Transcript
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Hello everybody and welcome once again to the Unlearned Podcast.
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I am your host, ruth Abigail, aka RA, and this is the podcast that is helping you gain the courage to change your mind so that you can experience more freedom.
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So we are in our series called Unlearning Entrepreneurship, where we're talking to entrepreneurs of all in all different stages, doing all different things, really wanting to share, from their perspective, things they've unlearned through their entrepreneurial journey.
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Now, you might not be an entrepreneur, and that's OK, but two things we want you to know.
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Number one you can have entrepreneurial mindset in where you are, but also there are things on this journey, because it's such an intense journey that we that they have had to unlearn, that you might have to unlearn no matter what a journey you're on as well.
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So let so tune in, let us know what you think.
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There's some amazing people, and I am so excited because one of my homies and she's my homie, but when I read her bio you will be like, how do you have such cool friends?
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So we have Dr Monique Oshite-Lu with us.
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What's up, mo?
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What's?
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up people.
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Hey, Ruth Abigail, Thanks for having me Yo, I'm so excited.
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Thanks for being here.
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Yo, I'm so excited.
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Thanks for being here.
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So, for those of you that do not know this incredible woman, let me just read a little bit about her, because I think it's important that you know who you're about to hear from.
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And let me just be honest.
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I've known Monique since 2007.
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Do we mean 2007?
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Yes, we did.
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Wow, that's crazy.
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Yes, that's crazy.
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We met in 2007.
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Yes, we are getting old and we met in 2007.
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So I've known Monique since college and I've watched her do her thing and as I read through this bio, because this is the first time we really like I'm two years younger.
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Let's just put that in.
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Okay, well, that's not necessary, but fine, fine, it's fine, she's two years younger.
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Blah, blah, blah anyway, she's two years younger, but when I read this, you're not going to believe that, because she's done more than I could I think I could conceptually do in my lifetime.
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So I'm just going to read a little bit of her bio so you know who you're hearing from and who our conversation is with today.
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So she is an entrepreneur times three, all right.
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She has three different businesses that she has founded and she's the founder of Etan and Deuce that she showcases her exceptional, exceptional skills and data analytics and FinTech, financial technology.
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For those that don't know, innovation, so check this out.
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Under her guidance, etan, which is a data consulting company, had an increase of excuse me, 815% revenue from 2022 to 2023.
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Deuce, the financial technology company, is a Visa-backed accelerator fintech startup.
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And she is also a lecturer at Harvard yes, that's right, you heard it Harvard in Boston, not Harvard in you know some other place, but Harvard, the Harvard University, okay, strategic Data Project Fellows Program, which is housed in their graduate school of education.
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She teaches her original curriculum to future data strategists.
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She's also advised over 40 prime ministers and was featured across prestigious platforms like Forbes and NPR.
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Yeah, and then, on top of that, just to add something on top of the cake.
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She was also in 2016, a summer Olympic qualifier for the Nigeria women in 800 meter and 2014 qualifier for the world relays.
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Okay, so hold on.
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I'm reading this out loud and I know you, like I've known you before all of this stuff.
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I knew you for all of this.
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I don't get it.
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How in the world?
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Who are you?
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I feel like I've lived different lives, to be honest with you, like there literally feel like different lifetimes.
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Even now I'm juggling like three businesses but, yeah, I don't know what to say.
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I don't either.
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That's why neither of us I don't either.
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I think I just I look at this and, like I said, I've known you for years and I won't say it's shocking, but because I know you and it's like you're you're an incredible person, have an incredible mind, thanks, and also this is insane.
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Like you're like what you, what you have accomplished, is insane.
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So I just want to get into like when you, when you hear that, when you hear all that, what comes to your mind?
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You said you've like different lives.
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You feel like you've lived different lives.
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Well, like what does that even mean?
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Like what?
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Why?
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Like why have you?
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Well, like what does that even mean?
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Like what do you?
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Why?
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Like, why have you lived different lives and what does that mean for you?
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I see myself like super down to earth and I think, just how I've been able to explore and have that sense of creativity to express myself and I think part of entrepreneurship is creativity and I never saw myself necessarily as a creator, but I feel, like you know, I saw myself originally as an athlete, you know, and since I was six years old I trained, you know, and so my mom is a nutritionist.
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So I've been on like a food regimen from the time I was like I apologize for my phone From the time I was 12 until I was like 26, I was on a food regimen.
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So, like I think, for me, just having that background and that discipline from being an athlete, for me, just having that background and that discipline from being an athlete, I just pick it up and I apply it to the same If I'm pursuing my PhD, if I'm pursuing a business venture, if I'm giving a lecture, like if I'm mentoring other people, like I just take that same discipline and I like it better because in this aspect of an entrepreneur I'm not competing against someone else, so I'm no longer getting intimidated if I get on the line and somebody has longer legs or more masculine than me, I am literally going against myself.
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So I'm like trying to be the best version of myself in time.
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That's what I'm competing against.
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That's the only thing I'm competing against, because I know what I have is very unique.
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That's the only thing I'm competing against, because I know what I have is very unique, and so I think I like this space that I'm in a lot better than when I was training at a collegiate level as well as a post collegiate level, professional, semi professional, so yeah, that's so.
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What's what's more challenging competing against yourself or time?
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Oh my God, I feel like time and like that's literally what I've been experiencing literally these past two quarters is unlearning.
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My habit of doing everything accelerated.
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So, like you know from running track, I did everything fast, right, and then after I finished that, I went and got my PhD, finished it in three years, you know.
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Then after that I went and I worked for government for like four or five years and I'm like having influence on policy and people are like it literally takes like eight years before your research actually influences policy.
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And I'm doing this in year two, you know, just like whipping it out, you know.
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And then I start my data consulting firm and then I start this startup and startups they have this thing where everything is supposed to be fast, like time is money.
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Time is money.
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And I think what I've really been learning this year is like time is your greatest gift and be patient with it and let it work when it does best.
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Because if you are out of sync with your timing, your purpose and your destiny, no matter how good of a business idea you have, it's not hate time, like it was my biggest competitor, but I've learned to embrace it and in this, you know, acknowledge that and I have to say this like God's, timing is the best timing and really submit yourself to time, because time isn't going anywhere.
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Time was here before I was even born, time is going to be here when I leave, and so if I submit myself to time and be patient with myself and knowing that what I'm creating will be released when it needs to be released, it helps me take away that stress and having those deadlines that are not realistic or deadlines that are self-induced, you know.
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So, um, I would say I would say that time, love, hate, relationship with her, or him.
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So I really resonate with this struggle with the pace of things.
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Like I'm.
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I too, I like going fast, I that's one of my.
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That can be a strength and can be a weakness, and so I have found that in my world sometimes what slows me down is when I'm not just doing things by myself anymore.
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Right, there are seasons where you just you're doing things on your own, you're going, going, going, but then you get to a point where, in my case, it's kind of leading a team of people.
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But then you get to a point where, in my case, you know it's it's kind of leading a team of people, but in in your case and you and I have talked it is collaborating with people because technically, like, you're the only employee of your company, but you have to collaborate with people to get things done, whether you have to contract them out or you need them as an advisor or um, fundraising, right, and so when other people get involved in your process, talk about how that can make you have to slow your pace down.
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Yeah, it requires you to adjust the pace.
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You know, almost it's a requirement.
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And one thing that I've really learned is that, as an entrepreneur, everything on your to-do list when you wake up in the morning is important.
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Right, it's all important.
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You've got to get that done and I've had to really unlearn this whole concept that my sense of urgency is someone else's sense of urgency, and understanding that just because this is a priority for me is not a priority for someone else.
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This is a priority for me, it's not a priority for someone else.
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And being able to manage that because you just can't say, okay, fine, this is the priority, they get to it whenever they get to it you have to almost be strategic in how you communicate.
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And every communication has to be strategic.
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Like what time of day are you sending the email?
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How are you framing it?
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Are you telling kind of a story or situating it in a way that makes people say, okay, this aligns with my priorities.
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So, like a lot of times, I don't just send it and be like, hey, sign this document.
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It's like, hey, we're ready to get started with your contract, to meet your deadline right.
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And like their deadline is important to them so they'll be able to sign it so I can get the administrative stuff done on my end, for example.
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So it's like being strategic on how you frame things, understanding that everybody has a different level and standard of how they show up and everybody's definition of excellence, even if they even try to achieve excellence, is very different and being okay with that.
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But I think the importance of partnerships is knowing that every partnership isn't for you, every collaboration isn't for you, and you have to be selective, because you have a goal and you want to make sure the people you're bringing on, the people you're collaborating, align with that goal, because that makes the process easier.
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Yes, your timing will be slowed down, but if it's the right people who are invested in the idea, invested in the partnership, then that also helps with the momentum and keeping things going.
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But yeah, if I could divide myself into 50 people, I would, and I would just take it all in and I'd be good, but that's not it.
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And also what's not.
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It is the way people see things.
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Like when you're creating something, you're so in your head about how you want it to be, how you want it to look, but you don't consider different things Right.
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And so, for example, with Deuce working on some of the features, I had someone say it was actually a potential user.
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They're like well, what about tips?
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Like when I'm playing or I'm doing something, or if I have some content or something I'm selling, like I would like there to be a feature for people to do tips, and I'm like, oh great, like I would never think that you know, so it's important to you know, think about not just folks who are happy helping you to get things done, but who are you serving with your product, with your service, and also considering their feedback too, to give you a different way to think about things.
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So I know what Deuce is, but I would bet that almost no one listening knows what it is.
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So what is Deuce?
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Explain it.
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What are you doing?
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Yeah, say what.
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Like, I should be good at my speaking, I'm on the spot, okay, so, deuce, basically you can think of us as the Venmo for creators, and so we help creators, like social media influencers, artists and musicians to be able to get paid for collaborative projects.
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So, for example, if you're in a band and you show up and you do your number or whatever, typically you're sending multiple Venmos, cashapps and Zells to pay all the band members.
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But with Deuce, it automatically splits payments to each of the band members in one click of a button.
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So no longer do you have to send all the different Zells and CashApps.
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You literally just click one button and everyone gets paid.
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So that's Deuce, and I'm excited Deuce.
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We have a collaboration with the city of DC, so we're DC based fintech, and so that collaboration is working with the city of DC.
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So we have upcoming festivals this fall that we're going to be facilitating payments for, so I'm super excited about that.
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So, paying the different live performers at the festivals and concerts super excited about that.
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So paying the different live performers at the festivals and concerts so that's Deuce.
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And that's the startup that's backed by Visa, where we received some non-diluted funding and just graduated from their accelerator program a few weeks ago.
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That's amazing.
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So just so I'm clear and our audience is clear, you said the Venmo.
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It's like you could think of it for the Venmo for creators, and the idea is for musicians, social media influencers or what was that?
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Yeah, and artists Anyone who's creating?
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Collaborative content.
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If you're creating collaborative content and you need to split the payment, so let's say you're doing something, I'm doing something, you get 50%, you get 50% and you need to split the payment, so let's say you're doing something, I'm doing something, you get 50%, you get 50% and you want to go to both of your bank accounts.
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This is where Deuce comes in.
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So that's, you know, it's really interesting and I think I said this when you first told me about it it's so interesting that that's not out there.
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Like it seems like a very like this is well, yeah, like, yeah, like this should be the case.
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But you know, I mean that's what entrepreneurs do they solve problems.
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How did you discover this is a problem you wanted to solve?
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Yeah.
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So I think for me the reason I got discovered by Harvard was I was doing some content creation over the pandemic and they actually discovered my ebook.
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And then from there they went and discovered some more papers that I had written and they were like, hey, what you're doing for?
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Because I used to do workshops over the pandemic and they were like can you actually make that curriculum for one of our fellows programs and teach it right?
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So for me that really helped my credibility.
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That really helped me to be able to say, okay, I can really do this full time.
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So I started mentoring other creators and there was one duo of creators.
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They had a fashion book and they wanted to sell it online and every time somebody purchased a book online, they wanted to go to both their bank accounts.
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So we were literally on the phone with PayPal, stripe and Square almost like two hours and it was the last call.
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Then it was PayPal and they told us to hold and I told the person on the other line because we three-wayed them, because I was trying to help them out, and I was like, look, if this doesn't exist, I'm creating it.
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And a guy gets on the phone.
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He was like, yeah, we don't split split, so it'll all go to one bank account and you'll just have to deposit to the next person.
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And I was like, say no more.
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And so I've just been doing it ever since February.
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What was that?
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2022?
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that's when I wrote it down and then I picked it back up September 2022.
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That is see, okay.
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So this is what I love about entrepreneurs and and people I won't even say entrepreneurs, just people that have this mindset because you saw something.
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This is the difference.
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Let me say like this this is the difference between, I think, an entrepreneur and the rest of the world.
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You saw a problem, we all see problems, we see problems every day, right, uh, but you decide to do something about it.
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That's the difference, I think.
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Entrepreneurs don't just see problems, they see solutions and they say, okay, I'm going to create this solution for this problem and I'm going to invest my time and energy into doing that to make things easier for me and other people.
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Right, I?
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I love that and, um, I, I want to ask this question.
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I meet a lot of people.
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So you know we're I, I I don't consider myself to be an entrepreneurial type Okay, person.
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I have been a part of founding teams for 15 years.
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I've been a part of five different founding teams doing things that's kind of my.
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I love the founding of things Like that's just where I kind of land everywhere I've been in my career and so you know, I know what that's like.
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I know what starting things are like.
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I'm, I'm, I'm pretty, um, experienced in that Right.
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So I get a lot of people like I'm in the nonprofit space.
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I get a lot of young leaders, young people, um, who are really interested, from teenagers to their twenties to early thirties.
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So I really want to start.
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I want to start my own nonprofit in my world.
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That's what most people come to me with and the answer I tell them, no, you don't.
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That's that's my immediate answer, like and and I know you and I were talking earlier you're like that's like I'm more of an encourager and I'm going to tell you right now I am not.
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I am not an encourager of this.
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And the reason I'm not is because I don't think that most people understand what it takes to see a problem and solve it.
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We understand what seeing a problem looks like.
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You don't understand the solving it and then sustaining the solution.
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That is a huge commitment that I think a lot of people when you kind of get that urge to like, oh, I want to start this, I don't know that you do Like think that through because there's a lot to it.
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So I want to know.
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I know you disagree with me, so I want you to tell me you probably disagree on some of that.
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Tell me why, and then I want you to.
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I would like you to say like what are some of the misconceptions about being an entrepreneur?
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Like, what are some things the misconceptions about being an entrepreneur?
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Like, what are some things that people think are true that aren't true, you know let me on the on the face value.
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when you say it, you tell people no, like that, I disagree with that part.
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But when you explain the reasoning behind it, I 100% agree with you.
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Because, like you got to be committed to this thing.
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Like this is like I don't know what it's like to be married, so I can't say a marriage, I don't know what it's like to have kids, cause I don't got that either.
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But this thing is real Okay.
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Like.
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I got a dog, okay, so I guess I could technically get rid of them, but I won't, baby, don't worry.
00:20:45.401 --> 00:20:58.432
Um, I'm trying to think what I could compare it to, but this thing is a living, breathing thing and its life and its breath depends on you.
00:20:58.432 --> 00:21:16.453
So whether it lives or it dies depends on you and how you're able to deal with ups and downs more downs than ups and when those downs happen so consecutively and it's been months since you had a win are you still going to be able to stay in it?
00:21:16.453 --> 00:21:22.420
And so it's a level of commitment that's harder than track.
00:21:22.420 --> 00:21:26.842
Like when I was training for the Olympics, like I lived and breathed that thing.
00:21:26.842 --> 00:21:34.946
Like we mentally had to get ourselves to a point where my coach and we did this like mental thing for like a whole semester.
00:21:34.946 --> 00:21:42.101
Every day before we started track, he would always tell us look at that mountain, and the day you believe that you can jump over that mountain, come tell.
00:21:42.101 --> 00:21:47.133
Like we literally had to get in our brain that we can do anything right.
00:21:47.580 --> 00:21:48.925
And what was that for?
00:21:48.925 --> 00:21:49.307
Is that?
00:21:49.307 --> 00:21:57.446
Get that fortitude mentally, so when your body is tired and you can't do another stride, you mentally like I can do this.
00:21:57.446 --> 00:22:02.509
I've mentally ran this track multiple times Like I can literally do anything.
00:22:02.980 --> 00:22:24.929
So at that point in my life, if someone told me I was even training this afternoon with my coach the same coach that was my strength training coach when I was training 12 years ago and I could barely do this little exercise with 20 pounds Okay, it's been 10 years since I've been working out, so give me some slack and I said to him like you would never have known I was such an elite athlete.
00:22:24.929 --> 00:22:27.959
And he said to him you would never have known I was such an elite athlete.
00:22:27.959 --> 00:22:30.800
And he said, yes, you would.
00:22:30.800 --> 00:22:31.625
He said the difference is your mindset.
00:22:31.625 --> 00:22:33.512
He said when you were training before, like 10 years ago, it didn't matter how much weight.
00:22:33.512 --> 00:22:35.320
You never asked was this the right weight?
00:22:35.320 --> 00:22:38.930
You never asked how much I could tell you to do anything and you did it.
00:22:38.930 --> 00:22:40.621
And I was like you're right.
00:22:40.621 --> 00:22:55.372
So what I'm saying is it takes that level of commitment that, no matter what comes, you've got to see this thing through Misconceptions, that it's easy, honey, that you got money for days.
00:22:55.372 --> 00:23:00.009
Huge misconception that you rich honey.
00:23:00.009 --> 00:23:09.163
And I think what's what's important is, yes, ethon had an 815% year-over-year increase and that is major.
00:23:09.163 --> 00:23:17.648
If ETHON was my only business venture, right, and that's all coming to my pocket, I pay my taxes, but that's my only business venture.
00:23:17.648 --> 00:23:28.253
But I'm now reinvesting that into Deuce, and now I'm reinvesting that into my third business, which is called Sweet Pup, which is a dog treat parlor that I'm getting off the ground, which is in this infancy stage.
00:23:28.253 --> 00:23:37.731
And so most times with business, even if you don't have additional businesses, you're going to reinvest in your business because you don't want your business to stay stagnant.
00:23:38.441 --> 00:23:40.424
One thing that will never change is change.
00:23:40.424 --> 00:23:44.294
It will always come, so you have to rebrand.
00:23:44.294 --> 00:23:48.183
Change it will always come, so you have to rebrand.
00:23:48.183 --> 00:23:49.669
You have to add additional services or features or products.
00:23:49.669 --> 00:23:54.303
You have to keep reinvesting to scale and grow, so it's not like all that money is coming to you.
00:23:54.303 --> 00:24:18.721
Another thing is that, like another misconception is just you're this boss, like you are this boss, and I think for me, for me it's like I'm still a person and the little girl is real, like she's healing, but she comes up, sometimes right, and sometimes it's hard for the boss to come through, like you know.
00:24:18.721 --> 00:24:22.104
Um I mean sheesh.
00:24:22.104 --> 00:24:23.585
I'll just be real honest with you.
00:24:23.585 --> 00:24:25.945
This year has been tough for me you know.
00:24:26.006 --> 00:24:27.366
So when you asked me to come on.
00:24:27.366 --> 00:24:33.050
I'm like girl, I'm going to get the courage of souls out here.
00:24:33.050 --> 00:24:44.317
I'm going to try, but it's been tough and just being able to motivate myself to keep going and to not give up.
00:24:44.317 --> 00:24:47.936
To motivate myself to keep going and to not give up.
00:24:47.936 --> 00:24:59.951
So, but I think part of that misconception around that you're this boss and you're the CEO and you're just like sitting in the seat and you're killing the thing is that it takes self-work.
00:24:59.951 --> 00:25:11.894
If you don't do self-work, if you don't heal I'm not one that does blanket statements, but I will say this confidently your business will not flourish.
00:25:11.894 --> 00:25:20.192
No-transcript will produce just that.
00:25:21.444 --> 00:25:21.987
Your business.
00:25:21.987 --> 00:25:27.674
Can we pause right there, because I don't wanna go too far past that.
00:25:27.674 --> 00:25:33.516
I think this is an excellent place to land for just a second.