The Acumen - November 2024

Welcome to The Acumen, a Colorado Black Chamber of Commerce monthly publication. Stay up-to-date with the latest news for Black business in Colorado. Read, enjoy, and share with your networks!

THE ACUMEN November 2024

IMPACTFUL COMMUNITY LEADERSHIP

A Conversation With Chief Ron Thomas BY DR. ANGELIC COLE

DR. JEREMIAH THOMAS GETTING MONEY TO FUND YOUR BUSINESS

DAVID POOLE THE VALUE OF A STARTUP COACH

SHAUN BISETTY MASTERING THE ART OF THE HUSTLE

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CONTENTS

9 THE BUSINESS OF... Dale Hunter shares an inside look into Colorado’s podcasting industry. 12 START-UP COACHING Exploring the value of a dedicated start-up coach to help navigate. Dr. Angelic Cole explains the impact of youth entrepreneurs on small businesses. 5 PRESIDENT’S CORNER

25 RULES FOR SUCCESS Mastering the art of the hustle in today’s dynamic business landscape. 18 A SAFE COMMUNITY A conversation about servant leadership with Denver Police Chief Ron Thomas.

28 FINDING FUNDING

No credit needed methods of securing capital for your start-up business.

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Contributors

Editor Alisha Harris, Original Account Strategies

Photographer Shameka McBoat, McBoat Photography

Contributing Writers Shaun Bisetty, Dr. Angelic Cole, Dale R. Hunter, David Poole, Dr. Jeremiah Thomas

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President’s Corner

Youth Entrepreneurs and their Impact on Small Businesses

Dear Reader: Youth entrepreneurs are making a significant impact on small businesses and local economies. Here are some key points: 1. Economic Growth: Young entrepreneurs are driving economic growth by creating new businesses and jobs. This is especially important in regions with high youth unemployment. 2. Innovation: Youth often bring fresh perspectives and innovative ideas to the market, which can lead to the development of new products and services. 3. Community Development: Youth-led businesses often contribute to their local communities by addressing specific needs and challenges. 4. Skill Development: Entrepreneurship helps young people develop essential skills such as leadership, financial literacy, and problem-solving. 5. Mentorship and Support: Programs that support youth entrepreneurship provide mentorship, training, and access to resources, which are crucial for success. Overall, youth entrepreneurship is not just about starting a business, it’s about fostering a culture of innovation, resilience, and community engagement. They’re a powerhouse of innovation and resilience. Youth entrepreneurs are turning heads in the small business world. They’re injecting fresh ideas and energy, which fuels innovation. Their ability to leverage technology and social media is transforming traditional business models. Plus, they’re more inclined to embrace social responsibility, often creating businesses that aim to solve community issues. It’s about more than just profit – it’s about making a positive impact.

Young entrepreneurs are trailblazers – challenging norms, disrupting industries, and shaping the future with their ingenuity. They’re also fearless in embracing new technologies and trends, which is crucial for adapting to the ever-evolving market landscape. They don’t just start businesses, they start movements. The enthusiasm and fresh perspectives they bring are invaluable in driving progress. I really admire their audacity – their willingness to dream big and take risks without being bogged down by the fear of failure. They have this incredible energy and creativity that drives them to challenge the status quo and innovate. Plus, they’re so adaptable, learning and evolving with every experience. Their resilience in the face of obstacles is inspiring, and it reminds me that age is just a number when it comes to making a real impact. So, what about you – what’s something you find inspiring in them?

Dr. Angelic Cole President & CEO Colorado Black Chamber of Commerce

“The best time to start a business is when you’re young. Your fearlessness and fresh perspective can lead to groundbreaking ideas and innovation.” Richard Branson

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The Business of... PODCASTING What is the dictionary definition of an entrepreneur - a person who organizes and operates a business or businesses,

entrepreneurs. Even before Covid, podcasts were a way to open a door to new people, with new topics, new cultures and countries. Podcasts are especially important now more than ever to shine a light on underrepresented voices in the media world. A podcast is an audio program that you subscribe to and listen when you like. Users can download to a personal device and listen wherever it’s convenient. A podcast is like “talk radio” but the listener has more control on what they listen to, how and when. Today, there are more than 500 different podcasts dedicated to black lifestyle, business, culture and health. Podcasts can also be incredibly therapeutic. The growth and power of podcasts have allowed black entrepreneurs to engage in a popular new media option for most Americans. Podcast popularity has grown to such an immense level that starting a new podcast seems almost insane because the market is so saturated. However, black podcasters are beginning to blossom. According to a recent black podcast listener report from Edison Research, 43% of the Black population in the United States has listened to a podcast in the last month. Not only is Black podcast listenership growing but they are avid listeners tuning to podcasts over five hours every day. For example, there are at least 45

different podcasts focused on Black Entrepreneurs and more than 100 focused on Black Health.

taking on greater than normal financial risks. An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of designing, launching and running a new business is known as entrepreneurship. Entrepreneurship offers unlimited earning potential that is directly related to your efforts rather than the hours worked. Period. Full Stop. The two most important words in the definition of Entrepreneur are creates and risks. Yes, you can lose the entire family farm, inheritance money or even lose your pension/retirement money banking on a new risky business venture. The pandemic showed that there are a lot of different and creative ways to make money and proved to be a fertile ground for entrepreneurs. Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bring new ideas to market. According to Jorge Guzman, an Associate Professor at Columbia Business School, “new businesses are created because somebody sees an opportunity in the market.” The Podcast market has opened new business opportunities for many black

One of the hallmarks of podcasts is presenting

opportunities to black creators to establish and extend their voices to black audiences in search of authentic black viewpoints. The Edison Research also revealed that 63% of Black adult listeners say that it is very important that podcasts include black stories and perspectives about Black excellence and the community. Podcasts are proving to be a powerful vehicle to showcase the talents of black creators and hosts. The Colorado Black Chamber of Commerce salutes all the Black Entrepreneurs in our great state of Colorado with a special recognition of those entrepreneurs who carved out their own unique path in this new business market called Podcasts. THG is a government relations consulting firm that specialize in water and energy issues.

www.thg.consulting

Dale R. Hunter Founder, The Hunter Group (THG).

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ENGAGE WITH YOUR MEMEBERSHIP BY JOINING A SPECIAL INTEREST GROUP

Black Construction Group

Meets every second Tuesday at 4:30 pm.

Networking Opportunities

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The Value of a Startup

Coach: Guiding Entrepreneurs Toward Success By DAVID POOLE

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Starting a business is one of the most exhilarating and challenging journeys an entrepreneur can embark upon. It’s full of highs, lows, unexpected twists, and moments of doubt. During this critical phase, many founders believe they can navigate the challenges alone—after all, no one knows their vision better than they do. But what they often don’t realize is that the right guidance can accelerate their progress and reduce the pain of mistakes. That’s where a startup coach comes in. A startup coach isn’t there to hold your hand or simply give you advice you could find online. They’re there to help you refine your thinking, challenge your assumptions, and ensure you’re building a business that aligns with your goals. The insights a startup coach brings can often make the difference between just surviving and thriving.

business’s specific needs. It’s not one-size-fits- all. While general business coaches might focus on established companies, startup coaches understand the particular pressures and challenges of getting something off the ground. It’s easy to get bogged down in details when launching a business—marketing, product development, funding, all while managing the uncertainty that comes with being new. A startup coach helps you prioritize what’s important, providing practical advice that cuts through the noise. They’re also likely to have experienced these challenges themselves, so you’re not just getting theoretical knowledge but real-world strategies that work. Clarity, Accountability, and Results A great startup coach helps you see your goals clearly. Most founders begin with big, ambitious ideas but struggle to break those down into tangible, achievable steps. A coach helps you clarify your vision, so you’re not just aiming

What Does a Startup Coach Actually Do?

Let’s clear up any confusion: a startup coach provides tailored advice based on your

Image: Adobe.

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Image: Adobe.

blindly but creating a pathway to success.

For example, many startup founders struggle with the decision to pivot. It’s tough to know when to stay the course and when to adapt based on market demands. A startup coach, with experience in these situations, can help you assess the risks and rewards, offering an outsider’s perspective to guide you in making the best choice for your business. Leadership and Team Dynamics As your business grows, your role as a founder changes. You go from wearing all the hats to managing a team, and that requires a different skill set. Leadership isn’t something you can just wing. Many first-time founders struggle with building and maintaining team dynamics, particularly in the fast-paced, high-pressure environment of a startup. A startup coach helps you grow into the leader your team needs. This isn’t about giving you a list of leadership tips. It’s about working with

Beyond setting goals, though, they hold you accountable. This isn’t about constantly checking in like a boss; it’s about making sure you’re consistently moving forward. When you’re buried in the day-to-day chaos of running a startup, it’s easy to lose track of long-term goals. A coach ensures that, no matter how hectic things get, you stay on course and keep momentum.

Practical, Strategic Advice You Can Use

Let’s face it—being innovative and thinking outside the box is exciting. But that’s not enough to grow a business. Without clear strategies for scaling, identifying market fit, or knowing when to pivot, many startups lose traction. This is where a coach steps in. They help you see the forest for the trees, guiding you toward decisions that align with your overall strategy, not just what seems like a good idea in the moment.

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you to develop emotional intelligence, enhance communication, and build trust with your team. In doing so, they ensure that you’re not just delegating tasks but building a high-performing team aligned with your business goals. Expanding Your Network Let’s be real—who you know matters. Building a business takes more than a good idea and hard work; it also takes the right connections. Coaches often come with a network of valuable contacts, from potential investors to suppliers and clients. When you’re building something from scratch, having access to people who can help you grow is an invaluable resource. Your coach isn’t just there to make introductions; they help you understand how to build and nurture these relationships so you can make the most of your network. Fostering Innovation and Encouraging a Growth Mindset In the world of startups, innovation isn’t just important—it’s essential. A startup coach will push you to think beyond the obvious and challenge your existing ideas, encouraging you to experiment, take calculated risks, and continuously improve your product and processes. Moreover, they help instill a growth mindset. This means embracing challenges, seeing failures as opportunities to learn, and continuously pushing forward. With a coach by your side, you can develop resilience, which is crucial in the unpredictable world of entrepreneurship. How to Find the Right Coach Now, finding the right coach is key. Not every coach will be the right fit, and it’s important to choose someone who aligns with your business’s needs. Look for someone who has experience in your industry, but more importantly, someone who has worked with startups. The challenges

of scaling a startup are unique, and the advice from someone who’s been through it can be invaluable. You also want to build a strong personal connection with your coach. This is someone who will see your business’s strengths and weaknesses, so trust is paramount. You need to feel comfortable sharing your challenges, knowing they will provide the right feedback to move you forward. Final Thoughts At the end of the day, a startup coach is an investment in your business’s future. Their role goes beyond offering advice; they become a strategic partner, helping you turn your vision into reality. From setting clear goals and holding you accountable to helping you lead your team and think creatively, they guide you toward sustainable success.

Image: Adobe.

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Leadership with Purpose: Balancing Challenges & Community Commitment A Conversation with Chief Ron Thomas By DR.ANGELIC COLE

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Cole: What would you say is the primary motivating factor behind your leadership?

community and fight for basic human rights for all. Growing up, I watched him succeed both in and out of the ring – a testament to his extraordinary character and commitment to making the world a better place. Additionally, Ali had a saying that resonates with me which states: Service to others is the rent you pay for your room here on earth. Cole: What inspired you to pursue a career in law enforcement, and how did you get started? Thomas: Both my parents were public servants who instilled in me the desire to give back, serve my community, and find opportunities to make a positive impact on others. While in college, I had the opportunity to intern with the Denver Police Department, which highlighted for me the way I believed I could best make a difference in my community.

Thomas: The basis of my leadership style is being a servant leader. I believe it’s my responsibility to remove barriers and foster a culture that allows others to not only succeed, but to flourish and work to accomplish our shared goals. Cole: Who are your role models, and what life- changing lessons did you pick up from them? Thomas: Muhammad Ali remains a role model of mine, inspiring me not just as a former boxer and boxing enthusiast, but also as a champion of social justice. He was a fierce competitor who overcame many challenges, and his legacy extends beyond the boxing ring. He was a man of the people, using his success to uplift his

Photo: McBoat Photography

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Photo: McBoat Photography

Cole: What do you believe to be the most important piece of advice for a leader to follow? Thomas: First, I would say “know your why”. Being committed to making a positive difference drives all my actions and whenever times get tough, I reflect on my “why”. Second, surround yourself with people who have diverse lived experiences to ensure you are considering how your decisions will impact all those you serve. Cole: How can you inspire others while also maintaining that you continue to be inspired by Denver Police’s mission? Thomas: The Denver Police Department’s mission is rooted in the trust and authority bestowed upon us by those we serve. We are here to serve the entire community, and it’s essential for our officers and professional staff to

always remember that. By upholding the highest standards of conduct and accountability, we strive to be the department that the community expects and deserves. Cole: How do you prioritize work-life balance, and what advice do you have for junior professionals who are struggling to find balance? Thomas: As Chief, I am always on the go. Nevertheless, I do find opportunities to decompress, which include starting my day early in mental and physical exercise, playing golf and going to watch various sporting events live. I also find great joy in attending community events, which provide me opportunities to engage with all those we serve. I find these events to be extremely fulfilling both personally and professionally.

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Cole: How clear is your vision for what the future of corporate responsibility should look like for Denver Police? Thomas: My vision is a department that is deeply embedded in and responsive to the needs of the community we serve. We believe that effective policing is not just about enforcing the law but also about building trust, fostering partnerships, and working collaboratively to address the root causes of crime. I applaud our officers who work towards this vision every day. Cole: In what direction does Denver Police see itself going? Thomas: When I became Chief two years ago, my top priorities were and remain reducing and preventing crime while increasing public trust. Crime is decreasing, and according to surveys we’ve conducted, community trust is increasing. There is still work to do though. However, throughout my career, which has spanned three-decades, I’ve learned firsthand that trust is the cornerstone of effective policing and is a fundamental part of being recognized as a positive entity within the community. Share Your Story with Us! Are you a Black business owner in Colorado making an impact? We’re seeking submissions for our “Black Businesses on the Move” section! In 500-1,000 words, tell us what sets your business apart, your contributions to the community, and any challenges you’ve overcome. Please include relevant photos and/or bios to accompany your story. Send your submissions to: TheAcumen@cbcc.biz. Let’s celebrate your achievements and inspire our community together!

Photo: McBoat Photography

Cole: As an African American leader, what do you consider to be one of the most difficult obstacles you’ve faced? Thomas: I am proud to live in a country which has already elected an African American man as President and has put forth on the ballot for the upcoming election an African American woman. Unfortunately, in each of those instances, there were questions about their ability and worthiness to lead that are generally not asked of non- minority candidates. I have faced those same challenges but am confident that I belong and am qualified and deserving of each position I worked to achieve. I find strength in the community I serve who confirms that I belong and that I am meeting those high expectations. Cole: What do you think are the biggest challenges facing the Police Department today, and how do you see Denver Police overcoming them? Thomas: I think three of the biggest challenges the police department faces today are, one, the drastic increase in harmful rhetoric that pits communities against each other, a reduced interest in the career of law enforcement compared with prior decades, and access to firearms. There is an outrageous number of guns in our community that, unfortunately, are easily accessible to individuals who do not have sufficient behavioral development necessary to understand the consequences and dangers of carrying and using these guns. I am thankful for our officers who continue to remove illegal guns from our streets while treating those they meet with dignity.

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Photo: McBoat Photography

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Image: Adobe.

Mastering the Art of the Hustle: Golden Rules for Success

Key Strategies: » Continuous Learning: Regularly seek new knowledge and skills relevant to your field. » Adaptability: Be open to change and willing to pivot when necessary. » Resilience: View setbacks as opportunities for growth rather than failures. 2. Set Clear, Achievable Goals Defining clear and measurable goals is crucial for maintaining focus and motivation. Goals provide direction and a sense of purpose, helping you to prioritize your efforts effectively. Key Strategies: » SMART Goals: Ensure your goals are Specific, Measurable, Achievable, Relevant, and Time- bound. » Long-term Vision: Have a clear vision of where you want to be in the future and set milestones to track progress. » Flexibility: Be prepared to adjust your goals as circumstances evolve.

By SHAUN BISETTY

In today’s dynamic and fast-paced world, mastering the art of the hustle is essential for achieving success and personal fulfillment. Whether you are an entrepreneur, a freelancer, or a corporate professional, understanding and implementing key principles can significantly enhance your productivity, resilience, and overall performance. Here, we present a comprehensive guide to the golden rules of the hustle, designed to empower you with the knowledge and strategies needed to thrive in any competitive environment. 1. Embrace a Growth Mindset Adopting a growth mindset is fundamental to the hustle. This mindset revolves around the belief that abilities and intelligence can be developed through dedication, hard work, and learning from experiences.

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3. Develop a Strong Work Ethic A robust work ethic is the cornerstone of any successful hustle. It involves commitment, discipline, and a relentless pursuit of excellence. Key Strategies: » Time Management: Use tools and techniques like the Pomodoro Technique to enhance productivity. » Consistency: Maintain a steady pace and avoid burnout by balancing work and rest. » Accountability: Hold yourself accountable for meeting deadlines and achieving goals. 4. Network Effectively Building and nurturing a strong professional network can open doors to new opportunities and provide valuable support and advice. Key Strategies: » Relationship Building: Focus on creating genuine connections rather than superficial contacts. » Value Exchange: Offer help and value to others without expecting immediate returns. » Regular Engagement: Stay in touch with your network through regular communication and engagement. 5. Leverage Technology Utilizing the right technology can streamline your processes, enhance efficiency, and give you a competitive edge. Key Strategies: » Automation: Automate repetitive tasks to save time and reduce errors. » Productivity Tools: Use project management and productivity tools to stay organized. » Continuous Learning: Keep up-to-date with the latest technological advancements relevant to your industry. 6. Maintain Work-Life Balance Achieving a balance between work and personal life is essential for long-term success and well- being. It prevents burnout and ensures sustained productivity.

Key Strategies: » Prioritization: Identify and focus on high-impact activities that align with your goals. » Boundaries: Set clear boundaries between work and personal time to avoid overworking. » Self-Care: Regularly engage in activities that promote physical and mental health. 7. Financial Savvy Managing your finances wisely is crucial for sustaining your hustle and achieving long-term success. Key Strategies: » Budgeting: Create and stick to a budget that aligns with your financial goals. » Investment: Invest in opportunities that offer potential for growth and diversification. » Savings: Build a financial cushion to manage unforeseen expenses and reduce stress. 8. Persistence and Patience The journey to success is often long and filled with obstacles. Persistence and patience are key to overcoming challenges and achieving your goals. Key Strategies: » Tenacity: Stay committed to your goals despite setbacks and difficulties. » Patience: Understand that success takes time and be prepared for a long-term effort. » Adaptation: Learn from failures and adapt your strategies accordingly. 9. Continuous Improvement Striving for continuous improvement ensures that you are always moving forward and staying competitive. Key Strategies: » Feedback: Seek feedback from peers, mentors, and customers to identify areas for improvement. » Self-Reflection: Regularly assess your performance and set new goals for development. » Innovation: Embrace innovation and be willing to experiment with new ideas and approaches

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Black Professional Services Group MAKE THE MOST OF YOUR MEMBERSHIP & JOIN A CBCC SPECIAL INTEREST GROUP

Meets every fourth Thursday at 4:30 pm PROFESSIONAL DEVELOPMENT BUSINESS GROWTH SUPPORT COLLABORATIVE ENVIRONMENT AND MORE!

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Image: Adobe.

How to Get the Money to Start Your Business Are you one of the tens of thousands of people in America who wants to go into business for themselves but has not been able to do it? You are not alone. A 2023 survey by Yahoo Finance found that over half (55%) of all adults in the U.S. desire to start their own business and be their own boss. For people under 30 years old, it’s closer to 63% who are budding, one-day entrepreneurs. However, only 12% actually ever do it. That’s all, just 12%. Why is that? Of course, the first thought that comes to mind, is money or the lack thereof, and this is true. Lack of financial resources does tend to be the number one obstacle to starting a business for most people. However, a very close second, is fear. In my personal opinion, fear is actually the top reason, because fear stops people from looking deeper into how to get the money needed to go into business in the first place. By DR. JEREMIAH THOMAS

If you are one of those people, there’s no shame— millions of folks feel the same way. On the other hand, perhaps you have done everything to secure the funding you need and found that it was simply impossible to attain. In either case, this article is for you. The bottom line is that success is simple. It is not always easy, but it is usually simple. Success often requires following just a few simple steps, just a handful of straightforward steps. Once you know and understand exactly what those steps are—then the job is to follow them. Three Simple Fundraising Methods – No Credit Needed I’m going to show you three simple ways to raise money without the need of credit. But first, please take the following three simple steps. These are the ABCs, if you will, of starting a business of any type. If you are serious about starting your own

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business, please complete these three simple tasks. If you have done these tasks before, that’s okay, do them again now. A. Visualize Yourself In Business This is just short mental exercise, but a very serious one. Please visualize your business down to the finest detail. Visualize yourself in a day-in-the-life of your business with all the details. B. Set Three Goals Set at least three clear goals with exact dates to achieve them. These need to be goals, not needs and they need to go beyond your immediate grasp. C. Picture The Goals By that, I mean literally picture those goal with actual photographs. Write them down and find a picture that represent the goal. As an example, if one of your goals is to own a new Mercedes-Benz, then find the latest model of

that car, and get a picture with you sitting in it. Write the date that you will attain the car on the photo and put it in a place where you must see it every day.

With those foundational steps accomplished, here are three no-credit fundraising methods. 1. Crowdfunding Crowdfunding is simple and fast way to raise money, not only for a business but for numerous issues, causes or ventures. Essentially, crowdfunding is exactly what it sounds like; you get funding from the crowd. You post your business idea on a crowdsourcing platform, and invite thousands of people either invest or simply donate the money. And, yes—it works. The differ slightly on their methodology, but they are basically the same. A few to check out are www. kickstarter.com, www.indiegogo.com and www.gofundme.com.

Image: Adobe.

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they are. They are mostly regular people with a bunch of money and are willing to take a big risk for a big return. The panel on the celebrated television show, Shark Tank, are angels—angle investors. They can invest in anything that they want to, regardless of your personal circumstances. Angles will, however, make the rules on how much money they invest and the terms. It is always a business arrangement involving either debt financing (loans) or equity (shares). Google, “where to find angel investors” and you will find sites such as finder.startupnationcentral.org and angelinvestmentnetwork.us. Some of the above are very easy, some not so much. However, all are very simple—as simple as success!

2. Sell Stock Unlike a loan, when you sell shares or stock in your business, you never have to pay it back. When you borrow money, you must stick to some arrangement to pay the money back. When you sell shares, you make the investors your partners and they take the risk along with you. If your company grows, so does the value of their shares. If your business fails, so does their investment. Search, “Sell shares to fund your own small business,” or something like that. A few other places such may provide good info also, rocketlawyer.com, Investopedia.com and allbusiness.com. 3. Find an Angel Angels are also exactly what the sound like

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