DeepSummary
Nicole Lapin interviews Morgan DeBaun, the founder, CEO, and chairman of Blavity, about her journey of turning her side hustle into a full-time business. Morgan discusses how she started Blavity as a side project while working at Intuit, and the catalyst that made her decide to quit her job and pursue Blavity full-time.
They delve into the financial aspects of Morgan's transition, including how she had savings and consulting gigs to sustain herself, the challenges she faced in getting a mortgage as an entrepreneur, and the importance of separating personal and business finances. Morgan emphasizes the 'wealthy mindset' of valuing time over money and investing in oneself as the primary asset.
Morgan offers advice for aspiring entrepreneurs, such as having a financial plan, seeking expert guidance, and being prepared for potential setbacks. She stresses the importance of multiple income streams and recommends keeping a day job as long as possible while building a side hustle.
Key Episodes Takeaways
- Have a financial plan and cushion before transitioning from a side hustle to a full-time business.
- Separate personal and business finances from the start, even if the business is not yet profitable.
- Seek expert guidance, such as mortgage brokers or advisors, when navigating unfamiliar financial situations as an entrepreneur.
- Adopt a 'wealthy mindset' by valuing your time and investing in yourself as the primary asset for generating income.
- Consider keeping a day job or consulting gig while building a side hustle to ensure financial stability.
- Be prepared for potential setbacks and have contingency plans in place.
- Diversify your income streams and explore multiple revenue sources beyond your primary business.
- Prioritize long-term investments and saving for the future, even during lean entrepreneurial periods.
Top Episodes Quotes
- “So let's get into it. Morgan Dubon, welcome to money rehab.“ by Morgan Debon
- “I knew that I wanted to at some point, have a startup, because I was living in San Francisco at the time and I was surrounded by so many incredible innovators and thinkers. This was ten years ago when SF was like the epicenter of startup land, but I wasn't quite sure what that meant for me.“ by Morgan DeBaun
- “I think wealthy me would have acknowledged that upfront and said, you know what, you're entering a world in which you're not the expert and you should go seek out the experts.“ by Morgan DeBaun
- “So I think it is important to not commingle your funds, even if you're making negative money, which at the time. So, for example, when I started my debon and company and I had my consulting gig, I had to create that business and change my revenue that was coming in to go into that business.“ by Morgan DeBaun
Entities
Company
Person
Book
Product
Episode Information
Money Rehab with Nicole Lapin
Money News Network
7/1/24