The following (and super detailed) recap was written by my friend Desiree M. Mondesir. She is CEO and Founder of Desired Assistance, a virtual writing and editing company. Be sure to follow her on twitter and visit her website!
For the newbies, WHAT IS #MENTORMONDAY and WHAT IS THE NEW FORMAT: A one-hour, monthly Spreecast event wherein individuals like you and me join together to be mentored by Paul! He now hosts at least one guest per event so we “don’t have to just hear [him] talk”. These guests are successful professionals who can help to mentor inquiring minds, individuals who have an opportunity for the community to participate in, or someone who would like to be matched romantically!
No Negativity! No haterade here please; only love.
Provide Support. When someone comes on camera or even IM’s (Instant Messages) a question, provide them with all the support you can.
Wear a Headset. Sometimes, not always, but sometimes, there are issues hearing people on camera. So to prevent bad sound, feedback, etc., please have your headphones ready.
Get You a “Drank”! It need not be strong, nor bubbly, but it must be wet! (Red cups welcome. *wink, wink*)
UPDATES FROM AUGUST’S #MENTORMONDAY:
The couple we matched last month got a chance to meet up!
Stay tuned for John Harris III of Authentic Reflection updates us on his organization’s progress since last month event!
QUESTION OF THE NIGHT: Are soulmates MADE or FOUND? What do you think??
FIRST GUEST: Patrice Perkins, attorney to “risk-takers and dream-makers,” hails from Chicago, IL
Drink of Choice: Red Bull & Coffee *eek*
Relationship Status: Single, Interested
PCB (Paul Carrick Brunson): What do you believe is holding us back in terms of our dreams? What is it that makes us dream small and not dream big and audaciously?
PP (Patrice Perkins): Self-esteem. Sometimes we don’t give ourselves enough credit for what we’re actually capable of accomplishing.
Step 1: Get over that fear and understand that we can do literally anything we put our minds to.
Step 2: Surround yourself with positive people who support what you believe in.
PCB: Every year, according to Jim Rohn’s teaching, I evaluate all of my friends and drop about 10-20% of them. How do you feel about that?
PP: There is a time and place for certain relationships. [Learning to discern the season and relationships is] part of being an adult. We have to figure out who are the people who were once good for us, maybe four or five years ago, and if they’re meant to travel with us in the direction we’re headed in. Not everybody’s worthy of being in your circle. And not everybody’s gonna be that support for you; it’s just part of being honest [with yourself and others].
PCB: How should we disclose our ideas to our boss? Should we? And should we disclose ideas to our friends or just wait until we get the desired financing or our revenue grows?
PP: I’m a big fan of communication as long as you’ve done your homework.
Step 1: Your homework is to review your Employment Agreement with your present employer and make sure you know what restrictions that employer has placed on you: whether you can even have an outside business.
Step 2: Make sure that you don’t work on company time. I believe that the more upfront and honest you can be, the better. Always use your good judgement.
Step 3: Evaluate how far you are from launching your business. If you’re three years out and you’re mainly in the research-development phase, then it doesn’t make sense to go to your boss right now. But if you know you’ve got less than a year at this company, start laying your groundwork with your boss to make sure it’s within the scope of what you’re allowed to do at your company. Your boss will respect you for that.
PCB: What do you think about disclosing your idea to other people? Do we 1) protect it and don’t tell anyone or 2) tell everyone because that’s the way you get more resources, more support, and also make yourself accountable to follow-through?
PP: I actually just blogged about that last week! (See “Know When to Share Your Business Ideas and When to Shut the H*ll Up.”) That’s as basic as I can put it. You can have a group of close friends in a “Business Best Friend Circle” they’re sharing their dreams and you’re sharing yours. But you’ve got to be a little more savvy when it comes to other, outside people. And don’t be afraid to give out Non-Disclosure Agreements to those you share your ideas with–not even your grandma.
For the most part, I’m giving everyone a Non-Disclosure Agreement. I’ve given friends Non-Disclosure Agreements believe it or not because…it’s better to be safe than sorry.
Unfortunately, we do have to watch our backs out here as business owners. Better safe than sorry. No need to be shy about it.
Community Question #1: I want to start a non-profit, but people have told me that it’s really difficult so from a lawyer’s perspective, what do I need in order to start a non-profit? (Carole Cueroni)
Drink of Choice: Sweet Bitch Chardonnay!
PP: The first thing is to make sure you have a solid Board of Directors in mind who is committed to your mission, and who’s going to be willing to work because those startup years are going to be a challenge. The difficult part of starting a non-profit usually comes down to people not having everything in place such as a projected budget. Make sure you, line by line, develop a proposed budget for your non-profit. Flesh out each “incredibly painful detail” of your mission and every other aspect of your programming. (i.e. “What specific percentage of my organization’s activities are going be spent on a particular aspect of programming?”) If you start with those things, you’ll be fine. Get your groundwork together and you’ll be fine.
Community Question #2: I have a really huge fear of failure and I think that I get in my own way more than I should. What is the biggest way to outgrow this fear and focus on success? (Chioma a.k.a “Fish Bowl”)
Drink of Choice: Woodward (Canyon) Chardonnay
PP: Luckily, you’re asking a person whose company name is ‘Lifestyle Zen” in a really conservative industry. So no matter what it is that you want to do, you just have to do it. Instead of thinking about “what happens if I fail?” think about “what happens if I don’t do this?” Would you want to let yourself down in that way? Would you want to miss out on that possibility? You just have to get out there and do it. We can come up with a lot of reasons as to why we’re not ready, etc., but you’ve just got to put your foot out there and do it.
I’m a big fan of launching to scale.
If you’re not comfortable launching the whole idea, launch a manageable piece. Just do it and don’t look back. And don’t be afraid of your business evolving over time because it will evolve and that’s fine.
Community Question #3: Is there such a thing as too high of a risk? Too much risk? (Chioma)
PP: Not if you do your homework. If you’ve done your homework and you’ve made smart decisions, you’ve got resources in place, I honestly say go for it….It comes down to having the confidence in yourself and in your ideas, but when you do your homework, [you] are dangerous once that research is done. Also, I encourage you that while you’re still in that stage of feeling nervous about moving forward, use that time to continue to research. That’s the best way to channel [your fear] because when you do launch, you’re gonna be badd! Period.
FINAL WORDS FROM PATRICE: Just get out there and do it! NOT HAVING MONEY IS NOT AN EXCUSE. I blog [practically] daily with free legal tips for creative entrepreneurs and dreamer-makers because I want you to have access to free information and not feel like you can’t do certain things because you can’t afford it. That’s not an excuse.
CONNECT WITH PATRICE:
UPDATE FROM JOHN HARRIS, III:
Drink of Choice: Red Cup Special
Relationship Status: Single, Interested
One of Paul’s mentees
Organization: Authentic Movements: a network, commission-based organization working to create a Utopian society
Feedback from August #MentorMonday: AMAZING!!! Several other mentees interested in partnerships, mentoring, and receiving mentoring as well.
Book Launch: October 9th
Utopia Book Release Party: October 12th
Planning to set up a scholarship fund to donate a portion of the book proceeds to develop entrepreneurs so they can receive startup capital funds, speaking engagements, etc.
SECOND GUEST: Angela Benton, esteemed technology; fundraising, and risk-taking expert; attorney to “risk-takers and dream-makers,” hails from Silicon Valley; as seen in Soledad O’Brien’s Black America Documentary
Drink of Choice: Seagrams “Jamaican Me Happy”
Relationship Status: Single, Interested (?)
PCB: Should I go out and immediately raise money, generate revenue off of my idea, or partner with someone? What is the proper process that we should go through?
AB (Angela Benton): Most people are familiar with the misconceptions and that’s “I have an idea, now I want to talk to investors to raise money” and that’s not how it works at all. Yes, you have to have an idea, but you have to validate that idea and what I mean by that is if you are launching a for-profit enterprise, validating it means finding a market that will pay you money and scaling that up. Once you have that, THEN you can go to investors and say” we have this great product, and by the way, we have this number of people paying us money already, and this is our growth rate (week by week, month by month, or however you measure it).” Once you have that you’re:
Have More Data
Not Just Someone with an Idea
Ideas are great. [But] it’s really about execution for an entrepreneur.
If you have a proven track record [of success], you have more flexibility to…talk to whatever investor you might have in your network or you want to have in your network. But until then, you have to have an actual product and be able to validate that the people-market for your product and that people are going to pay you money for it.
PCB: What would you say some of the best fundraising practices, particularly with minority-led businesses, with regard to how they go about raising money in Silicon Valley?
AB: In addition to my last response, the biggest disconnect that I see from entrepreneurs–minority entrepreneurs or entrepreneurs in general–in San Francisco and outside of San Francisco is access to the network that’s here. People think, “I have an idea, I’m gonna go here and meet XYZ…” and it’s not happening that way. You have to have access to a network here. And once you have that, then you can get referrals to people from within that network. It’s a very network-like effect out here. Our founders that come through New Me Accelerator, we don’t actually give them any financial investment. A big part of our program is training them and connecting them to the right people.
[New Me Accelerator has] been around two years and without us making financial investments in them, they’ve raised 7.9 million dollars on their own.
PCB: How big a role does a person’s significant other or personal network play in financing?
AB: I think it depends on where you’re at. In San Francisco and Silicon Valley, everyone is actually pretty much coupled up… There’s a ton of events and that’s part of the job of going to events day in and day out and some of those events, your significant other may need to attend so it’s really, really important. And honestly, I think that applies to any line of work you’re in–to have someone that is supportive. Without that, you’re just not going to be able to successful, focus on what you need to focus on, or any of that.
Community Question #1: In terms of fundraising for churches, how can you go beyond the normal fundraising techniques like the dinner thing…fried chicken. What other means you would recommend in terms of fundraising for that kind of group? (Olivia)
Drink of Choice: None *sad face*
AB: I think crowdfunding is definitely something that you should look at…seriously. It also depends on what you’re fundraising for. If it’s to rebuild a church or something larger, a lot of people can kind of get behind that. If it’s something that’s smaller, say, sending a group of kids from Bible Study to Washington, D.C. or something like that, that might be something that’s more manageable through some sort of social media fundraising campaign. So leveraging your Twitter, your Facebook, Instagram, etc. to really push the message out. It’s your network, but it’s also your network’s network as well.
Community Question #2: I am 26 with a network of blossoming young entrepreneurs. What is your advice for how to raise this money outside of government grants? And what is the best way to impress support from older generations? (Lyndon Grayy Poupon)
AB: If you’re younger like me, Paul, etc, you just gotta kick the door in.
I don’t think we really need to wait for older generations to kinda give us a seat at the table.
I don’t really think it’s gonna happen, honestly. Not to say that in a negative way, but that’s your opportunity to figure out what you need to do not so that you’re waiting for them to give you a seat at the table, but you’re forcing them to take notice of you. I wouldn’t necessarily try to get a whole bunch of support [from them].
Winner #1: Christie Sadler
Winner #2: Mish Ellis
Winner #3: K.C. Fitness Coach
What they Won!
Winners #1 & #2: A copy of Malcolm Gladwell’s brand new book, David and Goliath!
Winner #3: A TBA prize worth $700.00 value! Will be announced next month!
RSVP TO NEXT MONTH’S #MENTORMONDAY: http://www.spreecast.com/events/mentormonday-october-14-2013
CATCH THE PLAYBACK: http://www.spreecast.com/events/mentormonday-september-9-2013
Posted on: Sep 11, 2013
You might also like...