Is there a downside to scaling two businesses together, rather than focusing on each one separately?
is attempting to simultaneously scale her law practice, as well as her property management and development company. What strategy will benefit both businesses, and is there a downside to scaling them together, rather than focusing on each one separately?and Estrella discuss her unique founder’s journey – from immigrating to the U.S. to building both of her businesses in Lawrence, Massachusetts, despite the specific challenges she faced as a Latinx entrepreneur.
WENDY ESTRELLA: And this is super important, Brian. I was part of the first cohort. And I cannot tell you how much we’ve grown as a result of LEADS and not just me personally or my businesses, but also the community. Lawrence has been so much better. Jeff, thank you, for thinking of Lawrence. LEADS came into Lawrence and picked 30 leaders from the community.
WENDY ESTRELLA: I didn’t know that it was such a great opportunity, because it ended up being that I got a full scholarship to go to Merrimack after going to UMass, and it was sort of like a college dropout and then got married really young. So, those opportunities are the ones that led me to where I’m at today. So every opportunity that I was giving, I was smart enough I guess, on my own to sort of take advantage of them. And it continues to happen, Brian.
JEFF BUSSGANG: I think what’s fun about this case in particular, and what’s fun about Wendy is that the surface attributes of the profile are very different here than what many students and many people are used to seeing. But the underlying attributes are very similar. And I just want to share to manifest what Wendy’s first transaction looked like just to ground us in the situation at hand.
WENDY ESTRELLA: At the beginning, it was just a career. I had gone to Merrimack and I ended up with accounting jobs, because that was my undergrad. And then I realized this is just not my path. And I came home one day and I said to Jose, “I really want to go to law school.” And Jose, he’s like, “What?” With two children, and at that point we had properties and I said, “We could do this. This is great.
JEFF BUSSGANG: It’s one of the fun things about this case, I think. We teach, in our entrepreneurship classrooms, the power of focus. And we tell our students, “When you’re starting a company, focus on doing one thing really well, better than anyone else.” Yet here we have an entrepreneur who has been doing two things in parallel her entire career and has done extremely well in both fields. And I think it’s a common pattern that we see in minority owned businesses.
BRIAN KENNY: Jeff, in the work and the cases that you’ve written and the research you’ve done about scaling minority businesses, can you just talk a little bit about what some of the challenges are that underrepresented minorities face in trying to start and sustain and grow a business?
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