Nevada Week S1 Ep31 Web Extra 1 | Generational Barriers in Business

♪♪♪ (Kipp Ortenburger)
We’re continuing
our conversation about minority-owned
businesses. Shaundell, I want
to start by going back to barriers first
before we go to some of the success stories. What do you see
as the key barrier in really growing a
minority-owned business here in the state? (Shaundell Newsome)
I think one of
the biggest challenges is financial literacy
and the barriers of generations. My father grew up
in the projects in Brooklyn
but it took for him to go to the military,
get a different mindset, talk to
different people, and then he bought
a brownstone in Brooklyn which transformed us
from a project mentality to understanding
how to do finances and how to be
a landlord. Those things
were very paramount in helping us
shift the mindset from poverty
to being a landlord which is a huge barrier
for most people. Most of the people,
they’re still in the poverty mindset
so they don’t understand financially how
to do checking accounts, savings accounts, IRAs
and things like that which my father was
able to teach us. -What about wealth, too? A lot of
businesses start, especially
small businesses, start with
family wealth, multigenerational
wealth. Is that a big
barrier too? (Kenneth Evans)
Yes. In fact,
I want to build on what Shaundell
was talking about, what I would call
the very basic, fundamental aspects
of financial management. But I’m glad you
mentioned the word “wealth” because
there’s a difference. When you begin
to talk about wealth, now you’re getting into did your family
own property, and if they did
own property, did they have
equity in it? In fact I’ll just
tell my quick story. When I needed capital
to grow my business, and I started one
from the ground up, and I couldn’t access
a tradition bank, I actually tapped
into the equity of a condominium
that I happened to own at the time. Well, if historically
we’ve been in the situation
where generationally we were either not able
or in some cases if you go back to
the 50s and earlier, permitted
to be homeowners and accumulate equity,
well, then we were never in a position
to tap into equity to support
a business venture. So I think from a
generational standpoint, things are better now,
and now we need to continue to educate
our young people and our next generation
on how to manage their finances
in a manner such that they can build the wealth
necessary to support an entrepreneurial
enterprise. ♪♪♪

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