11 tips to help you start a business
IHHE co-founder Tayyib Smith knows a thing or two about being a successful entrepreneur. He helped launch creative agency Little Giant, super slick co-working space Pipeline Philly and, of course, The Institute of Hip Hop Entrepreneurship.
He recently took some time to share a few tips with Blavity about how to successfully launch a career. It’s not always easy, but with a little commitment and a lot of time, anything is possible:
1. On starting your own business
If you want to start your own company, work for a small shop, firm, startup or agency with a small team or someone who’s been through the process. Embrace life-long learning, there are no more experts. Information and innovation occur too frequently now.
“Work with people who are better than you where you have the weakness.”
2. On running a successful business
Due diligence. Researching every aspect and the history of the field you want to be in is key. Work with, listen to and ask advice from people who are ahead of you with humility. If you’re not good with numbers or money, find a good accountant. Do everything above board where you can — your reputation is the most important aspect of your brand. Don’t give up, it can’t be worse than working for someone in the long run.
3. On working a 9–5 and building a 6–10
The whole working a 9 to 5 part…it’s hard. Give up TV, give up sports and commit to 3-to-6 months of focusing on your goal. Figure out how you can save or make a leap to pursue your passion full-time on a timeline. Failure would be worse than never trying and wondering if you could do it.
4. On finding mentorship
Last year, I asked Theaster Gates how he amassed 55 buildings in his portfolio, taught, had time to create art and had the business acumen to run it all. He told me “Tayyib, I don’t have the acumen you think. If you see me doing something right, copy it and run with it.”
Also my mentor Chauncey Childs once told me to create projects where I am making sleep money. Things that make money with or without me putting in daily labor.
Lastly, someone recently told me if you have a good idea and ask for money, people will offer you advice.
“If you go to the right person with a good idea, they may just offer you money to invest.”
5. On building a successful team
I would say work with people who are as good as or better than you. The chain is only as good as the weak links. Also, stay close to people with a good moral compass and work ethic. Sometimes you want to work with friends, but you have to be wise about that. Some relationships are just work based and should stay as such, and vice versa.
6. On funding your hustle
My first stand-alone business was created in partnership with another gentleman who came from money. (He will go unmentioned because it took me two years and two sets of legal council to buy Mr. Jive Turkey and his clan out in order to own all of our intellectual property we created together.)
Be extremely wise whenever entering a partnership. I’ve also created companies by putting in sweat equity, developing a concept and offering someone with capital an opportunity to fund it
7. On sticking to your brand values
Speak to truth, to power always. My personal brand is closely aligned with fiscal literacy and ending inequality in urban environments. I work with universities, brands and foundations. If you articulate your truth in a respectful manner, you can say what’s on your heart. Here are a few ideas for how people of color can support one another in this.
“If your sponsors don’t fit your message keep looking for someone who shares your values.”
8. On paying it forward
One of my mentors gave me a computer, paid my cell phone bill and gave me a key to his recording studio. Plus, he told me I could keep 20 percent of whatever I made his company. That was my last boss. I never worked for anyone ever again.
9. On fighting burnout
Work smarter, not harder. A lot of people wear themselves out by not focusing or working with a direction or purpose. Planning and evaluation is key.
10. On standing out from the competition
You have to differentiate the real from the faux, but we are at a nascent state, it’s the beginning. There are some real people doing big things— Jon Gosier at Cross Valley Capital is a good person to follow, as well as Sylvester Mobley, founder of Codedbykids.org.
“The copy-cat, cut-and-paste mindset is a problem in general in urban culture.”
11. On a routine for increased productivity
I wake up really early naturally. I’m up at 5 a.m. most days. Light yoga, reading, research, news. Office by 9 or 9:30 a.m. I stay until 4 or 6 p.m., depending on the day. Later, I have meetings or I work from home and research. On the weekends, I try not to think about work directly.