Black Entrepreneurs Day Summit: Four Biggest Takeaways

On October 24th, 2020, the world kicked off something sensational, the first annual Black Entrepreneurs Day with an incredible virtual summit! The event was hosted by Daymond John, venture capitalist and founder of FUBU, and featured some of the most inspirational professionals of today. Each of the guest speakers came from diverse backgrounds and hold impressive resumes, and they all shared the same encouraging message: we’re capable of great things! Inspired by the event, I am eager to share my four favorite messages from the event:

Arlan Hamilton

1. “Show people you can do so much with so little. And they’ll realize they might be missing out.” Arlan Hamilton on showing people you’re worth investing in when just getting started.

Arlan Hamilton, venture capitalist and author, knows that not all entrepreneurs start out with a strong network or traditional backgrounds. But while we all start on different paths, at some point, we all need to need to prove ourselves to some stakeholder group. Whether they are bosses, clients, or investors, your resume will be judged. Instead of worrying about how you stack up to the competition, Hamilton tells us to actively do whatever you can to close the gap. She suggests teaching yourself a technical skill, attending networking events, or reading material from entrepreneurs you admire. Whatever you choose it is important to push yourself to get better.

Daymond John

2. Daymond was turned away from 27 banks with FUBU.

Daymond Jones had many personal stories of encouragement for up and coming entrepreneurs, but none stood out as much as his recount of being turned down by 27 banks before he secured the loan needed to expand FUBU. Daymond explained that even when you love your business it won’t always be easy, and at times you will face rejection. He also stressed that persistence isn’t all you will need. It also takes a willingness to improve; listen to your critics and learn from them!

3. “People won’t wake up thinking about your dream. You have to get them to believe in it first.”

I found this quote to be incredibly powerful, especially as someone who loves a good passion project. In the past, I’ve found myself getting frustrated when my teammates or co-workers don’t share the same enthusiasm over a project. In times like this, it’s important to get to know your teammates. If you can understand their goals and what motivates them, then you’ll be able to manage them much more effectively.

Ice T

4. “When you turn your back on an opportunity, you’re a real-life sucker.”

Ending with what was probably the least conventional advice of the night. Rapper/Actor had these words to say about transitioning from tough-guy rapper to playing a police officer in his first on-screen role.

While the context of his advice may not have been directly related to a career in entrepreneurship, his message can be valuable to anyone with ambitions. Ice T is telling us that the first step to success is to never count yourself out. Sometimes there will be opportunities that will force you out of your comfort zone, but one of the worst things you can do is walk away from it before you give an honest attempt. So sure, Ice T was not a cop, and one might not start out as an expert on IT solutions; but with enough time and effort dedicated to learning, you might be able to put on a pretty convincing performance that says otherwise, and find yourself in the right role at the right time.

Overall, the virtual summit for Black Entrepreneurs features both men and women who highlighted the endeavor to be independent will have challenges. Knowing your worth, understanding your team and believing in a dream are necessary for the mental strength it will take to go the distance.