Tracy Gray, Silicon Valley, Texas discussed on Business Rockstars
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 I'm I think for women there is this idea of when the rest of the verse and straight a 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 their city on the hat we have that you're seeing minds about what the whole 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 to because. we've had a harder time getting what we think we deserve our week earn time so we hold back. state. and also this fear of failure and I tell it on these guys up in Silicon Valley and in some centers they wear tell your as a bad some honor you know they're like if you fail that means you learn right so I like to say to women. now aliens 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 which is funny because men are considered 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 put 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 it's all about which you are using your perception your you know it's not right thinking right speech not if 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 never fairly confident person but I have to I think everyone. I think we are. naturally confident but something Texas 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 fifteen years ago but over the last five years I really like the morning mix it worked out I don't care what time I get out I'm gonna do that for every every day every day and 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 mine own way throughout the day and the practice is being mine 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 at night what's 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 a in game all I'm I'm fairly impatient. and maybe what I would call it you know and now I'm like okay what's going on with that and 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 to me are and I engage them in it because there's always something there so in 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. and 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 other people the same values with that said we want to be your track and that's what I'm attracting so much more now. what's in my brain about John sh let's talk about raising capital because that's an obstacle for every. a little added obstacles for women and minorities let's just start with the overview what are the capital options and how do you know if you're eligible for the capital yes 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 service that debt you're not gonna get that. the next part is equity debt and equity equity means someone will. give you money for a portion of your business percent and that freaks. other 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 take your pick option so if you take it like I don't wanna lose my company scarcity once again then you have to grow and how you gonna grow it the only got your own money you're gonna you know you've really difficult to do you 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 can organize some used to be a to find them that rich person and that's your best but now there's networks of them. you have to be a certain type of company to get. angel and to get venture capital and venture capital is the most expensive meaning they're gonna take more of your company but it helps to 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 they don't think it's going to grow cute that's where you got it that you want to get that venture capital won't be interested in not because they're not gonna get the returns they want. some may be individual angel or friends and family might be and they'll get a 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 of capital. also will this was so great and so helpful we talk.