The African American Business Owner, Building True Wealth

How to Build A Business That Supports Your Lifestyle

Episode Summary

Most entrepreneurs go into business to support a certain kind of lifestyle. Unfortunately, many of them don’t have an exit strategy. Simply put, they have a business plan but do not have a life plan. Ron Escoffery is a serial entrepreneur who’s faced these challenges himself, failed more than once, but has ultimately come out on top. He’s published three books on his experiences and, in this new podcast, is broadening the discussion on what it means to build true wealth and how to achieve it. On the 6th episode of the African-American Business Owners Podcast, Ron Escoffery encourages business owners to have both a life plan and a business plan in order to have the kind of money that will afford them the lifestyle that they desire.

Episode Notes

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:

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