5 Reasons Entrepreneurs Should Lean In and Help One Another

It was the middle of the year in 2013 and I was a director at a tech company making a comfortable living. I had money to take care of my children. I was saving for retirement. Life was good.

Suddenly, I got laid off. My division was dissolved from the company and my role was eliminated. My whole world was rocked. I went from comfortable to anxious in a matter of minutes. As a gesture, the company leaders offered me an IT position at a 50% pay cut. I knew I couldn’t take the job. What would I do next? I’d been noodling around with this idea of making live streaming easier, especially simultaneously to multiple platforms. So I took the plunge and started a company called Switchboard Live.

Six years of entrepreneurship have brought tremendous highs and humbling lows. I signed amazing clients like the Philadelphia Eagles and Harley Davidson. But I also parted ways with my founding team. We went through multiple accelerators; Starter Studio, NewMe, VentureScaleUp, and Techstars Cloud, an accelerator program that truly transformed the business. But sadly I closed our Orlando office. A few weeks ago I participated in the American Underground and Google for Startups 2019 Black Founders Exchange fourth cohort. But I also said goodbye to trusted employees along the way.

I don’t have the best startup story, or the worst one, but if sharing it can help young people starting their own entrepreneurial journeys, count me in.

Sure my days are busy, I’m up at 5 a.m. and basically, work non-stop aside from some family time. However, when young entrepreneurs ask to meet up, I always say “yes.” I even volunteer on the Philly Startup Leaders board to help create programming that helps startup founders network and problem solve. I’m was also a mentor for the latest Techstars accelerator class at Comcast NBCUniversal LIFT Labs in Philadelphia. Why do I do this? Here are five reasons.

American Underground & Google for Startups 2019 Black Founders Exchange 2019 Cohort

1. I can help other underrepresented founders. It brings me great personal joy to show talented black and brown people that, yes, they can turn their bright ideas into thriving businesses. Let’s face it, there aren’t enough of us in positions of power in business and entrepreneurship. In fact, only 1% of venture capital funding goes to black founders. That’s got to change, and it starts with talented black people taking the entrepreneurial plunge (with black mentors in their corners.)
2. I got help along the way, and want to pay it forward. Who better to learn from than an entrepreneur that’s gone through the ebbs and flows of starting a business? Who better to learn from than someone who’s made mistakes? That’s always been my thinking, so I sought out entrepreneurs to help me. I needed to know how to structure deals, how to write contracts, how to approach investors, and so much more. The advice I got was invaluable to me as a first-time entrepreneur — how could I not pass that knowledge down?
3. Maybe I can convince them to take the entrepreneurial leap. It boggles my mind how many people scoff at the idea of starting their own companies. I challenge them as to why. Does it sound too hard? Do you think you’ll fail? Does the responsibility seem to great? Sometimes all they need is a little pep talk to make the move they should have made all along.
4. They need frank advice. Your parents are going to love your idea. It doesn’t matter how bad the idea or how many holes are in your business plan, your family will support you. And that’s great. That’s their job. But as a fellow entrepreneur, I can give young people honest, candid advice. I can let them know the missteps I see with their visions and help them plan accordingly. In entrepreneurship, you’ve got to have thick skin. For every “yes” you get, there are 100 “no’s.” If I can help remove some of those “no’s” by offering advice, I’m happy to do that.
5. Selfishly, I’ll probably learn something. By chatting with young entrepreneurs not only am I providing them with guidance and experience from my path — but I’m learning from them. Whether it’s a new industry, app, technology or solution, I learn something new from every person I speak with. It’s not a one-way street but a mutually beneficial relationship. At the end of the day, that’s an equation for success for both parties.

The moral of the story? Entrepreneurship is about giving back. Grab lunch. Meet for coffee. Get drinks. Network with people. You’re not too busy. You can make the time. You might just help someone — and be pleasantly surprised at how much they helped you.

This post is an original article on my LinkedIn Page.