David & Donni and Neo Share the Unspoken Rules
You can't go on any social media platform or blog of any industry these days without reading or hearing about "the room."
They overuse this phrase and make it mysterious, conjuring all sorts of questions in inquisitive minds.
"What's "the room"?"
"Where's "the room"?"
"Who's in there?"
And the most important question that we ALL want to know and can't seem to get the answer to...
"How can I get into the room?"
If you can't wait & want to hear how you can get in the room, click below to get to the episode immediately.
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Grab your journal, pen, get comfortable and...Let's GOOOOOOO!
Table of Knowledge
When defining what "the room" is, to be clear, the answer is purely subjective.
For the clarity of this blog, we'll define "the room" as a place where business development and expansion take place.
Typically, these rooms have members who are dope people doing dope things, high-level performers. They've reached higher financial echelons within their businesses and their lives.
These rooms exist in every industry, because within each industry, there are top performers. Often from the outside looking in, we may think that they got where they are by some magical efforts.
That could be a possibility, but mainly they started or began their journeys in rooms with people who showed them how to execute at the level where they are now.
In this Podcast episode and blog post, David & Donni and
Neo provide explanation on how to do
self-exploration to get yourself and your business ready to be in these rooms that matter.
When you paint a mental picture of the "room" who do you see in the room? To be specific, do the in people look like you or nah...
Another stereotypical aspect of "the room" is that it is highly exclusive and typically people that look like US aren't in the room and if we are WE are in the room, WE don't have any leadership roles within the ranks.
Donni suggested that we change this and create our own spaces.
On the spot, she came up with the idea of a joint mastermind unlike any other — created for and by young successful black entrepreneurs.
She, David and Neo would be a multi-million fusion of minds helping create a lateral movement for black entrepreneurship and wealth building.
If you are thinking where can I sign up, there are a few things to consider before you email "MASTERMIND" to firstname.lastname@example.org to be placed on the waitlist to apply to be a member of the inaugural mastermind.
These three brilliant minds gave a good deal of metrics for you to assess if you are on the right track before you apply. Use these as a checklist to determine if you and your business are ready for the next level.
Consider This: What phase of business ownership are you presently in A or B?
A: Operator: Essentially, you own your own job and operate dually as the owner and employee.
B: Duplication: You have reached a certain financial landmark, typically over 250K and your business is considered saleable and scalable.
Know This: If you are in the duplication stage, ask yourself how you can diversify through viable investments, not just real estate. Think deeper—seek business partnerships and consult with companies for equity.
You can set up a base payment for a scheduled time as a consultant with a company and then move to a lower base and negotiate an equity-based payment structure for earnings made from your consulting. That way, the implementation is on the company and you are just simply consulting on the deliverables or projects and letting the money flow in.
These next series of questions will help you determine specifically if you are "investable." Whether you're considering a partnership, equity-share, revenue-share, or an investment with the expectation of ROI (return of investment) measure yourself by the following standards.
Consider This: What is your full offering or your businesses service or product? How does it differ from anything else on the market? What would excite a potential partner or investor about what you do?
Know This: Nothing speaks louder than your social proof. What personal accounts from clients or testimonials do you have to prove that you and your company are really what you say they are?
Consider This: Do you have a proven concept?
Donni wants to know if you have something that has hit and you've seen success.
Not something that you hope to see success in.
Know This: Keep accurate records of your business to prove your progress on the backend.
Consider This: Do you know your industry in and out?
Donni & David both admitted that someone has approached them with an offer to partner or invest. Although they weren't necessarily impressed with their business acumen, they found their knowledge in their industry impressive.
Know This: Constantly learn as much as you can about your businesses industry.
Consider This: Where are you currently in your business? What have you done financially and where are you projected to go?
Know This: If you are not familiar with your last year numbers and future projections, this makes you seem like an unstable business and prospective partners and investors will get gun shy and will place the conversation on pause.
Consider This: Who is on your team?
Have you fulfilled the proper role or players to support the operation and growth of your business? For example, do you have the proper attorneys on payroll? Have you invested in a copywriter or digital marketer to help nurture your audience? If you have these people in place, it shows that you are a serious business who is ready to reach the next level.
Know This: You may not be at the financial level to hire certain people to fulfill these certain aspects, but if you can show how you or an associate have hit certain metrics, then you are more apt to get investment or partnership opportunities. Think of it this way: showing strategies that have been successful will get you considered.
Consider This: What do your marketing efforts look like?
Sigh, marketing is a business effort that you can't ignore or pray away because you hope that word of mouth will scale your business. Let's be clear, anything is possible, but unless you are a mega name, it will be hard to get consistent attention to your business unless you employ some paid marketing efforts.
Are you running Facebook or Instagram ads? Do you have an affiliate program?
Know This: Cutting corners for something as major as marketing is not a good look. Get into the game with an appropriate marketing strategy.
Consider This: What is your work ethic like?
Neo said that he recently met a man who inquired about joining Neo's mastermind. In full honesty, the prospect told Neo that he has difficulties with the implementing actionable steps to reach his goal.
Although Neo appreciated the honesty. He responded to the prospect that his mastermind may not be the best place for him.
Know This: There are certain things that you can't fake. Your work ethic is just that. It's quite clear. Either you do the work or you don't. It's that simple. People will not take the risk of investing in someone who does not do the work.
Consider This: Is your business versatile? Specifically, is it capable of converting to fresh streams of income, thereby making it more marketable?
Know This: Innovation and ingenuity in business make you a viable option in the business investment marketplace. Make yourself and business as appetizing as you can, using your creativity to show alternate ways of growth.
Consider This: Are you coachable or an "ask-hole?"
Have you ever had a colleague or maybe a friend ask you a question about a situation, and when you respond with your answer they argue their point of view relentlessly, causing you to ask them why they even bothered to ask you, anyway?
That is an "ask-hole."
Know This: No one wants to work with anyone who has an answer for everything and is not coachable. When speaking to members of any "room," their time is equally valuable as their money. If they get any hint of resistance, the deal is off the table, trust that. Their logic is that if you have a strategy you should play it, then you don't need them.
Consider This: What are your gaps?
Neo added this one to the list.
In a way, you are going through your gaps by doing this checklist, but go deeper. Survey your business through each pillar of business: financial, operation systems, people systems, and finance. Realize where your shortcomings exist and how to solve them.
Know This: It is sometimes difficult to see your shortcomings. If you need to hire a coach to help you make the connections, do it. External eyes will see errors of fallacies you are less apt to see.
Next, let's look at this from another angle and shift the power a bit, shall we? What criteria should you consider before seeking investors and potential partners?
Consider This: What do you want? Is there a person or entity aligned with that want?
Before entertaining any conversations about growth and expansion, partnership or investment opportunities, have a crystal clear view of the vision of your company or business. Once you have that understood, then seek to get closer to those who share alignment with you.
Know This: A partnership or investment is worthless unless there is synergy. Do your research. Know what you need and have an explanation for the ask.
Consider This: Can the person you are speaking to help you?
Along the same lines as the preceding point, David shared a story about a man who gave him an impromptu presentation about his company one day. David listened, but he was not interested at all. The mans efforts were wasted, because David was not familiar with his industry and he couldn't and didn't want to help him.
Know This: Don't waste your time or someone else's. Ask if they are interested in hearing more about what you do/have before pitching to them. If they aren't interested, try asking them if they know someone within their network you could connect with who would be interested in your brand or company.
Consider This: Is the potential equity partner/investor on your level or are they higher?
Know This: Are you asking someone who can be a help or hindrance?
This may seem redundant, but think of the time someone has wanted to collaborate with you and then you learn more about them and realize they are not doing as well as you. That may not be the best look for you.
This list is no means comprehensive, but will provide food for thought.
Go over it with your colleagues and have a discussion. There may be opportunities for you to help each other.
We hope this was beneficial for you and look forward to seeing you at the next upload!