Entrepreneurs come from all walks of life, spurred by a vision to help them and their ventures leave a lasting positive impact. As varied as entrepreneurs themselves are, there are a number of common factors the most successful ones share; determination, resilience, and grit, to name a few. Amongst serial entrepreneurs — those who launch and build multiple ventures, often simultaneously — these aspects are foundational in building their ventures into successful companies.
One such serial entrepreneur is Marlo Richardson. Over the length of her entrepreneurial career, Richardson has owned and operated multiple businesses, franchises, agencies, and companies in the sectors of restaurants, home health care, travel, insurance, real estate investment, retail clothing, security, manufacturing, distribution, and marketing. Along with these ventures, Richardson has also successfully launched and built several brands, including the more recent Business Bullish; a website and resource that helps train others in the areas of entrepreneurship and financial literacy.
“Business Bullish is an online resource, blog, and podcast designed for new investors and people that are looking in starting businesses and investing in hopes of building generational wealth,” says Richardson. “For me, being a business owner means freedom,” she adds, “not just in a financial sense, but also the freedom to pass down my knowledge and business to my children and others.”
For Richardson, that freedom to create and pass on generational knowledge and wealth results not only from her own family’s influence over her entrepreneurial path, but also from the examples set by other Black serial entrepreneurs who came before her. Of those, she lists Oprah Winfrey and Daymond John as two of her greatest external influences.
“My family has shown me strength during times of struggle,” Richardson tells us, “I have learned through them to never quit and to always strive for improvement. Oprah Winfrey is a mogul that I admire very much. I have watched her build her career from the ground up and convince many others to invest in their dreams. She is truly about owning your brand, and as an entrepreneur, ownership is key. Daymond John caught my attention by being able to diversify investments. He started with his own dream and was able to make investments into hundreds of other companies. He has also successfully built a following and is able to continually win in business whenever and wherever opportunities are presented to him.”
According to Richardson, that ability to succeed in business by diversifying investments and seizing opportunities is vital to her own entrepreneurial success. For instance, she currently owns four separate cannabis business licenses in the City of Los Angeles, owns and operates Greenwood and Co. and just launched Tremendo Trees cannabis brand. Though a far sight from many of her other ventures, she describes this as one of her greatest professional accomplishments to date, as the mission behind these businesses is rooted in bettering the health and wellbeing of others in her local community.
“Los Angeles is by far one of the most difficult jurisdictions to become licensed in,” Richardson says. “Having gone through the process four times and being successful four times has been a blessing in so many ways. I am in a position to help change the health and wellbeing in Los Angeles in addition to being on the ground floor of one of the most lucrative industries in the world.”
While breaking into the cannabis industry has indeed been a lucrative venture for Richardson, she mentions that no entrepreneurial success ever comes easy. Despite how good an entrepreneur’s intentions behind the mission of their business might be, there is always the potential for failure, especially when external influences do not have the same intentions.
“When you’re getting into business, be careful who you listen to,” says Richardson. “Sometimes people have the best intentions when they are trying to advise you, but oftentimes people tend to project their own fear and anxieties onto you.”
As Richardson explains, what may or may not have worked for someone else — be they a friend, family member, partner, advisor, or another entrepreneur — doesn’t necessarily mean it will have the same results. After all, no businesses, stories, or the people behind them are ever exactly the same. This is especially in today’s hyper-digitized world, where entrepreneurs like Richardson are able to utilize tools like social media to build awareness and followings around the brands and companies they create.
“People these days are constantly attached to their phones and other mobile devices,” says Richardson, “but for entrepreneurs in the digital age, this has a number of advantages. The cost of launching and running a business is much lower. More customers can be converted and retained far easier. There are so many details we have to pay attention to, but ones that technology and social media make tracking much simpler.”
Indeed, there has rarely been an overall better time for entrepreneurs to successfully launch and build brands than today. Although there is never a guarantee that a new venture will become successful, Richardson does say there is one thing more entrepreneurs can do to help increase their chances.
“Surround yourself with people who inspire and motivate you.”