December 5, 2024 • 28 mins
Two-time Emmy and Three-time NAACP Image Award-winning television Executive Producer Rushion McDonald interviewed Dr. Tiffany Bussey. She is the founding Director of the Morehouse Innovation & Entrepreneurship Center. They assist in the development of minority entrepreneurship.
The Morehouse Innovation & Entrepreneurship Center (MIEC) is a global model for higher education and industry collaborations to foster innovation and entrepreneurial leadership. Established in 2004 as a unit of Morehouse College, the Center has continually operated with an internal and external focus to promote innovation and entrepreneurship with people of color.
Since its inception the Center has secured grants and contracts in excess of $50M and impacted over 2100 students. Through the Department of Defense Mentor-Protégé Program we partnered with over 17 large mentoring corporations and assisted over 100 technology protégé growth companies nationwide. Our efforts of providing developmental assistance to these protege companies resulted in an increase in $20M in revenue and created over 150 new technology jobs.
On Wednesday, December 11, 2024, MIEC will commemorate its 20th anniversary with the unveiling of the Building Black Business Report 2024 starting at 9 a.m. inside the Shirley A. Massey Executive Conference Center on the campus of Morehouse College. The report details an 18-month community engagement research initiative convening Atlanta-based Black business serving organizations. Immediately afterward, there will be a legacy impact luncheon to commemorate the significant impact MIEC has had on the transformation of Black entrepreneurship. The organization will also reveal its plans for a bold and influential future. Since 2004, MIEC has developed life-changing opportunities for more than 400 small businesses, resulting in more than $255 million in revenue growth and $35 million in capital access.
Since its inception the Center has secured grants and contracts in excess of $50M and impacted over 2100 students. Through the Department of Defense Mentor-Protégé Program we partnered with over 17 large mentoring corporations and assisted over 100 technology protégé growth companies nationwide. Our efforts of providing developmental assistance to these protege companies resulted in an increase in $20M in revenue and created over 150 new technology jobs.
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Episode Transcript
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Speaker 1 (00:05):
Welcome to the show.
Speaker 2 (00:06):
I am Rashan McDonald, the host of Money Making Conversations Masterclass,
where we encourage people to stop reading other people's success
stories and start planning their own. Listen up as I
interview entrepreneurs from around the country, talk to celebrities and
ask them how they are running their companies, and speak
with dog profits who are making a difference in their
(00:26):
local communities. Now, sit back and listen as we unlock
the secrets to their success.
Speaker 1 (00:31):
On Money Making Conversations Masterclass. Welcome. This is Rashan McDonald.
As you know, this is a This is my show
that I produce every week with my team. This is
a weekly money Making Conversation master Class show. The interviews
and information that this show provides are for everyone. It's
time to stop reading other people's success stories and start
(00:53):
living your own. If you want to be a guest
on my show, please visit our website, Moneymakingconversations dot com
and click the b a Guest button. My next guest
is the founding director of the More House Innovation and
Entrepreneurship Center. She's been on my show before and I'm
so happy that she made time to come back. Their
(01:14):
assist in the development of minority entrepreneurship. Please work the
Money Making Conversations Masterclass, Doctor Tiffany Bussy. How did you know,
doctor Tiffany?
Speaker 3 (01:25):
Oh? Awesome. First of all, thank you so much for
having me back. Wow, and congratulations to you and the show.
I am always excited to be here, so thank you.
Thank you for having me.
Speaker 1 (01:37):
We know you're perfect for my show because this show
is based on small businesses and entrepreneurship opportunities, giving everybody
a voice in this in this landscape because so many
people want to understand and be an entrepreneur, but they
don't have the tools or where to go. Tell her
about exactly what you do as the founding director of
the more House Innovation and Entrepreneurship Center.
Speaker 3 (02:00):
Awesome, Yes, thank you so much, And like I said,
thank you for what you do because I think having
this conversation in this space in order to share and
exchange information is an important piece what we do here
and what we've been doing. And I'm super excited to
tell you we are celebrating our twentieth the year this year,
so we've been doing this for twenty years. Wow, can't
(02:20):
It has also been thank you my own entrepreneurial journey.
As you shared at the top of the program that
I'm the founding director. So when we think about entrepreneurship
sometimes we immediately start thinking about the person that has
a a you know, some sort of product or service.
Speaker 1 (02:38):
Let's let's talk about that, right there, doctor Tifferty. You know, yes,
founding director. You know what I mean? You had an idea,
you had to pitch it to somebody, yes, and that
was twenty years ago. You know, entrepreneurship is really huge now.
Everybody's into a special social media people want an opportunity
to knock down that door. So how do you start
(02:58):
a center? You know, because you have the SBA people
go they're doing it over the Small Business Administration, They
got all these other Why do you need to do
this on a moor House campus? Talk to us?
Speaker 4 (03:08):
How will you?
Speaker 1 (03:08):
Why were you inspired? And who you had to convince?
Speaker 3 (03:12):
Correct? Really so again everything comes from this sort of idea,
what is it that I am going to to do?
What problem am I going to solve? Right? Right, as
you rightfully put it, twenty years ago, we weren't even
selling entrepreneurship. Back then. It was still being debated quite frankly,
especially in the academic environment in which where I sit
(03:35):
on whether or not it was even a discipline. So yes,
we were definitely pioneers innovating, if we say, in terms
of having this vision, and I really have to give
it to the leadership of Morehouse here to recognize very
early that one of the things that they saw as
an important piece was not only having the young men
(03:56):
here graduating to get jobs right and to go out
and seek jobs, but having the foresight to think, you
know what, we also want these young men to be
able to create industries, to create companies and organizations that
can create jobs in itself. And that really was I
would say, the emphasis of really thinking about, wow, we
(04:17):
can have someone graduate from Morehouse with the idea we've
always and by the way, we're really proud of the
statistics that many of our graduates are entrepreneurial as I
listen to the stories. So that's where it really started,
really thinking about how do we get these young men
to graduate with a degree, yes, but also thinking about
(04:38):
solving the problems in the world. And when we think
about solving problems, we must also think about having organizations
bringing that solution to society. And that's how we have
defined entrepreneurship here at Morehos, especially in and I'll throw
something else again, I'm talking kind of like some of
the academic language in a liberal art setting, because that's
(04:59):
who we are more Houseware, a four year undergraduate liberal
arts institution. And some even argue even today that perhaps
entrepreneurship should reside in these types of environments that we
are preparing students for graduate schools and professional careers and
things like that. But at the end of the day,
like I started, we're all entrepreneurial. If we think about entrepreneurship, yes,
(05:24):
as solving a problem and bringing a solution to society
or to the marketplace, then we are are entrepreneurial. It's
how we put it together right and how we really
think about bringing those resources. So that's how this all
get started. I'll tell you a little bit of history
about the center also, so our work really well is centered.
(05:45):
We are one of the few entities also that is
a self sustaining arm, and what that means is that
we bring in our own money. So we are also
entrepreneurial in our business model here at the Morehouse Innovation Center,
and the way we call it the MIEC Center. So
the model here is that we perform work which we
(06:06):
charge market rate and support the individuals that go out
and perform that work, and everything above cost comes back
to the college to support students initiatives. So at the
end of the day, we are helping to start, scale,
and grow businesses, whether it is with our students through
experiential learning or in the classroom, and with businesses outside
(06:30):
our gates off the campus. Right, we recognize here that
our most famous alum, doctor King's work was about economic empowerment,
and economic empowerment comes from owning, owning businesses, owning organizations,
and again from solving and helping to create solutions in
our society. So we're extending that legacy and building upon
(06:52):
that with the work that we do here.
Speaker 1 (06:54):
Let measure this. You know when you talk about because
I'm a teaser. When I went to college, you know,
I was very innovative from the standpoint I do put,
I did large care productions, do parties, and you know,
I was an entrepreneur, but I didn't know what that was.
You know, all I knew was that correct, I could
charge somebody five dollars. I have a DJ in there.
They wanted to come here and I made five dollars.
I knew how to pay the DJ, I had to
(07:14):
rent the room, I had to hire a security. All
that is entrepreneur Now, the business plan, the business model,
that is what is so important. Talk to the structure
that you create. And so many people don't understand that
they failed because they don't have a business model. They
have a great idea, but they don't have a business model.
Please speak to.
Speaker 3 (07:34):
My audience and I and I love that what you
just said. So not all great ideas are great business
business ideas. Right to have a profitable business, it's really
a simple equation. You have to be able to produce
something that is going to bring more revenue than it
is to that it costs to produce it. Quite frankly,
that's it, right, in order to make a profit. And
(07:56):
so in the past I would say maybe ten to
fifteen years or so, we've been thinking about how we
teach entrepreneurship. To your point, everyone get an idea, you're
passionate about it, you actually fall in love with that idea,
and you haven't really tested you just start build it
and they will come. Kind of mentality. Right, I have
an idea about the DJ business. So I'm just going
(08:17):
to go, you know exactly, I'm going to open up business.
But what we now know is that we must test
these ideas to first figure out do we have a
customer base for these you know, who is the real
customer who really wants this good? And I would say
that about half of our businesses that do fail is
(08:39):
because we have not done our homework on the top
end to really figure out who it is that we're
selling to and who wants this actual business that we
think others want, right. And I often ask my students,
there's a million people, do you think a million people
will buy this? Before you start really putting investments and
(09:01):
resources in that business or business idea, I think we
should do some testing. I think we should do some research.
I think we should really try to figure out and
there's a fancy terminology that we now using the tech
startup product market fit Is there really a fit and
a need and a demand for this particular good or service,
not that I fell in love with it? Right? And
(09:23):
that's usually where we have the problem because even as
we're testing, I see some of my students don't want
to leave that idea or abandon the idea. They fall
in love with the idea, and they just want to
keep pushing ahead, even when I'm asking a question. Way,
show me the evidence. Where is the evidence base research
to show that this business will succeed?
Speaker 1 (09:47):
Of that, doctor wil You know, it's like when I
was managing Steve Harvey. You know, I started my own
ad agency and I jumped out there. I had popularity,
I had names, I had recognition, and what I didn't
realize just that's what you said. I had a great idea.
I didn't do my research. I didn't understand my competition.
And what I didn't realize is that every fortune five
(10:08):
hundred company already has an AD agency. So if I
came in there, basically I'm taking I'm doing their job.
So I was a threat, and so I had to
develop unique marketing techniques. And that's what you're talking about,
you know, and that's important that people understand. Once I
developed unique marketing techniques. When I say unique marketing techniques,
that means only I can do the function that I'm pitching.
Speaker 3 (10:32):
So we get another fancy, fancy word for that. You
had a competitive advantage, yes that particular area, Yes.
Speaker 1 (10:40):
Yes, yes, go ahead, Yes, And I didn't understand that
because I just had a great idea. I jumped out there.
I'm telling you, I jumped out there with no business plan.
I jumped out there because I just was popular. I
just was everybody. My phone was ringing, I got all
of it. I go in the room, people recognized me.
But guess what, I still didn't know my competition. I
did not have a competitive advantage because I didn't understand
(11:01):
the landscape. And that's what she's telling you, guys. When
you jump out there. You might be popular on the
weekend at this one flea market or there's one festival
that you attend, but can it sustain? It says, do
more people want that? To keep the lights on? To
employ people? That's what people, That's what you have to
understand through your research. And that's what she said. Well
(11:23):
a million people by this, which means will your business
be sustainable?
Speaker 3 (11:27):
Correct? Correct? Correct? So let me just give you a statistic.
Point less than three percent of black businesses really are
able to what we call another fancy term scale. So
we will start like you just said and maybe go
for two three years if we make it to that point,
but then it sizzles out right because it was a fad,
(11:50):
it was something that was in fashion at that time.
So we have to really really focus now and how
do we scale businesses. I was looking at a report
a few days ago where we are now starting more
business ever in the history of the United States. I
think the number was about twenty million in somethow that
of new business starts where we have so we know
(12:12):
how to start businesses. Where our issue is is how
do we scale these businesses? How do we sustain these businesses?
And I think it really boils down to as you
and I have just shared, truly taking the time on
the front end to understand and do our research and
really figure out what problem we're solving with this business,
(12:34):
what pain point, what's the market need and who's that customer?
And understanding the business model, how are we going to
make business money on this particular idea of this product
or service that we're talking about. And that's part of
what we really do here at the Center. So I
will share with you that over the twenty years we've
touched about four hundred business Our model here is through
(12:55):
what we call cohorts. We are very specific. Six to
nine months we will bring in about fifteen to twenty
companies that are industry or sector specific. So we are
now we have an application open now for construction companies
companies looking to scale in the construction industry open on
(13:15):
our website. We're looking for twenty companies that we will
start in January, and our focus is a lot of
conversation is around access to capital. Access to capital that
is important, yes, but one of the other part of
that is access to contracts, access to customers to help
you grow and scale. Even if you get the capital,
(13:38):
if you don't have the revenue. Like I said, that
simple equation, you must be bringing in more money than
you're spending produce that good service. So we were we're
what we call capital and contract readiness. With the work
that we do in terms of helping companies.
Speaker 1 (13:53):
To get there, you're dropping all them duels over you.
I'm just a regular talking person, doctor Tiffinybuzzy, you know, competitive,
and it's scaling all this stuff, which is really what
I hear all the time out in the streets. But
you know, I want to just talk about the twentieth anniversary.
I just say mohouse innovative, innovation and Entrepreneurs Center, which
is m IEC. You know twenty years now you have
(14:15):
a black Building, Black Business Report twenty twenty four coming out.
Tell us exactly what that is before we go to
break sure.
Speaker 3 (14:24):
So one of the things that we're doing, and we
realize being an academic institution, that the research must goes
along with this work. Data at the end of the
day really helps to inform. Like we said, you do
the research, so we can't just teach about it or
talk about it. We must practice what we teach. So
(14:44):
we've been intentionally focusing on understanding the data behind this work. Also,
in the past eighteen months, we have been convening those
that do this work similar to us and another fancy
term business serving organizations or other organists similar that provides
this type of training. We've been bringing them together in
these small group conversations asking them what are you seeing
(15:08):
and how are you doing this work. So this report
that we will be releasing on December eleven, right here
on the campus of Morehouse College and the public is
invited by the way, at nine am in our Shirley
Massey Conference Center, will really culminate that work and bring
and present. This is how we the business serving organization
(15:30):
understand in how number one not only to start businesses,
but how do we help and scale these businesses, to
move that needle, to help businesses build and to provide
more employment and to provide more revenue. And now, just
without spilling the beings, some things that we discovered along
the way is that the training and the knowledge that
(15:51):
is provided must meet the size of the organization. Right
let me repeat that that the depending on the size
and where you are, we must tailor the type of
teaching and the type of construction that we're doing. The
other piece, I want to hold.
Speaker 1 (16:10):
That thought right there, doctor Bussy, because I want to
go to break when I come back, I want to
break the details because you're dropping it and from ask
why I brought you back, because I think I feel
that from an entrepreneur standpoint, you have to know about mentorship,
where to go, the opportunity to present themselves. That's what
she's delivering right here on my show, Money Making Conversation Masterclass.
(16:30):
Don't go nowhere, We'll be right back with doctor Tiffany Bussy.
Speaker 5 (16:34):
Please don't go anywhere. We'll be right back with more
Money Making Conversations Masterclass. Welcome back to the Money Making
Conversations Masterclass hosted by Rashaan McDonald. Money Making Conversations Masterclass
(16:56):
continues online at Moneymakingconversations dot com and money Making Conversations
Masterclass on Facebook, Twitter and Instagram.
Speaker 1 (17:04):
This is ra Sean McDonough. I host this weekly money
Making Conversation Masterclass show and the purpose is about entrepreneurship
and small business. That's what I spot like I try
to bring and I not try I bring people on
the show who are experts. I'm just like a facilitator.
I know a lot, but I'm not an expert. But
I do have an expert on the call. Her name
is doctor Tiffany Bussey. She founded the founding director of
(17:26):
the more House Innovation and Entrepreneurship Class Center, which is
the MIEC twenty years. They've been doing it for twenty years,
changing lives. But one thing I want to point out
because there are a lot of RFPs out there, and
I'm in the services side, which is graphic designs, and
that's an area that I'm just going to tell you
guys is really jam packed with a lot of people
(17:47):
trying to do that. A lot of people can design websites,
a lot of people can do graphic designs, but in
that construction area, there are a lot of opportunities. And
I'm very excited doctor Bussey to know that you have
a program that's being designed for African American people of
color to pursue those opportunities, because there are a lot
of opportunities that they can really get out there and
(18:10):
win in the construction business, especially when it comes to
apply for RFPs correct.
Speaker 3 (18:16):
Correct And so I mean, I thank you so much
for that example that that's one of the other things
that we have to think about as we think about
being entrepreneurs. Where are these gaps in the marketplace. If
everybody wants to be a music producer, everybody wants to
be a graphic artist, then it leads very little room
for new innovation and new thought. But if we look
(18:39):
at what I'd like to term non traditional industries and sectors,
that's where the opportunities are. We cannot find what we're
hearing from these large primes that do the construction, the
holders and the McCarthy construction companies, that they cannot find
enough of these small businesses and contractors to come in
(19:01):
and assist as either first year or what they call
second tier subcontractors. So the newest form and this was
another report that I saw the other day of millionaires
being made are those that are in those trade industry.
So I think we really need to put our thinking
cap on as we think about becoming entrepreneurs and do
(19:23):
our homework. Where are these opportunities an entrepreneur and a
successful entrepreneur bring new things to the marketplace and answer
an opportunity. And these trade jobs what we're hearing finishers, electricians, plumbers,
they cannot find enough.
Speaker 1 (19:42):
They cannot these industries, those RFPs, I see them all
the time, Doctor Bussy, I see them all the time.
It is a lot of them. I talk to people
in various markets to tell you, Rashan, I can't do enough.
Speaker 3 (19:55):
I can't.
Speaker 1 (19:58):
There's so much opportunities out there, not just for the
general market, but just for African American and people of
color in the construction and the services, the physical services
side of it. And I'm gonna tell you something else
about AI AI. Have my staff take a course today
looking at Adobe's AI. They have the premiere now they
can straight fix you if you stutter, they can fix
(20:19):
it online. You do not have to re record that. They
can fix graphics through AI, they can fix video through AI.
So you may be going into an area where AI
is going to take on such a dominant role. And
that's all she's saying is that when you trying to
plan your career, do your research it. Make sure you're
not diving into something just because you like it may
(20:41):
be overly saturated, especially with AI being such a dominant
player in the graphics, in the audio, in the video world.
Speaker 3 (20:51):
Let me tell you AI is a game changer and
it's going to touch every aspect of our lives, even
in construction. So I mean a real applaud you for
encouraging your staff, for us to understand as a community,
every industry will be affected by this. So this is
not an if, it's a when right right here. So
(21:14):
we really really have to think about what sector and
what industry really in we're in, and how does technology,
particularly AI is going to be incorporated and really engage
with those. It's nothing to be afraid of. It's understanding
and getting ahead of it. Figure out how do we
build and construct businesses using because it has created opportunities also,
(21:36):
doctor Boss, So we have to.
Speaker 1 (21:37):
Figure out what I don't want to end this interview
because there's something really important that you have coming up
call and it's right around the corner. It's called Boost
your Business and as an online event, and I want
to make sure you get that out before we close
out this interview today. Can you tell everybody about your
Boost your Business. It's a new initiative over there.
Speaker 3 (21:56):
So we as a matter of fact, we just had
the events. It was about the entertainment industry and understanding
talking about news sectors right Atlanta and the state of
Georgia has become the new Hollywood of the South, if
you will, creative industries, creating another opportunity for us to
(22:17):
think about these on tapped industries that have gaps or opportunities,
and so Boost your Business was really about curating and
it was our first event that we held through our
Small Business Development Center that's also here at Morehouse to
truly understand what does that look like on what are
those opportunities. I want to also share with your audience
(22:39):
that for those that don't know, we do have an
SBDC center right here at Morehouse that offers these at
no cost consulting for any businesses that we're looking for
that's in this community. We're right here to serve you.
So if you have an idea, if you have moved
that idea along, if you to think about all these
(23:01):
things that we're thinking about, how do I develop that
business plan? Where do I get funding? How do I
scale my business? The s b d C at Morehouses
also here, So along with the m I e C
and the s B d C at Morehouse, we have
created a non stop, kind of one stop shop for
you and we can actually come in through a cohort
(23:21):
and then get engaged with the s B d C
for the life of your business. Is there a website?
Speaker 1 (23:26):
Is there website doctor Bussie?
Speaker 3 (23:29):
There there is a website. You can go to the
either Moorehouse dot e b U and say and get
a connection there, or you could actually go to m
C e C e n t e R dot com.
That's m C e C e n t e R
dot com and that's the Morehouse Entrepreneurship Center dot com.
So I encourage you to reach out and we're right
(23:52):
here to serve you.
Speaker 1 (23:53):
But as we close out the show this interview, we
know we have a new elected president and they tell
me this president is going to be very very favorable
to entrepreneurs, small businesses, people in the corporate structure. Any
take on that as far as advice for people getting
in the new lane of people who have sustaining business
and looking into twenty twenty five with this new administration
(24:17):
coming on board and maybe the advantages of it will
bring to entrepreneurship.
Speaker 3 (24:23):
We hope and we got to remain hopeful that the
new administration will carry on the work of the past administration. Correct.
Like I said, twenty million new businesses got started under
the Biden administration. Very excited with policies there. The one
piece that I will also share is that we know
it all work, and we put all that we do
(24:44):
between the MIEC and the SBbc into what we call
technical assistance. We're here to provide the training, the knowledge transfer.
But the one thing that we that I must admit
and even comes through in our research, is that technical
assistance alone does not solve the problem. The Equally as
important is policy. Federal and government policy is important with
(25:05):
this work, and so we're hoping that the policies under
the new administration will also be favorable. Because it's one
thing to say that I'm providing the knowledge and pull
yourself up by a bootstrap. But if you have policies
that are still designed to be against entrepreneurship, or somehow
or the other doesn't loosen up the capital where it
(25:26):
needs to be, then we got to also call it
what it is. Right. So, along with technical assistance, which
is the work that we're doing, we also need to
be pushing and advocating for positive policies that support this
work and really indeed move the needle in the direction
that we needed to go. So I'm hopeful that the
(25:46):
administration will also change those policies and bring about some
policies that will be favorable for this work that we
are all hoping to really boost the economy through entrepreneurship.
Speaker 1 (25:57):
I'm not going to hope. I got my founding director
on a call here. That's what you do. You saw
it twenty years ago, you go see it through twenty
twenty five, twenty twenty six. Because you're a visionary and
you're a leader. Your person's set down and I've never
been disappointed when I brought you on this show, and
you've always uplifted me with information in my audience and
people react. You know, last time you was on the show,
(26:19):
you talked about goodwill, training people and paying them through
a training process. Four weeks later they get jobs. Now
you come talking about scaling your business. You're letting people
understand that. Come to us. We can help you. We
can mentor telling people about hey have that business plan
in place, telling people you you're trying to walk people through
a college platform and have them have an entrepreneurial mentality,
(26:42):
which means that you don't have to work a forty
hour week job. Hey, you got to put the time
in maybe eighty hours. But you can live your dream
and you can build it. But you have to understand
your competition. That's why I appreciate you when you come
on my show, Doctor Bussy. You tell people facts and
you don't sugar coat it.
Speaker 3 (27:00):
I thank you as always, thank you so much, and
again I invite your audience to join us in December
eleven as we celebrate release our Black Business Report. Come
join us to celebrate at a legacy luncheon on the
twelve at twelve o'clock December eleventh. Reach out to us.
We have a construction cohort that is open. If you're
in the construction field, please do join our cohort. Apply
(27:21):
and we have a retail cohort that's coming up also
in January. So if you're in the retail business have
a product to sell trying to get into a store,
that that cohort would also be for you. Rashaan, thank
you so much. I hope you have me back again.
Speaker 4 (27:35):
You know you'd be back in January.
Speaker 1 (27:37):
Come on now every quarter, I'm.
Speaker 3 (27:38):
Gonna have you in here.
Speaker 1 (27:40):
We innovate, we changing the game. Thank you doctor Tiffany
Busley for coming on my show and changing the game
with information we talked soon.
Speaker 3 (27:46):
Okay, thank you, take care, bye bye.
Speaker 1 (27:50):
If you want to you know, hey, you want to
be a part of this, just listen every week because
I bring the guests in. I got another fantastic guest
when it comes to scholarship tunities for your child, don't
go nowhere you listen to Money Making Conversation Masterclass hosted
by me Rushan McDonald. This has been another edition of
Money Making Conversation Masterclass hosted by Me Rushan McDonald. Thank
(28:13):
you to our guests on the show today and thank
you our listening to audience.
Speaker 3 (28:17):
Now.
Speaker 4 (28:18):
If you want to listen to any episode I want
to be a guest on the show, visit Moneymakingconversations dot com.
Our social media handle is money Making Conversation. Join us
next week and remember to always leave with your gifts.
Keep winning.
Welcome to the show.
Speaker 2 (00:06):
I am Rashan McDonald, the host of Money Making Conversations Masterclass,
where we encourage people to stop reading other people's success
stories and start planning their own. Listen up as I
interview entrepreneurs from around the country, talk to celebrities and
ask them how they are running their companies, and speak
with dog profits who are making a difference in their
(00:26):
local communities. Now, sit back and listen as we unlock
the secrets to their success.
Speaker 1 (00:31):
On Money Making Conversations Masterclass. Welcome. This is Rashan McDonald.
As you know, this is a This is my show
that I produce every week with my team. This is
a weekly money Making Conversation master Class show. The interviews
and information that this show provides are for everyone. It's
time to stop reading other people's success stories and start
(00:53):
living your own. If you want to be a guest
on my show, please visit our website, Moneymakingconversations dot com
and click the b a Guest button. My next guest
is the founding director of the More House Innovation and
Entrepreneurship Center. She's been on my show before and I'm
so happy that she made time to come back. Their
(01:14):
assist in the development of minority entrepreneurship. Please work the
Money Making Conversations Masterclass, Doctor Tiffany Bussy. How did you know,
doctor Tiffany?
Speaker 3 (01:25):
Oh? Awesome. First of all, thank you so much for
having me back. Wow, and congratulations to you and the show.
I am always excited to be here, so thank you.
Thank you for having me.
Speaker 1 (01:37):
We know you're perfect for my show because this show
is based on small businesses and entrepreneurship opportunities, giving everybody
a voice in this in this landscape because so many
people want to understand and be an entrepreneur, but they
don't have the tools or where to go. Tell her
about exactly what you do as the founding director of
the more House Innovation and Entrepreneurship Center.
Speaker 3 (02:00):
Awesome, Yes, thank you so much, And like I said,
thank you for what you do because I think having
this conversation in this space in order to share and
exchange information is an important piece what we do here
and what we've been doing. And I'm super excited to
tell you we are celebrating our twentieth the year this year,
so we've been doing this for twenty years. Wow, can't
(02:20):
It has also been thank you my own entrepreneurial journey.
As you shared at the top of the program that
I'm the founding director. So when we think about entrepreneurship
sometimes we immediately start thinking about the person that has
a a you know, some sort of product or service.
Speaker 1 (02:38):
Let's let's talk about that, right there, doctor Tifferty. You know, yes,
founding director. You know what I mean? You had an idea,
you had to pitch it to somebody, yes, and that
was twenty years ago. You know, entrepreneurship is really huge now.
Everybody's into a special social media people want an opportunity
to knock down that door. So how do you start
(02:58):
a center? You know, because you have the SBA people
go they're doing it over the Small Business Administration, They
got all these other Why do you need to do
this on a moor House campus? Talk to us?
Speaker 4 (03:08):
How will you?
Speaker 1 (03:08):
Why were you inspired? And who you had to convince?
Speaker 3 (03:12):
Correct? Really so again everything comes from this sort of idea,
what is it that I am going to to do?
What problem am I going to solve? Right? Right, as
you rightfully put it, twenty years ago, we weren't even
selling entrepreneurship. Back then. It was still being debated quite frankly,
especially in the academic environment in which where I sit
(03:35):
on whether or not it was even a discipline. So yes,
we were definitely pioneers innovating, if we say, in terms
of having this vision, and I really have to give
it to the leadership of Morehouse here to recognize very
early that one of the things that they saw as
an important piece was not only having the young men
(03:56):
here graduating to get jobs right and to go out
and seek jobs, but having the foresight to think, you
know what, we also want these young men to be
able to create industries, to create companies and organizations that
can create jobs in itself. And that really was I
would say, the emphasis of really thinking about, wow, we
(04:17):
can have someone graduate from Morehouse with the idea we've
always and by the way, we're really proud of the
statistics that many of our graduates are entrepreneurial as I
listen to the stories. So that's where it really started,
really thinking about how do we get these young men
to graduate with a degree, yes, but also thinking about
(04:38):
solving the problems in the world. And when we think
about solving problems, we must also think about having organizations
bringing that solution to society. And that's how we have
defined entrepreneurship here at Morehos, especially in and I'll throw
something else again, I'm talking kind of like some of
the academic language in a liberal art setting, because that's
(04:59):
who we are more Houseware, a four year undergraduate liberal
arts institution. And some even argue even today that perhaps
entrepreneurship should reside in these types of environments that we
are preparing students for graduate schools and professional careers and
things like that. But at the end of the day,
like I started, we're all entrepreneurial. If we think about entrepreneurship, yes,
(05:24):
as solving a problem and bringing a solution to society
or to the marketplace, then we are are entrepreneurial. It's
how we put it together right and how we really
think about bringing those resources. So that's how this all
get started. I'll tell you a little bit of history
about the center also, so our work really well is centered.
(05:45):
We are one of the few entities also that is
a self sustaining arm, and what that means is that
we bring in our own money. So we are also
entrepreneurial in our business model here at the Morehouse Innovation Center,
and the way we call it the MIEC Center. So
the model here is that we perform work which we
(06:06):
charge market rate and support the individuals that go out
and perform that work, and everything above cost comes back
to the college to support students initiatives. So at the
end of the day, we are helping to start, scale,
and grow businesses, whether it is with our students through
experiential learning or in the classroom, and with businesses outside
(06:30):
our gates off the campus. Right, we recognize here that
our most famous alum, doctor King's work was about economic empowerment,
and economic empowerment comes from owning, owning businesses, owning organizations,
and again from solving and helping to create solutions in
our society. So we're extending that legacy and building upon
(06:52):
that with the work that we do here.
Speaker 1 (06:54):
Let measure this. You know when you talk about because
I'm a teaser. When I went to college, you know,
I was very innovative from the standpoint I do put,
I did large care productions, do parties, and you know,
I was an entrepreneur, but I didn't know what that was.
You know, all I knew was that correct, I could
charge somebody five dollars. I have a DJ in there.
They wanted to come here and I made five dollars.
I knew how to pay the DJ, I had to
(07:14):
rent the room, I had to hire a security. All
that is entrepreneur Now, the business plan, the business model,
that is what is so important. Talk to the structure
that you create. And so many people don't understand that
they failed because they don't have a business model. They
have a great idea, but they don't have a business model.
Please speak to.
Speaker 3 (07:34):
My audience and I and I love that what you
just said. So not all great ideas are great business
business ideas. Right to have a profitable business, it's really
a simple equation. You have to be able to produce
something that is going to bring more revenue than it
is to that it costs to produce it. Quite frankly,
that's it, right, in order to make a profit. And
(07:56):
so in the past I would say maybe ten to
fifteen years or so, we've been thinking about how we
teach entrepreneurship. To your point, everyone get an idea, you're
passionate about it, you actually fall in love with that idea,
and you haven't really tested you just start build it
and they will come. Kind of mentality. Right, I have
an idea about the DJ business. So I'm just going
(08:17):
to go, you know exactly, I'm going to open up business.
But what we now know is that we must test
these ideas to first figure out do we have a
customer base for these you know, who is the real
customer who really wants this good? And I would say
that about half of our businesses that do fail is
(08:39):
because we have not done our homework on the top
end to really figure out who it is that we're
selling to and who wants this actual business that we
think others want, right. And I often ask my students,
there's a million people, do you think a million people
will buy this? Before you start really putting investments and
(09:01):
resources in that business or business idea, I think we
should do some testing. I think we should do some research.
I think we should really try to figure out and
there's a fancy terminology that we now using the tech
startup product market fit Is there really a fit and
a need and a demand for this particular good or service,
not that I fell in love with it? Right? And
(09:23):
that's usually where we have the problem because even as
we're testing, I see some of my students don't want
to leave that idea or abandon the idea. They fall
in love with the idea, and they just want to
keep pushing ahead, even when I'm asking a question. Way,
show me the evidence. Where is the evidence base research
to show that this business will succeed?
Speaker 1 (09:47):
Of that, doctor wil You know, it's like when I
was managing Steve Harvey. You know, I started my own
ad agency and I jumped out there. I had popularity,
I had names, I had recognition, and what I didn't
realize just that's what you said. I had a great idea.
I didn't do my research. I didn't understand my competition.
And what I didn't realize is that every fortune five
(10:08):
hundred company already has an AD agency. So if I
came in there, basically I'm taking I'm doing their job.
So I was a threat, and so I had to
develop unique marketing techniques. And that's what you're talking about,
you know, and that's important that people understand. Once I
developed unique marketing techniques. When I say unique marketing techniques,
that means only I can do the function that I'm pitching.
Speaker 3 (10:32):
So we get another fancy, fancy word for that. You
had a competitive advantage, yes that particular area, Yes.
Speaker 1 (10:40):
Yes, yes, go ahead, Yes, And I didn't understand that
because I just had a great idea. I jumped out there.
I'm telling you, I jumped out there with no business plan.
I jumped out there because I just was popular. I
just was everybody. My phone was ringing, I got all
of it. I go in the room, people recognized me.
But guess what, I still didn't know my competition. I
did not have a competitive advantage because I didn't understand
(11:01):
the landscape. And that's what she's telling you, guys. When
you jump out there. You might be popular on the
weekend at this one flea market or there's one festival
that you attend, but can it sustain? It says, do
more people want that? To keep the lights on? To
employ people? That's what people, That's what you have to
understand through your research. And that's what she said. Well
(11:23):
a million people by this, which means will your business
be sustainable?
Speaker 3 (11:27):
Correct? Correct? Correct? So let me just give you a statistic.
Point less than three percent of black businesses really are
able to what we call another fancy term scale. So
we will start like you just said and maybe go
for two three years if we make it to that point,
but then it sizzles out right because it was a fad,
(11:50):
it was something that was in fashion at that time.
So we have to really really focus now and how
do we scale businesses. I was looking at a report
a few days ago where we are now starting more
business ever in the history of the United States. I
think the number was about twenty million in somethow that
of new business starts where we have so we know
(12:12):
how to start businesses. Where our issue is is how
do we scale these businesses? How do we sustain these businesses?
And I think it really boils down to as you
and I have just shared, truly taking the time on
the front end to understand and do our research and
really figure out what problem we're solving with this business,
(12:34):
what pain point, what's the market need and who's that customer?
And understanding the business model, how are we going to
make business money on this particular idea of this product
or service that we're talking about. And that's part of
what we really do here at the Center. So I
will share with you that over the twenty years we've
touched about four hundred business Our model here is through
(12:55):
what we call cohorts. We are very specific. Six to
nine months we will bring in about fifteen to twenty
companies that are industry or sector specific. So we are
now we have an application open now for construction companies
companies looking to scale in the construction industry open on
(13:15):
our website. We're looking for twenty companies that we will
start in January, and our focus is a lot of
conversation is around access to capital. Access to capital that
is important, yes, but one of the other part of
that is access to contracts, access to customers to help
you grow and scale. Even if you get the capital,
(13:38):
if you don't have the revenue. Like I said, that
simple equation, you must be bringing in more money than
you're spending produce that good service. So we were we're
what we call capital and contract readiness. With the work
that we do in terms of helping companies.
Speaker 1 (13:53):
To get there, you're dropping all them duels over you.
I'm just a regular talking person, doctor Tiffinybuzzy, you know, competitive,
and it's scaling all this stuff, which is really what
I hear all the time out in the streets. But
you know, I want to just talk about the twentieth anniversary.
I just say mohouse innovative, innovation and Entrepreneurs Center, which
is m IEC. You know twenty years now you have
(14:15):
a black Building, Black Business Report twenty twenty four coming out.
Tell us exactly what that is before we go to
break sure.
Speaker 3 (14:24):
So one of the things that we're doing, and we
realize being an academic institution, that the research must goes
along with this work. Data at the end of the
day really helps to inform. Like we said, you do
the research, so we can't just teach about it or
talk about it. We must practice what we teach. So
(14:44):
we've been intentionally focusing on understanding the data behind this work. Also,
in the past eighteen months, we have been convening those
that do this work similar to us and another fancy
term business serving organizations or other organists similar that provides
this type of training. We've been bringing them together in
these small group conversations asking them what are you seeing
(15:08):
and how are you doing this work. So this report
that we will be releasing on December eleven, right here
on the campus of Morehouse College and the public is
invited by the way, at nine am in our Shirley
Massey Conference Center, will really culminate that work and bring
and present. This is how we the business serving organization
(15:30):
understand in how number one not only to start businesses,
but how do we help and scale these businesses, to
move that needle, to help businesses build and to provide
more employment and to provide more revenue. And now, just
without spilling the beings, some things that we discovered along
the way is that the training and the knowledge that
(15:51):
is provided must meet the size of the organization. Right
let me repeat that that the depending on the size
and where you are, we must tailor the type of
teaching and the type of construction that we're doing. The
other piece, I want to hold.
Speaker 1 (16:10):
That thought right there, doctor Bussy, because I want to
go to break when I come back, I want to
break the details because you're dropping it and from ask
why I brought you back, because I think I feel
that from an entrepreneur standpoint, you have to know about mentorship,
where to go, the opportunity to present themselves. That's what
she's delivering right here on my show, Money Making Conversation Masterclass.
(16:30):
Don't go nowhere, We'll be right back with doctor Tiffany Bussy.
Speaker 5 (16:34):
Please don't go anywhere. We'll be right back with more
Money Making Conversations Masterclass. Welcome back to the Money Making
Conversations Masterclass hosted by Rashaan McDonald. Money Making Conversations Masterclass
(16:56):
continues online at Moneymakingconversations dot com and money Making Conversations
Masterclass on Facebook, Twitter and Instagram.
Speaker 1 (17:04):
This is ra Sean McDonough. I host this weekly money
Making Conversation Masterclass show and the purpose is about entrepreneurship
and small business. That's what I spot like I try
to bring and I not try I bring people on
the show who are experts. I'm just like a facilitator.
I know a lot, but I'm not an expert. But
I do have an expert on the call. Her name
is doctor Tiffany Bussey. She founded the founding director of
(17:26):
the more House Innovation and Entrepreneurship Class Center, which is
the MIEC twenty years. They've been doing it for twenty years,
changing lives. But one thing I want to point out
because there are a lot of RFPs out there, and
I'm in the services side, which is graphic designs, and
that's an area that I'm just going to tell you
guys is really jam packed with a lot of people
(17:47):
trying to do that. A lot of people can design websites,
a lot of people can do graphic designs, but in
that construction area, there are a lot of opportunities. And
I'm very excited doctor Bussey to know that you have
a program that's being designed for African American people of
color to pursue those opportunities, because there are a lot
of opportunities that they can really get out there and
(18:10):
win in the construction business, especially when it comes to
apply for RFPs correct.
Speaker 3 (18:16):
Correct And so I mean, I thank you so much
for that example that that's one of the other things
that we have to think about as we think about
being entrepreneurs. Where are these gaps in the marketplace. If
everybody wants to be a music producer, everybody wants to
be a graphic artist, then it leads very little room
for new innovation and new thought. But if we look
(18:39):
at what I'd like to term non traditional industries and sectors,
that's where the opportunities are. We cannot find what we're
hearing from these large primes that do the construction, the
holders and the McCarthy construction companies, that they cannot find
enough of these small businesses and contractors to come in
(19:01):
and assist as either first year or what they call
second tier subcontractors. So the newest form and this was
another report that I saw the other day of millionaires
being made are those that are in those trade industry.
So I think we really need to put our thinking
cap on as we think about becoming entrepreneurs and do
(19:23):
our homework. Where are these opportunities an entrepreneur and a
successful entrepreneur bring new things to the marketplace and answer
an opportunity. And these trade jobs what we're hearing finishers, electricians, plumbers,
they cannot find enough.
Speaker 1 (19:42):
They cannot these industries, those RFPs, I see them all
the time, Doctor Bussy, I see them all the time.
It is a lot of them. I talk to people
in various markets to tell you, Rashan, I can't do enough.
Speaker 3 (19:55):
I can't.
Speaker 1 (19:58):
There's so much opportunities out there, not just for the
general market, but just for African American and people of
color in the construction and the services, the physical services
side of it. And I'm gonna tell you something else
about AI AI. Have my staff take a course today
looking at Adobe's AI. They have the premiere now they
can straight fix you if you stutter, they can fix
(20:19):
it online. You do not have to re record that. They
can fix graphics through AI, they can fix video through AI.
So you may be going into an area where AI
is going to take on such a dominant role. And
that's all she's saying is that when you trying to
plan your career, do your research it. Make sure you're
not diving into something just because you like it may
(20:41):
be overly saturated, especially with AI being such a dominant
player in the graphics, in the audio, in the video world.
Speaker 3 (20:51):
Let me tell you AI is a game changer and
it's going to touch every aspect of our lives, even
in construction. So I mean a real applaud you for
encouraging your staff, for us to understand as a community,
every industry will be affected by this. So this is
not an if, it's a when right right here. So
(21:14):
we really really have to think about what sector and
what industry really in we're in, and how does technology,
particularly AI is going to be incorporated and really engage
with those. It's nothing to be afraid of. It's understanding
and getting ahead of it. Figure out how do we
build and construct businesses using because it has created opportunities also,
(21:36):
doctor Boss, So we have to.
Speaker 1 (21:37):
Figure out what I don't want to end this interview
because there's something really important that you have coming up
call and it's right around the corner. It's called Boost
your Business and as an online event, and I want
to make sure you get that out before we close
out this interview today. Can you tell everybody about your
Boost your Business. It's a new initiative over there.
Speaker 3 (21:56):
So we as a matter of fact, we just had
the events. It was about the entertainment industry and understanding
talking about news sectors right Atlanta and the state of
Georgia has become the new Hollywood of the South, if
you will, creative industries, creating another opportunity for us to
(22:17):
think about these on tapped industries that have gaps or opportunities,
and so Boost your Business was really about curating and
it was our first event that we held through our
Small Business Development Center that's also here at Morehouse to
truly understand what does that look like on what are
those opportunities. I want to also share with your audience
(22:39):
that for those that don't know, we do have an
SBDC center right here at Morehouse that offers these at
no cost consulting for any businesses that we're looking for
that's in this community. We're right here to serve you.
So if you have an idea, if you have moved
that idea along, if you to think about all these
(23:01):
things that we're thinking about, how do I develop that
business plan? Where do I get funding? How do I
scale my business? The s b d C at Morehouses
also here, So along with the m I e C
and the s B d C at Morehouse, we have
created a non stop, kind of one stop shop for
you and we can actually come in through a cohort
(23:21):
and then get engaged with the s B d C
for the life of your business. Is there a website?
Speaker 1 (23:26):
Is there website doctor Bussie?
Speaker 3 (23:29):
There there is a website. You can go to the
either Moorehouse dot e b U and say and get
a connection there, or you could actually go to m
C e C e n t e R dot com.
That's m C e C e n t e R
dot com and that's the Morehouse Entrepreneurship Center dot com.
So I encourage you to reach out and we're right
(23:52):
here to serve you.
Speaker 1 (23:53):
But as we close out the show this interview, we
know we have a new elected president and they tell
me this president is going to be very very favorable
to entrepreneurs, small businesses, people in the corporate structure. Any
take on that as far as advice for people getting
in the new lane of people who have sustaining business
and looking into twenty twenty five with this new administration
(24:17):
coming on board and maybe the advantages of it will
bring to entrepreneurship.
Speaker 3 (24:23):
We hope and we got to remain hopeful that the
new administration will carry on the work of the past administration. Correct.
Like I said, twenty million new businesses got started under
the Biden administration. Very excited with policies there. The one
piece that I will also share is that we know
it all work, and we put all that we do
(24:44):
between the MIEC and the SBbc into what we call
technical assistance. We're here to provide the training, the knowledge transfer.
But the one thing that we that I must admit
and even comes through in our research, is that technical
assistance alone does not solve the problem. The Equally as
important is policy. Federal and government policy is important with
(25:05):
this work, and so we're hoping that the policies under
the new administration will also be favorable. Because it's one
thing to say that I'm providing the knowledge and pull
yourself up by a bootstrap. But if you have policies
that are still designed to be against entrepreneurship, or somehow
or the other doesn't loosen up the capital where it
(25:26):
needs to be, then we got to also call it
what it is. Right. So, along with technical assistance, which
is the work that we're doing, we also need to
be pushing and advocating for positive policies that support this
work and really indeed move the needle in the direction
that we needed to go. So I'm hopeful that the
(25:46):
administration will also change those policies and bring about some
policies that will be favorable for this work that we
are all hoping to really boost the economy through entrepreneurship.
Speaker 1 (25:57):
I'm not going to hope. I got my founding director
on a call here. That's what you do. You saw
it twenty years ago, you go see it through twenty
twenty five, twenty twenty six. Because you're a visionary and
you're a leader. Your person's set down and I've never
been disappointed when I brought you on this show, and
you've always uplifted me with information in my audience and
people react. You know, last time you was on the show,
(26:19):
you talked about goodwill, training people and paying them through
a training process. Four weeks later they get jobs. Now
you come talking about scaling your business. You're letting people
understand that. Come to us. We can help you. We
can mentor telling people about hey have that business plan
in place, telling people you you're trying to walk people through
a college platform and have them have an entrepreneurial mentality,
(26:42):
which means that you don't have to work a forty
hour week job. Hey, you got to put the time
in maybe eighty hours. But you can live your dream
and you can build it. But you have to understand
your competition. That's why I appreciate you when you come
on my show, Doctor Bussy. You tell people facts and
you don't sugar coat it.
Speaker 3 (27:00):
I thank you as always, thank you so much, and
again I invite your audience to join us in December
eleven as we celebrate release our Black Business Report. Come
join us to celebrate at a legacy luncheon on the
twelve at twelve o'clock December eleventh. Reach out to us.
We have a construction cohort that is open. If you're
in the construction field, please do join our cohort. Apply
(27:21):
and we have a retail cohort that's coming up also
in January. So if you're in the retail business have
a product to sell trying to get into a store,
that that cohort would also be for you. Rashaan, thank
you so much. I hope you have me back again.
Speaker 4 (27:35):
You know you'd be back in January.
Speaker 1 (27:37):
Come on now every quarter, I'm.
Speaker 3 (27:38):
Gonna have you in here.
Speaker 1 (27:40):
We innovate, we changing the game. Thank you doctor Tiffany
Busley for coming on my show and changing the game
with information we talked soon.
Speaker 3 (27:46):
Okay, thank you, take care, bye bye.
Speaker 1 (27:50):
If you want to you know, hey, you want to
be a part of this, just listen every week because
I bring the guests in. I got another fantastic guest
when it comes to scholarship tunities for your child, don't
go nowhere you listen to Money Making Conversation Masterclass hosted
by me Rushan McDonald. This has been another edition of
Money Making Conversation Masterclass hosted by Me Rushan McDonald. Thank
(28:13):
you to our guests on the show today and thank
you our listening to audience.
Speaker 3 (28:17):
Now.
Speaker 4 (28:18):
If you want to listen to any episode I want
to be a guest on the show, visit Moneymakingconversations dot com.
Our social media handle is money Making Conversation. Join us
next week and remember to always leave with your gifts.
Keep winning.
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Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.