How Entrepreneurs Can Unlock Their Full Potential | Jay Bailey | TED
Summary
TLDRThe speaker shares a transformative life lesson about the power of belief and the importance of recognizing one's potential. Growing up, he was influenced by his environment and the entrepreneurial spirit of his barber, which led him to understand the value of ownership and business. This realization fueled his journey to establish the Russell Center, an initiative aimed at empowering underrepresented entrepreneurs, fostering a sense of belonging, and promoting economic mobility. The center's impact has been significant, supporting hundreds of entrepreneurs, creating jobs, and generating substantial economic value.
Takeaways
- 🚀 The speaker introduces a new definition of hell, where people are shown all the missed opportunities due to lack of belief in themselves.
- 🌟 Beliefs are shaped by our experiences, environment, inferences, or by accepting what others tell us as truth.
- 👦 The speaker shares personal stories from childhood, illustrating an enterprising spirit and early understanding of entrepreneurship.
- 🏎️ A pivotal moment in the speaker's life was when they learned about the concept of ownership and entrepreneurship from a barber, which changed their life trajectory.
- 💡 The speaker emphasizes the power of the word 'entrepreneur' and how it gave them a sense of identity and direction.
- 🌱 The speaker believes that the difference between success and failure is often due to access, opportunity, and exposure.
- 🌐 The speaker discusses the innovative capabilities of individuals from challenging backgrounds, highlighting their resilience and problem-solving skills.
- 🏛️ The speaker is leading the HJ Russell Innovation Center, which aims to create a safe space for black entrepreneurs to grow and develop their businesses.
- 🔄 The center disrupts the traditional incubator model by focusing on belonging, self-esteem, and self-confidence, as well as addressing the mental health aspects of entrepreneurship.
- 📈 In just four years, the center has supported hundreds of entrepreneurs, created thousands of jobs, and generated millions in economic value.
- 💪 The speaker encourages the audience to embrace their authentic selves and to find the power within that is often hidden due to societal pressures and expectations.
Q & A
What is the new definition of hell presented in the script?
-The new definition of hell is a place where God shows us everything that was possible in our lives if only we had believed in ourselves and taken action.
What does the speaker believe are the roots of our biggest regrets?
-The speaker believes that our biggest regrets are rooted in our inactions, the things we did not do or even try, usually due to a lack of belief in ourselves.
How are beliefs generally formed according to the script?
-Beliefs are generally formed by our experiences, environment, inferences, deductions, or by accepting what other people tell us to be true.
What was the speaker's experience as a child that influenced his understanding of entrepreneurship?
-The speaker's experience as a child involved being enterprising, such as making and selling popsicles and charging people to fight in his backyard. His understanding of entrepreneurship was significantly influenced by a conversation with his barber, who owned multiple barber shops.
What was the turning point for the speaker when he learned about entrepreneurship?
-The turning point was when the speaker's barber explained how he owned his business and multiple shops, which made the speaker realize the power of ownership and entrepreneurship.
What is the speaker's view on the difference between the north and south sides of the tracks in terms of innovation?
-The speaker believes that the only difference is access, opportunity, and exposure, suggesting that people on the south side are just as innovative but lack the same chances to succeed.
How does the speaker describe the innovative capabilities of a single mother with limited resources?
-The speaker describes a single mother as highly innovative, problem-solving, gritty, determined, and resilient, able to make do with very limited resources and still provide for her family.
What does the speaker admire about the individuals he grew up around, even if they made different life choices?
-The speaker admires their understanding of business concepts such as import/export, wholesale/retail, supply/demand, customer retention, customer support, and loss prevention, even if they applied these skills in illicit ways.
What is the mission of the HJ Russell Innovation Center for Entrepreneurs?
-The mission is to create a safe space that fosters belonging, self-esteem, self-confidence, and belief in entrepreneurs, focusing on the whole person and addressing both their business and wellness needs.
What impact has the HJ Russell Innovation Center had on the community in terms of economic value?
-In just four years, the center has supported 360 entrepreneurs full-time, creating 1,500 new jobs and generating over $450 million of new economic value in the community.
What message does the speaker convey about the importance of authenticity and self-belief?
-The speaker emphasizes the importance of being authentic, believing in oneself, and introducing oneself to one's best self, as the world suffers without the full participation of our true selves.
Outlines
🚀 The Power of Belief and Entrepreneurship
The speaker introduces a new perspective on regret and potential, suggesting that our biggest regrets stem from inactions due to self-doubt. He shares personal anecdotes from childhood that highlight his entrepreneurial spirit and a pivotal moment when he learned the term 'entrepreneur' from his barber, who owned multiple businesses. This encounter sparked a realization that led to the speaker's own journey as a successful entrepreneur and his mission to empower others, particularly within the black community, by fostering a sense of belonging and self-belief.
🌟 The Impact of Ownership and Belonging
This paragraph delves into the transformative effect that understanding ownership and belonging had on the speaker's life. He emphasizes the importance of creating environments where individuals, especially those from underrepresented communities, can thrive. The speaker discusses his role in leading the HJ Russell Innovation Center, which aims to disrupt traditional incubator models by providing a supportive space for black entrepreneurs. The center focuses on holistic development, including mental wellness, and has already had a significant economic impact by creating jobs and generating new wealth within the community.
🛡️ Breaking Barriers and Embracing Authenticity
The final paragraph addresses the challenges faced by black, brown, and female entrepreneurs who are often told they must be exceptional to compete with their peers. The speaker encourages the audience to shed the masks and armor they wear to fit in and to embrace their authentic selves. He shares the story of building their own spaces when there were no seats for them and the importance of planting seeds of success. The speech concludes with an invitation for everyone to meet their best selves and contribute their full potential to the world, which is currently suffering from the lack of authenticity and brilliance that is often hidden.
Mindmap
Keywords
💡Belief
💡Entrepreneur
💡Ownership
💡Innovation
💡Economic Mobility
💡HBCU
💡Incubator
💡Belonging
💡Wellness
💡Authenticity
💡Opportunity
Highlights
The speaker introduces a new definition of hell, where people are shown the potential they had in life that they did not realize due to lack of belief.
Beliefs are formed by experiences, environment, inferences, or by accepting what others tell us as true, with core beliefs often shaped in childhood.
The speaker shares personal stories of being an enterprising child, selling popsicles and charging for backyard fights, illustrating early business acumen.
A pivotal moment in the speaker's life was when he discovered the concept of entrepreneurship and ownership, which gave him direction and changed his life's trajectory.
The speaker emphasizes the power of role models and exposure, using the example of a barber who owned multiple shops and inspired him to become an entrepreneur.
The speaker discusses the economic potential that is lost due to lack of access, opportunity, and exposure, particularly for brilliant ideas from underprivileged areas.
Innovation is exemplified by the resourcefulness of a single mother, demonstrating the problem-solving and resilience of those facing adversity.
The speaker reflects on the potential of individuals from difficult backgrounds, suggesting that with different experiences, they could outperform many others.
The concept of the Russell Center is introduced, aiming to create a safe space for economic mobility and to disrupt the traditional incubator model.
The Russell Center focuses on belonging, self-esteem, self-confidence, and belief, providing a holistic approach to supporting entrepreneurs.
The center addresses the loneliness, depression, and isolation faced by entrepreneurs, emphasizing the importance of wellness alongside business education.
In just four years, the Russell Center has supported hundreds of entrepreneurs, created thousands of jobs, and generated significant economic value.
The speaker calls for the recognition and support of the authentic selves of black, brown, and women entrepreneurs, who often have to hide their true selves.
The importance of creating spaces where underrepresented entrepreneurs feel they belong and can be their authentic selves is highlighted.
The speaker encourages the audience to find and embrace their authentic selves, suggesting that the world suffers without the full participation of these individuals.
The closing message is a call to action for the audience to build their own spaces when they are not included, to believe in themselves, and to meet their best selves.
Transcripts
I've got this new definition of
hell that I'm still testing
out my theory is
this that when we leave this
earth the vast majority of us are
actually going to take the elevator
up
but when we get there whatever God we
believe in is literally going to show us
every single thing that was possible in
our lives while on
Earth had we only
believed
see our biggest regrets are never rooted
in our actions or the things that we did
do it's in our inactions the things that
we did not do or even try and it's
usually because we didn't believe we
could I'm not good enough I'm not smart
enough I'm not rich enough I I didn't
have time beliefs are generally formed
by two things either our experiences our
environment our inference inferences or
our own
deductions or by accepting what other
people tell us to be
true and most of our core beliefs are
formed when we're children now
I was a horrible
student I was branded gifted in
kindergarten I was a really smart kid
but I hated school but I was always
enterprising I was the kid y'all that
used to make popsicles in the ice tray
and sell them for a dime in my driveway
I was so cold with it y'all that I used
to charge people 50 cents to fight in my
backyard so they wouldn't get in trouble
getting fighting in the front yard and
that is a true story that is a true
story I love the
transaction and I was riding my bike to
the barber shop one day and I'll never
forget this day I was 11 years old
riding my bike to the barber shop and
and you got to understand when I grew up
in the 80s you could have put a Bentley
next to a Ferrari and I would have taken
a Ford Mustang GT 5.0 every day of the
week so as I pull up to the barber shop
on my bike I'm frozen in my tracks I'm
talking deer
headlights why because oh my god there
it was a black on black on black
convertible Mustang GT 5.0 parked
illegally in front of the barber shop
and I lost my
mind I ran into the barber shop and
screamed I'm a who's car is
that and so I see my barber in the
corner of my eye just chilling in the
cut
just then he gave me the
nod that's the Universal Soul Brother
symbol for that's
me and so because of my environment my
examples my inferences my deductions
there was only one thing that he could
have possibly done to afford that car
and because it was so normalized in my
community I didn't think anything of it
so when I got in this chair as a matter
of fact as I'm asking about the weather
I asked him I said John I didn't know
you were a dope
boy click turned off the clippers
screamed at shut the f up and turn
around and count how many chairs you see
in this shop said I don't know 10 he
said well each one of these Barbers pays
me $50 a week to cut hair in my shop Jay
you're smart do to math so little Jay
Bailey start tabulating and he stopped
me he said you got to realize I got two
more shops just like this finish the
math so now things got interesting
remember this is the early ' 80s and I'm
an 11-year old kid and I had never seen
Zer like this I was like z00 0
comma
zero and then he said it he said I am an
entrepreneur I own this business and I
own those other two shops and what you
need to do is go find you something you
love and go make money doing
it to very powerful things happened in
that one
moment for the first time in my life I
had ever heard the word
entrepreneur and it's what I had always
been but I didn't have a name for it and
so literally once I started to
understand what entrepreneur really
meant my life started to make sense and
I had Direction and the second thing was
that nobody had ever explained to me the
whole concept of
ownership and those two things
fundamentally changed my
trajectory I can't understate or
overstate the power of that chance
encounter that lit a fire in the belly
of an 11-year-old kid that became a
12-year-old business owner who now
stands before you leading the largest
sinner in the world dedicated to Growing
scaling and developing black
businesses touching thousands of
entrepreneurs
wow and
so for what we did there and for now
touching thousands of entrepreneurs I
knew that we lose GDP every year because
the brilliant idea is to reside on the
south side of the tracks of every city
in America never reach the marketplace
cuz they don't believe they belong and
I'm also a firm believer that the only
difference between that north side of
the tracks and that south side of the
tracks is access opportunity and
exposure and that's it you want to talk
about
Innovation show me somebody on the
planet more Innovative than a single
mother with two kids making $177,000 a
year the way she thinks the way she
problem solves her grit her
determination her resilience how is she
able to smile and still spread joy to
her kids at Christmas when there are no
gifts under the tree and there is
literally no food in the
pantry but somehow she still makes it
work how does she do it in this example
she feels like a warrior but what does
she believe when she stares in the
mirror drug
dealers I don't condone them I don't
celebrate them but I did grow up around
them and I got tons of my friends that
are twice as smart twice as sharp 10
times as charismatic as me but they made
different decisions and choices in life
and they came with severe
outcomes but I'm still enamored by them
why cuz we can go to any Hood in America
and find me the biggest baddest dope boy
on any block and y'all are going to have
to convince me that that kid doesn't
understand import export wholesale
retail supply demand customer retention
customer
support loss
prevention all with a gun do his
head and the cops and his competition l
Lally trying to eviscerate him from the
equation every single
day what if that kid had different
experiences different exposure different
income inputs better role models if he
did he'd run circles around
everybody what was whispered in his ear
that he
believed and what were the environments
that he was placed in where he felt like
he belonged
That's The Power of what we are trying
to do with the Russell
Center because when I started to think
about an opportunity to create this safe
space
where literally I started to tap into
the most powerful examples of economic
mobility in our community's
history
mtown and historically black colleges
and universities our HBCU
we wanted to be disruptive to the
typical incubator accelerator model
because statistically they just haven't
worked at scale for black
entrepreneurs and the thing about mtown
and
HBCU the beautiful similarity is that
you were surrounded by black Brilliance
every single day your ideas mattered you
saw value in your own reflection
literally you understood greatness at a
higher level because you experienced it
every moment of every waking
minute and so we got
started and you can read it in my bio
that I have the high honor of leading
the HJ Russell Innovation Center for
entrepreneurs right here in Atlanta
Georgia and honor of one of the greatest
entrepreneurs this city has ever
produced Mr HJ
Russell so when we started to think
about HBCU in Motown and what made them
so special we thought what could make us
so special and
different and so with our platform we
got started creating this this space
that was rooted in belonging the
undergirded self-esteem self-confidence
and belief that literally looked at
looking at the whole entrepreneur and
not ignoring the loneliness the
depression the isolation that goes along
with any entrepreneurial Journey but
also making Wellness just as important
as learning about a p&l or a balance
sheet
in just four years from getting started
we support now 360 entrepreneurs
full-time that have created 1,500 new
jobs in our community We Touch 10,000
annually through our network of Partners
and our stakeholder companies have
generated over
$450 million of New Economic value in
our community
[Applause]
[Music]
we created the
space where our ideas mattered and we
had the freedom to believe we created
the space where we knew without a shadow
of a doubt we belonged and we're just
getting
started I'll close with
this if you are black brown or a
woman without ever having a single
conversation with you individually I can
assume this to be true that if you are
black brown or a woman in some way shape
or form you have heard the speech that
you got to be twice as sharp three times
as smart five times as perfect just to
sometimes compete with
[Applause]
mediocre and so every
day we put on the
mask every day we put on this heavy suit
of armor to protect
ourselves and it gets so
heavy never being able to show up as
your true authentic
self never being able to take off that
mask or take off that
armor and the world suffers because
because of it because the world never
gets to meet the real you the authentic
you the you that is brilliant the you
that is full of ideas the you that is
powerful that gets
hidden every single
day
so I'm asking each of you and finding
this place the you that gets hidden
every single day the power powerful you
that never getss seen because guess what
there is a beautiful you that maybe even
your best you that you've never even met
yourself when we started this journey
there were no seats for us in these
spaces so we started to build our
own we had to surround our selves with
the people and the places that allowed
us to believe we started to ignore these
seeds of doubt and only started to plant
seeds that would grow SE trees whose
shade you may never sit under owning
your space believing in you your best
self and introducing yourself to your
best
self because literally the world suffers
every day it does not have your full
self in
it the best you the real
you and we can't wait to meet
you thank you
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