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206. RICE and Shine: Cultivating Black Entrepreneurial Excellence with Jay Bailey
Manage episode 409182031 series 3421159
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Jay Bailey started his first business at 12, bought his first house at 19, and made his first million at 23. But the true turning point in his narrative came when he chose significance over success, recognizing that the real impact lay in building enduring legacies for fellow Black entrepreneurs. This audacious decision marked a profound chapter in his story, reflecting a commitment to empower others with the same bold vision.
In this episode, Jay Bailey lets us in on the compelling legacy crafted by Herman J. Russell, the visionary founder of the Russell Center, and his commitment to building an institution that will impact many generations to come. Jay also reveals powerful insights on nurturing high-level relationships, building lasting legacies, and the power of access, opportunity, and exposure when given to Black businesses and entrepreneurs.
Jay Bailey's journey echoes a powerful truth – that success finds its highest form in the enduring impact one leaves behind for others. Join in on the conversation as we embrace the spirit of empowerment and leaving legacies that resonate through time.
KEY POINTS
- (1:36) Jay’s early successes and failures in entrepreneurship
- (5:25) The trinity of transformation: Access, opportunity, and exposure
- (7:45) The RICE mission to create a sanctuary for Black entrepreneurs to fail and fly
- (10:43) Why RICE refers to their entrepreneurs as stakeholders
- (12:14) Carrying forward Herman Russell’s powerful legacy
- (16:33) Biggest lessons learned and responsibilities shouldered on building a family legacy
- (17:53) Jay on the responsibility of building legacy for yourself and for others
- (19:50) The importance of trusting in your vision and before it is fully realized
- (21:58) Biggest success stories and entrepreneurs to emerge & flourish from the support of RICE
- (25:23) RICE's commitment to ensuring that partners properly support their deserving stakeholders
- (28:06) Navigating the world of authentic high-level relationships: Insights & tips from Jay himself
- (35:47) What success looks like to Jay Bailey (and the last thing Jay Bailey failed at)
- (39:17) Jay’s roots of relationship nurturing: How Jay cultivates authentic & enduring connections
QUOTABLES
“For everything that was done and sacrificed for us to be here right now, we don't have the right to fail.” - Jay Bailey
“I went from living in a 10,000 square foot home at 26 to literally living in a nine by nine storage unit at 28. But it was there that I understood this concept of success and significance.” - Jay Bailey
“There are very few times in life where you get to be a part of something you know will outlast you. There are even rare moments where you get to be a part of something that could potentially change the course of history. And then there are the rarest moments where you could potentially be the best in the world at something.” - Jay Bailey
“Loss creates leaders, and most incredible developments are born out of pain.” - Jay Bailey
“Plant seeds that will grow trees whose shade you may never sit on.” - Jay Bailey
RESOURCES
Jay Bailey | Russell Innovation Center for Entrepreneurs
LinkedIn | @jaybailey
[APPLICATIONS OPEN!] | Are you building a high growth business in tech healthcare, AI, media entertainment, or consumer goods and services? If so, we'd like to help you scale. Don't miss your chance to win $1 million, capital coaching, and access to an amazing community of diverse innovators! Apply for the 2024 Black Ambition Prize competition now
IG | @feleciahatcher
IG | @blackambitionprize
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