Reaching Out & Popping the Balloon
I remember the first time that someone told me about “angel funding” - and helped me pull together a package for a women’s group in New York City. I used the last bit of my petty cash to print out 15 copies of the color presentations at Kinko’s. And then took the last $20 and got into a cab to make it to the meeting without messing up my hair or getting soggy in the rain. My fledgling venture needed seed capital - and this group had given me a chance to make a 15 minute presentation before their group, whose “golden” name shall remain nameless.
I walked into a room filled with white faces - and had the familiar clench in my stomach telling me that I was representing the diverse community and it was time to “knock it out of the park” - and I did. (My presentation actually won a finalist place and prizes from the AMEX Count Me In/Make Mine a Million $ Challenge the next month) But that day, the angels listened politely, and then one woman put me in my place during the Q&A period by asking, “Why don’t you ask people in your community to help fund you? I have never seen a person like you in the design world.” Ouch.
I saw someone kick her under the table, and then another person tried to cover up her question by asking a question that was relevant about ROI possibilities. But, I stopped my presentation, gathered up my things and started to exit the room. One woman apologized, but it was too late. I realized that this was a time to go one my own - to find funding and to really decide to chase the dream. It was so offensive to have this type of question, even though my business was on the cusp of signing two licensing deals that have generated over $80 million in branded revenue.
In contrast, the chocolate shop that they funded actually went out of business within two years.
Reaching Back & Giving Hope
Today, I have lived in the up and down cycles of business. From $1.23 in my wallet to hiring five staff people, to recognizing that the A-B-C’s were critically important to business success. By the way, the A-B-C’s are: Accountant, Bookkeeper and Cash Flow. Without those elements, your business has a greater likelihood of failure.
Recently, I was given the opportunity to participate in a Shark Tank-type show called “Queen Boss” which will air on BET/Centric TV. It is geared toward woman entrepreneurs who want to seek funding and advice from successful entrepreneurs. Featuring so many women of color in different phases of success was so inspirational. And for the first time, it made me recognize that “giving back to someone who looks like me” is possible. And being an angel funder or a guide to an entrepreneur has to start within the community. Given that so many businesses are started by women, it is time for us to start giving back by sharing our stories, advice and recognizing that our struggles may be different, but it is all the same...start with a dream, chase it through struggles, and give hope to others when you are on your journey to success!
Queen Boss changes the game. It is a TV show that allows women of color a chance to give back, give hope and give a bit of seed capital to another woman entrepreneur! Hooray...and thank goodness for the chance to share our advice and stories - because so many people see the success, but few share the war stories of the ups-and-downs of chasing the entrepreneurial dream.