You ask; he answers! We’re back with our Bold Business host Philip Michael. In this segment, he answers viewers’ questions about the importance of a social media presence, the future of his company NYCE and how to start a business in any economy.
Q. How important is social media recognition when it comes to finding investors? Do you think there are more incentives to invest in someone that’s more well known to the general public?
A. This is kind of a semi-loaded question. If you put me on the spot, and I have to answer directly, I would say yes. Because if you’re out there, it makes people feel comfortable that they know you. If somebody is just hiding behind the curtains, and you won’t find anything on them, there’s that absence of human connection. And it makes people wary, like, where do you get the trust from? You get that from human connection … So yes, I would say that’s very, very helpful.
One thing that helped for us when we offered access to our company, our portfolio is, number one, we had, by far, the most money at stake. We weren’t really raising money for an idea that added credibility. Also, I put out stuff every day. I’m on Front Street, and I will be completely honest about what I know and I don’t know. It just creates that transparency and that trust.
Q. What’s the plan for NYCE real estate in 2021?
A. Now NYCE is my company that has real estate. We became the, you know, fastest company to sell a million dollars in real estate shares. (I’ll throw that in there.)
Now. What’s the plan for us? OK, we got a few things we’ve just finished. We’re getting ready to lease out our first smart-tech-powered student housing development by Temple University in Philadelphia. We’re doing some really cool things with that. We’re turning that into a Hacker House of sorts where founders can live there and have almost an accelerator experience: get the tools, the environment, the access to mentorship to help their business succeed, on top of just a shelter that comes with living in luxury real estate. So that’s one of the things we’re doing.
Phase two, we’re building an entire area down there. We’re doing quite a few projects in Philadelphia, New York City, Texas, Virginia Beach that we’re gonna be putting out for people. And the way things have been going this year, I’m sure there is something that I’m missing that I won’t even know exists right now. But surely there’s a lot to come, but I share everything on my IG every day (on Instagram, Facebook). So if you just follow that, you’ll be the first to know, I assure you.
Q. Should I start a business during a pandemic?
A. There’s never a perfect time to do anything. You can always find a reason why you shouldn’t do something. Conversely, you can always find the right reason why you should do something, right? We were considered crazy because we offered investments at a time when people were losing work and didn’t really have any money. But what we came to learn is that we offered a message of hope/excitement, and people like that more than feeling miserable, believe it or not. So that is just one way.
Again, Netflix: record year. Amazon: record year. Now, why is that? It’s because they have business models that are engineered to actually grow when there’s a situation like this. You just simply have to figure out this is the marketplace that exists right now. How do I create something that fits into that? You can’t create a 2019 business in 2020. Not wise, not intelligent, won’t happen. But of course, you can start a business anytime. You want to just make sure you’re ready. Know your customer, know your market and you’re ready to do the grind for 12/24/36 months not expecting anything until it finally pops off. That’s the recipe, and it’s really that simple.
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