Latest / The Steve Harvey Morning Show / Building Your Business: Gives advice on scaling your business for the future with the Director of MIEC.

Transcript

Building Your Business: Gives advice on scaling your business for the future with the Director of MIEC. · The Steve Harvey Morning Show

• 0:05
  Speaker 1: Welcome to the show.
• 0:06
  Speaker 2: I am Rashan McDonald, the host of Money Making Conversations Masterclass,
• 0:10
  Speaker 2: where we encourage people to stop reading other people's success
• 0:13
  Speaker 2: stories and start planning their own. Listen up as I
• 0:17
  Speaker 2: interview entrepreneurs from around the country, talk to celebrities and
• 0:21
  Speaker 2: ask them how they are running their companies, and speak
• 0:24
  Speaker 2: with dog profits who are making a difference in their
• 0:26
  Speaker 2: local communities. Now, sit back and listen as we unlock
• 0:30
  Speaker 2: the secrets to their success.
• 0:31
  Speaker 1: On Money Making Conversations Masterclass. Welcome. This is Rashan McDonald.
• 0:38
  Speaker 1: As you know, this is a This is my show
• 0:40
  Speaker 1: that I produce every week with my team. This is
• 0:43
  Speaker 1: a weekly money Making Conversation master Class show. The interviews
• 0:47
  Speaker 1: and information that this show provides are for everyone. It's
• 0:50
  Speaker 1: time to stop reading other people's success stories and start
• 0:53
  Speaker 1: living your own. If you want to be a guest
• 0:56
  Speaker 1: on my show, please visit our website, Moneymakingconversations dot com
• 1:00
  Speaker 1: and click the b a Guest button. My next guest
• 1:03
  Speaker 1: is the founding director of the More House Innovation and
• 1:08
  Speaker 1: Entrepreneurship Center. She's been on my show before and I'm
• 1:11
  Speaker 1: so happy that she made time to come back. Their
• 1:14
  Speaker 1: assist in the development of minority entrepreneurship. Please work the
• 1:18
  Speaker 1: Money Making Conversations Masterclass, Doctor Tiffany Bussy. How did you know,
• 1:22
  Speaker 1: doctor Tiffany?
• 1:25
  Speaker 3: Oh? Awesome. First of all, thank you so much for
• 1:28
  Speaker 3: having me back. Wow, and congratulations to you and the show.
• 1:33
  Speaker 3: I am always excited to be here, so thank you.
• 1:36
  Speaker 3: Thank you for having me.
• 1:37
  Speaker 1: We know you're perfect for my show because this show
• 1:39
  Speaker 1: is based on small businesses and entrepreneurship opportunities, giving everybody
• 1:43
  Speaker 1: a voice in this in this landscape because so many
• 1:47
  Speaker 1: people want to understand and be an entrepreneur, but they
• 1:50
  Speaker 1: don't have the tools or where to go. Tell her
• 1:53
  Speaker 1: about exactly what you do as the founding director of
• 1:56
  Speaker 1: the more House Innovation and Entrepreneurship Center.
• 2:00
  Speaker 3: Awesome, Yes, thank you so much, And like I said,
• 2:03
  Speaker 3: thank you for what you do because I think having
• 2:05
  Speaker 3: this conversation in this space in order to share and
• 2:08
  Speaker 3: exchange information is an important piece what we do here
• 2:11
  Speaker 3: and what we've been doing. And I'm super excited to
• 2:14
  Speaker 3: tell you we are celebrating our twentieth the year this year,
• 2:17
  Speaker 3: so we've been doing this for twenty years. Wow, can't
• 2:20
  Speaker 3: It has also been thank you my own entrepreneurial journey.
• 2:25
  Speaker 3: As you shared at the top of the program that
• 2:28
  Speaker 3: I'm the founding director. So when we think about entrepreneurship
• 2:31
  Speaker 3: sometimes we immediately start thinking about the person that has
• 2:35
  Speaker 3: a a you know, some sort of product or service.
• 2:38
  Speaker 1: Let's let's talk about that, right there, doctor Tifferty. You know, yes,
• 2:41
  Speaker 1: founding director. You know what I mean? You had an idea,
• 2:45
  Speaker 1: you had to pitch it to somebody, yes, and that
• 2:47
  Speaker 1: was twenty years ago. You know, entrepreneurship is really huge now.
• 2:51
  Speaker 1: Everybody's into a special social media people want an opportunity
• 2:55
  Speaker 1: to knock down that door. So how do you start
• 2:58
  Speaker 1: a center? You know, because you have the SBA people
• 3:01
  Speaker 1: go they're doing it over the Small Business Administration, They
• 3:03
  Speaker 1: got all these other Why do you need to do
• 3:05
  Speaker 1: this on a moor House campus? Talk to us?
• 3:08
  Speaker 4: How will you?
• 3:08
  Speaker 1: Why were you inspired? And who you had to convince?
• 3:12
  Speaker 3: Correct? Really so again everything comes from this sort of idea,
• 3:17
  Speaker 3: what is it that I am going to to do?
• 3:20
  Speaker 3: What problem am I going to solve? Right? Right, as
• 3:23
  Speaker 3: you rightfully put it, twenty years ago, we weren't even
• 3:26
  Speaker 3: selling entrepreneurship. Back then. It was still being debated quite frankly,
• 3:31
  Speaker 3: especially in the academic environment in which where I sit
• 3:35
  Speaker 3: on whether or not it was even a discipline. So yes,
• 3:39
  Speaker 3: we were definitely pioneers innovating, if we say, in terms
• 3:43
  Speaker 3: of having this vision, and I really have to give
• 3:46
  Speaker 3: it to the leadership of Morehouse here to recognize very
• 3:49
  Speaker 3: early that one of the things that they saw as
• 3:53
  Speaker 3: an important piece was not only having the young men
• 3:56
  Speaker 3: here graduating to get jobs right and to go out
• 4:00
  Speaker 3: and seek jobs, but having the foresight to think, you
• 4:02
  Speaker 3: know what, we also want these young men to be
• 4:05
  Speaker 3: able to create industries, to create companies and organizations that
• 4:10
  Speaker 3: can create jobs in itself. And that really was I
• 4:13
  Speaker 3: would say, the emphasis of really thinking about, wow, we
• 4:17
  Speaker 3: can have someone graduate from Morehouse with the idea we've
• 4:21
  Speaker 3: always and by the way, we're really proud of the
• 4:24
  Speaker 3: statistics that many of our graduates are entrepreneurial as I
• 4:28
  Speaker 3: listen to the stories. So that's where it really started,
• 4:31
  Speaker 3: really thinking about how do we get these young men
• 4:34
  Speaker 3: to graduate with a degree, yes, but also thinking about
• 4:38
  Speaker 3: solving the problems in the world. And when we think
• 4:40
  Speaker 3: about solving problems, we must also think about having organizations
• 4:45
  Speaker 3: bringing that solution to society. And that's how we have
• 4:48
  Speaker 3: defined entrepreneurship here at Morehos, especially in and I'll throw
• 4:53
  Speaker 3: something else again, I'm talking kind of like some of
• 4:56
  Speaker 3: the academic language in a liberal art setting, because that's
• 4:59
  Speaker 3: who we are more Houseware, a four year undergraduate liberal
• 5:02
  Speaker 3: arts institution. And some even argue even today that perhaps
• 5:07
  Speaker 3: entrepreneurship should reside in these types of environments that we
• 5:11
  Speaker 3: are preparing students for graduate schools and professional careers and
• 5:16
  Speaker 3: things like that. But at the end of the day,
• 5:18
  Speaker 3: like I started, we're all entrepreneurial. If we think about entrepreneurship, yes,
• 5:24
  Speaker 3: as solving a problem and bringing a solution to society
• 5:28
  Speaker 3: or to the marketplace, then we are are entrepreneurial. It's
• 5:31
  Speaker 3: how we put it together right and how we really
• 5:35
  Speaker 3: think about bringing those resources. So that's how this all
• 5:38
  Speaker 3: get started. I'll tell you a little bit of history
• 5:41
  Speaker 3: about the center also, so our work really well is centered.
• 5:45
  Speaker 3: We are one of the few entities also that is
• 5:48
  Speaker 3: a self sustaining arm, and what that means is that
• 5:51
  Speaker 3: we bring in our own money. So we are also
• 5:55
  Speaker 3: entrepreneurial in our business model here at the Morehouse Innovation Center,
• 5:59
  Speaker 3: and the way we call it the MIEC Center. So
• 6:02
  Speaker 3: the model here is that we perform work which we
• 6:06
  Speaker 3: charge market rate and support the individuals that go out
• 6:11
  Speaker 3: and perform that work, and everything above cost comes back
• 6:15
  Speaker 3: to the college to support students initiatives. So at the
• 6:19
  Speaker 3: end of the day, we are helping to start, scale,
• 6:22
  Speaker 3: and grow businesses, whether it is with our students through
• 6:26
  Speaker 3: experiential learning or in the classroom, and with businesses outside
• 6:30
  Speaker 3: our gates off the campus. Right, we recognize here that
• 6:33
  Speaker 3: our most famous alum, doctor King's work was about economic empowerment,
• 6:39
  Speaker 3: and economic empowerment comes from owning, owning businesses, owning organizations,
• 6:45
  Speaker 3: and again from solving and helping to create solutions in
• 6:49
  Speaker 3: our society. So we're extending that legacy and building upon
• 6:52
  Speaker 3: that with the work that we do here.
• 6:54
  Speaker 1: Let measure this. You know when you talk about because
• 6:56
  Speaker 1: I'm a teaser. When I went to college, you know,
• 6:58
  Speaker 1: I was very innovative from the standpoint I do put,
• 7:01
  Speaker 1: I did large care productions, do parties, and you know,
• 7:04
  Speaker 1: I was an entrepreneur, but I didn't know what that was.
• 7:06
  Speaker 1: You know, all I knew was that correct, I could
• 7:08
  Speaker 1: charge somebody five dollars. I have a DJ in there.
• 7:11
  Speaker 1: They wanted to come here and I made five dollars.
• 7:13
  Speaker 1: I knew how to pay the DJ, I had to
• 7:14
  Speaker 1: rent the room, I had to hire a security. All
• 7:17
  Speaker 1: that is entrepreneur Now, the business plan, the business model,
• 7:22
  Speaker 1: that is what is so important. Talk to the structure
• 7:25
  Speaker 1: that you create. And so many people don't understand that
• 7:28
  Speaker 1: they failed because they don't have a business model. They
• 7:30
  Speaker 1: have a great idea, but they don't have a business model.
• 7:33
  Speaker 1: Please speak to.
• 7:34
  Speaker 3: My audience and I and I love that what you
• 7:37
  Speaker 3: just said. So not all great ideas are great business
• 7:40
  Speaker 3: business ideas. Right to have a profitable business, it's really
• 7:44
  Speaker 3: a simple equation. You have to be able to produce
• 7:47
  Speaker 3: something that is going to bring more revenue than it
• 7:49
  Speaker 3: is to that it costs to produce it. Quite frankly,
• 7:53
  Speaker 3: that's it, right, in order to make a profit. And
• 7:56
  Speaker 3: so in the past I would say maybe ten to
• 7:58
  Speaker 3: fifteen years or so, we've been thinking about how we
• 8:01
  Speaker 3: teach entrepreneurship. To your point, everyone get an idea, you're
• 8:05
  Speaker 3: passionate about it, you actually fall in love with that idea,
• 8:08
  Speaker 3: and you haven't really tested you just start build it
• 8:11
  Speaker 3: and they will come. Kind of mentality. Right, I have
• 8:15
  Speaker 3: an idea about the DJ business. So I'm just going
• 8:17
  Speaker 3: to go, you know exactly, I'm going to open up business.
• 8:23
  Speaker 3: But what we now know is that we must test
• 8:27
  Speaker 3: these ideas to first figure out do we have a
• 8:30
  Speaker 3: customer base for these you know, who is the real
• 8:32
  Speaker 3: customer who really wants this good? And I would say
• 8:36
  Speaker 3: that about half of our businesses that do fail is
• 8:39
  Speaker 3: because we have not done our homework on the top
• 8:42
  Speaker 3: end to really figure out who it is that we're
• 8:45
  Speaker 3: selling to and who wants this actual business that we
• 8:50
  Speaker 3: think others want, right. And I often ask my students,
• 8:54
  Speaker 3: there's a million people, do you think a million people
• 8:56
  Speaker 3: will buy this? Before you start really putting investments and
• 9:01
  Speaker 3: resources in that business or business idea, I think we
• 9:05
  Speaker 3: should do some testing. I think we should do some research.
• 9:08
  Speaker 3: I think we should really try to figure out and
• 9:11
  Speaker 3: there's a fancy terminology that we now using the tech
• 9:14
  Speaker 3: startup product market fit Is there really a fit and
• 9:17
  Speaker 3: a need and a demand for this particular good or service,
• 9:20
  Speaker 3: not that I fell in love with it? Right? And
• 9:23
  Speaker 3: that's usually where we have the problem because even as
• 9:26
  Speaker 3: we're testing, I see some of my students don't want
• 9:29
  Speaker 3: to leave that idea or abandon the idea. They fall
• 9:33
  Speaker 3: in love with the idea, and they just want to
• 9:35
  Speaker 3: keep pushing ahead, even when I'm asking a question. Way,
• 9:38
  Speaker 3: show me the evidence. Where is the evidence base research
• 9:42
  Speaker 3: to show that this business will succeed?
• 9:47
  Speaker 1: Of that, doctor wil You know, it's like when I
• 9:49
  Speaker 1: was managing Steve Harvey. You know, I started my own
• 9:53
  Speaker 1: ad agency and I jumped out there. I had popularity,
• 9:56
  Speaker 1: I had names, I had recognition, and what I didn't
• 9:59
  Speaker 1: realize just that's what you said. I had a great idea.
• 10:02
  Speaker 1: I didn't do my research. I didn't understand my competition.
• 10:05
  Speaker 1: And what I didn't realize is that every fortune five
• 10:08
  Speaker 1: hundred company already has an AD agency. So if I
• 10:11
  Speaker 1: came in there, basically I'm taking I'm doing their job.
• 10:14
  Speaker 1: So I was a threat, and so I had to
• 10:17
  Speaker 1: develop unique marketing techniques. And that's what you're talking about,
• 10:20
  Speaker 1: you know, and that's important that people understand. Once I
• 10:23
  Speaker 1: developed unique marketing techniques. When I say unique marketing techniques,
• 10:27
  Speaker 1: that means only I can do the function that I'm pitching.
• 10:32
  Speaker 3: So we get another fancy, fancy word for that. You
• 10:36
  Speaker 3: had a competitive advantage, yes that particular area, Yes.
• 10:40
  Speaker 1: Yes, yes, go ahead, Yes, And I didn't understand that
• 10:43
  Speaker 1: because I just had a great idea. I jumped out there.
• 10:45
  Speaker 1: I'm telling you, I jumped out there with no business plan.
• 10:48
  Speaker 1: I jumped out there because I just was popular. I
• 10:50
  Speaker 1: just was everybody. My phone was ringing, I got all
• 10:53
  Speaker 1: of it. I go in the room, people recognized me.
• 10:55
  Speaker 1: But guess what, I still didn't know my competition. I
• 10:58
  Speaker 1: did not have a competitive advantage because I didn't understand
• 11:01
  Speaker 1: the landscape. And that's what she's telling you, guys. When
• 11:04
  Speaker 1: you jump out there. You might be popular on the
• 11:06
  Speaker 1: weekend at this one flea market or there's one festival
• 11:11
  Speaker 1: that you attend, but can it sustain? It says, do
• 11:14
  Speaker 1: more people want that? To keep the lights on? To
• 11:17
  Speaker 1: employ people? That's what people, That's what you have to
• 11:19
  Speaker 1: understand through your research. And that's what she said. Well
• 11:23
  Speaker 1: a million people by this, which means will your business
• 11:26
  Speaker 1: be sustainable?
• 11:27
  Speaker 3: Correct? Correct? Correct? So let me just give you a statistic.
• 11:32
  Speaker 3: Point less than three percent of black businesses really are
• 11:36
  Speaker 3: able to what we call another fancy term scale. So
• 11:39
  Speaker 3: we will start like you just said and maybe go
• 11:43
  Speaker 3: for two three years if we make it to that point,
• 11:46
  Speaker 3: but then it sizzles out right because it was a fad,
• 11:50
  Speaker 3: it was something that was in fashion at that time.
• 11:52
  Speaker 3: So we have to really really focus now and how
• 11:55
  Speaker 3: do we scale businesses. I was looking at a report
• 12:00
  Speaker 3: a few days ago where we are now starting more
• 12:03
  Speaker 3: business ever in the history of the United States. I
• 12:06
  Speaker 3: think the number was about twenty million in somethow that
• 12:09
  Speaker 3: of new business starts where we have so we know
• 12:12
  Speaker 3: how to start businesses. Where our issue is is how
• 12:16
  Speaker 3: do we scale these businesses? How do we sustain these businesses?
• 12:20
  Speaker 3: And I think it really boils down to as you
• 12:24
  Speaker 3: and I have just shared, truly taking the time on
• 12:27
  Speaker 3: the front end to understand and do our research and
• 12:30
  Speaker 3: really figure out what problem we're solving with this business,
• 12:34
  Speaker 3: what pain point, what's the market need and who's that customer?
• 12:37
  Speaker 3: And understanding the business model, how are we going to
• 12:40
  Speaker 3: make business money on this particular idea of this product
• 12:43
  Speaker 3: or service that we're talking about. And that's part of
• 12:46
  Speaker 3: what we really do here at the Center. So I
• 12:49
  Speaker 3: will share with you that over the twenty years we've
• 12:52
  Speaker 3: touched about four hundred business Our model here is through
• 12:55
  Speaker 3: what we call cohorts. We are very specific. Six to
• 12:59
  Speaker 3: nine months we will bring in about fifteen to twenty
• 13:03
  Speaker 3: companies that are industry or sector specific. So we are
• 13:07
  Speaker 3: now we have an application open now for construction companies
• 13:11
  Speaker 3: companies looking to scale in the construction industry open on
• 13:15
  Speaker 3: our website. We're looking for twenty companies that we will
• 13:19
  Speaker 3: start in January, and our focus is a lot of
• 13:23
  Speaker 3: conversation is around access to capital. Access to capital that
• 13:26
  Speaker 3: is important, yes, but one of the other part of
• 13:29
  Speaker 3: that is access to contracts, access to customers to help
• 13:34
  Speaker 3: you grow and scale. Even if you get the capital,
• 13:38
  Speaker 3: if you don't have the revenue. Like I said, that
• 13:40
  Speaker 3: simple equation, you must be bringing in more money than
• 13:43
  Speaker 3: you're spending produce that good service. So we were we're
• 13:47
  Speaker 3: what we call capital and contract readiness. With the work
• 13:51
  Speaker 3: that we do in terms of helping companies.
• 13:53
  Speaker 1: To get there, you're dropping all them duels over you.
• 13:56
  Speaker 1: I'm just a regular talking person, doctor Tiffinybuzzy, you know, competitive,
• 14:00
  Speaker 1: and it's scaling all this stuff, which is really what
• 14:03
  Speaker 1: I hear all the time out in the streets. But
• 14:05
  Speaker 1: you know, I want to just talk about the twentieth anniversary.
• 14:08
  Speaker 1: I just say mohouse innovative, innovation and Entrepreneurs Center, which
• 14:12
  Speaker 1: is m IEC. You know twenty years now you have
• 14:15
  Speaker 1: a black Building, Black Business Report twenty twenty four coming out.
• 14:20
  Speaker 1: Tell us exactly what that is before we go to
• 14:22
  Speaker 1: break sure.
• 14:24
  Speaker 3: So one of the things that we're doing, and we
• 14:27
  Speaker 3: realize being an academic institution, that the research must goes
• 14:34
  Speaker 3: along with this work. Data at the end of the
• 14:36
  Speaker 3: day really helps to inform. Like we said, you do
• 14:40
  Speaker 3: the research, so we can't just teach about it or
• 14:42
  Speaker 3: talk about it. We must practice what we teach. So
• 14:44
  Speaker 3: we've been intentionally focusing on understanding the data behind this work. Also,
• 14:50
  Speaker 3: in the past eighteen months, we have been convening those
• 14:54
  Speaker 3: that do this work similar to us and another fancy
• 14:57
  Speaker 3: term business serving organizations or other organists similar that provides
• 15:01
  Speaker 3: this type of training. We've been bringing them together in
• 15:04
  Speaker 3: these small group conversations asking them what are you seeing
• 15:08
  Speaker 3: and how are you doing this work. So this report
• 15:11
  Speaker 3: that we will be releasing on December eleven, right here
• 15:14
  Speaker 3: on the campus of Morehouse College and the public is
• 15:16
  Speaker 3: invited by the way, at nine am in our Shirley
• 15:20
  Speaker 3: Massey Conference Center, will really culminate that work and bring
• 15:25
  Speaker 3: and present. This is how we the business serving organization
• 15:30
  Speaker 3: understand in how number one not only to start businesses,
• 15:33
  Speaker 3: but how do we help and scale these businesses, to
• 15:36
  Speaker 3: move that needle, to help businesses build and to provide
• 15:40
  Speaker 3: more employment and to provide more revenue. And now, just
• 15:44
  Speaker 3: without spilling the beings, some things that we discovered along
• 15:48
  Speaker 3: the way is that the training and the knowledge that
• 15:51
  Speaker 3: is provided must meet the size of the organization. Right
• 15:57
  Speaker 3: let me repeat that that the depending on the size
• 16:01
  Speaker 3: and where you are, we must tailor the type of
• 16:04
  Speaker 3: teaching and the type of construction that we're doing. The
• 16:08
  Speaker 3: other piece, I want to hold.
• 16:10
  Speaker 1: That thought right there, doctor Bussy, because I want to
• 16:12
  Speaker 1: go to break when I come back, I want to
• 16:14
  Speaker 1: break the details because you're dropping it and from ask
• 16:17
  Speaker 1: why I brought you back, because I think I feel
• 16:20
  Speaker 1: that from an entrepreneur standpoint, you have to know about mentorship,
• 16:24
  Speaker 1: where to go, the opportunity to present themselves. That's what
• 16:27
  Speaker 1: she's delivering right here on my show, Money Making Conversation Masterclass.
• 16:30
  Speaker 1: Don't go nowhere, We'll be right back with doctor Tiffany Bussy.
• 16:34
  Speaker 5: Please don't go anywhere. We'll be right back with more
• 16:37
  Speaker 5: Money Making Conversations Masterclass. Welcome back to the Money Making
• 16:50
  Speaker 5: Conversations Masterclass hosted by Rashaan McDonald. Money Making Conversations Masterclass
• 16:56
  Speaker 5: continues online at Moneymakingconversations dot com and money Making Conversations
• 17:01
  Speaker 5: Masterclass on Facebook, Twitter and Instagram.
• 17:04
  Speaker 1: This is ra Sean McDonough. I host this weekly money
• 17:06
  Speaker 1: Making Conversation Masterclass show and the purpose is about entrepreneurship
• 17:10
  Speaker 1: and small business. That's what I spot like I try
• 17:12
  Speaker 1: to bring and I not try I bring people on
• 17:14
  Speaker 1: the show who are experts. I'm just like a facilitator.
• 17:17
  Speaker 1: I know a lot, but I'm not an expert. But
• 17:20
  Speaker 1: I do have an expert on the call. Her name
• 17:22
  Speaker 1: is doctor Tiffany Bussey. She founded the founding director of
• 17:26
  Speaker 1: the more House Innovation and Entrepreneurship Class Center, which is
• 17:30
  Speaker 1: the MIEC twenty years. They've been doing it for twenty years,
• 17:34
  Speaker 1: changing lives. But one thing I want to point out
• 17:36
  Speaker 1: because there are a lot of RFPs out there, and
• 17:38
  Speaker 1: I'm in the services side, which is graphic designs, and
• 17:41
  Speaker 1: that's an area that I'm just going to tell you
• 17:44
  Speaker 1: guys is really jam packed with a lot of people
• 17:47
  Speaker 1: trying to do that. A lot of people can design websites,
• 17:50
  Speaker 1: a lot of people can do graphic designs, but in
• 17:52
  Speaker 1: that construction area, there are a lot of opportunities. And
• 17:57
  Speaker 1: I'm very excited doctor Bussey to know that you have
• 18:00
  Speaker 1: a program that's being designed for African American people of
• 18:04
  Speaker 1: color to pursue those opportunities, because there are a lot
• 18:07
  Speaker 1: of opportunities that they can really get out there and
• 18:10
  Speaker 1: win in the construction business, especially when it comes to
• 18:13
  Speaker 1: apply for RFPs correct.
• 18:16
  Speaker 3: Correct And so I mean, I thank you so much
• 18:20
  Speaker 3: for that example that that's one of the other things
• 18:23
  Speaker 3: that we have to think about as we think about
• 18:25
  Speaker 3: being entrepreneurs. Where are these gaps in the marketplace. If
• 18:29
  Speaker 3: everybody wants to be a music producer, everybody wants to
• 18:33
  Speaker 3: be a graphic artist, then it leads very little room
• 18:36
  Speaker 3: for new innovation and new thought. But if we look
• 18:39
  Speaker 3: at what I'd like to term non traditional industries and sectors,
• 18:44
  Speaker 3: that's where the opportunities are. We cannot find what we're
• 18:48
  Speaker 3: hearing from these large primes that do the construction, the
• 18:52
  Speaker 3: holders and the McCarthy construction companies, that they cannot find
• 18:57
  Speaker 3: enough of these small businesses and contractors to come in
• 19:01
  Speaker 3: and assist as either first year or what they call
• 19:04
  Speaker 3: second tier subcontractors. So the newest form and this was
• 19:08
  Speaker 3: another report that I saw the other day of millionaires
• 19:11
  Speaker 3: being made are those that are in those trade industry.
• 19:15
  Speaker 3: So I think we really need to put our thinking
• 19:19
  Speaker 3: cap on as we think about becoming entrepreneurs and do
• 19:23
  Speaker 3: our homework. Where are these opportunities an entrepreneur and a
• 19:27
  Speaker 3: successful entrepreneur bring new things to the marketplace and answer
• 19:32
  Speaker 3: an opportunity. And these trade jobs what we're hearing finishers, electricians, plumbers,
• 19:40
  Speaker 3: they cannot find enough.
• 19:42
  Speaker 1: They cannot these industries, those RFPs, I see them all
• 19:47
  Speaker 1: the time, Doctor Bussy, I see them all the time.
• 19:49
  Speaker 1: It is a lot of them. I talk to people
• 19:51
  Speaker 1: in various markets to tell you, Rashan, I can't do enough.
• 19:55
  Speaker 3: I can't.
• 19:58
  Speaker 1: There's so much opportunities out there, not just for the
• 20:01
  Speaker 1: general market, but just for African American and people of
• 20:03
  Speaker 1: color in the construction and the services, the physical services
• 20:07
  Speaker 1: side of it. And I'm gonna tell you something else
• 20:09
  Speaker 1: about AI AI. Have my staff take a course today
• 20:13
  Speaker 1: looking at Adobe's AI. They have the premiere now they
• 20:17
  Speaker 1: can straight fix you if you stutter, they can fix
• 20:19
  Speaker 1: it online. You do not have to re record that. They
• 20:22
  Speaker 1: can fix graphics through AI, they can fix video through AI.
• 20:26
  Speaker 1: So you may be going into an area where AI
• 20:29
  Speaker 1: is going to take on such a dominant role. And
• 20:31
  Speaker 1: that's all she's saying is that when you trying to
• 20:35
  Speaker 1: plan your career, do your research it. Make sure you're
• 20:38
  Speaker 1: not diving into something just because you like it may
• 20:41
  Speaker 1: be overly saturated, especially with AI being such a dominant
• 20:46
  Speaker 1: player in the graphics, in the audio, in the video world.
• 20:51
  Speaker 3: Let me tell you AI is a game changer and
• 20:54
  Speaker 3: it's going to touch every aspect of our lives, even
• 20:57
  Speaker 3: in construction. So I mean a real applaud you for
• 21:01
  Speaker 3: encouraging your staff, for us to understand as a community,
• 21:06
  Speaker 3: every industry will be affected by this. So this is
• 21:09
  Speaker 3: not an if, it's a when right right here. So
• 21:14
  Speaker 3: we really really have to think about what sector and
• 21:17
  Speaker 3: what industry really in we're in, and how does technology,
• 21:21
  Speaker 3: particularly AI is going to be incorporated and really engage
• 21:25
  Speaker 3: with those. It's nothing to be afraid of. It's understanding
• 21:28
  Speaker 3: and getting ahead of it. Figure out how do we
• 21:31
  Speaker 3: build and construct businesses using because it has created opportunities also,
• 21:36
  Speaker 3: doctor Boss, So we have to.
• 21:37
  Speaker 1: Figure out what I don't want to end this interview
• 21:39
  Speaker 1: because there's something really important that you have coming up
• 21:42
  Speaker 1: call and it's right around the corner. It's called Boost
• 21:44
  Speaker 1: your Business and as an online event, and I want
• 21:47
  Speaker 1: to make sure you get that out before we close
• 21:49
  Speaker 1: out this interview today. Can you tell everybody about your
• 21:52
  Speaker 1: Boost your Business. It's a new initiative over there.
• 21:56
  Speaker 3: So we as a matter of fact, we just had
• 21:58
  Speaker 3: the events. It was about the entertainment industry and understanding
• 22:05
  Speaker 3: talking about news sectors right Atlanta and the state of
• 22:08
  Speaker 3: Georgia has become the new Hollywood of the South, if
• 22:11
  Speaker 3: you will, creative industries, creating another opportunity for us to
• 22:17
  Speaker 3: think about these on tapped industries that have gaps or opportunities,
• 22:23
  Speaker 3: and so Boost your Business was really about curating and
• 22:26
  Speaker 3: it was our first event that we held through our
• 22:29
  Speaker 3: Small Business Development Center that's also here at Morehouse to
• 22:33
  Speaker 3: truly understand what does that look like on what are
• 22:36
  Speaker 3: those opportunities. I want to also share with your audience
• 22:39
  Speaker 3: that for those that don't know, we do have an
• 22:42
  Speaker 3: SBDC center right here at Morehouse that offers these at
• 22:47
  Speaker 3: no cost consulting for any businesses that we're looking for
• 22:52
  Speaker 3: that's in this community. We're right here to serve you.
• 22:55
  Speaker 3: So if you have an idea, if you have moved
• 22:58
  Speaker 3: that idea along, if you to think about all these
• 23:01
  Speaker 3: things that we're thinking about, how do I develop that
• 23:03
  Speaker 3: business plan? Where do I get funding? How do I
• 23:06
  Speaker 3: scale my business? The s b d C at Morehouses
• 23:09
  Speaker 3: also here, So along with the m I e C
• 23:11
  Speaker 3: and the s B d C at Morehouse, we have
• 23:14
  Speaker 3: created a non stop, kind of one stop shop for
• 23:18
  Speaker 3: you and we can actually come in through a cohort
• 23:21
  Speaker 3: and then get engaged with the s B d C
• 23:23
  Speaker 3: for the life of your business. Is there a website?
• 23:26
  Speaker 1: Is there website doctor Bussie?
• 23:29
  Speaker 3: There there is a website. You can go to the
• 23:31
  Speaker 3: either Moorehouse dot e b U and say and get
• 23:34
  Speaker 3: a connection there, or you could actually go to m
• 23:36
  Speaker 3: C e C e n t e R dot com.
• 23:40
  Speaker 3: That's m C e C e n t e R
• 23:44
  Speaker 3: dot com and that's the Morehouse Entrepreneurship Center dot com.
• 23:48
  Speaker 3: So I encourage you to reach out and we're right
• 23:52
  Speaker 3: here to serve you.
• 23:53
  Speaker 1: But as we close out the show this interview, we
• 23:56
  Speaker 1: know we have a new elected president and they tell
• 23:58
  Speaker 1: me this president is going to be very very favorable
• 24:01
  Speaker 1: to entrepreneurs, small businesses, people in the corporate structure. Any
• 24:07
  Speaker 1: take on that as far as advice for people getting
• 24:10
  Speaker 1: in the new lane of people who have sustaining business
• 24:13
  Speaker 1: and looking into twenty twenty five with this new administration
• 24:17
  Speaker 1: coming on board and maybe the advantages of it will
• 24:20
  Speaker 1: bring to entrepreneurship.
• 24:23
  Speaker 3: We hope and we got to remain hopeful that the
• 24:27
  Speaker 3: new administration will carry on the work of the past administration. Correct.
• 24:31
  Speaker 3: Like I said, twenty million new businesses got started under
• 24:35
  Speaker 3: the Biden administration. Very excited with policies there. The one
• 24:39
  Speaker 3: piece that I will also share is that we know
• 24:41
  Speaker 3: it all work, and we put all that we do
• 24:44
  Speaker 3: between the MIEC and the SBbc into what we call
• 24:47
  Speaker 3: technical assistance. We're here to provide the training, the knowledge transfer.
• 24:51
  Speaker 3: But the one thing that we that I must admit
• 24:54
  Speaker 3: and even comes through in our research, is that technical
• 24:57
  Speaker 3: assistance alone does not solve the problem. The Equally as
• 25:01
  Speaker 3: important is policy. Federal and government policy is important with
• 25:05
  Speaker 3: this work, and so we're hoping that the policies under
• 25:09
  Speaker 3: the new administration will also be favorable. Because it's one
• 25:13
  Speaker 3: thing to say that I'm providing the knowledge and pull
• 25:16
  Speaker 3: yourself up by a bootstrap. But if you have policies
• 25:19
  Speaker 3: that are still designed to be against entrepreneurship, or somehow
• 25:23
  Speaker 3: or the other doesn't loosen up the capital where it
• 25:26
  Speaker 3: needs to be, then we got to also call it
• 25:28
  Speaker 3: what it is. Right. So, along with technical assistance, which
• 25:32
  Speaker 3: is the work that we're doing, we also need to
• 25:34
  Speaker 3: be pushing and advocating for positive policies that support this
• 25:40
  Speaker 3: work and really indeed move the needle in the direction
• 25:44
  Speaker 3: that we needed to go. So I'm hopeful that the
• 25:46
  Speaker 3: administration will also change those policies and bring about some
• 25:50
  Speaker 3: policies that will be favorable for this work that we
• 25:53
  Speaker 3: are all hoping to really boost the economy through entrepreneurship.
• 25:57
  Speaker 1: I'm not going to hope. I got my founding director
• 26:01
  Speaker 1: on a call here. That's what you do. You saw
• 26:03
  Speaker 1: it twenty years ago, you go see it through twenty
• 26:05
  Speaker 1: twenty five, twenty twenty six. Because you're a visionary and
• 26:09
  Speaker 1: you're a leader. Your person's set down and I've never
• 26:11
  Speaker 1: been disappointed when I brought you on this show, and
• 26:13
  Speaker 1: you've always uplifted me with information in my audience and
• 26:16
  Speaker 1: people react. You know, last time you was on the show,
• 26:19
  Speaker 1: you talked about goodwill, training people and paying them through
• 26:22
  Speaker 1: a training process. Four weeks later they get jobs. Now
• 26:25
  Speaker 1: you come talking about scaling your business. You're letting people
• 26:28
  Speaker 1: understand that. Come to us. We can help you. We
• 26:30
  Speaker 1: can mentor telling people about hey have that business plan
• 26:34
  Speaker 1: in place, telling people you you're trying to walk people through
• 26:38
  Speaker 1: a college platform and have them have an entrepreneurial mentality,
• 26:42
  Speaker 1: which means that you don't have to work a forty
• 26:45
  Speaker 1: hour week job. Hey, you got to put the time
• 26:47
  Speaker 1: in maybe eighty hours. But you can live your dream
• 26:50
  Speaker 1: and you can build it. But you have to understand
• 26:53
  Speaker 1: your competition. That's why I appreciate you when you come
• 26:55
  Speaker 1: on my show, Doctor Bussy. You tell people facts and
• 26:58
  Speaker 1: you don't sugar coat it.
• 27:00
  Speaker 3: I thank you as always, thank you so much, and
• 27:03
  Speaker 3: again I invite your audience to join us in December
• 27:05
  Speaker 3: eleven as we celebrate release our Black Business Report. Come
• 27:09
  Speaker 3: join us to celebrate at a legacy luncheon on the
• 27:12
  Speaker 3: twelve at twelve o'clock December eleventh. Reach out to us.
• 27:15
  Speaker 3: We have a construction cohort that is open. If you're
• 27:17
  Speaker 3: in the construction field, please do join our cohort. Apply
• 27:21
  Speaker 3: and we have a retail cohort that's coming up also
• 27:24
  Speaker 3: in January. So if you're in the retail business have
• 27:26
  Speaker 3: a product to sell trying to get into a store,
• 27:29
  Speaker 3: that that cohort would also be for you. Rashaan, thank
• 27:33
  Speaker 3: you so much. I hope you have me back again.
• 27:35
  Speaker 4: You know you'd be back in January.
• 27:37
  Speaker 1: Come on now every quarter, I'm.
• 27:38
  Speaker 3: Gonna have you in here.
• 27:40
  Speaker 1: We innovate, we changing the game. Thank you doctor Tiffany
• 27:43
  Speaker 1: Busley for coming on my show and changing the game
• 27:45
  Speaker 1: with information we talked soon.
• 27:46
  Speaker 3: Okay, thank you, take care, bye bye.
• 27:50
  Speaker 1: If you want to you know, hey, you want to
• 27:52
  Speaker 1: be a part of this, just listen every week because
• 27:55
  Speaker 1: I bring the guests in. I got another fantastic guest
• 27:58
  Speaker 1: when it comes to scholarship tunities for your child, don't
• 28:02
  Speaker 1: go nowhere you listen to Money Making Conversation Masterclass hosted
• 28:05
  Speaker 1: by me Rushan McDonald. This has been another edition of
• 28:09
  Speaker 1: Money Making Conversation Masterclass hosted by Me Rushan McDonald. Thank
• 28:13
  Speaker 1: you to our guests on the show today and thank
• 28:16
  Speaker 1: you our listening to audience.
• 28:17
  Speaker 3: Now.
• 28:18
  Speaker 4: If you want to listen to any episode I want
• 28:20
  Speaker 4: to be a guest on the show, visit Moneymakingconversations dot com.
• 28:24
  Speaker 4: Our social media handle is money Making Conversation. Join us
• 28:27
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• 28:30
  Speaker 4: Keep winning.