In my many years of working with and launching Silicon Valley startups, I can honestly say my skin color has had no noticeable impact on my opportunities for success. This may surprise some, but the reality is that great ideas are the ultimate equalizers. And in the startup world, green–not brown, black, or white–is the only color that matters.
Think about it—if Mark Zuckerberg had been an African American, do you think prospective Facebook investors would have said, “Nah, I’m not going to invest in that. I don’t like the color of his skinâ€?
Entrepreneurship is a natural part of African American culture. We are intrinsically competitive by nature, pushing the boundaries of every major sport in this country and noted for our innovation of popular music and fashion.
Still, we can do better–much better–to foster entrepreneurship for future generations, particularly in technology. How can we ensure that future Mark Zuckerbergs look like us?
Here’s how:
1. Talk Business at the Dinner Table
When I was growing up, my family never discussed business or finances at the dinner table–and my dad was an accountant! It’s still that way in many African American households. But, you know what? Other cultures do it, and my most successful peers all do this, as well. They’re not ashamed or embarrassed to bring up work related topics or household finances with their families. By doing so, their children learn, at a very early age, what it means to be financially responsible and what it takes to run a business and a household.
2. Stress STEM
Too often in the African American community, we discount studies in science, technology, engineering, and mathematics (STEM) in favor of subjects such as psychology, sociology, or African American studies. When I entered college, I wanted to major in philosophy. My father set me straight. If he was going to help pay for my college, I needed to major in something I could get a job in after graduating, hence, my double-major in philosophy and computer science.
3. De-emphasize Sports
Each year, there are just over 400 roster spots in the NBA and 1,600 in the NFL. How many young people have a shot of going pro? The answer: 0.001%. Why then, do we perpetuate the fallacy that pro sports are the only “way out†towards financial success? Instead of stressing sports, we should be pushing debate club and chess club–the extracurricular activities that most all my friends in Silicon Valley participated in during high school.
4. Embrace Technology
Every Christmas and birthday, my wish list was the same: I wanted the latest computer, video game console, or electronics. My mother could never understand this, or why I spent so much time playing video games, or tinkering with electronics, but she
was supportive. And, as it turns out, she was supporting the right things. Video games, for instance, are great for training your logical and mathematical mind and realizing the rewards and repercussions of risk-taking.5. Invest in the Arts
Too many of our schools are failing us by funding sports (see point No. 3) at the expense of the arts. But the arts–music, drama, painting, drawing, dance–have a significant benefit beyond creative expression. Studies show a deep correlation between music and mathematics. Kids exposed to music at an early age tend to excel at math at a later age, and kids who participate in the arts tend to be far more creative and independent; key traits of almost all entrepreneurs.
6. Find a Mentor
Howard Pennington was my first mentor, and I remain indebted to the role he played in my life. I cannot stress enough the importance of connecting with professional, black role models. I know a lot of young people who are too shy or too proud to seek out a mentor, which is foolish. Mentors are typically honored to assist, and they can open doors–including job opportunities and internships, which are also great places to find other mentors.
7. Teach Money Management
Often, kids don’t understand the value of money. They go to the grocery store and say, “I want that,†but have no concept of how much things
cost. I love the idea of letting kids earn money through chores. Give them choices; they can either have the money to spend, or they can invest it, and for each week they don’t spend the money, their sum total grows. Compound interest is a beautiful thing, and you don’t need to be an adult to understand that, if you don’t spend your money, it will multiply. Kids need to learn these lessons early, and one of the best ways to do that is by opening a savings account in their name and letting them experience firsthand how to save money.8. Learn to Code
I learned to code at 13. The program I created wasn’t fancy–a simple calculator that translated Fahrenheit into Celsius–but it taught me fundamentals that I continue to use today for problem solving and, on a broader scale, building my business. For today’s kids, learning basic programming is as important as learning typing or cursive was to past generations, and it’s critical that coding is taught as part of the core curriculum. Also, there is nothing stopping you from having your kids learn simple CSS or Javascript. Heck, there are courses for adults as well.
9. Seek Out Diverse, Successful Peers
It’s common sense that kids who associate with smart and successful peers tend to be smart and successful themselves. Yet, kids who hang out with the wrong
crowd often end up failing at school and life. We African Americans have an additional challenge; not only do we need to find intelligent and inspiring friends, we also need to find ones who don’t all look like us. Finding diversity can certainly be a challenge when so many of our neighborhoods remain segregated. Still, it’s worth the effort to find a diverse peer group for your kids, and many of the extracurricular activities can provide this.10. Read!
One is never too young to read books on wealth management and on skills needed to launch and maintain a successful business. Some of my favorites–none of which are difficult reads and I read before graduating high school–include:Â Think and Grow Rich by Napoleon Hill, Good to Great by Jim Collins, The Complete Guide of Executive Manners by Leticia Baldridge, and The Art of War by Sun Tzu.
Let’s leave behind the notion that a young black man or woman can only achieve success on a field or a court. Let’s instead focus on STEM, embracing technology, and reading about leadership or wealth management.
Here’s to hoping there’s a 15-year-old African American out there who’s the Mark Zuckerberg of tomorrow.
This post was written by Dave Scott, a serial entrepreneur, founder, and CEO of Laugh.ly, author of the New Rules of Lead Generation, and the host of the nationally syndicated radio show Marketing Superstars Show.Â