Managing Partner, Tracy Gray, Founder discussed on Business Rockstars
Welcome back to Business Rockstars where we are continuing our conversation with Tracy gray, managing partner and founder of the twenty two. So as promised we're going to 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 for women? There is the idea being risk, averse and freight a failure. And. I really think we are risk averse because we were caretakers we feel like it's on our shoulders to take care of everything. We don't wanna lose, but we have. So I think if more women started at a place of abundance, scarcity. We have that. Scarcity mindset keeps you holding back. Right. So you think about all I can get all the I can grow and create an abundance. I that the psychologically that moves women forward. I think minorities to because we've had harder time getting what we deserve a we earn. So we hold back a lot safe. And also the fear of failure. And I tell these guys up in Silicon Valley, and these I'm scenarios where your as a badge of honor. You they're like if you fail that means you learned right? So I like to say the women think of it as practicing it's not failing. It's practicing you make mistakes as you practice. 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 failed so many times, but is pick yourself up and learn just don't repeat now, repeat that's bad. But if you fail and you learn something move forward. It's going to happen. And do you think the failure piece is rooted back to that caretaking? Yes. Well, because we feel not we're not only gonna fill ourselves. We're gonna fail our community. Our families are people around. So it's a it's a psychological thing that which is funny because men are considered the breadwinners, right? But they don't have that same sense of failure. And then there's an extra negative impact that it starts to become the perception that women are coming from a lack four 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 just. Just changing your mind. You know, I'm a Buddhist. So I it's all about switching how you think your perception your view about right thinking right speeds, it's not if you always have that failure in those negative thoughts going through. That's what you're gonna do. That's how you present yourself. So my thing women are actually more confident way more confident than that perception, you have to be wanting to give birth. Yeah. So I think we are naturally should naturally be confident. But I don't know if we become socialized to to be afraid. I'm fairly confident person. I have serious. I think everyone. Yeah. And I think we are. Naturally confident. But something kicks us down as we get. And you mentioned you're a Buddhist you have a practice like meditation or or something like that? You're not obviously meditate. Would you say that? That's the number one tool for you. That's helpful in maintaining that abundant positive mindset. Yes. It's changed. I mean, I started having fifteen years ago. But over the last five years, I've really like get up in the morning, meditate workout. I don't care. What time I can get up. I'm going to do that before every every day every day, whether it's like, five minutes or half an hour, but I like to do. But I will do it. No matter what. Because it's. Yes. Chiefs do in this mindful way throughout your day and the practices being mindful day, knowing when I'm thinking from scarcity for sometime, but before I used to think that way and just keep going with it. And now, I catch it. And I wish it to abundance and what I can do. And that's what mindfulness and meditation does for you. How has it positively impacted your business first hand? I think the way I engage with people. I'm fairly impatient. I would call it. Now. I'm like, okay. What's going on with that person? Where are they coming from? That's what you wanna do is have compassionate put yourself in their shoes. Once you do that you understand what has nothing to do with you. So I don't blame people and stay away from people that are are doing something wrong to me, and I engage them because there's always something there. So my business. I'm ben. More open I had partners because of their. Their their resume what they've done. Now, I have partners because I liked them. And then the resume. Yeah. I I have to go with I liked them. We have the same values. And then I think when you surround your people with yourself with people at the same with positive people want to be you attract that, and that's what's attracting so much more. Now. Since Switzer my brain about. Let's talk about raising capital because that's an obstacle for every entrepreneur. A little added. Obstacle more women and minorities, entrepreneurs let's start with the overview what are capital options. And how do you know if you're eligible for that capital? Yeah. So that's the key knowing what you can get what you're eligible for. So. There's traditional Bank loans and a Bank loan you have to the Bank look backwards. So they want to see three years worth of cash. Flow prophet, right? You don't have that. You're not gonna be able to service that debt. You're not gonna get that. The next part is equity. Equity equity means someone will give you money for a portion of your business percentage, and that freaks entrepreneurs out other than take my business. But what I say and what most venture capitalists say. So you can own one hundred percent of nothing or you can own sixty percent or seventy percent of a billion dollar company. Take your I'll take auction be. Yeah. Thanks. So if you stick it like, I don't wanna lose my company scarcity once again, then have to grow it. How are you gonna grow? It. You only go with your own money. You're gonna you know, you 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 you grow very fast debt because you have to service that helps you grow slower, right because you're gonna have to take money out of service that within equity there's angel investors and those are wealthy individuals who invest in your company, and there's networks of them. Now, they've kind of organize some it used to be a fine them that rich person invest in your business. But now there's networks at them..