The Top 3 Reasons I Am Always Inspired by New York City – Part 1

The Top 3 Reasons I Am Always Inspired by New York City – Part 1

New York City literally runs through my veins. I was born to be rooted in this city. I’m not sure exactly what it is, as I think a lot of it is intangible, but there is just something about the air, the vibe and the atmosphere that tells me this is home.

From the overwhelming skyscrapers to some of the best places in the world to eat, New York City has everything that you could possibly desire. Many of my life‘s most fondest memories have been created in these streets and no matter where I may be in the world, New York City will always be home to me.

 

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From Harlem where I was born, to midtown which has been my business home for the last 20 years to the financial district, there are memories of my life all over the city.

Reason Number 1: I was birthed there in more ways than one.

Whenever I am entering Manhattan and I have the honor of seeing its full majestic view, I am always overwhelmed by the feelings of inspiration and overcoming that New York City evokes in me. The city itself and its people represent resilience. Millions have flocked to America through the gateway of the city looking and hoping for a better life for themselves and their families.

 

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I think about all of the desires, hopes and dreams that millions of people have when they show up here. And I am literally strengthened by it all. I am encouraged and I am inspired. It is the city where you can make it irregardless of where you come from and your social economic status. And there are an abundance of success stories to reflect this.

I am also encouraged by all of the entrepreneurial dreams that were birthed here. I think about my own family legacy that was started on these streets decades ago. If you saw my feature on Women on the Move, you heard my parents share a part of this story.

This is the city where my father, who could not read at the time, was able to start and build a legacy of business for himself and his family.

This is the city where he was able to go from a person parking cars in parking garages to owning parking garages all over the city and east coast. This is where he would continue his entrepreneur career by owning Chinese restaurants, convenience and retail stores as well as a variety of other businesses.

It would be in those very parking garages, all those years ago, where a little girl would spend her summers, sick days and days off from school as a cashier and get her first lessons in running a business and all of the intricate pieces of what was required to do so.

 

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Entrepreneurship does not occur without great challenges. But what New York City teaches you is when you get knocked down, you just get back up again and go harder and smarter for the next round.

This week marks 10 years that Lehman Brothers collapsed, starting the financial crisis that led into the Great Recession. The scars for many entrepreneurs and ordinary citizens still remain from that time.

I have had my share of challenges as an entrepreneur. There is no way you can be an entrepreneur for over 2 decades and not have your fair serving of them. But resiliency will win the race and that is what I am always reminded of in these New York City streets.

Check out Part 2 of this article on Friday.


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The Top 5 Ways to Fund Your Business – Part 1

The Top 5 Ways to Fund Your Business – Part 1

Starting or growing a business is often desired by many people, but businesses need money to grow. And unfortunately, most businesses don’t have enough revenue to grow themselves so other options have to be used to fund the ultimate dream.

 

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Here are some key ways for you to fund your business when the money you’re making in it just is not enough:

1. Apply for a Business Loan

Although people are often resistant to taking on additional debt, the reality is for many people trying to start or grow a business, taking out a business loan is their best option. This allows them to have the necessary funding needed to market, hire employees, secure a location if necessary or do any of the multitude of things required of an entrepreneur trying to grow and scale.

Unfortunately, this option is not for everyone as business loans can often be quite difficult to option, particularly from financial institutions. This can be due to credit scores, the lack of credit, low revenue and a ton of other issues. For those where this is not an option, one of the other funding methods may be more useful.

 

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2. Take on Investors

Investors can be the perfect option for some businesses to grow. You can find investors by tapping into your family members, friends or those who are professional investors on the hunt for their next good investment opportunity.

There are all sorts of ways to structure investment deals so it is crucial to consult a business attorney before doing so to ensure you are fully protected and the deal is in your best interest.

I recently had a client who negotiated such a deal with an investor before consulting me. As a result, the client gave away a significant interest in their company that was not necessary to close the deal. There were also key components in the deal that should not have been included. Obviously, by the time the deal was brought to me to create the documents, it was too late to change the significant, key terms of the deal as it had already been agreed to by both parties.

I know (thanks to Google and Law & Order) everyone thinks they have the ability to be their own private attorney, but be forewarned, most people I see attempting to do so end up with a deal that was not most favorable to them and their interest.

 

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Check out Part 2 of this article on Friday.

For more information on the Top 7 Steps to Grow Your Business to Multiple Six-Figures and Beyond, Click Here.


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Are Entrepreneurs Born or Made?

Are Entrepreneurs Born or Made?

What an interesting question to ask. Entrepreneurs are the backbone of American business. Small businesses are the engine of the US economy and account for the creation of the majority of new jobs in the country. Some of the greatest minds of our time are entrepreneurs. Many believe entrepreneurs are born with certain skills, abilities and characteristics that give them an advantage to succeed as an entrepreneur. Others believe absolutely not. They think that many or all of the skills required to be a successful entrepreneur can be taught. I happen to believe the answer is both.

I believe there are people that are born entrepreneurs. It’s just in their blood – their DNA. These are individuals who regardless of their environment or exposure, they were just born with the natural attributes to become a successful entrepreneur. What are those qualities you might ask? There are many, but some of the essential ones are determination, tenacity, problem-solving and creativity. You don’t have to have equal amounts of each, but you must have an abundance of the most vital ones. Those would be around endurance, perseverance and grit.

The road of entrepreneurship is not an easy one to travel, so you must have an unrelenting commitment to see it through.

 

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Even with that, I absolutely believe that you can be taught many important skills required to be a successful business owner and entrepreneur. These teachings can make an entrepreneur soar. Many of these are related to business principles and leadership.

I often think of myself when reflecting on this topic. Has my serial entrepreneurial journey come from what was already inside of me or was it developed from being raised in a home of entrepreneurs? My first jobs were working in my family businesses – parking garages and working on homes to rent. My dinner table conversations were around the stock market and what types of businesses could be created to fill the gaps in particular areas.

I certainly don’t believe that those elements in my life were meaningless. But I definitely don’t think I would have been able to do it had there not been some of the vital characteristics already inside of me to draw from, such as an undying will to persevere. Entrepreneurship can be grueling. It is not a trek for the weary. So, if you don’t possess some of these fundamental components already, you very possibly may not endure. And those are characteristics that are very difficult to teach, if they are even teachable at all.

 

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I think the best entrepreneurs are the ones that are smart enough and wise enough to know that whether you were born an entrepreneur or you developed into one the smartest and most effective entrepreneurs are those who know you must continue to learn and grow as an entrepreneur. You cannot just rest on your laurels.

Regardless of how you became an entrepreneur, if you don’t understand the critical importance of continuing to expand in that role, you will be doomed to run into tremendous challenges, setbacks and often defeats as a result of you simply being left behind. You will be at a huge disadvantage, because the world, including business, continues to evolve.

If you are not willing to keep up and expand your mind, you will essentially remove yourself completely from the entrepreneurship lane.

 

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Which do you think? Are entrepreneurs born or are they made?

I can’t wait to read your comments!


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