Tracy Gray, Silicon Valley, Managing Partner discussed on Business Rockstars
Are the biggest entrepreneur platform on the planet welcome back to business rockstars or we are continuing our conversation with Tracy gray managing partner and founder of the twenty two so as promised we're gonna talk about what are those common obstacles that both female and minority entrepreneurs face so first of all what do you think is the number one thing that is the obstacle and I think for women there is this idea of when the rest converse and straight up failure. and. I really think we are risk averse because we have we're caretakers we feel like it's on our shoulders to take care of everything we don't want to lose but we have so I think it's more women started at a place in abundance does your city on the hat we have that mindset that lets the hole in back right so you think about all I can get and all that I can grow and create an abundance I think that this psychologically that most women forward I think minorities Jew because. we've had a harder time getting what we think we deserve our we earn and so we hold back. and also this fear of failure and I tell in on these guys up in Silicon Valley and the sense in our state where you're at some bad some honor you know they're like if you fail that means you learn right so I like to say to women. now salience practicing you make mistakes as you practice at anything an instrument anything you want to be great at the same as your business so you're gonna fail no matter what we are I a failed so many times that is pick yourself up and learn just don't repeat now salary Pete that's bad but if you fail and you learn something new or just it's gonna happen except that shooting the failure piece is rooted backs that care taking yes well because we still not were not only kill ourselves we're gonna fail our community our our families our people around. so it's a psychological thing that was funny because men are considered the breadwinners right but they don't have that same sense of failure then there's that extra negative impact that it starts to become the perception that women are coming from a lack yeah or maybe are not as confident so how do we change the perception for ourselves so that we are putting our most confident foot forward and not coming from this place of lack. I mean I think it's just change your mind you know I'm a Buddhist so I ate it's all about which you are using your perception your you know it's not right thinking right speech it's not you always have that failure in those negative thoughts going through that's what you're gonna do that's how you can protect yourself so women are actually more confident way more content than that perception you have to be anyone to give birth she. really great. so I think we are now so we should naturally be confident but I don't know if we become socialized. to be afraid I don't I'm I'm fairly confident person that I have yes I think everyone. I think we are. naturally confident but something check this down as we get. and you mentioned you're a Buddhist do you have a practice like meditation or or something like that you're not a yeah yeah. would you say that that's the number one tool for you that's helpful and maintaining that abundant positive minds that yeah it's James I mean I I started howling fifteen years ago but over the last five years I really like it up in the morning minutes it worked out I don't care what time I get out I'm gonna do that for every every day every day I whether it's like five minutes or half an hour but I like to do but I will do it no matter what because yes. keeps you in this mind way throughout day and the practice is being line fall day knowing when I'm I'm thinking I'm scarcity sometimes I did but before I used to think that way and just keep going with it and now I checked it and I switch it to abundance and what I can do and that's what mindfulness and meditation that's right you know how that positively impacted your business first hand. I think the way I ate in games all I'm I'm fairly and paste. and maybe what I would call it you know and now I'm like what's going on with that person where are they coming from that's what you wanna do is have compassion and put yourself in their shoes once you do that you understand one has nothing to do with you so I don't blame people and stay away from people that I think are doing something wrong I mean are and I gave them a because there's always something there sign my business I'm been. more open I have partners because of their there. their resume you know what they've done and now I have partners because I like them. then the rest yeah first I have to go with I like that we have the same values and then I think when you surround your people with yourself with people the same values with positive he didn't want to be in your track and that's what the tracking so much more now. what's in my brain about time sh let's talk about raising capital because that's an obstacle for every new a little added obstacles for women in my or nor D. on let's just start with the overview what are the capital options and how do you know if you're eligible for the capital yeah so that's the key knowing what you can get what you're eligible for so. you know there is. traditional bank loan. and a bank loan you have to the banks look backwards so they want to see three years worth of cash flow. right you don't have that you're not going to have a service that debt you're not gonna get that. the next part is funny any debt and equity equity means someone will. give you money for a portion of your business percent and that freaks when I was out of there and check my business but what I say and what most venture capitalists sales so you can own a hundred percent of nothing. or you could own fifty percent or seventy percent of a billion dollar company check your take option yeah so if you take a bike I don't wanna lose my company scarcity once again then you have to grow and how you can grow it grows your own money you're gonna you know you've really difficult to do we have to take out other people's money that's what most wealthy people have done other people's money so. that will help you equity helps to grow very fast debt because it serves that have helped you grow but it's slower thank you gonna have to take money out of service. within equity there is angel investors in those are wealthy individuals who want to invest in your. company and its networks of them now they've organized used to be a to find them that rich person invest in your business but now there's networks of them. you have to be a certain type of company to get. angel and to get venture capital investor capital is the most expensive meaning they're gonna take more of your company but it helps you become that billion dollar business a lot faster. and and that's what you need to be eligible that there is a market so huge that there's a possibility you could become a billion dollar business over here in debt you can be what they call lifestyle business. that means it's gonna and your lifestyle can be fine you make hundred thousand two hundred thousand a year yourself personally off a million dollar business a couple million dollars that's a lifestyle business we don't think it's going to grow huge that's where you got it that you want to get that venture capital won't be interested or not because they're not gonna get the returns they want. some maybe individual angel or friends and family might be and they'll get out you'll figure out some kind of a turn for them and now there's crowdsourcing that are either in the equity or in the day but it's still those two pieces. I think it also will this was so great and so helpful we talk about raising capital all the time but you don't dive into those important details so thank you so much for your insight really appreciate it thank you in fact we are the biggest entrepreneur platform on the planet this.