Podcast Summary
Recognizing Self-Imposed Limitations: Acknowledge your value, understand your ecosystem, and focus on accomplishments to break free from self-imposed limitations and thrive
We often underestimate ourselves and our abilities, preventing us from recognizing our own worth and potential. This self-imposed limitation can stem from being in a bubble or listening to the wrong people. However, by acknowledging our value and understanding that we create our own ecosystem, we can begin to break free from these self-imposed limitations and truly thrive. Additionally, recognizing the unique way we contribute to the ecosystem and seeking out collaborations that complement our strengths can lead to even greater success. It's important to remember that we don't need external validation to validate our worth and potential. Instead, we should focus on our accomplishments and the impact we have on those around us.
Recognizing the value of one's own capabilities and vision: Don't underestimate your worth, stay true to your vision, and pursue growth despite external doubts or attempts to humble you.
Underestimating the value of one's own capabilities and vision can be a major hindrance to growth. The speaker in this discussion recognized that she had been doing this and had to remind herself that her business, no matter its size, was valuable and deserving of respect. She also acknowledged that external attempts to humble her were often rooted in jealousy or insecurity, and that she didn't need to shrink herself to make others feel bigger. The key is to stay true to your vision and pursue it with determination, even in the face of doubts or underestimation from others. This story of overcoming adversity and achieving success serves as a reminder that we all have the power to create and grow, regardless of external perceptions.
Focus on finding the right supporters: Don't need everyone to believe, find right supporters, persevere, and stay the course. VCs bring resources, but conversations may not be desirable for solo creatives.
You don't need everyone to believe in your vision or invest in you to succeed. Instead, focus on finding the right people who will support and believe in you. Arlen Hamilton, a venture capitalist and author, shared her experience of persevering despite being underestimated and the importance of holding out and staying the course when investing. She emphasized that once you bring in an investor, you'll need to have conversations with them, which may not be desirable if you're staying the course on your own. For creatives and individuals who are new to business, understanding the role of a venture capitalist and how it can be used to provide resources to underrepresented individuals is essential. Whether you're just starting out or have been forced to become more financially literate due to current economic circumstances, having a solid foundation in business concepts can help you navigate the world of finance and entrepreneurship.
Overcoming financial barriers in business: Growing up without money can hinder opportunities, but staying focused on goals and understanding the difference between being broke and poor can lead to success through hard work and determination.
Having a lack of money can be a significant barrier when trying to enter certain industries or ventures, especially in the world of venture capital. The speaker, who grew up in a family that lacked money, shares their experience of always working to pay bills and never having savings. They emphasize that attracting money is crucial to coming to the table and being successful. The speaker also highlights the importance of understanding the difference between being broke and poor, and shares a personal story of working in a non-pornographic porn distribution center to make ends meet. Despite the challenges, they remained focused on their goals and priorities, ultimately finding success through their hard work and determination.
Embrace individuality for success and fulfillment: Staying true to oneself and capitalizing on unique strengths leads to success and happiness, even in rigid industries. Overcoming imposter syndrome and embracing diversity are important.
Being true to oneself and embracing individuality, even in traditionally rigid industries or environments, can lead to success and fulfillment. The speaker shares her experience of being labeled as "unemployable" for not conforming to societal and workplace expectations, but ultimately found her place by staying authentic and capitalizing on her unique strengths. This is particularly relevant in industries like finance and tech, where diversity and inclusion are important issues and underrepresentation of certain groups is prevalent. Imposter syndrome, the feeling of not belonging or being good enough, is also a common experience for many individuals, especially women. It's important to remember that everyone has valuable contributions to offer and that being true to oneself is key to finding success and happiness.
The Power of Determination and Willingness to Take Risks: Determination, curiosity, and a willingness to take risks can lead to pursuing dreams and overcoming adversity.
The speaker is a determined and courageous individual with a high risk tolerance. She prides herself on her ability to research and uncover information, and her experiences of being broke and poor have given her a resilience and fearlessness in the face of uncertainty. This mindset led her to pursue her dreams, from trying to join Janet Jackson's tour as a teenager to becoming an entrepreneur in Silicon Valley. She sees failure as an opportunity to learn and grow, rather than a sign of weakness. The speaker's story is a testament to the power of determination, curiosity, and a willingness to take risks.
Challenges for founders in securing venture funding, especially for those not white men: Despite facing challenges, founders should pursue external funding when their idea has proven to work and has potential for monetization, but be prepared to relinquish equity to maintain control and leverage.
Founders, particularly those who are not white men, face significant challenges in securing venture funding in Silicon Valley. This issue is compounded by the fact that 90% of venture funding goes to white men. However, the pursuit of capital is crucial for starting and growing businesses. The inflection point for seeking external funding comes when an idea has proven to work and has the potential for monetization. But, be prepared to relinquish a significant portion of ownership when taking on investors. It's essential to hold on to as much equity as possible to maintain control and leverage. The last decade of hard work and building connections can provide the foundation for self-sustainability and the ability to fund projects without external investment.
Growing a Company's Value: Focus on growing a company's valuation through traction, infrastructure, and user engagement for greater returns on future investments. Understand the impact of building on third-party platforms versus having technical expertise in-house and have a clear vision of selling or going public.
Building a valuable company involves more than just securing initial investment. Giving away large portions of equity early on may seem attractive for quick cash, but it could result in owning a small percentage of a company by the time of a sale or IPO. Instead, focusing on growing the company's valuation through traction, infrastructure, and engaged user base can lead to greater returns when seeking future investments. Additionally, understanding the difference between building a company on third-party platforms versus having technical expertise in-house can impact its value. Lastly, having a clear goal of selling or going public is essential for venture capitalists and angel investors, so entrepreneurs should consider their long-term vision. Master P's example of valuing himself at a higher price when offered a deal illustrates the importance of having audacity and believing in the worth of one's business.
Discovering one's true calling through personal experiences and passions: Staying true to oneself and having determination and persistence can lead to discovering one's true calling and turning dreams into reality despite adversity and financial struggles
Personal experiences and passions, even those perceived as flaws, can lead individuals to discover their true calling and success in unexpected ways. The speaker found her home in comedy, just as the interviewee found her path to venture capitalism despite facing rejection for years. It takes determination and persistence to pursue one's dreams, even when faced with adversity and financial struggles. The speaker's story highlights the importance of staying true to oneself and making promises to oneself, such as not letting circumstances force one to sleep on the ground. By having a phone, laptop, and a strong will, one can turn their dreams into a reality, no matter the challenges faced along the way.
The Power of Perseverance and Belief in Oneself: Despite adversity, determination and resilience can help individuals overcome challenges and achieve their goals. Networking and reaching out to people can also lead to opportunities. Believe in yourself and keep pushing forward.
Determination and resilience can help individuals overcome significant challenges and achieve their goals, even when faced with adversity. The speaker shares her experience of missing a flight and being stranded, but instead of giving up, she used it as an opportunity to serve and find safety. Later, she worked hard to improve her financial situation and eventually reached a point where she could fly with Virgin and Delta, experiencing a sense of pride and accomplishment. Another crucial moment was when she met Susan Kimberlin, who invested in her despite having nothing to offer but her story and determination. The speaker emphasizes the importance of networking and reaching out to people, even if it seems daunting or uncertain. Ultimately, her experiences highlight the power of perseverance and the importance of believing in oneself, even in the face of adversity.
Consistent effort and preparation lead to opportunities: One person or opportunity can be a catalyst for change, but it's the consistent effort and preparation that makes it possible.
Persistence and preparation can lead to significant opportunities. The speaker shares a personal story of how one connection, Shani Saxon Parrish, helped her move to Los Angeles and change her life by investing in her. However, it was not just that one interaction that led to success. The speaker had spent years reading, learning, and building relationships with potential investors. She became an asset by acquiring knowledge and insights that made her a valuable investment opportunity. The money she received from Shani allowed her to build a nest egg and invest in herself further, ultimately leading to raising 1 million dollars. The lesson here is that one person or opportunity can be the catalyst for change, but it's the consistent effort and preparation that makes it possible.
Authentic relationships and adding value lead to successful investments: Being genuine, transparent, and responsive can attract a large number of applicants, and investing in underrepresented founders while acknowledging systemic barriers can create a positive impact and foster growth in the entrepreneurial ecosystem.
Building authentic relationships and adding value to entrepreneurs can lead to successful investments, even without significant financial resources. Arlen's experience at Backstage Capital demonstrates that being genuine, transparent, and responsive can attract a large number of applicants. Additionally, crowdfunding through platforms like Kickstarter and equity crowdfunding can provide opportunities for non-accredited investors to invest in companies and potentially earn equity. The conversation also emphasized the importance of acknowledging and overcoming the systemic barriers faced by underrepresented founders. By staying true to these values and focusing on the unique strengths of each founder, investors can create a positive impact and foster growth in the entrepreneurial ecosystem.
Investing in underrepresented founders and inspiring replication: Backstage VC focuses on funding and promoting underrepresented founders, aiming to inspire replication and make representation the norm in the industry
Backstage, a venture capital firm focusing on underrepresented founders, not only helps these companies secure funding but also positions them as trailblazers in the industry. By investing in a small percentage of talented individuals, Backstage aims to be a living, breathing case study of what's possible and inspire replication. The firm's founders care deeply about the founders they invest in, looking for passion, impact, and resilience. They prioritize companies with the potential to scale and make a significant impact on the world. The ultimate goal is to put themselves out of business by investing in a diverse range of founders, making representation the norm and rendering their unique value proposition obsolete.
Learning from various resources and mentors: Continuous self-education through books, videos, and mentors can inspire and motivate personal and professional growth.
Continuous learning and self-improvement through various resources like books, movies, and mentors played a significant role in Arlen's journey to success. Arlen emphasized the importance of staying motivated and inspired by watching videos, reading books, and learning from mentors who didn't know him personally. He mentioned a Will Smith video and Oprah Winfrey's book "What I Know for Sure" as influential resources in his life. Arlen also highlighted the importance of giving back and paying it forward, whether it's through donations or scholarships, and encouraged listeners to find ways to make a positive impact on others' lives. Ultimately, Arlen's story underscores the power of self-education and the importance of staying motivated and inspired in order to achieve personal and professional growth.
Ethical capitalism and socialism can overlap: Capitalists can give back to their community and monetize their skills, while also learning to confidently sell their ideas or products to earn and raise capital
Ethical capitalism and socialism can overlap. The most ethical capitalists understand the importance of giving back and supporting their community. However, being a successful capitalist also requires skills like pitching and selling one's value. The speaker admires those who can confidently sell their ideas or products, like rapper energy, but has struggled with it herself. She values her creative abilities and has learned to monetize them, but also recognizes the importance of earning and raising capital. Ultimately, the speaker believes that everyone can learn these skills, and that knowing one's worth and being able to articulate it is crucial, regardless of where you come from or how much money you have.
Using social media to fuel unexpected success: Believing in oneself and community can lead to significant contributions, even in the face of criticism and skepticism. Supporting independent artists and black-owned businesses can provide opportunities and resources for creators.
Believing in yourself and tapping into the power of community can lead to unexpected success. Arlen Hamilton shared her experience of using social media to raise funds for her web series, which sparked a sense of competition among donors and resulted in significant contributions. Despite facing criticism and skepticism, Hamilton chose to crowdfund and learned valuable lessons about leadership, creating a show, and perseverance. Her unique journey demonstrates that everyone's path to success is different and that trusting oneself and one's abilities is crucial. Hamilton's story also highlights the importance of supporting independent artists and black-owned businesses, which can provide opportunities and resources for creators. Overall, Hamilton's casual yet inspiring approach to sharing her experiences and accomplishments serves as a reminder to embrace one's journey and trust the power of community.
The Power of Knowledge and Education for Underrepresented Groups: Value information and education as freely accessible resources to turn perceived weaknesses into strengths and ultimately propel yourself forward in business.
Knowledge is a powerful tool, especially for underrepresented groups in business. Arlyn Hamilton's story highlights the importance of research and education in achieving success. Despite facing challenges as a woman and a person of color in the tech industry, Hamilton's dedication to learning and her unique perspective became her assets. She encourages everyone to value information and education, which are freely accessible resources. By doing so, individuals can turn their perceived weaknesses into strengths and ultimately propel themselves forward. Hamilton's book, "It's About Damn Time," offers valuable insights and inspiration for those looking to make their mark in business. Additionally, Hamilton emphasizes the importance of using resources effectively and ethically to capitalize on opportunities. Overall, her message encourages resilience, dedication, and the pursuit of knowledge.
