Lesson 23: Relationships
I could cry when I think about my relationship with my father. The only memory I have of him is as a child looking in his casket at his funeral, so I have spent most of my life without this important relationship. Most days he does not cross my mind, but recently I have been thinking about him because he is not here to celebrate this important milestone of beginning my MBA.
A valuable part of the MBA journey is developing relationships, especially as I pursue Entrepreneurship Through Acquisition (ETA). This week I met Vasishta Monavarty, an entrepreneur who started Grease Busters, which provides commercial waste solutions in Colorado. Before starting his business, he discovered three reasons why his business would succeed: 1) Large diverse market, 2) Policy demand for its services, and 3) Low competition in the area. As we shared business ideas, we began to realize our shared passion for entrepreneurship.
This relationship with Vasishta is one of many which will grow as I take steps to acquire a trade school. One step is reaching out to businesses that provide technical training in welding by writing letters to the owners. Relationships take time to develop, and a note in the mail will stand out among the hundreds of emails business owners receive each week. The person opening my letter could become the mentor I need to successfully lead a business.
Mentorship is critical for every entrepreneur. ETA began around 1984 and over the last 40 years, the ETA community has fostered a culture of mentorship that encourages successful entrepreneurs to help the next generation. Eduardo Zaldivar, Managing Partner at ETA Mosaic, wrote “3 Reasons Underrepresented People Should Consider Entrepreneurship Through Acquisition." He explains how mentors “help avoid the most common searching mistakes.”
During this letter writing campaign, I am looking for a mentor. Who can I trust to believe that we are both invested in the future of the business? Although the business owner is selling their company, they will need to trust the next person who will build upon the efforts they poured into their business. As I transition to leading the business, we would share my vision of leveraging my influence as a Black business leader to pursue economic justice.
As the business grows, I look forward to celebrating the success of the business with the previous owner. They will be proud of how their legacy lives on in the school beyond their leadership. Although my father will not be there to witness this process, I could imagine he would celebrate our success too.
Relationships is Lesson 23. Next week, I will share Lesson 24: Financials.
