The Tidbit, brought to you by Cureate, digests this region’s small business landscape through food and beverage entrepreneurship. Tune in for trending new Tidbits at the top of the show, and then live interviews with business owners throughout the DC & Baltimore Metro Areas. Each week show host Kim Bryden will intertwine socio-cultural context, personal narrative, and business advice at The Tidbit.
EPISODE 03: HOW TO DEVELOP INTERNAL AND COMMUNITY RESILIENCY
"Sometimes when things are falling apart, they may actually be falling into place." In times of uncertainty, whether on a macro or micro level, how do you develop a mindset of growth in the face of adversity — especially as an entrepreneur? We explore strategies for developing internal and macro, local economics-based resiliency with guest Raj Aggarwal, Board Chair of Think Local First.
A FEW QUOTES
- The Millennial generation has been marked by uncertainty at each period of growth. From 9-11, to the financial collapse, to … trying to… settle down (whatever that means) start a family, save up financially during this chaotic Presidential rule.
- The “quit rate” is low right now -- which is actually bad. People are less likely to quit their jobs. You want people to feel confident enough in the economy to quit.
- One of the most important points I want to emphasize around starting a business is actually the mental mind games you play with yourself. You are your boss -- which is great. But you are also the one you let down when you don’t meet your own expectations.
- Organizational Psychologist Adam Grant suggests that, in the moment when your head is spiraling into a “I could’ve done more / this person is doing more than me / etc”
STOP and think about time travel. YES think about turning the clock back 5 years.
- Growth Mindset vs. Fixed Mindset on Brain Pickings
- If you decide to start a business, or have already started a business, take comfort in the fact that you will develop or are developing this agile, growth mindset. Each day you are adapting, iterating, changing and evolving. This skill set will UNDOUBTEDLY continue to help you well into the future.
- "Sometimes when things are falling apart, they may actually be falling into place"
- The best things about how the government is being run today, is bringing back a focus to reliance on the self -- but let's also bring it back to the reliance of our communities. There are people who are coming up with innovative solutions on the ground that have nothing to do with the national government.
- Local economies don't mean that we don't bring anything from the outside -- we just first look inwards to see what we can create on our own and then on the outside to see how those can fortify it.
- The greatest thing I've learned [...] is that when things fall a part, [...] you develop resiliency.
- [Should we] have a conference on failure?
- Is Amazon going to contribute to our local economies?
- For every $100 we spend at a local business, $68 recirculates within the economy.
- Local businesses are more likely to hire from their own communities; and more likely to have higher wages, and give back in the form of charity.
- Local ownership means more tax dollars back into the local government.
- The net worth between a white family and black family in the District is 81x difference.
- The fact is that by 2044, America will be a predominantly people of color nation - yet there are enormous inequities people of color face [...] if we don't create economic value and advance racial equity by conceiving new products and markets for how our country is changing -- most businesses are going to lose out. There's a huge opportunity.
- How are you made up as a business? Who is in ownership?
- The businesses that have really focused on addressing these issues are succeeding.
- People are willing to spend a bit more because they know the person who made it.
- I see business ownership, and entrepreneurial thinking, as a path to freedom.
SHOUT OUTS & RESOURCES
- "Adam Grant's Simple Trick for Actually Enjoying Your Success"
- The Competitive Advantage of Racial Equity
- The Tapestry of Black Business Ownership in America
- Greater Washington Community Foundation: Voices DMV
- Cureate Connect - you're one-stop solution for local sourcing at your organization!
- BALLE - Business Alliance for Local Living Economies
- Andy Shallal, Busboys and Poets
- Nizam Ali, Bens Chili Bowl
- Gina Schaeffer, Ace Hardware
- Amazon HQ2 Bid in the District
- Walmart / Sam's Club close stores while "raising wages"
- Constantine - owner of Tryst, The Diner, The Coupe
- Shop Made in DC
STAY IN THE KNOW
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- Follow our show notes here at http://cureate.co/blog
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