# Building Your Business: Gives advice on scaling your business for the future with the Director of MIEC.

An episode of [Money Making Conversations Master Class](https://invisiblenetwork.ai/podcast/1264705641), 5 Dec 2024, 29 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/b1db7263-d1a3-4d00-8976-af62012aab44/1f6c113d-ead6-4dfe-8709-b22e01655b99/audio.mp3?utm_source=Podcast&in_playlist=35a10561-3e1b-4d05-a529-af62012aab6a

Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning! Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Dr. Tiffany Bussey Title: Director, Morehouse Innovation and Entrepreneurship Center (MIEC) Dr. Tiffany Bussey discusses how the Morehouse Innovation and Entrepreneurship Center works to scale Black- and Brown-owned businesses, close the racial wealth gap, and intentionally connect entrepreneurs and workers to capital, contracts, and emerging industries, particularly in sustainability. Purpose of the Interview The interview serves to: • Educate listeners about the systemic barriers facing Black entrepreneurs beyond access to capital. • Highlight practical solutions—programs, partnerships, and ecosystems—that create real economic outcomes. • Shift mindsets around entrepreneurship, risk, and opportunity, especially in underserved communities. • Expose listeners to emerging, high-growth industries (e.g., sustainability, EVs, renewable energy) instead of oversaturated traditional businesses. • Promote community-based economic ecosystems, particularly the collaboration between Morehouse, Goodwill, and corporate partners. Key Themes & Takeaways 1. Entrepreneurship as a Tool for Closing the Wealth Gap • Dr. Bussey positions entrepreneurship and business ownership as one of the most effective ways to generate long-term wealth in Black communities. • The Center has supported 400+ scalable, mid-sized businesses, resulting in: • 850+ jobs created • $34M+ in new capital accessed • $82M+ in new revenue generated Key insight: The problem isn’t a lack of capable Black businesses—it’s visibility, access, and opportunity. 2. “Access to Opportunity” Matters as Much as Capital • While access to capital dominates the conversation, Dr. Bussey emphasizes access to contracts and decision-makers. • MIEC programs are designed with opportunity partners (large corporations, general contractors, primes) so participants gain: • Exposure to real contracts • Understanding of supply chains • Direct relationships with decision-makers Takeaway: Capital without revenue and customers won’t sustain a business. 3. The Three C’s of Business Growth Dr. Bussey outlines MIEC’s core framework: • Capital – Funding and financial resources • Connections – Two-way, relationship-based networks • Contracts – Revenue-generating opportunities She stresses that connections only matter if relationships are mutual—it’s not enough to “know someone” unless they also understand your value. 4. Breaking Stereotypes About Black-Owned Businesses • Dr. Bussey addresses harmful narratives around skill, readiness, and qualifications. • She highlights intentional strategies to: • Prepare businesses before opportunities arise • Align training and recruitment with future industries • Counter biases through performance, scale, and visibility Key idea: Preparation plus access dismantles bias. 5. Sustainability = One of the Largest Economic Opportunities Dr. Bussey reframes sustainability as an economic opportunity, not just an environmental issue: • Electric Vehicles: ~$163B industry • Green Construction: ~$324B industry • Renewable Energy: ~$952B industry • Sustainable Agriculture: ~$20B industry She urges listeners to stop defaulting to oversaturated businesses (e.g., nightclubs) and instead pursue industries that are expanding rapidly and globally. 6. Workforce Development + Business Development Must Align • Goodwill provides free job training, certifications, and…

## Transcript

[0:05] Speaker 1: Welcome to the show.
[0:06] Speaker 2: I am Rashan McDonald, the host of Money Making Conversations Masterclass,
[0:10] Speaker 2: where we encourage people to stop reading other people's success
[0:13] Speaker 2: stories and start planning their own. Listen up as I
[0:17] Speaker 2: interview entrepreneurs from around the country, talk to celebrities and
[0:21] Speaker 2: ask them how they are running their companies, and speak
[0:24] Speaker 2: with dog profits who are making a difference in their
[0:26] Speaker 2: local communities. Now, sit back and listen as we unlock
[0:30] Speaker 2: the secrets to their success.
[0:31] Speaker 1: On Money Making Conversations Masterclass. Welcome. This is Rashan McDonald.
[0:38] Speaker 1: As you know, this is a This is my show
[0:40] Speaker 1: that I produce every week with my team. This is
[0:43] Speaker 1: a weekly money Making Conversation master Class show. The interviews
[0:47] Speaker 1: and information that this show provides are for everyone. It's
[0:50] Speaker 1: time to stop reading other people's success stories and start
[0:53] Speaker 1: living your own. If you want to be a guest
[0:56] Speaker 1: on my show, please visit our website, Moneymakingconversations dot com
[1:00] Speaker 1: and click the b a Guest button. My next guest
[1:03] Speaker 1: is the founding director of the More House Innovation and
[1:08] Speaker 1: Entrepreneurship Center. She's been on my show before and I'm
[1:11] Speaker 1: so happy that she made time to come back. Their
[1:14] Speaker 1: assist in the development of minority entrepreneurship. Please work the
[1:18] Speaker 1: Money Making Conversations Masterclass, Doctor Tiffany Bussy. How did you know,
[1:22] Speaker 1: doctor Tiffany?
[1:25] Speaker 3: Oh? Awesome. First of all, thank you so much for
[1:28] Speaker 3: having me back. Wow, and congratulations to you and the show.
[1:33] Speaker 3: I am always excited to be here, so thank you.
[1:36] Speaker 3: Thank you for having me.
[1:37] Speaker 1: We know you're perfect for my show because this show
[1:39] Speaker 1: is based on small businesses and entrepreneurship opportunities, giving everybody
[1:43] Speaker 1: a voice in this in this landscape because so many
[1:47] Speaker 1: people want to understand and be an entrepreneur, but they
[1:50] Speaker 1: don't have the tools or where to go. Tell her
[1:53] Speaker 1: about exactly what you do as the founding director of
[1:56] Speaker 1: the more House Innovation and Entrepreneurship Center.
[2:00] Speaker 3: Awesome, Yes, thank you so much, And like I said,
[2:03] Speaker 3: thank you for what you do because I think having
[2:05] Speaker 3: this conversation in this space in order to share and
[2:08] Speaker 3: exchange information is an important piece what we do here
[2:11] Speaker 3: and what we've been doing. And I'm super excited to
[2:14] Speaker 3: tell you we are celebrating our twentieth the year this year,
[2:17] Speaker 3: so we've been doing this for twenty years. Wow, can't
[2:20] Speaker 3: It has also been thank you my own entrepreneurial journey.
[2:25] Speaker 3: As you shared at the top of the program that
[2:28] Speaker 3: I'm the founding director. So when we think about entrepreneurship
[2:31] Speaker 3: sometimes we immediately start thinking about the person that has
[2:35] Speaker 3: a a you know, some sort of product or service.
[2:38] Speaker 1: Let's let's talk about that, right there, doctor Tifferty. You know, yes,
[2:41] Speaker 1: founding director. You know what I mean? You had an idea,
[2:45] Speaker 1: you had to pitch it to somebody, yes, and that
[2:47] Speaker 1: was twenty years ago. You know, entrepreneurship is really huge now.
[2:51] Speaker 1: Everybody's into a special social media people want an opportunity
[2:55] Speaker 1: to knock down that door. So how do you start
[2:58] Speaker 1: a center? You know, because you have the SBA people
[3:01] Speaker 1: go they're doing it over the Small Business Administration, They
[3:03] Speaker 1: got all these other Why do you need to do
[3:05] Speaker 1: this on a moor House campus? Talk to us?
[3:08] Speaker 4: How will you?
[3:08] Speaker 1: Why were you inspired? And who you had to convince?
[3:12] Speaker 3: Correct? Really so again everything comes from this sort of idea,
[3:17] Speaker 3: what is it that I am going to to do?
[3:20] Speaker 3: What problem am I going to solve? Right? Right, as
[3:23] Speaker 3: you rightfully put it, twenty years ago, we weren't even
[3:26] Speaker 3: selling entrepreneurship. Back then. It was still being debated quite frankly,
[3:31] Speaker 3: especially in the academic environment in which where I sit
[3:35] Speaker 3: on whether or not it was even a discipline. So yes,
[3:39] Speaker 3: we were definitely pioneers innovating, if we say, in terms
[3:43] Speaker 3: of having this vision, and I really have to give
[3:46] Speaker 3: it to the leadership of Morehouse here to recognize very
[3:49] Speaker 3: early that one of the things that they saw as
[3:53] Speaker 3: an important piece was not only having the young men
[3:56] Speaker 3: here graduating to get jobs right and to go out
[4:00] Speaker 3: and seek jobs, but having the foresight to think, you
[4:02] Speaker 3: know what, we also want these young men to be
[4:05] Speaker 3: able to create industries, to create companies and organizations that
[4:10] Speaker 3: can create jobs in itself. And that really was I
[4:13] Speaker 3: would say, the emphasis of really thinking about, wow, we
[4:17] Speaker 3: can have someone graduate from Morehouse with the idea we've
[4:21] Speaker 3: always and by the way, we're really proud of the
[4:24] Speaker 3: statistics that many of our graduates are entrepreneurial as I
[4:28] Speaker 3: listen to the stories. So that's where it really started,
[4:31] Speaker 3: really thinking about how do we get these young men
[4:34] Speaker 3: to graduate with a degree, yes, but also thinking about
[4:38] Speaker 3: solving the problems in the world. And when we think
[4:40] Speaker 3: about solving problems, we must also think about having organizations
[4:45] Speaker 3: bringing that solution to society. And that's how we have
[4:48] Speaker 3: defined entrepreneurship here at Morehos, especially in and I'll throw
[4:53] Speaker 3: something else again, I'm talking kind of like some of
[4:56] Speaker 3: the academic language in a liberal art setting, because that's
[4:59] Speaker 3: who we are more Houseware, a four year undergraduate liberal
[5:02] Speaker 3: arts institution. And some even argue even today that perhaps
[5:07] Speaker 3: entrepreneurship should reside in these types of environments that we
[5:11] Speaker 3: are preparing students for graduate schools and professional careers and
[5:16] Speaker 3: things like that. But at the end of the day,
[5:18] Speaker 3: like I started, we're all entrepreneurial. If we think about entrepreneurship, yes,
[5:24] Speaker 3: as solving a problem and bringing a solution to society
[5:28] Speaker 3: or to the marketplace, then we are are entrepreneurial. It's
[5:31] Speaker 3: how we put it together right and how we really
[5:35] Speaker 3: think about bringing those resources. So that's how this all
[5:38] Speaker 3: get started. I'll tell you a little bit of history
[5:41] Speaker 3: about the center also, so our work really well is centered.
[5:45] Speaker 3: We are one of the few entities also that is
[5:48] Speaker 3: a self sustaining arm, and what that means is that
[5:51] Speaker 3: we bring in our own money. So we are also
[5:55] Speaker 3: entrepreneurial in our business model here at the Morehouse Innovation Center,
[5:59] Speaker 3: and the way we call it the MIEC Center. So
[6:02] Speaker 3: the model here is that we perform work which we
[6:06] Speaker 3: charge market rate and support the individuals that go out
[6:11] Speaker 3: and perform that work, and everything above cost comes back
[6:15] Speaker 3: to the college to support students initiatives. So at the
[6:19] Speaker 3: end of the day, we are helping to start, scale,
[6:22] Speaker 3: and grow businesses, whether it is with our students through
[6:26] Speaker 3: experiential learning or in the classroom, and with businesses outside
[6:30] Speaker 3: our gates off the campus. Right, we recognize here that
[6:33] Speaker 3: our most famous alum, doctor King's work was about economic empowerment,
[6:39] Speaker 3: and economic empowerment comes from owning, owning businesses, owning organizations,
[6:45] Speaker 3: and again from solving and helping to create solutions in
[6:49] Speaker 3: our society. So we're extending that legacy and building upon
[6:52] Speaker 3: that with the work that we do here.
[6:54] Speaker 1: Let measure this. You know when you talk about because
[6:56] Speaker 1: I'm a teaser. When I went to college, you know,
[6:58] Speaker 1: I was very innovative from the standpoint I do put,
[7:01] Speaker 1: I did large care productions, do parties, and you know,
[7:04] Speaker 1: I was an entrepreneur, but I didn't know what that was.
[7:06] Speaker 1: You know, all I knew was that correct, I could
[7:08] Speaker 1: charge somebody five dollars. I have a DJ in there.
[7:11] Speaker 1: They wanted to come here and I made five dollars.
[7:13] Speaker 1: I knew how to pay the DJ, I had to
[7:14] Speaker 1: rent the room, I had to hire a security. All
[7:17] Speaker 1: that is entrepreneur Now, the business plan, the business model,
[7:22] Speaker 1: that is what is so important. Talk to the structure
[7:25] Speaker 1: that you create. And so many people don't understand that
[7:28] Speaker 1: they failed because they don't have a business model. They
[7:30] Speaker 1: have a great idea, but they don't have a business model.
[7:33] Speaker 1: Please speak to.
[7:34] Speaker 3: My audience and I and I love that what you
[7:37] Speaker 3: just said. So not all great ideas are great business
[7:40] Speaker 3: business ideas. Right to have a profitable business, it's really
[7:44] Speaker 3: a simple equation. You have to be able to produce
[7:47] Speaker 3: something that is going to bring more revenue than it
[7:49] Speaker 3: is to that it costs to produce it. Quite frankly,
[7:53] Speaker 3: that's it, right, in order to make a profit. And
[7:56] Speaker 3: so in the past I would say maybe ten to
[7:58] Speaker 3: fifteen years or so, we've been thinking about how we
[8:01] Speaker 3: teach entrepreneurship. To your point, everyone get an idea, you're
[8:05] Speaker 3: passionate about it, you actually fall in love with that idea,
[8:08] Speaker 3: and you haven't really tested you just start build it
[8:11] Speaker 3: and they will come. Kind of mentality. Right, I have
[8:15] Speaker 3: an idea about the DJ business. So I'm just going
[8:17] Speaker 3: to go, you know exactly, I'm going to open up business.
[8:23] Speaker 3: But what we now know is that we must test
[8:27] Speaker 3: these ideas to first figure out do we have a
[8:30] Speaker 3: customer base for these you know, who is the real
[8:32] Speaker 3: customer who really wants this good? And I would say
[8:36] Speaker 3: that about half of our businesses that do fail is
[8:39] Speaker 3: because we have not done our homework on the top
[8:42] Speaker 3: end to really figure out who it is that we're
[8:45] Speaker 3: selling to and who wants this actual business that we
[8:50] Speaker 3: think others want, right. And I often ask my students,
[8:54] Speaker 3: there's a million people, do you think a million people
[8:56] Speaker 3: will buy this? Before you start really putting investments and
[9:01] Speaker 3: resources in that business or business idea, I think we
[9:05] Speaker 3: should do some testing. I think we should do some research.
[9:08] Speaker 3: I think we should really try to figure out and
[9:11] Speaker 3: there's a fancy terminology that we now using the tech
[9:14] Speaker 3: startup product market fit Is there really a fit and
[9:17] Speaker 3: a need and a demand for this particular good or service,
[9:20] Speaker 3: not that I fell in love with it? Right? And
[9:23] Speaker 3: that's usually where we have the problem because even as
[9:26] Speaker 3: we're testing, I see some of my students don't want
[9:29] Speaker 3: to leave that idea or abandon the idea. They fall
[9:33] Speaker 3: in love with the idea, and they just want to
[9:35] Speaker 3: keep pushing ahead, even when I'm asking a question. Way,
[9:38] Speaker 3: show me the evidence. Where is the evidence base research
[9:42] Speaker 3: to show that this business will succeed?
[9:47] Speaker 1: Of that, doctor wil You know, it's like when I
[9:49] Speaker 1: was managing Steve Harvey. You know, I started my own
[9:53] Speaker 1: ad agency and I jumped out there. I had popularity,
[9:56] Speaker 1: I had names, I had recognition, and what I didn't
[9:59] Speaker 1: realize just that's what you said. I had a great idea.
[10:02] Speaker 1: I didn't do my research. I didn't understand my competition.
[10:05] Speaker 1: And what I didn't realize is that every fortune five
[10:08] Speaker 1: hundred company already has an AD agency. So if I
[10:11] Speaker 1: came in there, basically I'm taking I'm doing their job.
[10:14] Speaker 1: So I was a threat, and so I had to
[10:17] Speaker 1: develop unique marketing techniques. And that's what you're talking about,
[10:20] Speaker 1: you know, and that's important that people understand. Once I
[10:23] Speaker 1: developed unique marketing techniques. When I say unique marketing techniques,
[10:27] Speaker 1: that means only I can do the function that I'm pitching.
[10:32] Speaker 3: So we get another fancy, fancy word for that. You
[10:36] Speaker 3: had a competitive advantage, yes that particular area, Yes.
[10:40] Speaker 1: Yes, yes, go ahead, Yes, And I didn't understand that
[10:43] Speaker 1: because I just had a great idea. I jumped out there.
[10:45] Speaker 1: I'm telling you, I jumped out there with no business plan.
[10:48] Speaker 1: I jumped out there because I just was popular. I
[10:50] Speaker 1: just was everybody. My phone was ringing, I got all
[10:53] Speaker 1: of it. I go in the room, people recognized me.
[10:55] Speaker 1: But guess what, I still didn't know my competition. I
[10:58] Speaker 1: did not have a competitive advantage because I didn't understand
[11:01] Speaker 1: the landscape. And that's what she's telling you, guys. When
[11:04] Speaker 1: you jump out there. You might be popular on the
[11:06] Speaker 1: weekend at this one flea market or there's one festival
[11:11] Speaker 1: that you attend, but can it sustain? It says, do
[11:14] Speaker 1: more people want that? To keep the lights on? To
[11:17] Speaker 1: employ people? That's what people, That's what you have to
[11:19] Speaker 1: understand through your research. And that's what she said. Well
[11:23] Speaker 1: a million people by this, which means will your business
[11:26] Speaker 1: be sustainable?
[11:27] Speaker 3: Correct? Correct? Correct? So let me just give you a statistic.
[11:32] Speaker 3: Point less than three percent of black businesses really are
[11:36] Speaker 3: able to what we call another fancy term scale. So
[11:39] Speaker 3: we will start like you just said and maybe go
[11:43] Speaker 3: for two three years if we make it to that point,
[11:46] Speaker 3: but then it sizzles out right because it was a fad,
[11:50] Speaker 3: it was something that was in fashion at that time.
[11:52] Speaker 3: So we have to really really focus now and how
[11:55] Speaker 3: do we scale businesses. I was looking at a report
[12:00] Speaker 3: a few days ago where we are now starting more
[12:03] Speaker 3: business ever in the history of the United States. I
[12:06] Speaker 3: think the number was about twenty million in somethow that
[12:09] Speaker 3: of new business starts where we have so we know
[12:12] Speaker 3: how to start businesses. Where our issue is is how
[12:16] Speaker 3: do we scale these businesses? How do we sustain these businesses?
[12:20] Speaker 3: And I think it really boils down to as you
[12:24] Speaker 3: and I have just shared, truly taking the time on
[12:27] Speaker 3: the front end to understand and do our research and
[12:30] Speaker 3: really figure out what problem we're solving with this business,
[12:34] Speaker 3: what pain point, what's the market need and who's that customer?
[12:37] Speaker 3: And understanding the business model, how are we going to
[12:40] Speaker 3: make business money on this particular idea of this product
[12:43] Speaker 3: or service that we're talking about. And that's part of
[12:46] Speaker 3: what we really do here at the Center. So I
[12:49] Speaker 3: will share with you that over the twenty years we've
[12:52] Speaker 3: touched about four hundred business Our model here is through
[12:55] Speaker 3: what we call cohorts. We are very specific. Six to
[12:59] Speaker 3: nine months we will bring in about fifteen to twenty
[13:03] Speaker 3: companies that are industry or sector specific. So we are
[13:07] Speaker 3: now we have an application open now for construction companies
[13:11] Speaker 3: companies looking to scale in the construction industry open on
[13:15] Speaker 3: our website. We're looking for twenty companies that we will
[13:19] Speaker 3: start in January, and our focus is a lot of
[13:23] Speaker 3: conversation is around access to capital. Access to capital that
[13:26] Speaker 3: is important, yes, but one of the other part of
[13:29] Speaker 3: that is access to contracts, access to customers to help
[13:34] Speaker 3: you grow and scale. Even if you get the capital,
[13:38] Speaker 3: if you don't have the revenue. Like I said, that
[13:40] Speaker 3: simple equation, you must be bringing in more money than
[13:43] Speaker 3: you're spending produce that good service. So we were we're
[13:47] Speaker 3: what we call capital and contract readiness. With the work
[13:51] Speaker 3: that we do in terms of helping companies.
[13:53] Speaker 1: To get there, you're dropping all them duels over you.
[13:56] Speaker 1: I'm just a regular talking person, doctor Tiffinybuzzy, you know, competitive,
[14:00] Speaker 1: and it's scaling all this stuff, which is really what
[14:03] Speaker 1: I hear all the time out in the streets. But
[14:05] Speaker 1: you know, I want to just talk about the twentieth anniversary.
[14:08] Speaker 1: I just say mohouse innovative, innovation and Entrepreneurs Center, which
[14:12] Speaker 1: is m IEC. You know twenty years now you have
[14:15] Speaker 1: a black Building, Black Business Report twenty twenty four coming out.
[14:20] Speaker 1: Tell us exactly what that is before we go to
[14:22] Speaker 1: break sure.
[14:24] Speaker 3: So one of the things that we're doing, and we
[14:27] Speaker 3: realize being an academic institution, that the research must goes
[14:34] Speaker 3: along with this work. Data at the end of the
[14:36] Speaker 3: day really helps to inform. Like we said, you do
[14:40] Speaker 3: the research, so we can't just teach about it or
[14:42] Speaker 3: talk about it. We must practice what we teach. So
[14:44] Speaker 3: we've been intentionally focusing on understanding the data behind this work. Also,
[14:50] Speaker 3: in the past eighteen months, we have been convening those
[14:54] Speaker 3: that do this work similar to us and another fancy
[14:57] Speaker 3: term business serving organizations or other organists similar that provides
[15:01] Speaker 3: this type of training. We've been bringing them together in
[15:04] Speaker 3: these small group conversations asking them what are you seeing
[15:08] Speaker 3: and how are you doing this work. So this report
[15:11] Speaker 3: that we will be releasing on December eleven, right here
[15:14] Speaker 3: on the campus of Morehouse College and the public is
[15:16] Speaker 3: invited by the way, at nine am in our Shirley
[15:20] Speaker 3: Massey Conference Center, will really culminate that work and bring
[15:25] Speaker 3: and present. This is how we the business serving organization
[15:30] Speaker 3: understand in how number one not only to start businesses,
[15:33] Speaker 3: but how do we help and scale these businesses, to
[15:36] Speaker 3: move that needle, to help businesses build and to provide
[15:40] Speaker 3: more employment and to provide more revenue. And now, just
[15:44] Speaker 3: without spilling the beings, some things that we discovered along
[15:48] Speaker 3: the way is that the training and the knowledge that
[15:51] Speaker 3: is provided must meet the size of the organization. Right
[15:57] Speaker 3: let me repeat that that the depending on the size
[16:01] Speaker 3: and where you are, we must tailor the type of
[16:04] Speaker 3: teaching and the type of construction that we're doing. The
[16:08] Speaker 3: other piece, I want to hold.
[16:10] Speaker 1: That thought right there, doctor Bussy, because I want to
[16:12] Speaker 1: go to break when I come back, I want to
[16:14] Speaker 1: break the details because you're dropping it and from ask
[16:17] Speaker 1: why I brought you back, because I think I feel
[16:20] Speaker 1: that from an entrepreneur standpoint, you have to know about mentorship,
[16:24] Speaker 1: where to go, the opportunity to present themselves. That's what
[16:27] Speaker 1: she's delivering right here on my show, Money Making Conversation Masterclass.
[16:30] Speaker 1: Don't go nowhere, We'll be right back with doctor Tiffany Bussy.
[16:34] Speaker 5: Please don't go anywhere. We'll be right back with more
[16:37] Speaker 5: Money Making Conversations Masterclass. Welcome back to the Money Making
[16:50] Speaker 5: Conversations Masterclass hosted by Rashaan McDonald. Money Making Conversations Masterclass
[16:56] Speaker 5: continues online at Moneymakingconversations dot com and money Making Conversations
[17:01] Speaker 5: Masterclass on Facebook, Twitter and Instagram.
[17:04] Speaker 1: This is ra Sean McDonough. I host this weekly money
[17:06] Speaker 1: Making Conversation Masterclass show and the purpose is about entrepreneurship
[17:10] Speaker 1: and small business. That's what I spot like I try
[17:12] Speaker 1: to bring and I not try I bring people on
[17:14] Speaker 1: the show who are experts. I'm just like a facilitator.
[17:17] Speaker 1: I know a lot, but I'm not an expert. But
[17:20] Speaker 1: I do have an expert on the call. Her name
[17:22] Speaker 1: is doctor Tiffany Bussey. She founded the founding director of
[17:26] Speaker 1: the more House Innovation and Entrepreneurship Class Center, which is
[17:30] Speaker 1: the MIEC twenty years. They've been doing it for twenty years,
[17:34] Speaker 1: changing lives. But one thing I want to point out
[17:36] Speaker 1: because there are a lot of RFPs out there, and
[17:38] Speaker 1: I'm in the services side, which is graphic designs, and
[17:41] Speaker 1: that's an area that I'm just going to tell you
[17:44] Speaker 1: guys is really jam packed with a lot of people
[17:47] Speaker 1: trying to do that. A lot of people can design websites,
[17:50] Speaker 1: a lot of people can do graphic designs, but in
[17:52] Speaker 1: that construction area, there are a lot of opportunities. And
[17:57] Speaker 1: I'm very excited doctor Bussey to know that you have
[18:00] Speaker 1: a program that's being designed for African American people of
[18:04] Speaker 1: color to pursue those opportunities, because there are a lot
[18:07] Speaker 1: of opportunities that they can really get out there and
[18:10] Speaker 1: win in the construction business, especially when it comes to
[18:13] Speaker 1: apply for RFPs correct.
[18:16] Speaker 3: Correct And so I mean, I thank you so much
[18:20] Speaker 3: for that example that that's one of the other things
[18:23] Speaker 3: that we have to think about as we think about
[18:25] Speaker 3: being entrepreneurs. Where are these gaps in the marketplace. If
[18:29] Speaker 3: everybody wants to be a music producer, everybody wants to
[18:33] Speaker 3: be a graphic artist, then it leads very little room
[18:36] Speaker 3: for new innovation and new thought. But if we look
[18:39] Speaker 3: at what I'd like to term non traditional industries and sectors,
[18:44] Speaker 3: that's where the opportunities are. We cannot find what we're
[18:48] Speaker 3: hearing from these large primes that do the construction, the
[18:52] Speaker 3: holders and the McCarthy construction companies, that they cannot find
[18:57] Speaker 3: enough of these small businesses and contractors to come in
[19:01] Speaker 3: and assist as either first year or what they call
[19:04] Speaker 3: second tier subcontractors. So the newest form and this was
[19:08] Speaker 3: another report that I saw the other day of millionaires
[19:11] Speaker 3: being made are those that are in those trade industry.
[19:15] Speaker 3: So I think we really need to put our thinking
[19:19] Speaker 3: cap on as we think about becoming entrepreneurs and do
[19:23] Speaker 3: our homework. Where are these opportunities an entrepreneur and a
[19:27] Speaker 3: successful entrepreneur bring new things to the marketplace and answer
[19:32] Speaker 3: an opportunity. And these trade jobs what we're hearing finishers, electricians, plumbers,
[19:40] Speaker 3: they cannot find enough.
[19:42] Speaker 1: They cannot these industries, those RFPs, I see them all
[19:47] Speaker 1: the time, Doctor Bussy, I see them all the time.
[19:49] Speaker 1: It is a lot of them. I talk to people
[19:51] Speaker 1: in various markets to tell you, Rashan, I can't do enough.
[19:55] Speaker 3: I can't.
[19:58] Speaker 1: There's so much opportunities out there, not just for the
[20:01] Speaker 1: general market, but just for African American and people of
[20:03] Speaker 1: color in the construction and the services, the physical services
[20:07] Speaker 1: side of it. And I'm gonna tell you something else
[20:09] Speaker 1: about AI AI. Have my staff take a course today
[20:13] Speaker 1: looking at Adobe's AI. They have the premiere now they
[20:17] Speaker 1: can straight fix you if you stutter, they can fix
[20:19] Speaker 1: it online. You do not have to re record that. They
[20:22] Speaker 1: can fix graphics through AI, they can fix video through AI.
[20:26] Speaker 1: So you may be going into an area where AI
[20:29] Speaker 1: is going to take on such a dominant role. And
[20:31] Speaker 1: that's all she's saying is that when you trying to
[20:35] Speaker 1: plan your career, do your research it. Make sure you're
[20:38] Speaker 1: not diving into something just because you like it may
[20:41] Speaker 1: be overly saturated, especially with AI being such a dominant
[20:46] Speaker 1: player in the graphics, in the audio, in the video world.
[20:51] Speaker 3: Let me tell you AI is a game changer and
[20:54] Speaker 3: it's going to touch every aspect of our lives, even
[20:57] Speaker 3: in construction. So I mean a real applaud you for
[21:01] Speaker 3: encouraging your staff, for us to understand as a community,
[21:06] Speaker 3: every industry will be affected by this. So this is
[21:09] Speaker 3: not an if, it's a when right right here. So
[21:14] Speaker 3: we really really have to think about what sector and
[21:17] Speaker 3: what industry really in we're in, and how does technology,
[21:21] Speaker 3: particularly AI is going to be incorporated and really engage
[21:25] Speaker 3: with those. It's nothing to be afraid of. It's understanding
[21:28] Speaker 3: and getting ahead of it. Figure out how do we
[21:31] Speaker 3: build and construct businesses using because it has created opportunities also,
[21:36] Speaker 3: doctor Boss, So we have to.
[21:37] Speaker 1: Figure out what I don't want to end this interview
[21:39] Speaker 1: because there's something really important that you have coming up
[21:42] Speaker 1: call and it's right around the corner. It's called Boost
[21:44] Speaker 1: your Business and as an online event, and I want
[21:47] Speaker 1: to make sure you get that out before we close
[21:49] Speaker 1: out this interview today. Can you tell everybody about your
[21:52] Speaker 1: Boost your Business. It's a new initiative over there.
[21:56] Speaker 3: So we as a matter of fact, we just had
[21:58] Speaker 3: the events. It was about the entertainment industry and understanding
[22:05] Speaker 3: talking about news sectors right Atlanta and the state of
[22:08] Speaker 3: Georgia has become the new Hollywood of the South, if
[22:11] Speaker 3: you will, creative industries, creating another opportunity for us to
[22:17] Speaker 3: think about these on tapped industries that have gaps or opportunities,
[22:23] Speaker 3: and so Boost your Business was really about curating and
[22:26] Speaker 3: it was our first event that we held through our
[22:29] Speaker 3: Small Business Development Center that's also here at Morehouse to
[22:33] Speaker 3: truly understand what does that look like on what are
[22:36] Speaker 3: those opportunities. I want to also share with your audience
[22:39] Speaker 3: that for those that don't know, we do have an
[22:42] Speaker 3: SBDC center right here at Morehouse that offers these at
[22:47] Speaker 3: no cost consulting for any businesses that we're looking for
[22:52] Speaker 3: that's in this community. We're right here to serve you.
[22:55] Speaker 3: So if you have an idea, if you have moved
[22:58] Speaker 3: that idea along, if you to think about all these
[23:01] Speaker 3: things that we're thinking about, how do I develop that
[23:03] Speaker 3: business plan? Where do I get funding? How do I
[23:06] Speaker 3: scale my business? The s b d C at Morehouses
[23:09] Speaker 3: also here, So along with the m I e C
[23:11] Speaker 3: and the s B d C at Morehouse, we have
[23:14] Speaker 3: created a non stop, kind of one stop shop for
[23:18] Speaker 3: you and we can actually come in through a cohort
[23:21] Speaker 3: and then get engaged with the s B d C
[23:23] Speaker 3: for the life of your business. Is there a website?
[23:26] Speaker 1: Is there website doctor Bussie?
[23:29] Speaker 3: There there is a website. You can go to the
[23:31] Speaker 3: either Moorehouse dot e b U and say and get
[23:34] Speaker 3: a connection there, or you could actually go to m
[23:36] Speaker 3: C e C e n t e R dot com.
[23:40] Speaker 3: That's m C e C e n t e R
[23:44] Speaker 3: dot com and that's the Morehouse Entrepreneurship Center dot com.
[23:48] Speaker 3: So I encourage you to reach out and we're right
[23:52] Speaker 3: here to serve you.
[23:53] Speaker 1: But as we close out the show this interview, we
[23:56] Speaker 1: know we have a new elected president and they tell
[23:58] Speaker 1: me this president is going to be very very favorable
[24:01] Speaker 1: to entrepreneurs, small businesses, people in the corporate structure. Any
[24:07] Speaker 1: take on that as far as advice for people getting
[24:10] Speaker 1: in the new lane of people who have sustaining business
[24:13] Speaker 1: and looking into twenty twenty five with this new administration
[24:17] Speaker 1: coming on board and maybe the advantages of it will
[24:20] Speaker 1: bring to entrepreneurship.
[24:23] Speaker 3: We hope and we got to remain hopeful that the
[24:27] Speaker 3: new administration will carry on the work of the past administration. Correct.
[24:31] Speaker 3: Like I said, twenty million new businesses got started under
[24:35] Speaker 3: the Biden administration. Very excited with policies there. The one
[24:39] Speaker 3: piece that I will also share is that we know
[24:41] Speaker 3: it all work, and we put all that we do
[24:44] Speaker 3: between the MIEC and the SBbc into what we call
[24:47] Speaker 3: technical assistance. We're here to provide the training, the knowledge transfer.
[24:51] Speaker 3: But the one thing that we that I must admit
[24:54] Speaker 3: and even comes through in our research, is that technical
[24:57] Speaker 3: assistance alone does not solve the problem. The Equally as
[25:01] Speaker 3: important is policy. Federal and government policy is important with
[25:05] Speaker 3: this work, and so we're hoping that the policies under
[25:09] Speaker 3: the new administration will also be favorable. Because it's one
[25:13] Speaker 3: thing to say that I'm providing the knowledge and pull
[25:16] Speaker 3: yourself up by a bootstrap. But if you have policies
[25:19] Speaker 3: that are still designed to be against entrepreneurship, or somehow
[25:23] Speaker 3: or the other doesn't loosen up the capital where it
[25:26] Speaker 3: needs to be, then we got to also call it
[25:28] Speaker 3: what it is. Right. So, along with technical assistance, which
[25:32] Speaker 3: is the work that we're doing, we also need to
[25:34] Speaker 3: be pushing and advocating for positive policies that support this
[25:40] Speaker 3: work and really indeed move the needle in the direction
[25:44] Speaker 3: that we needed to go. So I'm hopeful that the
[25:46] Speaker 3: administration will also change those policies and bring about some
[25:50] Speaker 3: policies that will be favorable for this work that we
[25:53] Speaker 3: are all hoping to really boost the economy through entrepreneurship.
[25:57] Speaker 1: I'm not going to hope. I got my founding director
[26:01] Speaker 1: on a call here. That's what you do. You saw
[26:03] Speaker 1: it twenty years ago, you go see it through twenty
[26:05] Speaker 1: twenty five, twenty twenty six. Because you're a visionary and
[26:09] Speaker 1: you're a leader. Your person's set down and I've never
[26:11] Speaker 1: been disappointed when I brought you on this show, and
[26:13] Speaker 1: you've always uplifted me with information in my audience and
[26:16] Speaker 1: people react. You know, last time you was on the show,
[26:19] Speaker 1: you talked about goodwill, training people and paying them through
[26:22] Speaker 1: a training process. Four weeks later they get jobs. Now
[26:25] Speaker 1: you come talking about scaling your business. You're letting people
[26:28] Speaker 1: understand that. Come to us. We can help you. We
[26:30] Speaker 1: can mentor telling people about hey have that business plan
[26:34] Speaker 1: in place, telling people you you're trying to walk people through
[26:38] Speaker 1: a college platform and have them have an entrepreneurial mentality,
[26:42] Speaker 1: which means that you don't have to work a forty
[26:45] Speaker 1: hour week job. Hey, you got to put the time
[26:47] Speaker 1: in maybe eighty hours. But you can live your dream
[26:50] Speaker 1: and you can build it. But you have to understand
[26:53] Speaker 1: your competition. That's why I appreciate you when you come
[26:55] Speaker 1: on my show, Doctor Bussy. You tell people facts and
[26:58] Speaker 1: you don't sugar coat it.
[27:00] Speaker 3: I thank you as always, thank you so much, and
[27:03] Speaker 3: again I invite your audience to join us in December
[27:05] Speaker 3: eleven as we celebrate release our Black Business Report. Come
[27:09] Speaker 3: join us to celebrate at a legacy luncheon on the
[27:12] Speaker 3: twelve at twelve o'clock December eleventh. Reach out to us.
[27:15] Speaker 3: We have a construction cohort that is open. If you're
[27:17] Speaker 3: in the construction field, please do join our cohort. Apply
[27:21] Speaker 3: and we have a retail cohort that's coming up also
[27:24] Speaker 3: in January. So if you're in the retail business have
[27:26] Speaker 3: a product to sell trying to get into a store,
[27:29] Speaker 3: that that cohort would also be for you. Rashaan, thank
[27:33] Speaker 3: you so much. I hope you have me back again.
[27:35] Speaker 4: You know you'd be back in January.
[27:37] Speaker 1: Come on now every quarter, I'm.
[27:38] Speaker 3: Gonna have you in here.
[27:40] Speaker 1: We innovate, we changing the game. Thank you doctor Tiffany
[27:43] Speaker 1: Busley for coming on my show and changing the game
[27:45] Speaker 1: with information we talked soon.
[27:46] Speaker 3: Okay, thank you, take care, bye bye.
[27:50] Speaker 1: If you want to you know, hey, you want to
[27:52] Speaker 1: be a part of this, just listen every week because
[27:55] Speaker 1: I bring the guests in. I got another fantastic guest
[27:58] Speaker 1: when it comes to scholarship tunities for your child, don't
[28:02] Speaker 1: go nowhere you listen to Money Making Conversation Masterclass hosted
[28:05] Speaker 1: by me Rushan McDonald. This has been another edition of
[28:09] Speaker 1: Money Making Conversation Masterclass hosted by Me Rushan McDonald. Thank
[28:13] Speaker 1: you to our guests on the show today and thank
[28:16] Speaker 1: you our listening to audience.
[28:17] Speaker 3: Now.
[28:18] Speaker 4: If you want to listen to any episode I want
[28:20] Speaker 4: to be a guest on the show, visit Moneymakingconversations dot com.
[28:24] Speaker 4: Our social media handle is money Making Conversation. Join us
[28:27] Speaker 4: next week and remember to always leave with your gifts.
[28:30] Speaker 4: Keep winning.

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