2: that we serve what we call mids scaled up companies,
• 26:02
  Speaker 2: right looking to go to the next level, really helping
• 26:05
  Speaker 2: to have these businesses grow perhaps three to five years
• 26:08
  Speaker 2: in business, looking to scale from about two million in
• 26:12
  Speaker 2: revenues to get them to five and twenty five million.
• 26:15
  Speaker 2: Our information can be found at the MCE Center that's
• 26:19
  Speaker 2: m C E C E N T e R dot com,
• 26:23
  Speaker 2: or off the Morehouse College website which is Morehousecollege dot edu.
• 26:29
  Speaker 2: I would also say that one of the things that
• 26:31
  Speaker 2: we have is part of our organizational structure is the
• 26:35
  Speaker 2: Small Business Development Center at Morehouse. That center provides services,
• 26:40
  Speaker 2: again to small businesses looking to scale and grow through
• 26:45
  Speaker 2: our partnership. We may be a touchpoint through our small
• 26:49
  Speaker 2: business executive programs, but we then hand off to that
• 26:52
  Speaker 2: Small Business Development Center and they stay with you through
• 26:56
  Speaker 2: the life of your company. So it is about building
• 26:58
  Speaker 2: community and really making sure that you sustain and grow
• 27:02
  Speaker 2: as your company really exists until you're ready to perhaps
• 27:06
  Speaker 2: exit or sell that company.
• 27:08
  Speaker 1: Wow, you're fantastic. Let me just say that, honestly, you're fantastic.
• 27:12
  Speaker 1: And the fact that I've allowed to interview you on
• 27:15
  Speaker 1: my show Money Making Conversations Master Class, let me know
• 27:17
  Speaker 1: I've got this platform, this podcast hitting in the right
• 27:20
  Speaker 1: direction again. You will be coming back on my show because,
• 27:24
  Speaker 1: like I said, you shut it down with the good
• 27:26
  Speaker 1: Will shower because I didn't know Goodwill did that. So
• 27:28
  Speaker 1: I know you got a lot more information you're gonna
• 27:30
  Speaker 1: pick back up and tell me about in three months.
• 27:32
  Speaker 1: So every three months, let's come back on this show
• 27:34
  Speaker 1: and shock the world. You over the more House, Okay,
• 27:38
  Speaker 1: thank you, associate you you stay in touch with me
• 27:41
  Speaker 1: over here. Money Making Conversations Master Class again Doctor Tiffany
• 27:44
  Speaker 1: Bussey over the more House doing her thing. See you
• 27:48
  Speaker 1: next with y'all. Bye bye. This has been another edition
• 27:51
  Speaker 1: of Money Making Conversation Masterclass posted by me Rushaun McDonald.
• 27:56
  Speaker 1: Thank you to I guess on the show today and
• 27:58
  Speaker 1: thank you. I'll listen to the audience now. If you
• 28:00
  Speaker 1: want to listen to any episode I want to be
• 28:02
  Speaker 1: a guest on the show, visit Moneymakingconversations dot com. Our
• 28:06
  Speaker 1: social media handle is Moneymaking Conversation. Join us next week
• 28:10
  Speaker 1: and remember to always leave with your gifts. Keep winning