Key Insights from “Mind Your Own Damn Business”
Introduction
Here is an excerpt from my book Mind Your Own Damn Business. These are some of the biggest mistakes I have seen many black business owners make and the lessons I’ve learned the hard way over the years. PLEASE NOTE: this does not apply to all black entrepreneurs, but these are the entrepreneurs I steer clear of. The bottom line is don’t ask anyone for something you are unwilling to give yourself. Enjoy…
Great Ideas but No Implementation
I’ve seen and heard some of the most remarkable ideas from black potential entrepreneurs. The challenge is in the implementation and planning. Before you share your plan, first determine how it can be executed. Many fields where African Americans dominate, such as sports, entertainment, hair, and specialty foods, could benefit greatly from these innovative ideas. However, the gap often lies in moving from the idea stage to tangible action and ownership.
The Annoying Request: Hook a Brotha Up!
You usually only hear from these people when they need something from you. They only call on people for business favors but expect to be paid top dollar when they give help to someone else. This behavior is not only off-putting but also undermines the principle of reciprocity in professional relationships. It’s especially prevalent in situations where one continually asks for favors without offering anything in return, leading to a one-sided relationship that’s neither sustainable nor respectful.
The World Doesn’t Owe You Anything
It would be convenient if the world acted as an endless source of opportunities just for us, but that’s not the case. Success is about what you can provide, not a sense of entitlement. I myself had to learn this the hard way when starting my first business. I initially thought people should buy from me first because I’m Black. This mindset is not only incorrect but also detrimental to building a sustainable business. It’s essential to offer value and fulfill the needs of your customers to succeed.
View Your Job as an Educational Resource
Instead of resenting your current job, see it as a valuable learning experience. Use it as a stepping stone toward your entrepreneurial goals. For example, working in a field related to your business idea can provide invaluable insights and experience. This approach allows you to learn the ins and outs of the industry while getting paid, essentially serving as a practical, hands-on education that prepares you for your entrepreneurial journey.
Keep Your Dreams and Plans to Yourself
Unless someone can assist you in achieving your goals, it’s often best to pursue your dreams quietly and confidently. Sharing your aspirations prematurely, especially with those who may not understand or support them, can lead to discouragement and negative feedback. It’s crucial to focus and work towards your goals, seeking advice and sharing your plans only with those who can help you move forward.
The Importance of Presentation
How you present your idea, yourself, and your documents is crucial. A lack of preparation, clarity, or professionalism can severely undermine your efforts to gain support or investment for your business. This includes having a clear business plan, being open to advice and feedback, and presenting yourself and your ideas confidently and organized. Avoiding common pitfalls such as refusing advice, lacking trust, or being overly secretive about your plans can significantly impact your entrepreneurial success.
