Protecting Your Dream (5 min. read)

One of the main questions we all face in life is when people ask us about our dreams or future goals. This to me has always been a very personal and sensitive subject especially as an entrepreneur. I have often found myself only being comfortable sharing my smaller goals with new people I meet. Its my way of protecting my dreams. Not everyone is going to think like you and it’s already hard enough to commit to a vision. When people constantly question you, if you are not firmly grounded and committed, naturally we start doubt and question our path. When people ask me this question, I reveal a little at a time depending on how well we know each other. Your dream is like a special and extremely personal movie that only privileged people in your inner circle can preview before the release date. Its okay to share a short preview but I say let them see the final production and discover your dream on their own.

Entrepreneurship sucks. That’s why not many people do it. It’s a huge risk. You may lose every single penny that you put into it or more. Not to mention the countless hours and effort. That’s why it’s a lifestyle. We endure temporary sacrifice for permanent gain. This is what separates creators from consumers. We hustle and endure the rough times to give us time to create and work on our dreams. I truly believe we were all born to create. Its something natural deep down inside each of us that if pursued, can turn into to some of the greatest creations in the world. But why are people so distracted to consume instead of creating? Well, it all boils down to the institution of marketing and advertising. Digital marketing experts say on average are exposed to 4,000 to 10,000 advertisements each day. This is absolutely crazy! And, also the reason why many people find themselves trapped in the consumption cycle. This is why we crave those restaurants that we see on commercials that we can’t even try because they aren’t in our state. Marketing experts have capitalized on this strategy in almost every industry; Jordan with his re-releases, Starbucks with their seasonal flavors, Supreme with their weekly releases, and the list can go on and on.

Unless you also have a father who can lend you a million dollars to start your business, its going to take a different lifestyle and sacrifice in order for you to accomplish that dream of yours. And before you even start, its even more important to protect your dream. It’s a little baby that you must take from conception to adulthood so you can create a legacy to pass on and create generational wealth. Treat it as a special treat that only genuine and deserving people get to enjoy. It’s what has helped me stay on my path with confidence and peace of mind. My rule is “Don’t give people a piece of your dream if you will make you lose you peace of mind.” Some may say that this method is just a way to cope with fear of failure and embarrassment but its not that you won’t share your dream with anyone. You only share it with those who you deem are deserving. It is not a right for people to know what you are pursuing. Some may feel entitled but trust me, if you just stick to my rule, you will find yourself more at peace in pursuing your dream.

Navigating Uncharted Waters

Now that things are finally getting back to normal, many of us have already either sunken back to our normal habits we had last year or are at the helm of their ship navigating through uncharted waters. When you decide to commit to a lifestyle change, it can bring about many emotions and feelings. Will I fail? Will I succeed? Will this plan really work? Am I strong enough to get through this? Will my friends still be there? This anxiety we feel is very normal and its our bodies natural way to respond to the unknown. The difference between those who do succeed and those who stumble is where that fear is placed once it has been acknowledged. Elon Musk said it best,

“Some people don’t like change, but you need to embrace change if the alternative is disaster.”

Now you can see why yesterday his brand new Gigafactory broke ground in Shanghai as he became the first wholly-owned car plant in China operated by a foreign company. Navigating through uncharted waters is what entrepreneurship is all about. Yes, there may be times when you fill like your boat is taking in too much water or may capsize but you have to keep going no matter what. The alternative as Elon says, is disaster and being stuck in the same financial situation. Even if your boat sinks, reflect on the lessons, renew your mentality, and build your new pathway to success.

Our economy is beginning to see the effects of the purchasing power of millennials and it is moving in favor of smaller and local business. According to a report by the Boston Consulting Group, “Between 2011 to 2016, large brands in the US lost 3 percentage points of market share to smaller companies equating to $22 billion of sales. ‘This is the first time we’ve seen this in 50 years,’ said Jim Brennan, partner at BCG.” We are here, and we are making money moves. Our money is moving away from corporate domineering giants to powerful community-based businesses. Does your community have a need? Is there a gap in the value chain? Do I have skills and abilities that can create a product? Do I have talents and abilities to perform a service? These are all questions you can use to figure out how you can get your piece of this ever-growing pie. Even if you don’t feel you want to create something new, there are plenty of opportunities own a franchise and you’ll be surprised and how little some cost to invest. It always you a perfectly designed map so you can easily navigate your uncharted waters. 

Here are some of my top business ideas to consider in 2019:

Start a cleaning business.

The startup costs are under $2,000 and it makes for a great workout. You can easily start with friends, family, and local offices. Marketing is easy and since its an ongoing thing, you can eventually hire staff and have your money work for you.

Buy a franchise.

I know this may sound scary and only for the wealthy, but Chic-fil-a offers their franchise for a only $10,000! If you don’t believe me, check their website. Check out this amazing article of Ashley Lamothe who became the youngest franchise owner at 26 when she opened her store in downtown Los Angeles. (And yes I have eaten there many times hoping to get a chance to meet her 😊) 

Make a product from your home.

Think of all the products you use in your life and how many times you have had to make the same purchases. Remember, craft items and online sales took up a combined 14 % of all sales made last year. Create your product and open a Shopify account already!

Write a book.

Now more than ever its so easy to self-publish and sell directly online through Amazon. This guy makes half a million because of his hit book. You never know which of your ideas or creations may take the interest of consumers and become viral. This is the cheapest ways to start a business. Shout out to a new author, Kara Glenn, who recently launched her book last week.  

Buy a 3D printer.

The possibilities are endless. You can create custom prototypes for fellow entrepreneurs or spare parts online. This is a new industry that will become another huge game changer in the future. Here’s alist of 30 entrepreneurs banking on the unlimited possibilities. 

The Year of the Side Hustle

      Welcome to 2019! This undoubtedly will be the year of extra income. People all across America are creating their side hustle and its time for you to get on this train. A recent study by Bankrate found that nearly 4 in 10 Americans have a side hustle. No longer are people relying on corporate America to satisfy all their financial needs and even the government employees have been on shut down. Job security is as secure as the amount of income streams you have. They say the average millionaire has seven and if you are not currently one of those people finding ways to create additional income streams for your future, you are behind the times. Times are changing and one of the major trends in the economy is this rise in the freelancer community.  It’s like people all over America are finally taking control of their time and decided to work on their terms, or at least hustle a little harder.

     However, exciting as all of this may sound, the current landscape of entrepreneurs is like taking time machine to the 1920’s. According to the Kaughman Foundation, a well respected non-profit specializing in entrepreneurship, 80.2% of entrepreneurs in the U.S. are white and 64% are male. This does not reflect the demographics of the population and we are the generation that must do something about it. There is so much room in the market for minority entrepreneurs to engage the economy. Whether you have a secret family salsa recipe or make custom furniture, there is always a way to create a side hustle.

Some of the most popular side hustles of 2018 were:

1.       Home Repairs/Landscaping (12%)

2.       Online Sales (7%)

3.       Crafts (7%)

4.       Child Care (6%)

I guarantee that there are many of you talented individuals out there who can hustle to create something that can add income to your life. The average side hustle last year brought in an average of $686 dollars per month! Those funds could easily be used to pay for a web hosting site for online sales or the additional inventory you need to launch your next product. We must really think creatively to uplift ourselves from this paycheck to paycheck cycle. Plus, you will definitely have some fun doing it. If you are hesitant, then start small. If you want to go big and get funding, every year, the Black Enterprise publishes its top 10 list of grants to help minority small businesses. https://www.blackenterprise.com/top-10-grants-financing-black-businesses-minority-entrepreneurs/

 Its a great place to start your search for funding. If your idea or business has a good model and plan, you never know what angel investor may come to your aid. 

Whatever your reason might be, this is your year to do it. Our lives are evolving each day and each action or inaction you take will bring you closer to financial peace or financial pain. Let 2019 be the year of your side hustle. My goal will be to help that become your main hustle as you step into full entrepreneurship and becoming a business owner.