In this episode, Tee and Bobby discuss steps on how to build generational wealth through black entrepreneurship despite social and economical obstacles.
Generational wealth is any kind of asset that families pass down to their children or grandchildren. It can be in the form of cash, investment funds, stocks and bonds, properties or even an entire company.
Robert L. Wallace, “Bobby”, is an entrepreneur, author, business consultant and keynote speaker. He has over 41 years of industry experience including engineering, energy, IT and executive coaching. He strives to educate and inspire entrepreneurs, executives and audiences around the world through his “rags to riches” story to success.
2:22 Black Wealth: Your Road to Small Business Success
Bobby’s second book, “Black Wealth: Your Road to Small Business Success” is a follow up to Bobby’s first book that was released in the 1990’s titled, “Black Wealth Through Black Entrepreneurship”. His focus in both books is on wealth and how to do that through entrepreneurship in America. He researches problems that women and people of color face that prohibit them from becoming wealthy. Bobby started doing his research in the 1980’s, a time where there were not many people of color or women in leadership positions. He paid attention to the speakers and public figures that were before him and decided he wanted to research, write and teach about how to change this. “Wealth accumulation is the most challenging thing for women and people of color to obtain today”. Bobby states that it does no good to vote, live in certain neighborhoods, travel ,etc., if you have no economic resources to fully enjoy those things.
5:55 How to Actually Start Building the Wealth
Tee talks about her experience working in Corporate America and being the only Black female in the room at times. She faced many roadblocks and decided that becoming a full-time entrepreneur was best for her. She is now in the process of accumulating her generational wealth and struggles to find the clearest ways to do this. Bobby suggested these tips:
- Create the future: Perfect and expand the ability to dream, and to dream big! The dream is what gives you an eye and the destination point. The dream pinpoints there's a future event that is important to us that we want to happen. Wealth allows us to travel, take care of family, etc, but the dream has to make you jump out of bed in the morning and want to get started. In today’s society, the older you get the less you dream, which is probably because of the pressures of life and the responsibilities we face as Americans. “As a kid we dreamed crazy things like being Superman, we need to rekindle that”.
- Move backwards to the present: Be realistic about where you are today. See what you need to do to make the dream closer. You need to analyze your current conditions and make the necessary changes to move forward.
- Build the bridge: Figure out how you are going to make the transition. How will you get from point A to point B? This is your plan!
MAJOR TIP: You will get much further faster if you pay attention to creating alliances and partnerships. You NEED helping hands and relationships that will help you and your business advance.
*African proverb: If you want to go fast, go by yourself. If you want to go far, go together.
How to Build Alliances:
- Be intentional about wanting to identify and build alliances and partnerships. Don’t think you can do it alone. Don't think you're the smartest in the room.
- You have to date. Dating is a process. Some you may connect instantly with and some you may not. You’ll know when it's meant to be because everything will be “right”. The timing, the vibe, the conversation; it’ll all just click. Be open to reaching out.
- Alpha project. Talk is cheap. We can talk about collaborating but that's nothing until we do it. Ex: find someone you think you like. Do a small project, low risk, to see how it goes. Engage to get to know one another, from that you'll know if you should work with that person.
While many of us may be perfectionists and dislike to lose or fail, it is important that we remember to relax. Bobby says that failure is mandatory; it is a part of the process. We have to learn from every setback and strengthen our strategy. “If you're unable to handle failure, setbacks, or disappointments, then you don't want to be an entrepreneur. People who aren’t entrepreneurs only see the glitter, the house, the car. They don't see the tears that are shed when things aren't going well.” We all deal with pain and uncertainty sometimes. Some holidays may be canceled because business isn't going well. You have to be able to handle that.
Tee says that being an entrepreneur is not for the faint heart. “It's like being a wolf.”
23:23 Practical Day to Day Tools to Elevate Business
This is the best time in human history to be an entrepreneur. Take it from someone (Bobby) who has been around before we had all the tools we have today. “You can do anything you need to do on your phone”. He states that every business should have social media from Linkedin to Tik Tok. It’s important to use all platforms, especially since they’re available.
27:27 Final Thoughts
- We need to dream more!
- Don't lose your intentions.
- Be sure to surround yourself with other people who are dreaming big.
- “Do what you can, with what you have, where you are, and do it now”. Stop waiting “until”.
- Raise the money, gain the clients, build partnerships, etc. If you consistently do this, you’ll get where you need to be.
- Be strategic.
- While you may be skilled at doing a lot of different things, it is extremely important to narrow down your focus. You can not do everything at once.