The African American Business Owner, Building True Wealth

Set Yourself Up for Success With a Solid Plan

Episode Summary

In business as in life, there will be times when things just don’t go your way. Sometimes the problem can be fixed, but ultimately, we have to avoid being in that position in the first place. How do we do that? Through proper planning. To come up with a good plan, you must have purpose. Understand the “why” behind your goals in order to establish clear objectives and create actionable strategies to achieve them. 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 11th episode of the African-American Business Owners Podcast, Ron Escoffery talks about the three main reasons why most African-American business owners fail during their planning phase. Listen as Ron dissects the many factors that play a role in planning a business.

Episode Notes

Topics Covered:

December is the month of ambitious plans [1:53]
If you do not start with the “Why”, you’re going to fail.. [3:56]
I want more financial abundance [6:13]
Money doesn’t give you joy and happiness. [7:41]
Change the way you think [9:14]
First reason why people fail in reaching their goals... [9:57]
Ask yourself “Who am I?” [11:00]
Second reason why we fail is choosing the wrong business model [13:05]
Depend on your training [14:15]
What you bought was information with no implementation [15:08]
You are unique and different from everyone else [16:00]
Story of my friend and his trucking business [16:40]
Do not follow your friends into business [17:38]
Don’t be a loner [18:45]
You need some help [20:28]
If you are not failing, you are not trying hard enough [21:20]
Write down your 2021 goals [22:55]
Start working on yourself [23:43]
Closing remarks [24:27]

Connect with Ron Escoffery:

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