Today marks the opener for the Black Enterprise Entrepreneurs Conference, sponsored by Nationwide, in Columbus, Ohio. It kicked off with an in-depth one-on-one chat with Rodney S. Sampson, Executive-in-Charge of diversity and inclusion for hit TV show Shark Tank. Black Enterprise’s Alfred Edmond Jr., talked with the entrepreneur on winning strategies for minority entrepreneurs. Check out three quick tips on how to work toward long-term success for your business in today’s market:
Understand the entrepreneur ecosystem of today: Knowing the movement of the market in which you’re in, the stories of those you’re pitching to for capital, research on consumers and those who can provide capital and what value you’re adding in return is essential. “It’s not the investor’s responsibility to teach you what you don’t know,” Sampson said.
Shift mindset from being a consumer to an investor: “Entrepreneurs should see ourselves as investments,” Sampson said. “I saw myself in raising capital and investing capital in firms.” This can include investing in other concepts or trends that are related to the business that you conduct, such as co-working spaces or tech inventions.
Be disruptive: This allows you to create something that has long-lasting revenue potential and can create a legacy. “I’m challenging each person to challenge your definitive business model,” Sampson said.
Incorporate a strategy where you are engaging and partnering with other innovators to create diverse streams of revenue. It’s fine to be a person whose motive centers on being self-employed, but creating a model where you are involved in other projects as they relate to your business goals and being a partner where their is a fit is ideal.