The African American Business Owner, Building True Wealth

Topics Covered:

• The challenges that we have in business and in life has that money component to it [2:10]
• Why do so many entrepreneurs fail at achieving this lifestyle that they so desire? [3:46]
• What is a life plan? [6:29]
• Write it down—what is important to you? [8:04]
• What does taking care of my family mean in reality? [11:46]
• What is your exit plan? [13:40]
• The life plan makes the business plan more accurate because the business plan delivers what you want in your life plan. [18:28]
• There really is no get-rich-quick-scheme. [21:16]
• If you have your self-managed company operating, you can do a lot of things and still enjoy life. [22:08]
• Closing Remarks [24:46]

Connect with Ron Escoffery:

• ronescoffery.com
• [email protected]
• (404) 626 1425

Don’t miss the next episode! Subscribe to the African-American Business Owners Podcast on SimpleCast

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On the fourth episode of the African-American Business Owners Podcast, Ron Escoffery discusses the importance of building a relationship with your bank, how to start understanding your business by making use of a financial management tool, and the added advantage of having a mentor.

Topics Covered:

• Today's podcast is called financing your business. [1:00]
• How to obtain financing for your business [1:35]
• Our mission is to transform you from where you are today to where you want to be in the future [1:53]
• Money gives you options. [2:11]
• Growing means taking a risk... means falling down a couple of times. [3:39]
• Building true wealth is a journey. It's not an easy journey. [4:23]
• Once you know what you're worth, you start on the journey to improve that. [6:11]
• Because money runs through everything [7:10]
• If it were easy, everyone would be financially well off [8:04]
• The financial system has been failing Black-owned businesses since the beginning [12:33]
• Credit is an integral part of the loan process [14:38]
• You don't want more information...You want an advocate. [14:58]
• Your financial statement is a good place to start [16:41]
• The big banks are not your friends. [19:46]
• Before you want to borrow a dime, start building a relationship. [20:36]
• It’s always a plus if you tell them you're working with a mentor. [22:57]
• Closing Remarks [23:18]

Connect with Ron Escoffery:

• ronescoffery.com
• [email protected]
• (404) 626 1425

Don’t miss the next episode! Subscribe to the African-American Business Owners Podcast on SimpleCast

.

Topics Covered:

• Intro [01:02]
• Ron shares the three questions [01:30]
• What kind of lifestyle do I want as an entrepreneur or as a person? [01:50]
• Why do I want it? [02:13]
• The logical third question [03:58]
• A lifestyle entrepreneur is a business model [04:53]
• Perfect is a synonym for procrastination [06:18]
• Why are we still in the same place? [07:06]
• The muscle of achievement [07:13]
• A high income is not wealth [08:45]
• Why a lot of high earners end up broke [09:50]
• Do not stay in the past too long [13:48]
• Importance of a written life plan [15:24]
• How to increase your income so that you stop living paycheck to paycheck [16:25]
• Not all debt is bad [16:50]
• Closing Remarks [17:02]
• Get in touch with Ron [18:02]

Connect with Ron Escoffery:

• ronescoffery.com
• [email protected]
• 404 626 1425

Don’t miss the next episode! Subscribe to the Building True Wealth podcast on SimpleCast.

Topics Covered:

• Find one nugget that will slowly but surely transform your financial life [1:27]
• A lifestyle entrepreneur is... [2:50]
• The desire to become a lifestyle entrepreneur [5:13]
• Have a vision of what you want that lifestyle to look like [5:34]
• I want you to write it down [6:10]
• The focus, the discipline, and the steps are important [7:45]
• Perfection is a synonym for procrastination. [9:29]
• Knowing where you are...where you’re starting from [10:38]
• Do you have a clear vision of what the next small step should be? [12:09]
• We really haven't failed until we give up [17:33]
• Failure is not a bad thing [18:00]
• Do not spare on your dreams when you're writing your lifestyle plan [19:20]
• Pick people who you want to associate with [21:10]
• It will be problematic at times, discouraging at times but... [27:09]
• I hope that every mistake I make is a building block to more clarity, more progress, more joy, and more peace of mind [28:51]
• Closing Remarks [30:19]

Connect with Ron Escoffery:

• ronescoffery.com
• [email protected]
• (404) 626 1425

Topics Covered:

• Thinking about the change that you want to happen in your life [0:48]
• Ron’s personal approach towards speaking to his audience as a coach and mentor [1:59]
• December is planning month [3:43]
• 92% of people fail as they try to achieve their goals [4:13]
• Be intentional about being a lifestyle entrepreneur [5:40]
• What is life all about? [6:28]
• The right age to start a business [8:02]
• Setting short-term, realistic goals and enjoying the journey [9:46]
• Have fun reaching your goals before it’s too late [11:40]
• 50-year-olds who believe they have failed [12:32]
• The biggest challenge for African American business owners [13:06]
• The importance of getting outside help to move forward [13:23]
• December is not just about setting goals but also about being intentional with those goals [15:11]
• Start taking smaller steps towards your goal [16:20]
• Closing remarks [19:17]

Connect with Ron Escoffery:

• ronescoffery.com
• [email protected]
• (404) 626 1425

Don’t miss the next episode! Subscribe to the African-American Business Owners Podcast on SimpleCast or register here to subscribe to the newsletter. https://bit.ly/SubscribetoRonEscoffery.